The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1920-03-03
6. 0. ?. TALK OF PANIC
ASCRlDEO TO POLITICS
Republican Leaders Suspected
OF Scheme to Shake confI-
dence in Democratic Law

political Washington is more indig
nant than concerned at the appar
cnt attempt of certain Republicans
OF prominence to throw 9 panic
scare into the country. Confident
that the thoroughly tried Federal
Reserve system will continue to be
. bulwark against any serious ensn-
eial disturbances. officials of the
Government are not alarmed by the
calamity howlers, but are severely
critical OF those who, for political
advantage, evidently would create
havoc in American business and
industr rial circles.
Knowing that the ancient Repub-
lican cry that "a full dinner pail"
may be assured only by the return
OF the Republican party to full pow
er in the nation will not find a re-
spousive ear under existing prosper
Gus conditions. some Of the Repub-
iican leaders seemingly are making
a deliberate and concerted effort to
break down the confidence of the
people in the financial structure
created by the Wilson Administra-
ton, which has withstood even the
shock of world war without a
perceptible tremor.
Leading Democrats are reluctant
to charge the Republicans with such
extreme partisanship. but they as
sert they cannot overlook the fact
that three Republicans, prominent
in the affairs of the House of Rep
reseutatives. have recently. in ap-
pareutly carefully arranged sequ-
ence. expressed fears of a money
panic. 4
Prophets of Panic
Representative Robert Luce of
Massachusetts, was the first one to
SOW the seed OF possible financial
disaster in an address on the floor
of the House few days ago. He
was followed in the same arena By
Representative Frank w. Mondell of
Wyoming, Republican House leader,
who also viewed with alarm" and
expressed grave doubts of the ma
tons ability to weather the storm
with Democrat at the helm, or
words to that effect. To clinch the
matter came no less a parsonage
than the Speaker of the House.
Frederick w. Gillett of Massachu- ]
sets. who deserted his chair long
enough to go to his home city of
Springfield Ito make an address in
which he followed the same line of
argument as his party colleagues,
suggesting to his audience that a
finsHcial panic was imminent, &C
cording to press reports.
Representative Cordell Hull of
Tennessee. Democratic authority on
things financial and commercial in
the House, SCOTS at the pessimism
OF the Republican leaders. The fall
Of foreign exchange. the basis of the
Republican fears. he regards as be-
ing inevitable under existing circum-
stances, and says the cure will be
found in natural processes or read
tsstment, which he asserts will
cause nothing more serious than
business fluctuations.
Disturbance Temporary
The industries which had a sur
plus and which depend upon foreign
markets for the distribution of this
~ rplus are going to suffer through
some dislocation in their business"
said Mr. Hull, land there may de-
veIop some little stringency as a re-
sust Of the conditions, but I do not
zee say cause for alarm. The rem
edy Is going to come through jerks
sd lamps, and because Of this there
is certain to be some disturbance in
some industries, but others are like
iy to be unaffected by conditions"
Mr.. Hull pointed out that the
domestic demand Tor iron and steel
Building material is expected to alb
sOrb the entire American output, to
say 0Othing of the requirements OF
the railroads for steel in the neces-
sary continued rehabilitation. He
gees nOthing to be alarmed about in
e nd is conf
tIo .I..... food prices
will come with the lessening demand
from overseas will in the end be
helpful to the economic situation.
The statement credited to a mem
ber OF Wall Street brokerage
house. on the eve OF his departure
Tor Europe. that history would be
made in Wall Street during his alb
se.ce caused only amusement in in
formed quarters here. As one offi-
-cial put il, Wall Street operators
have not yet realized what is ap-