People's Pilot, Volume 2, Number 53, Rensselaer, Jasper County, 23 June 1893 — Very Plain. [ARTICLE]

Very Plain.

Not since the panic of ’7B have so many banks and business enterprises failed as during the past three months. To any intelligent man, whose mind is not clouded by partisan bias, the cause of this is very apparent. There is not enough money in circulation, and the dread of an almost certain lessening of the present amount has led those who have money to hoard it, to force collections from their debtors and to stop loaning. There can be no credit without some money. Lessen the money and yon lessen credit —take away all the money and there is no credit. As only eight per cent, of the great volume of business is done with actual cash a very little more of Wall street’s contraction policy will precipitate a national panic—Exchange.