People's Pilot, Volume 3, Number 15, Rensselaer, Jasper County, 29 September 1893 — OUR FINANCIAL TROUBLE. [ARTICLE]

OUR FINANCIAL TROUBLE.

The Cause and the Kffeet of the Manipulation of Gold by Speculators. The present panic is nothing more nor less than tho result of compassionless avarice exercised in Wall street The financiers which produced it were pampered by favoritism from the halls of legislation and the courts of justice; granted inordinate privileges and indulgences more extensive, oppressive and powerful than ever the feudal barons enjoyed. To them is given the prerogative to hold in the palms of their hands tho purse strings of the money of the realm, which they can tighten or loosen at will. The present time seems to be propitious for creating a panic that would net great fortunes to tho manipulators thereof. The conception was deep laid, and tlie long-headed “financiers” were its authors. The opportunities afforded by the so-called Hherman silver law,, (which, by the way, was designed for the purpose) now presented themselves. By the stoppage of the coinage of silver in July, 1891, and the continued issue in treasury notes in payment for silver bullion, and the redemption of those notes in gold, the surplus gold was drawn from the treasury. This afforded the pretense to demand one of two things, either of which was equally desired by the goldolaters—the issuance of a large quantity of gold bonds, or the suspension of further purchase of silver. The fact that the treasury would be driven to the necessity to issue bonds to meet its gold obligations naturally caused a scare and the hoarding of gold; and the demonetization of silver and tho establishing of a gold standard had the same effect Here Is the cause and the effect of the manipulation of gold by the speculators.—Topeka Press.