Rensselaer Republican, Volume 22, Number 10, Rensselaer, Jasper County, 14 November 1889 — A PANIC PREDICTED. [ARTICLE]

A PANIC PREDICTED.

General F. E.’ Spinner, Ex-treasurer of the United States predects a panic. He says: A panic,of the worst kind the country has ever known, will certainly come unless a back track is taken on the silver policy now in favor. “The first time there is a short crop,” he said to a reporter Wednesday, “and the balance of trade in against ns, a tremendous panic will occur; I may not live to see it, but you will. Two conventions are about to be held, one with the view of having the silver coinage increased to the maximum limit, tbe ether in favor of unlimited coinage. For them to succeed in

their efforts would but bring disaster upon the country. Silver is no longer a precious metal. My idea is,” be continued, “to have all the gold in the Treasury and hare the Government issue tbe currency upon it—currency of all denominations. Not only issue currency on toe gold, but bonds that could be at any time converted into currency ; that is, to have bonds and currency. based on gold and inter-convertible. Twenty-five oy 80 per cent, of gold reserve would be enough to secure this currency -”