Show I 1 PANICS the rill philadelphia lade ph la record notes that tile I 1 ho panics of 1857 issa 1 and 1893 each occurred from oil one L to lo three years yearn after it a krat great I 1 boom in tile iron trade and gives elves the indrea increase ce of iton iron prices 9 na 99 9 follows in ia 2851 irom from 19 to t 50 per ton in iggi fi aiom orn 18 to 7 75 5 per ton in III front from sa 33 to aco 60 per ton in 1880 from S U 1 0 to 1 I U per ton in ISSO aiom ia 9 to V 17 7 per ton toil of course tho the iron fron trade Is 13 only a geu ged cial indication of oc business to call binate n alo tile tho causes bibich culminate in a panics it hill not do to compare the ot of the iron trade but to look at the i eal causes of 0 former panics and see it if any of them or anything else Is liable to culminate again in trouble the panic of was avas due solely to the f fact act that freo free trade had been aliling our country with foreign goods arid and ill draining it of giolzi until there came d day nihon han tho the settlements could not t bo be made of all the gold cold that C california ali fornin had yielded leaded tn in the previous eight years I 1 only T remained in hie elie country the of waa ivas but a sign of tho the exhaustion which followed the th I 1 groat creat war when men it hom tho the country ilea had been supply supplying inc suddenly melted back into the walks of peace and became and there was awai not market for their products at the samo same time thue the chaos of 01 re reconstruction con I 1 st mas va churning the south with 1 I h fury the panic was not felt in tho the west evest the panic of 1873 was due solely to the lie sudden from c circulation of so much money that there was ivas a national money asphyxia over the v hole land the panic of ial was ilas duo to the shrinkage of property values because of the domone tiza tion of silver tho the pante panic of was nas altogether the of the national banks bank of tile the eastern states and brought on to complete the destruction st OZ of silver they carried it to a point which they could not control it but tho the start was by them the panic of 1890 1990 was due to the iho uncertain state of affairs alcich w alch existed when the baring bros failed because of silver property properly iia bad d been falling all around tho the world it IN was as es especially allY se ero ere in the united states and argentine in argentine it I 1 caused a business collapse which si swept ept away the darlings Da rings ord find tho the alarm which followed in london caused the dumping of 1200 in american se BC curl ties just when this country was not no t prepared to meet them now the only two clouds in our sky are arc first tho the dangar I 1 which aich will mill always exist so BO long as 23 we lie owe in i n europe europ great sums when double comes there they will iiii unload anil and they do it al was at un inopportune moment the second danger Is the spreading out and oer trading of our oi own n people and the up of trusts aich which when they topple and fall carry down don legitimate til dimate liate with them |