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Show The Panics of 1873 and 1893 IF J. Ham Lewis is not more correct in his other statements than he is in accounting for the panics of 1873 and 1893 he should attend a kindergarten kin-dergarten for a few evenings. The panic of 1873 was due to a too swift calling in of greenbacks the only money the people in the east had seen for ten years. They were called in so rapidly that there was no sufficient circulating medium on which to do business. They never have had enough since. That is what causes business to drag today. The panic of '93 was brought on purposely by the interest gatherers of New York City, to supply sup-ply as excuse to President Cleveland to bulldoze his demand that the purchasing clause of the Sherman law be repealed through congress. They did not really mean to bring the panic, only, to give the country a big scare to help the president in his contemplated course. They soon found, however, that they had started a storm that they could not ride or control. They achieved what they wanted and then though the treasury was full of standard dollars which were a perfect tender for debt, they rushed greenbacks upon the treasury and drew gold in lieu of them until they supplied the president and Mr. Carlisle with an excuse for selling $250,000,000 bonds, which by the way the country is still paying pay-ing interest upon. There may have been incidents in history of a meaner betrayal of a generous people than was seen in our country in 1873-74, but it will take a historian a long time to find it. |