In its issue of August 20, 1893, the Chicago Inter-Ocean said:
“When the future historian tells the world of the great financial panic of 1893, he will say: ‘In the winter and spring months of that year the New York bankers and financiers sowed the wind, and in the summer months reaped the whirlwind.’
“We know of no arrangement of words that can more graphically describe the action of the New York financiers and the results of that action. Colonel Ingersoll, early in the season of disturbance, properly called this a ‘bankers’ panic.’ Nor are the New York bankers alone to blame. Those of Boston and Philadelphia come in for their share.”
But it is useless for me to continue to pile up testimony to further sustain my contention. Whether the Panic Bulletin is a “canard” or not, its suggestions were carried into effect. The bankers opposed silver, and, for the purpose of having the law providing for its issue repealed, they precipitated the panic and used the methods described in the Bulletin to accomplish their ends. They are opposed to greenbacks, and if necessary will, I have no doubt, precipitate another panic in order to have them retired. And it all goes to show that the control of the currency should be taken out of their hands.
W. S. Morgan.
Hardy, Ark.
The Cradle of Tears
BY THEODORE DREISER
Author of “Sister Carrie”
THERE is a cradle within the door of one of the great institutions of New York before which a constantly recurring tragedy is being enacted. It is a plain cradle, quite simply draped in white, but with such a look of cozy comfort about it that one would scarcely suspect it to be a cradle of sorrow.