the cleveland era-第21部分

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n　favor　of　free　silver。　But　even　delegates　who　were　opposed　to　Cleveland；　and　who　listened　with　glee　to　excoriating　speeches　against　him　forthwith；　voted　for　him　as　the　candidate　of　greatest　popular　strength。　They　then　solaced　their　feelings　by　nominating　a　free　silver　man　for　Vice…President；　who　was　made　the　more　acceptable　by　his　opposition　to　civil　service　reform。　The　ticket　thus　straddled　the　main　issue；　and　the　platform　was　similarly　ambiguous。　It　denounced　the　Silver　Purchase　Act　as　〃a　cowardly　makeshift〃　which　should　be　repealed；　and　it　declared　in　favor　of　〃the　coinage　of　both　gold　and　silver　without　discrimination；〃　with　the　provision　that　〃the　dollar　unit　of　coinage　of　both　metals　must　be　of　equal　intrinsic　and　exchangeable　value。〃　The　Prohibition　party　in　that　year　came　out　for　the　〃free　and　unlimited　coinage　of　silver　and　gold。〃　A　more　significant　sign　of　the　times　was　the　organization　of　the　〃People's　party；〃　which　held　its　first　convention　and　nominated　the　old　Greenback　leader；　James　B。　Weaver　of　Iowa；　on　a　free　silver　platform。

The　campaign　was　accompanied　by　labor　disturbances　of　unusual　extent　and　violence。　Shortly　after　the　meeting　of　the　national　conventions；　a　contest　began　between　the　powerful　Amalgamated　Association　of　Steel　and　Iron　Workers；　the　strongest　of　the　trade…unions；　and　the　Carnegie　Company　over　a　new　wage　scale　introduced　in　the　Homestead　mills。　The　strike　began　on　June　29；　1892；　and　local　authority　at　once　succumbed　to　the　strikers。　In　anticipation　of　this　eventuality；　the　company　had　arranged　to　have　three　hundred　Pinkerton　men　act　as　guards。　They　arrived　in　Pittsburgh　during　the　night　of　the　5th　of　July　and　embarked　on　barges　which　were　towed　up　the　river　to　Homestead。　As　they　approached；　the　strikers　turned　out　to　meet　them；　and　an　engagement　ensued　in　which　men　were　killed　or　wounded　on　both　sides　and　the　Pinkerton　men　were　defeated　and　driven　away。　For　a　short　time；　the　strikers　were　in　complete　possession　of　the　town　and　of　the　company's　property。　They　preserved　order　fairly　well　but　kept　a　strict　watch　that　no　strike　breakers　should　approach　or　attempt　to　resume　work。　The　government　of　Pennsylvania　was；　for　a　time；　completely　superseded　in　that　region　by　the　power　of　the　Amalgamated　Association；　until　a　large　force　of　troops　entered　Homestead　on　the　12th　of　July　and　remained　in　possession　of　the　place　for　several　months。　The　contest　between　the　strikers　and　the　company　caused　great　excitement　throughout　the　country；　and　a　foreign　anarchist　from　New　York　attempted　to　assassinate　Mr。　Frick；　the　managing　director　of　the　company。　Though　this　strike　was　caused　by　narrow　differences　concerning　only　the　most　highly　paid　classes　of　workers；　it　continued　for　some　months　and　then　ended　in　the　complete　defeat　of　the　union。

On　the　same　day　that　the　militia　arrived　at　Homestead；　a　more　bloody　and　destructive　conflict　occurred　in　the　Coeur　d'Alene　district　of　Idaho；　where　the　workers　in　the　silver　mines　were　on　strike。　Nonunion　men　were　imported　and　put　into　some　of　the　mines。　The　strikers；　armed　with　rifles　and　dynamite；　thereupon　attacked　the　nonunion　men　and　drove　them　off；　but　many　lives　were　lost　in　the　struggle　and　much　property　was　destroyed。　The　strikers　proved　too　strong　for　any　force　which　state　authority　could　muster；　but　upon　the　call　of　the　Governor；　President　Harrison　ordered　federal　troops　to　the　scene　and　under　martial　law　order　was　soon　restored。

Further　evidence　of　popular　unrest　was　given　in　August　by　a　strike　of　the　switchmen　in　the　Buffalo　railway　yards；　which　paralyzed　traffic　until　several　thousand　state　troops　were　put　on　guard。　About　the　same　time；　there　were　outbreaks　in　the　Tennessee　coal　districts　in　protest　against　the　employment　of　convict　labor　in　the　mines。　Bands　of　strikers　seized　the　mines；　and　in　some　places　turned　loose　the　convicts　and　in　other　places　escorted　them　back　to　prison。　As　a　result　of　this　disturbance；　during　1892　state　troops　were　permanently　stationed　in　the　mining　districts；　and　eventually　the　convicts　were　put　back　at　labor　in　the　mines。

Such　occurrences　infused　bitterness　into　the　campaign　of　1892　and　strongly　affected　the　election　returns。　Weaver　carried　Colorado；　Idaho；　Kansas；　and　Nevada；　and　he　got　one　electoral　vote　in　Oregon　and　in　North　Dakota；　but　even　if　these　twenty…two　electoral　votes　had　gone　to　Harrison；　he　would　still　have　been　far　behind　Cleveland；　who　received　277　electoral　votes　out　of　a　total　of　444。　Harrison　ran　only　about　381；000　behind　Cleveland　in　the　popular　vote；　but　in　four　States；　the　Democrats　had　nominated　no　electors　and　their　votes　had　contributed　to　the　poll　of　over　a　million　for　Weaver。　The　Democratic　victory　was　so　sweeping　that　it　gained　the　Senate　as　well　as　the　House；　and　now　for　the　first　time　a　Democratic　President　was　in　accord　with　both　branches　of　Congress。　It　was　soon　to　appear；　however；　that　this　party　accord　was　merely　nominal。



CHAPTER　IX。　THE　FREE　SILVER　REVOLT

The　avenging　consequences　of　the　Silver　Purchase　Act　moved　so　rapidly　that　when　John　Griffin　Carlisle　took　office　as　Secretary　of　the　Treasury　in　1893；　the　gold　reserve　had　fallen　to　100；982；410only　982；410　above　the　limit　indicated　by　the　Act　of　1882and　the　public　credit　was　shaken　by　the　fact　that　it　was　an　open　question　whether　the　government　obligation　to　pay　a　dollar　was　worth　so　much　or　only　one　half　so　much。　The　latter　interpretation；　indeed；　seemed　impending。　The　new　Secretary's　first　step　was　to　adopt　the　makeshift　expedient　of　his　predecessors。　He　appealed　to　the　banks　for　gold　and　backed　up　by　patriotic　exhortation　from　the　press；　he　did　obtain　almost　twenty…five　millions　in　gold　in　exchange　for　notes。　But　as　even　more　notes　drawing　out　the　gold　were　presented　for　redemption；　the　Secretary's　efforts　were　no　more　successful　than　carrying　water　in　a　sieve。

Of　the　notes　presented　for　redemption　during　March　and　April；　nearly　one…half　were　treasury　notes　of　1890；　which　by　law　the　Secretary　might　redeem　〃in　gold　or　silver　coin　at　his　discretion。〃　The　public　was　now　alarmed　by　a　rumor　that　Secretary　Carlisle；　who　while　in　Congress　had　voted　for　free　silver；　would　resort　to　silver　payments　on　this　class　of　notes；　and　regarded　his　statements　as　being　noncommittal　on　the　point。　Popular　alarm　was；　to　some　extent；　dispelled　by　a　statement　from　President　Cleveland；　on　the　23rd　of　April；　declaring　flatly　and　unmistakably　that　redemption　in　gold　would　be　maintained。　But　the　financial　situation　throughout　the　country　was　such　that　nothing　could　stave　off　the　impending　panic。　Failures　were　increasing　in　number；　some　large　firms　broke　under　the　strain；　and　the　final　stroke　came　on　the　5th　of　May　when　the　National　Cordage　Company　went　into　bankruptcy。　As　often　happens　in　the　history　of　panics；　the　event　was　trivial　in　comparison　with　the　consequences。　This　company　was　of　a　type　that　is　the　reproach　of　American　jurisprudencethe　marauding　corporation。　In　the　very　month　in　which　it　failed；　it　declared　a　large　cash　dividend。　Its　stock；　which　had　sold　at　147　in　January；　fell　in　May　to　below　ten　dollars　a　share。　Though　the　Philadelphia　and　Reading　Railway　Company；　which　failed　in　February；　had　a　capital　of　40；000；000　and　a　debt　of　more　than　125；000；000；　the　market　did　not　break　completely　under　that　strain。　The　National　Cordage　had　a　capital　of　20；000；000　and　liabilities　of　only　10；000；000；　but　its　collapse　brought　down　with　it　the　whole　structure　of　credit。　A　general　movement　of　liquidation　set　in；　which　throughout　the　West　was　so　violent　as　to　threaten　general　bankruptcy。　Nearly　all　of　the　national　bank　failures　were　in　the　West　and　South；　and　still　more　extensive　was　the　wreck　of　state　banks　and　private　banks。　It　had　been　the　practice　of　country　banks；　while　firmly　maintaining　local　rates；　to　keep　the　bulk　of　their　resources　on　deposit　with　city　banks　at　two　per　cent。　This　practice　now　proved　to　be　a　fatal　entanglement　to　many　institutions。　There　were　instances　in　which　country　banks　were　forced　to　suspend；　though　cash　resources　were　actually　on　the　way　to　them　from　depository　centers。*

*　Out　of　158　national　bank　failures　during　the　year；　153　were　in　the　West　and　South。　In　addition　there　went　down　172　state　banks；　177　private　banks；　47　savings　banks；　13　loan　and　trust　companies；　and　6　mortgage　companies。

Even　worse　than　the　effect　of　these　numerous　failures　on　the　business　situation　was　the　derangement　which　occurred　in　the　currency　supply。　The　circulating　medium　was　almost　wholly　composed　of　bank　notes；　treasury　notes；　and　treasury　certificates　issued　against　gold　and　silver　in　the　Treasury；　coin　being　little　in　use　except　as　fractional　currency。　Bank　notes　were　essentially　treasury　certificates　issued　upon　deposits　of　government　bonds。　In　effect；　the　circulating　medium　was　composed　of　government　securities　reduced　to　handy　bits。　Usually；　a　bank　panic　tends　to　bring　note　issues　into　rapid　circulation　for　what　they　will　fetch；　but　in　this　new　situation；　people　preferred　to　impound　the　notes；　which　they　knew　to　be　good　whatever　happened　so　long　as　the　Government　held　out。　Private　hoarding　became　so　general　that　currency　tended　to　disappear。　Between　September　30；　1892　and　October　31；　1893；　the　amount　of　deposits　in　the　national　banks　shrank　over　496；000；000。　Trade　was　reduced　to　making　use　of　the　methods　of　primitive　barter；　though　the　emergency　was　met　to　some　extent　by　the　use　of　checks　and　clearinghouse　certificates。　In　many　New　England　manufacturing　towns；　for　example；　checks　for　use　in　trade　were　drawn　in　denominations　from　one　dollar　up　to　twenty。　In　some　cases；　corporations　paid　off　their　employees　in　checks　drawn　on　their　own　treasurers　which　served　as　local　currency。　In　some　Southern　cities；　clearing…house　certificates　in　small　denominations　were　issued　for　general　circulationin　Birmingham；　Alabama；　for　sums　as　small　as　twenty…five　cents。　It　is　worth　noting　that　a　premium　was　paid　as　readily　for　notes　as　for　gold；　indeed；　the　New　York　〃Financial　Chronicle〃　reported　that　the　premium　on　currency　was　from　two　to　three　per　cent；　while　the　premium　on　gold　was　only　one　and　one　half　per　cent。　Before　the　panic　had　ended；　the　extraordinary　spectacle　was　presented　of　gold　coins　serving　as　a　medium　of　trade　because　treasury　notes　and　ban