These are the demands of the People’s Party, the cardinal principles for which that party contends. They are all simple, easily understood, and must have approval of a great majority of the American people when brought to them for consideration by a party of the rank and file, controlled by the people themselves, not dictated to by the money oligarchy; by a party that stands for the interests of the many, not of the few. I close, as I began, by saying we need organization and education. _The Panic of 1893_ BY W. S. MORGAN Hon. THOMAS E. WATSON, _Thomson, Ga._ MY DEAR SIR—I have your letter containing communications from James R. Branch, Secretary of the American Bankers’ Association, New York City, and Jno. D. Reynolds, President of First National Bank, of Rome, Ga., in which they deny the authenticity of the Panic Bulletin published in my contribution to the March issue of your magazine. I remember when the Bulletin was first made public I asked a friend, a president of the Citizens’ National Bank, of Fort Scott, Kan., a man with whom I was intimately connected in business for ten or twelve years, if such a circular had been issued. He replied that he had received a number of circulars covering the propositions therein contained, and that likely he had received that one. This incident, and the fact that the Bulletin had been published from time to time for years and I had not seen its authenticity questioned, and furthermore that its suggestions were in line with the events of that date, led me to believe that it was genuine. However, the authenticity of the circular was not the subject matter of the article which provoked these denials. My indictment of the National Bankers was not merely for issuing the Bulletin, but for doing the things it suggested. Messrs. Branch and Reynolds have ignored the indictment and attacked the witness. But there are other witnesses that can’t be demolished. After Mr. Cleveland had sent Henry Villard and Don M. Dickinson to Washington, in the winter of 1893, and failed to secure from the Fifty-second Congress the repeal of the purchasing clause of the Sherman law, the National Bankers began to show their hand. It was seen that no ordinary pressure on Congress would secure the demonetization of silver. It was claimed that the Panic Bulletin was issued March 8, just four days after Cleveland’s second inauguration. What was the program laid down in the Panic Bulletin? 1. The interests of the National Banks require immediate financial legislation. 2. Silver, silver certificates and Treasury notes must be retired and National Bank-notes, upon a gold basis, be made the only kind of paper money. 3. Bonds required to be issued as a basis for the bank-note circulation.