“It is the height of folly that this is a panic caused by distrust of the currency.” On the 29th of the same month the Senator from Colorado, referring to the Williams House meeting of Secretary Carlisle with the New York National Bank Presidents, said: “It is a most remarkable interview; it will go far to support the charges which I am not going to make on my own authority, but which I am going to make upon the authority of others, that this panic is a bankers’ panic, brought by the action of the New York banks, and brought about for distinct purposes, which purposes were practically avowed on the 27th of April. The same things have been reiterated by the financial papers, and the policy is still continued up to the present hour. It had two objects in view. One was to secure from the United States a large issue of bonds, and the other to secure the repeal of the much-abused Sherman law.” The records show that the bankers accomplished both of these objects. They secured the repeal of the purchasing clause, and afterward the issue of $262,000,000 in bonds. In the same speech Senator Teller said: “There are many banks in the West, and some that I know of, which shut their doors because they could not draw the money that they had on deposit in New York” (_Congressional Record_, Vol. XXV, Part I, p. 1022). 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 The bankers opposed silver, and, for the purpose of having the law providing for its issue repealed, they precipitated the panic and used the methods described in the Bulletin to accomplish their ends.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”_