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NOTE IV. An Economic Nightmare

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Chapter 4 An Economic Nightmare

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1. You may define a mass delusion. You cannot explain it, really.

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It is a malady of the imagination, incurable by reason, that apparently must run its course.

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If it does not lead people to self-destruction in a wild dilemma between two symbols of faith,

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Once the peace of the world was shattered by this absurd question, was the male or the female faculty the first cause of the universe?

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There was no answer, for man himself had invented the riddle.

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Nevertheless, what one believed about it was more important than life, happiness, or civilization.

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Proponents of the male principle adopted the color white.

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Worshippers of the female principle took for their sign and symbol the color red, inclining to yellow.

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Under these two banners there took place a religious warfare which involved all mankind,

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dispersed, submerged and destroyed whole races of people, and covered Asia, Africa and Europe with tragic ruins.

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Then someone accidentally thought of a third principle which reconciled those two, and

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human sanity was restored on earth.

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All this is now forgotten.

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Since then people have been mad together about a number of things, God, tulips, witches,

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definitions, alchemy, and vanities of precept.

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In 1894 they were mad about money, not about the use, possession, and distribution of it,

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But as to the color of it, whether it should be silver, that is to say, white, like the

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symbol of those old worshippers of the masculine faculty, or gold, that is, red inclining to

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yellow, as was the symbol of those who in the dimness of human history adored the feminine

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faculty.

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And as people divided on this question of silver or gold, they became utterly delirious.

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Their side was willing to see the government's credit ruined, as it very nearly was, for

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the vindication of a fetish.

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They did not know it.

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They had not the remotest notion why or how they were mad, because they were unable to

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realize that they were mad at all.

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I have recently turned over the pages of the newspapers and periodicals of that time to

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verify the recollection that events as they occurred were treated with no awareness of

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of Their Significance.

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And it was so.

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Intelligence was in suspense.

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The faculty of judgment slept as in a dream.

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The imagination ran loose, inventing fears and fantasies.

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That the government stood on the verge of bankruptcy, or that the United States Treasury

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was about to shut up under a run of panic-stricken gold hoarders, was regarded not as a national

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emergency, in which all were concerned alike, but as proof that one theory was right and

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another wrong, so that one side viewed the imminent disaster gloatingly and was disappointed

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at its temporary postponement, while the other resorted to sophistries and denied self-evident

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things.

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Nor does anyone know to this day why people were then mad.

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It's right about it as the struggle for sound money, gold, against unsound money, silver,

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and that leaves it where it was.

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Money is not a thing, either true or untrue.

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It is merely a token of other things, which are useful and enjoyable.

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Both silver and gold are sound for that purpose.

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Their use is of convenience, and the proportions and quantities in which they shall circulate

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as Currency is rationally a matter of arithmetic.

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Yet here were millions of people emotionally crazed over the question of which should be

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paramount, one side talking of the crime of dethroning silver and the other of the gold

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infamy.

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2.

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All other business having come to a stop while this matter was at an impasse, a truce was

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affected in this wise by law.

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Gold should remain paramount, nominally, but the Treasury should buy each month a great

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quantity of silver bullion, turn it into white money, force the white money into circulation,

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and then keep it equal to gold in value.

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Now the amount of precious metal in a silver dollar was worth only half as much as the

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amount of precious metal in a gold dollar.

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Yet Congress decreed that gold and silver dollars should be interchangeable and put upon the

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Treasury a mandate to keep them equal in value.

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How?

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By what magic?

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Why, by the magic of a phrase.

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The phrase was, it is the established policy of the United States to maintain the two metals

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at a parity with each other by law.

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Naive trust in the power of words to command reality is found in all mass delusions.

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The Coxseites were laughed at for thinking that prosperity could be created by phrases

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written in the form of law.

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Congress thought the same thing.

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It supposed that the economic distress in the country could be cured by making 50 cents

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worth of silver equal to 100 cents worth of gold, and that this miracle of parity could

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should be achieved by decree.

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Anyone would know what to expect.

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The gold people ran with white dollars to the treasury and exchanged them for gold,

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and either hoarded the gold or sold it in Europe.

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In this way, the government's gold fund was continually depleted, and this was disastrous

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because its credit, the nation's credit in the world at large, rested on that gold fund.

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It sold bonds to buy more gold, but no matter how fast it got more gold into the treasury,

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even faster came people with white money to be redeemed in money the color of red inclining

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to yellow.

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And all the time, the treasury was obliged by law to buy each month a great quantity

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of silver bullion and turn it into white money, so that the supply of white money to be exchanged

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for Gold was inexhaustible.

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Wall Street was the stronghold of the gold people.

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It was to Wall Street that the government came to sell bonds for the gold it required

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to replenish its gold fund.

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The spectacle of the Secretary of the Treasury standing there with his hat out like a Turkish

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beggar was viewed exultingly by the gold people.

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Carlisle's bonds won't go, said the New York Sun in a front-page headline on one of these occasions.

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Carlisle was the Secretary of the United States Treasury in treating the gold people to buy the government's bonds with gold.

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They did it each time, but no sooner was the gold in the Treasury than they exchanged it out again with white money.

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This could not go on without wrecking the country's financial system.

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That would mean disaster for everyone, silver and gold people alike.

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Yet nobody knew how to stop.

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The silver people said the solution was to dethrone the gold token and make white money paramount.

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The others said the only way was to cast the white money fetish into the nearest ash heap

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and worship exclusively money of the color red, inclining to yellow.

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3. Delusions are states of refuge. The mind, unable to comprehend realities or to deal

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with them, finds its ease in superstitions, beliefs and modes of irrational procedure.

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It is easier to believe than to think.

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The realities of this period in our economic history, apart from the madness, were extremely

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bewildering.

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For five or six years preceding there had been an ecstasy of great profits.

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The prodigious manner in which wealth multiplied had swindled men's dreams.

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No one lay down at night, but he was richer than when he got up, nor without the certainty

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of being richer still on the morrow.

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The golden age had come to pass.

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Wishing was having.

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The government had become so rich from duties collected on imported luxuries that the treasury

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surplus became a national problem.

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It could not be properly spent, therefore it was wasted, and still it grew.

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This time for sure the tree of mammon would touch the heavens and human happiness must

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endure forever.

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Then, suddenly, it had fallen.

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Speculation, greed and dishonesty had invisibly devoured its heart.

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The trunk was hollow.

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Everything turned hollow.

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People were astonished, horrified and wild with dismay.

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They would not blame themselves.

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They wished to blame each other without quite knowing how.

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The casual facts were hard to see in right relations.

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Popular imagination had not been trained to grasp them.

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The whole world was dealing with new forces, resulting from the application of capital

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to machine production on a vast scale, and there had just appeared for the first time

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in full magnitude that monstrous contradiction which we name overproduction.

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This was a worldwide phenomenon, but stranger here than in European countries because this

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This country was newly industrialized on the modern plan and knew not how to manage the

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conditions it had created, could not understand them, in fact.

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We are a giant in swaddling cloths, explained Mordecai, the Jewish banker who was one of

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the directors of the Great Midwestern.

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He said it solemnly at every director's meeting.

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Just so.

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Still, it was incomprehensible to people generally, and as the pain of loss, chagrin and disappointment

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unbearably increased, the conglomerate mind performed the weird self-saving act of going

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mad.

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That is to say, people made a superstition of their economic sins and cast the blame

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for all their ills upon two objects, gold and silver tokens.

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Thus, what had been an economic crisis only, subject to repair, became a fiasco of intelligence.

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The Europeans, all gold people, who had bought enormous quantities of American stocks and

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bonds, said, What now?

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These people are going crazy.

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They may refuse ever to pay us back in gold.

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Whereupon they began hastily to sell American securities.

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After all, side the London Times, the United States, for all its great resources, is a

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poor country.

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In the panic of 1893, confidence was destroyed.

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People disbelieved in their own things, in themselves, in each other.

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Important banking institutions failed for scandalous reasons.

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Railroads went headlong into bankruptcy until more than a billion dollars worth of bonds

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were in default, and in many cases the disclosures of inside speculation were most disgraceful.

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United States Senators were discovered speculating in the stock of corporations that were interested

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in tariff legislation, particularly the sugar trust.

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The name of Wall Street became accursed, not that morality was lower in Wall Street than

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anywhere else, but because the consequences of its sins were conspicuous.

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All Industry Sickened

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A scourge of unemployment fell upon the land, and labor as such, with no theory of its own

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about money, knowing only what it meant to be out of work, assailed the befuddled intelligence

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of the country with that embarrassing question, why were men helplessly idle in this environment

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of boundless opportunity?

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The Coxsites thought it was for want of money, so many people thought.

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They proposed that the government should raise money for extensive public works, thereby

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creating jobs for the workless.

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But the United States Treasury, which only a short time before contained a surplus so

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large that Congress had to invent ways of spending it, was now in desperate straits.

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The government's income was not sufficient to pay its daily bills.

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However, neither the curse of unemployment nor the poverty of the United States Treasury

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The theory was owing to a scarcity of money.

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The banks were overflowing with money, idle money, which they were willing to lend at

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one half of one percent just to get it out of their vaults.

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In one instance, a bank offered to lend a large amount of money without interest.

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But nobody would borrow money.

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What should they do with it?

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There was no profit in business.

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So there was unemployment of both labor and capital.

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4

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At the time of my arrival in Wall Street conditions were already very bad.

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They grew worse.

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There was the shocking disclosure after bankruptcy that one of the principal railroads had deliberately

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falsified its figures over a period of years.

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European investors were large holders of the shares and bonds of this property and naturally

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The United States Treasury had survived two runs upon its gold fund, but its condition

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was chronically perilous and began at length to be despaired of.

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was leaving the country by every steamer.

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The feud between the gold and silver people grew steadily more insane and preoccupied Congress

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to such a degree that it neglected to consider ways and means of keeping the government in

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current funds.

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Labor, which had been clamorous and denunciatory, now became militant.

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Reports of troops being used to quell riots of the unemployed were incessant in the daily

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news.

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Sweet fell to a very low price and the farmers embraced populism, a hot-eyed political movement

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in which every form of radicalism this side of anarchy was represented.

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Then came the disastrous American Railway Union strike, bringing organized labor into

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direct conflict with the authority of the Federal Government.

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The nation was in a fit of jumps, public opinion was hysterical.

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As I understood more and more the bearing of such events, I marveled at Galt's solitary

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serenity.

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He was still buying great Midwestern stock, as we all knew.

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Each time another lot of it passed into his name, word of it came up surreptitiously from

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the transfer office.

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Some of the directors, at the same time, were selling out.

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This fact Harbinger confided to me in a burst of gloom.

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He thought it very ominous, nothing less than an augury of bankruptcy.

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I felt that Galt ought to know, yet I hesitated a long time about telling him.

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My decision finally to do so was sentimental.

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I had by this time conceived a deep liking for him, and the thought that he was putting

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his money into great Midwestern stock, his own, grandma's and Vera's, while the directors

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were getting theirs out, bothered me in my sleep.

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And when I told him, he grinned at me, I know it, Coxie, they didn't know enough to sell

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when the price was high and they don't know any better now.

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That was all he said.

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The ethical aspect of the matter, if there was one, apparently did not interest him.

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Now befell a magnificent disaster.

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One of the furnace doors came unfastened in the heavens and a scorching wind, a regular

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Senator Seraco began to blow in the Missouri Valley.

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More than half the rich, wealth-making American corn crop was ruined.

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This was a body blow for the Great Midwestern.

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It meant a slump in traffic which nothing could repair.

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On the third day, the news was complete.

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We received it in the form of private telegraph reports from the Chicago office.

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They were on my desk when Galt came in.

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I called his attention to them, but he looked away, saying,

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The Lord has furnished us, Coxie.

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Maybe he is.

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5.

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That night I went home with him to dinner.

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He was in one of his absent moods and very tired.

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Natalie overwhelmed him as usual in the hallway, and when he neither grumbled nor resisted,

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she put off her boisterous manner and began to look at him anxiously.

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At dinner, everyone was silent. He communicated his mood. Vera was there at her mother's left.

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Efforts to make conversation were listless, Galt participating in none of them. There was

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a sense of something that was expected to happen. That was Grandma's remorseless evening

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question.

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What is the price of Great Midwestern stock today? she asked, speaking very distinctly.

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Five and a half, said Galt, in a petulant voice.

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The announcement was received stoically, with not the slightest change of countenance anywhere,

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though that was the lowest price at which the stock had ever sold, and represented a

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serious loss for the House of Galt.

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However, the state of feeling made itself felt without words.

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It became, at last, intolerable for Galt.

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He threw down his napkin, shouted three times, wow, wow, wow, and each time brought his fist

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down on the table with a force that made the china jump.

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With that, he got up and left us.

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We heard him unlock the door of his room and slam it behind him.

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What has happened? asked Vera, looking at me. I told them of the disaster to the corn crop, and how for that reason there had been heavy selling of great mid-western shares.

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Vera shrugged her shoulders. Later in the evening, when we were alone, she looked about her at the walls and ceiling as one with a premonition of farewell, and said bitterly,

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A pretty shipwreck it will be this time.

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Has your money gone into it too, I asked.

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She nodded and said, Now he wants to mortgage the house.