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PANIO BREEDERS. The follow-your-leader Republican papers of the country, which, tagging after such leaders as CHANDLER, ELKINS and HARRISON, are endeavoring to aggravate the distrust and apprehension which at present throw a dark shadow over the busines of the country, are almost as harmful as the Sherman act itself. The Philadelphia Press is one of these. It has been come up with, however, and laid on the flat of its back by its esteemed Democratic contemporary, the Record, which says that if it should be true, as the Press points out, that the evils that beset the eountry "are the direct fruits of Democratic success," it would be a most unfortunate assertion at an emergent time when the Democratic party has been invested with delicate adminfstrative responsibilities in unraveling the tangle of our disordered finance. But the assertion is not true. Before President HARRISON quitted office the disastrous operation of silver purchases, tariff changes and unwise expenditure had brought on the troubles that are still unremedied. They were the results of bad Republi_ can administration, and were the active cause of Republican defeat. President HARRISON refused to adopt the palliative of selling bonds and going further into debt to relieve the financial stringency. President CLEVELAND has followed in this respect the policy of his predecessor, and has no further option in the matter except to execute the laws as he finds them. Yielding to an undoubted public sentiment, he has called Congress together in extra session to do what may be done to extricate the country from fiscal difficulties. The fear that continued silver purchases would lea d to partial repudiation is as old as the inception of the experiment. President CLEVELAND hastened to assure the country that he was opposed to silver purchases. But the sense of insecurity which first possessed large investors has found a blind and unreasònable lodgmen among smaller capitalists. Hence the run on savings banks, the locking up of money, and the application of the brakes to all forms of industrial effort. The foolish depositors in Denver, Louisville, Chicago, Milwaukee and other cities, whose runs upon the banks have created infinite mischief, convinced of their foolishness, are running back with their money. But if any of them should pick up a copy of the Press they would find th at the evils they dread "are not imaginary. but real and positive," not growing out of past misrule, but from the fear of what is to follow. "This may not be 'panic-mon. gering' in the eyes of our esteemed contemporary," says the Record. "It may also be that Senator STEWART intends to be reassuring when he says 'the country is going to Hades;' and that Governor WAITE is only joking when he talks about bloodshed. But it is a serious matter for those overcredulous persons who take the Press and the Senator and the Governor at their word, and make haste to save what they can from everlasting smash."