First Qtr. 2022
INSIDE THIS ISSUE:
P1 Panic of 1893
P4 The Finance and Economic Corner
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P2 The Generations | P5 The Transition
P3 The Book of Judges
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P4 Book Review - Grover Cleveland
P6 America's President Page: Grover Cleveland
EDUCATION CENTRAL (Facts on America's Business, History, and Religion)
Message from the editor...
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Happy New Year! Thank you for your readership this past year! We continue to believe that not only is reading fundamental, but so is knowing the truth! In this edition, we've added two pages, going from four to six pages. Also, Education Central will now be published quarterly instead of bi-monthly. There is so much truth to get out to the reader that it means both more info but also more time needed to get each edition done. We will also be adding white papers and infographics to theouttop.com.
The Panic of 1893
In this edition, we continue our series on the financial panics or depressions that have impacted America. The Panic of 1893 was considered by some to be the worst financial debacle to occur in the United States until the Great Depression of 1929. Enjoy the reads! Stay safe!
The President of the United States in 1893: Grover Cleveland
Classic Books of All Time for Young Adults
Panics, or depressions, do not occur overnight. They do not happen at the flip of a switch. These financial debacles are a result of decisions and moves made over the course of a number of years. The decisions themselves, both good and bad, served the greed of the speculator, the wealthy, and the corporations, but also the entrepreneurial spirit of man who saw for himself a chance to make a decent living for his family, if he had one.
Below are ten of the classics we believe are worth reading:
Twenty years following the 1873 economic collapse in the United States comes the Panic of 1893. Why just twenty years later? What prompted the Panic of 1893? How significant was this depression? The answer to the last question is this: many believe the Panic of 1893 was the worst financial debacle that the United States had ever faced until the Great Depression of 1929. What led up to it? Who was impacted?
A Tree Grows in Brooklyn Little Women To Kill a Mockingbird Lord of the Flies Anne Frank: The Diary of a Young Girl The Call of the Wild Pride and Prejudice
The Unrest in the 1870s Let's travel back to the late 1800s. More specifically to the years following the Panic of 1873. If you were a farmer then, more than likely times were hard. The depression, just years following the Civil War, had long-term effects on various parts of society, exacerbating problems in sectors such as farming. Farmers were still feeling the brunt of lower farm prices that permeated across the country at the beginning of the new decade. See other issues that impacted the farmers on the website, www.theouttop.com.
Jane Eyre Nineteen Eighty-Four The Lord of the Rings
Political Term
Mugwumps - In the late 1800s, a political faction that consisted primarily of what some called "liberal Republicans." Considered to be the first group of Photo by Harrison Fitts on Unsplash "independents," they were primarily eastern elitists who haughtily wanted a government controlled by the wellThe unemployed needed work. Businesses thought to be the beacon of light failed by the educated. In 1884, this group crossed party lines, helping to elect Grover Cleveland, a Democrat, to be the nation's thousands. While the Civil War ended in 1865, former soldiers were fighting the headwinds of the Panic of 1873. Many traveled to the mines of Colorado not just for gold 22nd President. The term "mugwump" comes from the but for silver as well. The federal government's monetary policy placed greater emphasis Algonquin Indians. It has several meanings including "great men" or "war leader." on silver as mining for silver grew rapidly. Keep in mind that the country had had a "bimettalism" monetary policy since 1791 whereby both gold and silver was used to support the financial stability of America.
Sources: Harrell, David E., et al. "Unto a Good Land." (2005) p. 703. Wm. B Eerdmans Publishing Co. Grand Rapids, MI.
The railroads were coming west. Investment money was being wired west.(see page 5)
"Mugwumps." https://politicaldictionary.com/words/mugwumps/
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The Generations of the 20th and 21st Centuries
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Religion
The Book of Judges - Chapter 1 I had a wonderful Sunday school teacher who truly loved the Lord and was dedicated to getting His Word out to the masses. One of the lessons she would teach over the course of many weeks was on the book of Judges. Such an insightful book for us today, let's learn more of what went on with God's people right after the death of their leader, Joshua.
Joshua, at the end of the book named after him, passes away at the age of 110 years old (see Joshua 24:29. The man who helped lead God's people into the Promised Land after Moses brought them to the land's outskirts would be laid to rest inside the parcel of land that was part of his inheritance. In Judges chapter 1 we read that for the first time in over 45 years the children of Israel are without a person on the ground leading them. No doubt concerned and perhaps confused, they go to the Lord for answers, for guidance. "Who shall be first to go up for us against the Canaanites to fight against them?" they ask the Lord. The Lord responds back reassuringly that the tribe of Judah will be the one to do such. (See Judges Note: the Levites 1:2) did not inherit land. Judah was one of twelve tribes that made up the people of Israel. Several years earlier, in 1385 BC, the land of Canaan was divided up among the tribes. Judah was highly regarded by the Lord. Warren Wiersbe states in his Be Available -
Joshua 13:33 states "but to the tribe of Levi Moses had given no inheritance; the LORD God of Israel was their inheritance, as He had said to them."
Want to Be a Good Leader? The Leadership of Joshua It is never too early in life to learn how to be a great leader. Great leaders are needed today and tomorrow. Leadership, effective leadership that is, has been an important part of the heroes of the Bible. In the column to the right we discuss the leader of the Israelites, Joshua, whose leadership played a vital role in the Israelites conquering the Promised Land. Simon Sinek, in his book Together is Better, states that "the best leaders think of themselves as the students, not the teacher." In the book, Leading at the Edge, the author Dennis N. T. Perkins furthers Sinek's point: "to achieve the ultimate level of skill in any profession - particularly the profession of leadership - means accepting a level of incompetence." We can always learn from
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Judges book that Judah was considered "the kingly tribe." (See Genesis 49:8-9). Following God's edict regarding Judah, the tribe of Judah requested of the tribe of Simeon that they join them in the fight against the Canaanites in Judah's territory. They would go on to defeat both Why did the tribe of Judah the Canaanites choose the tribe of as well as the Simeon for help Perizzites. conquering the Though the Promised Land was for God's people, there were still enemies throughout the land. These groups of marauders needed to be purged. But were they?
Canaanites? After all, the tribe of Simeon was the most inferior of all twelve tribes. First, the twelve tribes represent the twelve sons of Jacob. They are, in a sense, brothers. So it's brother helping brother. Second (and perhaps foremost), it is a reflection of God's plan for redeeming His people. And in this reflection, we see the Gospel in the book of Judges - Judah goes before the others to fight the enemies of the land just as Jesus did who went before us to fight the darkness of evil.)
Keep in mind what the people of the tribes of Joseph said in Joshua 17:16: "...and all the Canaanites who dwell in the land of the valley have chariots of iron, both those who are of Beth Shean and its towns and those who are of the Valley of Jezreel." So, instead of trusting in the Lord, the tribes of Joseph - Ephraim and Manasseh - did not drive out the Canaanites because of fear. Neither did the tribes of Benjamin, Zebulun, Asher, Naphtali, and Dan. (cont. on page 5) someone whose experience and knowledge exceeds ours. For Joshua that teacher is God. And Joshua knew it (as I hope for you the reader). In Joshua 24:15, he tells the people "But as for me and my house, we will serve the LORD." Joshua walked the talk. And, in so doing, he was a good example to others. Pastor and author John MacArthur says that a good leader will "cultivate" or harvest loyalty from his people. How important is loyalty to a leader? Immensely so. It's called a team effort. MacArthur points out the fragilness of loyalty, however. It's strength lies in the heart and soul of man. Loyalty "involves devotion to the obligations of love and friendship." At what point does this happen for Joshua? (continued on page 4)
Joshua The book before Joshua: Deuteronomy The book after Joshua Judges Who was this man Joshua? What was his role in the Bible? We know he was chosen by God to help lead the Israelites into Canaan, the Promised Land (see Numbers 27:18-21). Moses announced such to God's people in Deuteronomy 31:3. But we first read about Joshua in Numbers 13:16 when he was selected by Moses to be one of the twelve spies who were sent to Canaan. What was the motive or reason why these men were sent ahead of the Israelites to spy on what was the Promised Land? After all, it was the land set aside by a faithful and loving God for His people! But the Israelites could not, unfortunately, bring themselves to do just that - to trust God. It wasn't the first time, nor would it be the last time that they sought to overall the Lord. In approximately 1445 BC, the people had requested that Moses select some men who would check out the land and "bring back word to us of the way by which we should go up, and of the cities into which we shall come" (see Deuteronomy 1:22). And when these men saw things they didn't expect to see, ten of them wasted no time upon their return in telling the people, including Moses and Aaron: - the people were strong, they proclaimed - the cities were secured, they pointed out - the people were physically tall, no doubt animating this with their arms Oh, how the panic set in with the people. Again, the issue of trusting God comes up! While the people were in an uproar saying that "would it not be better for us to return to Egypt," Caleb and Joshua stated their belief in God by saying "only do not rebel against the LORD, nor fear the people of the land, for they are our bread; their protection has departed from them, and the LORD is with us. Do not fear them." Was this enough for the Israelites to trust the Lord and move ahead to the Promised Land? No....... "The glory of the LORD appeared in the tabernacle of meeting" and saved Joshua and (see page 4)
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Joshua (continued from page 3)
Book Review: Grover Cleveland
Caleb from the stoning that the people wanted to inflict upon the two "The carcasses of you men. As a result, God who have complained declared to the people against Me shall fall in this that only Caleb, wilderness, all of you who Joshua and their were numbered, families would, along according to your entire with the offspring of the number, from twenty people of Israel be years old and above." allowed to enter the Promised Land. Numbers 14:29
Author: Henry F. Graff
God is Faithful As He has been since the beginning, God is faithful to His people. He tells Joshua in Joshua 1:2 "Moses My servant is dead. Now you and all the people prepare to cross over the Jordan to the land I am giving the Israelites." In 1406 BC, the people crossed the Jordan River to, as Joshua stated, "take possession of the land the LORD your God is giving you to inherit." In the same year, through Joshua's obedience to God, he and the Israelites conquered Jericho. Later on, from 1406 BC to 1400 BC, Joshua and his men would, as God commanded, successfully conquer and destroy the cities of Ai, Makkedah, Libnah, Lachish, Eglon, Hebron, Debir, Kadesh Barnea, Gaza, Goshen, Gibeon, and Hazor. Joshua 11:23 says this about Joshua: "So Joshua took the whole land, according to all that the LORD had said to Moses; and Joshua gave it as an inheritance to Israel according to their divisions by their tribes. Then the land rested from war." A man who was faithful to the Lord, obeying His commands, Joshua would live to be 110 years old,
Want to Be a Good Leader? The Leadership of Joshua (cont. from page 3) Was it when he and Caleb spoke up in Numbers 14:7-9? One can hear them bellow to the crowd "Only do not rebel against the LORD....the LORD is with us." How's that for loyalty! How did Joshua portray himself to God at that time? Was Joshua arrogant when God told him, "Do not fear them, for I have delivered them into your hand"? No. Joshua, the leader/student told God's people "do not allow them to enter their cities, for the LORD your God has delivered them into your hand." He passed on knowledge and attributed it to "the LORD your God." MacArthur emphatically states that we place our loyalty first and foremost with the Lord. Perhaps you have heard or seen this: JOY - Jesus first, Others second, You last. It is not about us. Behind God are others. True leaders see this. The Apostle Paul, while in prison, states in Philippians 2:4, "Let each of you look out not only for his own interests, but also for the interests of others." Jesus Christ, the greatest leader this world will ever know, tells us in John 13:34 to love others, to value others. Over fourteen hundred years before the birth of Christ, Joshua showed love for the people he was leading, and foremost exemplified the leader God wanted him to be.
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I had downloaded this book for insight into the Panic of 1893 (see article on page one). But I also needed to know the man who was president of the United States at the time - Grover Cleveland. In a smooth, succinct manner, Graff gives us a view of this determined individual who became a political icon not merely due to the spotlight that comes with being president but because he was one of them - the American voter - long before he was the waterboy for the good ol' boys of the Democratic Party. In the end, he would make history beyond being our 22nd and 24th president. Born in 1837, Stephen Grover Cleveland was the fifth of nine children in his family. His father was a preacher, which might have had something to do with his approach on life as he got older. A husky boy, Cleveland's friends called him "Big Steve." As he got older, he stopped using Stephen for his name, opting to be called Grover instead. At sixteen years of age, unfortunately, his world and his dreams changed when his father died shortly after taking a pastorate job in 1853. Grover Cleveland would now be responsible for taking care of his family. With financial assistance, he would go on to law school. After graduating, he was admitted to the bar in 1859. Cleveland was a detail man and a workaholic on top of that! Cleveland did a respectable Buffalo is located in the state of job with the first law firm he worked at. He would soon New York. According to the 2020 be Census, the city's population is appointed assistant District Attorney of Erie County. 278,349 people. The 1900 Never sitting still too long, Cleveland became sheriff of census showed Buffalo having a Erie County in 1870. What kind of sheriff was he? Graff population of 352,387 people. pointed out that he took the job seriously, although many wondered why he would take such a job. Some (see page 6)
The Finance and Economic Corner - Sustainable Growth In the finance arena, when we see the word "sustainable" it's usually followed by words such as "cost advantage," "development," "growth rate," "products," or "recovery." Just what does the word "sustainable" mean and how important is it not just in today's business strategies but where such strategies take a company in the future? The Oxford dictionary defines "sustainable" as that which can "be maintained at a certain
rate or level." For instance, a business wants to see continued growth in customers and profit. It wants earnings and profitabiity to rise each year. How can a business continue to grow and yet invariably face issues of some kind or another, which can impact such growth? In the book The Strategy-Focused Organization, the authors put forth the following: For sustainability to occur - to "drive financial growth," it is suggested that the business must incorporate one of the following two strategies: Revenue Develop "newness" in which the company enters a new market, offers new products or pursues new customers. OR Further expand on the existing relationship with current customers. Productivity Unlike the revenue strategy, productivity centers on existing customers. The objectives are cost reduction and better utilization of assets. Figure out what companies are facing today. Then determine the strategy that will sustain them for years to come.
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The Transition After Pharaoh had ordered the death of Hebrew baby boys, the mother of Moses hid him in a basket and laid the basket in reeds. (Exodus 1:16; 2:3)
Joseph and the Entry of Moses
Moses comes to the aid of one of his own; flees to Midian. (Exodus 2:11-12, 15)
Moses goes to Midian Joseph tells his family before dying that God will "bring you out of this land to the land of which He swore to Abraham, to Isaac, and to Jacob." (Genesis 50:24)
After deciphering Pharaoh's dream, Pharaoh puts Joseph in charge (Genesis 41:43)
Joseph's brothers sell their brother (Genesis 37:28)
Moses is born Joseph dies at 110 years of age
1526 BCE
Joseph becomes governor of Egypt at age 30
Joseph, at 17 years of age, goes to Egypt
1487 BCE
1805 BCE
1885 BCE
The Israelites endured nearly 280 years of Egyptian slavery following Joseph's death.
1898 BCE
The Panic of 1893 (continued from page 1) The Book of Judges - Chapter 1 (continued from page 3) The inhabitants of these tribes were acting like their forefathers described in Numbers 13. In 1445 BC, with so much evidence that the Lord God was with them, the Israelites were still fearful when ten of the twelve spies Moses sent into Canaan came back with horror stories of "people who dwell in the land [being] strong; the cities are fortified and very large." They went on to say that "there we saw the giants (the descendants of Anak came from the giants; and were like grasshoppers in our own sight." Approximately 100 years later, the children of those that God freed from Egypt and who spent forty years in the wilderness would let their own fears of others trump that of trusting in God. From the Matthew Henry Commentary, this sums up the first chapter of Judges: "The unbelief that kept their fathers out of Canaan for forty years now kept them from fully possessing it." Trouble is just around the corner.......
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Silver was being beautified, embraced for an anticipated long-term growth in value. It would finally be a contender against gold under the country's monetary policy. And was there a lot of silver to be mined in Colorado. Roger Lowenstein states in his book, America's Bank, that in the 1870s those individuals who supported the gold standard believed that "silver would merely cheapen the currency." However, several politicians and majority of farmers favored the minting of silver. The minting issue was not going away quietly, In 1873, Congress passed the Coinage Act, which essentially put America on the gold standard. Why did this happen? For one thing, it was aesthetics, i.e. "me too" scenario, as other leading countries were on the gold standard. In addition, the Act halted the coining of silver dollars. The result of this legislation: silver prices fell. The price of gold and the value of the dollar rose, as both were scarce. Then came the Panic of 1873 (see the November/December 2021 edition for article on this financial debacle), Colorado, in the late 1870s, became a focal point for silver mining. In 1878, Congress would pass the Bland-Allison Act which was designed to help those struggling from the Panic of 1873. It forced the government to purchase and coin between $2 million and $4 million worth of silver every month. As a result, the price of silver rose creating a boom in silver mining. In 1890, Congress passed the Sherman Silver Purchase Act, which meant the federal government was forced to buy 4.5 million ounces of silver each month. It created even more havoc on the economy. Production outweighed the ability to consume. There was again overspeculation of railroads. The amount of gold on hand was dangerously low. President Cleveland would, after reelection, have the Sherman legislation repealed. It would take until 1897 for the economic downturn to abate.
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America's President Page: Grover Cleveland
Grover Cleveland Quotes from Henry F. Graff, author of Grover Cleveland:
"Yet Cleveland's reputation for integrity was spreading from one end of the land to the other." "His partisans later would say that he was the candidate of the people before he became the candidate of his party." "Cleveland was the symbol of high-mindedness and devoted care in local governance."
Political Offices Held
1863
Cleveland was appointed assistant District Attorney for Erie County
1870
Was elected sheriff of Erie County
1882
Became mayor of Buffalo on January 1
1882
Elected Governor of the state of New York on November 7
1884
Elected President of the United States
1892
Re-elected President of the United States
Early Years
Stephen Grover Cleveland was born on March 18, 1834
His father was an ordained preacher His mother's family was in the publishing business
A very well-to-do woman from the church Grover's father was pastor of loaned Grover money to attend law school
The President's Platform
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Sought lower tariffs; Americans in all parts of the country believed that tariffs were too high.
Addressing monopolistic corporations: signed the Interstate Commerce Act of 1887; this act regulated railroad rates; the act introduced the Interstate Commerce Commission-a regulatory agency.
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A Financial Debacle During Cleveland's Second Term
The Panic of 1893 - occurred shortly after Cleveland's second term as president of the U.S. began. As a result:
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Desired a U.S. Navy that was stronger and more modern; saw the importance of protecting America's coastlines.
Thousands of businesses failed Approximately 20 percent of factory workers lost their jobs Farm prices fell CRONY CAPITALISM The U.S. supply of gold was depleted. In order to replenish the supply, the "Gold Deal" was initiated by Cleveland whereby financierJ. P. Morgan and a foreign syndicate purchased U.S. government bonds for $60 million paid with gold. In the book Every Man a Speculator, the author Steve Fraser asks the question of this deal - "was this an act of public service or self-service?" Today we are learning the answer to that question.
Book Review: Grover Cleveland (continued from page 4) attributed it to the money earned by sheriffs, while others thought Cleveland looked forward to having more free time than what he had as a lawyer. Taking incremental steps, Cleveland then ran for and won the mayorship of Buffalo in 1881. Like many engaged in politics, Cleveland's desire for public service didn't stop at the mayor's desk. It would seem unfair to categorize Cleveland's ambitions as self-serving as is so often the case with politicians. One senses in reading this book that Cleveland had a sincere heart in his political views. As Graff put it, "Cleveland had always behaved as if he were a man with a mission." Perhaps his
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upbringing under the tutelage of his preacher father could be associated with his seeming care for the citizens of America. Regardless, he zeroed in on a smaller government and a fairer means of taxation. And he would take these positions to the next rings on the ladder: New York's governorship and the presidency of the United States. In 1882, Cleveland wins the governorship of New York. At the time, being governor of New York was a huge and powerful prize, second only to being president of the United States. Cleveland would, during his twoyear tenure as governor, attack the large corporations yet help smaller businesses. He addressed the concerns of the veterans of the Civil War. He was recognized for the integrity he instilled in his administration. Two years later, he would win the presidency of the United States. One of the platforms Cleveland ran on was reform. He would not disappoint the people in this area. Cleveland's first term as president was also considered to be a "businessman's administration." Following defeat for reelection in 1888, Cleveland began his second term as the leader of the freest nation on the earth. But the celebration of winning would be short-lived with the Panic of 1893, considered by some historians as the worst financial debacle America suffered until the Great Depression of 1929. Cleveland retired following his second term as president. As Graff puts it, "He was no longer a partisan politician, but a beloved national treasure."
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