The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1874-07-02
during any ,rcyiuus equal period of


an area of the rich soil of the MISSISSIPPI
pi valley, the many-the creators of all
this wealth-remain poor, while the
few have amasscd colossal fortunes
within few years.
This is an oppression of the people,
compared to which the ''stamp tax"
and the 'tea tax, and all other parlia-
mentary legislation against which the
fathers of the republic rose in rebellion,
sink into insigniiicance.
These are some of the direct results.
But, astounding as these facts appear
TO US, they are even less important
Than the indirect. The gigantic evils
that flow from placing so vast lever
for 'bulling and bearing''-ihc entire
interests of the whole country-in the
hands of few irresponsible men, arc
incalculablc.
The country has looked on with
alarm and disgust for the last twelve
years to witness this game of financial
"shuttlccock" that has been played by
the few at the expense of the Interests
of the many. But they have been
powerless to arrest the great evil.
The currency and with it every ma
terial interest of the nation, are hope
lessly placed under the control of the
money lords of the country; and the
result is high rates of money enjoyed
by the few, and ruinously low rates of
labor and its productions for the many.
Thus the wealthy few are robbing
the people AT both ends of the indus
trial pilc-croneous rates of interest
on what ought TO be the peoples
money, and cheap labor-while the re-
verse ought to be true, viz: Cheap
money, and rem,ncrativc labor. Since
these are the agencies that call forth
the full creative and productive ener-
gies of a people. As it is, Il consider
able part of the labor force of the coun-
try was thrown out of employment
last fall during the panic for want Of
sufficient money to effect the needful
exchanges between industries, and
have since been only returned to the
productive interests of the country.
This partial stroke of industrial par
alysi, that suddenly attacked the coun-
try last fall had its origin in the con-
slant shriukagc of all values conse-
quent upon a steadily diminishing
volume of the currency. In a growing
country like ours it is plain that a well
regulated currency, adapted TO the
wants of the whole people, should grad
ually and uniformly expand to keep
exact pace with great and growing
people and growing industry. But
with currency regulated by the money
brokers of the country this can never
be. When they have gotten their hands
full of the peoples property. as well as
their money, they will find it conven-
lent to let the gold aud silver come
out again into the circulation, and the
volume of the currency suddenly eX-
banded by an additional two or three
hundred millions, will for awhile fol-
low the interests of the people some
where up into space. Property OF all
kinds will ''go up" several hundred
per cent, and the brokers will take
advantage OF the "rise" TO convert
their real estate that has been cxtortcd
from the people Oh small mortgages
and large per cent, into cash, only to
go on repeating the same process in
the future. But, of course. this is not
'infation." Forty-four millions the
peoples free money, added to the cir
culation, will produce disastrous intla-
ton. But several hundred millions of
the brokers' gold, suddenly injected
into the veins and arteries Of trade,
produces only healthy stimulants.
That do not ovcr-cstimate the in
fiuence of this control of the currency |
by a small class of our people, and in
the interests of that class allow me to
quote the words of one of their own
number John L. Williams, president
of the Metropolitan National bank of
New York, in an address he made last |
fall in favor of the forty-four millions
issue: "Such deposit (of thirty or
forty millions) in the associated banks !
of New York would cure this brokers' /
panic-and that's all it is--in fifteen
minutes: and probably not one quar- |
ter of the amount would be touched
And yet the relief to the depressed in |
tcrests of the country did not come. |
The national ship and its phecious
freight of interests, still rolls and |
losses. like foundcrcd vessel, on an !
intcrminabe sea of financial breakers,
with no immediate prospec; of lull !
in wind or wave. And no remedy can
come, or ought TO come, until we shall !
have Z currency born ''of the people, |
by the people and for the people," in /
stead Of by the brokers and for the |
brokers, as in the case of the present /
currency that now afllicts the country. /
and which has so crippled its wealth.
producing capacities that we have ac-
tually began TO run into debt again in
a time Of profound peace, instead of
paving ii off as we were So few wears
ago at the rate of over one hundred |
millions per aunum.
And yet the actual productive ca
pacity of the nation, if left free TO act.
was never greater than ut the present |
instant. The national debt under the |
sure and steady blows of the great.
powerful. unfettercd arm of the ma
tional industry would be cxtinguished
in twenty years without being scnsibly
felt. But two financial manclcs must
first be taken from .he limbs of the
young giant. Then and only then will
the country enjoy steady and uni
form prosperity, uninfluenccd by the
financial simoons that sweep over the
country once about every twenty
wears.
Mr. Editor. have indicated only
some Of the facts. bnt the subject is too
large for n further consideration here.
II il pleases, will give il a more eX-
tended examination III a future article
or address. For the present | am
Very respectfully yours,
5. A. MERRELL.
Prof Rodney Welch. Of the Prairie
EJrmer discourscs as follows to coun-