The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1878-01-17
For the EAGLE.
ANOTHER FINANCIAL BUBBLE PRICKED.
W. G. Wocdman Answers the Threat of East
ern Capitalists that they Will Loan
no More Money to tbs West.

plinc for the western silver maniacs
continue. The Controller of the city
of Chicago is sadly in need of loan
TO meet interest and other obligations
of that city maturing January l, but
thus far has been unable to get it, al
though as high as per cent. was Of
fered. Application was made to the
United States Trust Company in New
York for 100000 for Chicago, but de-
clined unless the bonds were issued
on gold basis. Application was then
made to the American Exchange Bank
in New York and declined for similar
reasons. Another western city has
been endeavoring to get 81, 100000 in
New York, but il was declined by the
bank that hah been its fiscal agent for
many years, unless TIE promise was
made to pay iu gold. Cleveland has
also uesrccessfully asked for loan
with similar refusals. The New York
Boston and Philadelphia banks are be-
lieved TO have generally adopted the
rule of only making future western
loans on a gold basis. In Philadelphia
no loans are being made on western
real estate. that not being legitimate
banking. Bank and trust company
officers generally express themselves
as DESTROYS OF teaching the West
lesson in this matter, as the financial
morals of that section do not commend
their securities in this part of the
country, and a very good way to fight
western silver-paying debtors IS TO
cut off their supplies. Philadelphia
Public Ledger.
Now this sensational assertion rises
so far above menace as to become a
threat, and justifies in our mind an
affirmative western reply.
The people of the West hold sacred
and inyiolable ever national contract,
and do loyal homage TO the currency
of the Government they so eminently
shared in saving. We reply to New
York and the satellite Ledger.
Why are these moneys of New York
offered TO the West? We answer, be-
cause you of the East by triumph of
sharp practice, to a great extert have
run into classes. Your patricians are
bandits, and your poor plebeians are
slaves. The first hold with iron grasp
your colossal millions of gold, whilst
the second are bonded and re-bonded,
mortgaged and re-mortgaged, hy-
pothecated and re-hypothecated to the
extent of every marginal security on
which to place remuneratiye loan.
Hence this surplus capital has sought
the West; the broad bosom Of the
Mississippi valley has been thrown
open TO il, and it has entered, shall
we say as a viper,) which being there
in warmed into vigorous life, comes
thus with grinning fangs of menace to
frown her into contrite submission to
such despotism. VIII they arregate
all the gold and al the brains too? If
the West knows not the East she
knows herself, and that is the high de-
gree in wisdom.
New York will teach the West
lesson"
Not loan Chicago your money? Not
many months ago you smothered her
with applications to borrow. Not
loan that city of less than half CEN
fury of life that already thrice-buiIt
wonder and admiration of the world,
at whose door your supplicating com
mercial vassals have ever camped
that young phoenix whose energy has
contributed more than any other peo-
pie or city of the globe TO build your
palaces of splendor and your taberna-
cles of gold. Would you thus public
ly insult and monance her character
and credit in the face of the world,
that you may consecrate your unhal-
lowed designs in the shivering want
of an oppressed but energetic people ?
Designs conserved in corruption, that
you would born in villainy, and rear
in legislative seduction, that you may
make gold and destroy silver. And
for what purpose do you do this ?
Please give the world an honest, in-
telligent reason why you want specie
payment when you ask it with one
hand and destroy it with the other.
When you strike Chicago you strike
the heart of the mighty west, the Jove
of the Mississippi Valley, whose pull
satlons throb to the mountain tops, to
the frozen north and the jetties' mouth
world responds to your challenge
"that would teach the West lesson"
In the arrogance of patrician wealth
do you assume TO owe the West moth
ing! Who purchases your iron, your
coal, your oil, your glass, your cotton
and wooden fabrics, your boots, your
shoes, your hats, and the many things
that are yours? Who pours into your
sea ports the millions OF tonnage that
freights your ships with cargoes, that
brings back to you millions of foreign
gold Who dig from the bowels of
their mountains and sends you greet
Va olls Ci anu
gold? Who buy most literally of
your foreign imports from which
springs the coin revenue that pays the
principal and interest of our nations
debt? Where do your largest COM
mercial houses flee for refuge from the
squallid misery your unhallowed fl
nancial policies have entailed upon
your plebeian people? It is to the
mighty West and you hnoU it.
Nor is this all. When the nations
life was in peril, who gave you Lin
coin as a redeemer Who, when your
boys were rotting in the swamps of
the Chicahominy, and your pet Cen
eral was swapping nosegays with fair
women in Washington. demanding
more victims for his inglorious fallow
of death, gave you a Z. S. Grant to
lead your vanquished army TO victory? |
Who commanded the fall of Atlanta? !
Who led the bold march to the sea ? |
Who drove Johnston to surrender and |
Lee to evacuation 1t was tho brain, |
and the arm, and the courage of the |
mighty West that taught you these