, 1879-08-16
SOLON CuASE'S STEERS.


ant wants an answer 10 the above query. Mr.
ChasetB deductions from the above sto:y arc
multtarious, and It would be dl!f]cut to answer
them ali 10 d newspaper article. TIe best that
can be done In 50 small epace ia to throw n
little light on the subject, For d full md CON-
plcte rcfutaton Of Mr. Chasc's 1uancia1 yagartcs
we must refer the Conrdat to the standard text
books OF finance, especially to the bullion report
Of committee Of the House Of Commons {En-
gland, 1S10), for hlstory is continually repeating
Itself, and Mr. Chsscs steers hAye figured IN
every financial revolution OF modern times. TIC
.rouble Is that afr. Chase has told hhlt-trutfl
in his steer story, an1 las drawn his deductions
from tllut half-truth Had ho boon as well
ycrscd Iu the scieuco Of finance as he vas In tho
art OF agriculture, lo would have known that the
balloon that went up In 1861 G5 must eventually
cotne down agan. 1t waa against common sense
10 expect It tu remain ~. Wncn u group Ut
bows ore Disgusting tho merits Ut ball. narb!cB.
| nr lag, II Is common trick Tor Qua OF them tn
nick up stone, sud. casting It into the air, 70.
| peat This simple rhYnc. "WlIat roes up Mnst
como down, M the head or OIL tue grounu."
The boys understand tint there Is no foolish-
ness about the coming down ot that stole. nnd
to nvoIi calamJty to I,eir heads they take safety
ia instant Hight. 4 balloon we'll supplied With
gas wilt rias high Into the heavens, but It will
come down again Just as sure md certain as
Will The stone cast up by the boy. Aoronauss tell
Us the danger lies not so much in The gong up
| aa In the coming down, Or landing. An Irish
man, when asked II tho fall Ind hurt hm, re-.
piled: "No! but the striking tho 9rouud
knocked his senses out" sfr. Chass's steer
storY illustrates .s comlny down OF the ball
| loon, md, sinca he has told It 80 we'll VIC will
not leseant npon 1t further, hut tako Up THO
other side,-the gong up Of h!s balloon and
| ,ouud out the rest o! bts half.truth.
ltis fair to presume that alF. Chase was farsn-
Ing in 1sU., when prices we're In their normal
condition. and that ho vas raising steors then Is
he wns IN 1871. ln 1858 hia steers WeFe I ycas
gin Of profit. A. years old, Or 1s3i, they were
Of proat: AT ) years old. or 1865, Mr.
Chasu finds that his steers have taken another
tal,ucnse leap ln value, IND shs margin Of p!ohs
unheurd OF In tho aunas OF farming. At
years old, or 1866, the steers nro now ready for
sale. Steers arc few nilI buyers arc plenty
need not stop At tue usurers 70 ges cent, nor at
our csnt, unl TIC prlco Is paid. M.. Chasc's
pocketbook y plctnorIc with paper do!lars
Is now aoar!ng % sublime h!Ch.s. Wlll she ever
come DOWN. Certainly not sea how majestic.
ally shs rides tllB heayeus. Come downf
Nsyer! The little boys arc standing from
now sailing from ont Of Mr.. chasc's
farm wagon a. Il, to 20 cents per pound: butter,
10 to IS centa per .oounl; eggs, W to bo cents
per dozen; lard. ~ to 10 cents per pound; hay,
| ~
| purtion. Times arc booming; Speculate Ion runs
riot; fortunes IRE lnado and lost 10 day; tha
| public pulsp beats at racehossa speed. Can NO
no ,ns Ss s Bsn gs shea es w. ses ZEE ,.s
| lhc boys look upwards askanco- In 188S shs
boeones lttle unsteady. Cut the sant-
bags aud throw out ballast. All right. ln ISL
AGAIN. oas srom more out mara
balast. Whatl no moro bal1astf No. Nov
look out, for great will be the fall.
AZ old ad4es ssYs tYGS canet ;s ct y yo1f ps
Was ra.lrg hs pie, Auu In 1874 10 "mouroa be-
cau,e hs i,as It not" Everything WA lovely
with MF. Chase while tho balloon was eolng
upi but 4 i The con,ngdoTn s,nocoI proeoiIa
Iguoring tue philosophy Of tho boy aud
t1is stono md, ilke thu 1rlshman, tnluks the
striking on the ground has hurt hInl. When
this balloon was go!ns ~ u w. tne sseast" mh",s
| was paying hts dubts with su1all dol'ars that
would nut buy ualf AZ much ~ tloao "hlch ha
! borrowed. The creditor waa silently .pocket!ng
| Ills loss, But HOW tie balloon Is cotntuE down,
M aul slr. chascs o1 Is being eorcd. audi ho goes
f0rth throughout tho laild bcwailnE. bis aad
condition amt telling ats very oae.sided story.
Perhaps slr Cnaso wall say TUG balloon should
vented by vet u Congress- Wull, onco gfeal
man said This wurltl noves," but the powers
thut ba sud, !" You arc liar, slr; lot down on
your kuces 1nd M at your Words" t s.a h7 oesyods
I1,c Freucn Assembly said the assgaat bal.
loon should uot come down, una tho Chaass Of
that day sail - sAmeu." .rhoy decrsad aud
1ecteed, but Tie bailnon came down nevertho-
less. 1t Ia mel! for Congress- to ASCERTAIN
whether the thing TINT they seek to regulate IL
not ITSELF regulated by higher law than them~
| selyss.
But think haye asked "What became Of
that lay al,ti cornt' aud l ansNer, 1t u not 10
much u question about tho hay suo cora, a. II ID
about lhu price that waa uatd for tnosa, steers.
In the lnonsy that was paM for tho steers lies
! the secret OF tho !oss. That money was COM
posed very largely OF gas that was generated
during tbs pcnod OF iutation. That gas wAs
now escaping, aud tho niouey was shrinking
buck e0aiu to it, normal condition, the haJ and
/ corn did their Legitimate work, but the Ras
money did not maintain the fair proportions
that hlr. ChaAe hoped " would when ha tr4t ob-
taiuud It In 1S8, anti oenco tie constant shetnk-
tnE. Mr. Uaase might have postponed tho day
| TOR q short period. but death al"a taxcs aft not
| mora suro than tAAt fictitious values must
eventually give place to real satues.
Dstweuu lns crazy fatist Oh lha one ada and
thu equally crazy goldtts gu tlB other aide, iisa
the Zafe aud sound 4uuuctal roa1, which ] ,ako
to 10 tho unlimited culnlnx iuto money OF gold
| aud silver, aud tho Issuing Of redeenanla paper
1nonsy in such amounts olly ~ can bs kept u
par NTH both metals. ~