The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-06-29

of modern migration. just here this
vastly increased population with its
created values called into exist
ence with no increase of the
volume of money. but rather
a decrease, finds money, by the least re-
fiex movement of the balance of trade to
the older states, becoming scarce. Then
follows failure to pay promptly, and
rapid fall of prices of things, especially
real estate values, so recently created,
takes place in the new and enterprising
west. This creates alarm in the east;
they hoard their money and overflow
their vaults, for want of confidence, and
cry out imitation" OF course they are
inflated by waiting too long before they
do it. Had we had the privilege of bar
tering Kansas, Nebraska and Texas pro-
duce for Rocky mountain silver five
years ago and turning it into
standard dollars and replenishing the
growing demands upon our banks
for money, those eastern people would
have their interest and principle prompt
ly paid upon western investments IN
stead of ruinous litigation and losses as
they have had. They have not brought
this about by calculations, as western
sufferers suppose, for purposes OF
eventual greater gains. but rather for
want of foresight. 1t is true that certain
spectators, shrewd fellows as they are,
avail themselves of such knowledge and
profit by it when they can. But the
eastern tinanciers generally are far too
dull for that. They are financial hOmeo-
pathists, believing that like cures like
and so get sicker all the time.
But, said a merchant to me
the other day. you will not
only stimulate trade and set things buzz
ing but initiate the currency with cheap
silver and let those Europeans bring In
their silver and replace our gold with 1t,
and place us at great disadvantage.
Well, suppose an European merchant or
banker tries it: he takes a milan of
silver bullion from London, pays freight
and insurance on it to New York. There
is cost item No. 1. He has it coined,
possibly, we'll admit an extreme case;
he now will meet with the difficulty at
tending the exchange of so much silver
for gold and will have naturally to pay a
premium. There is item No. 2 for you.
Failing in this, he buys grain.
Well, then, we have his money
and he has our grain. Where's the
hold on gold? But, says he, they
will make contracts specially for gold
payments for goods bought Well, if
we have free coinage of gold and silver
withour discrimination, we could call
in all gold and silver certificates and
issue coin certificate calling for pay
ment in gold or silver or both at the OPP
ton of the government, that would
make it difficult to hoard gold without
offering premium for it, to say nothing
of destroying the incentive.
But this is all useless discussion. One
thing is certain-if the west and south
are to have dear dollars dictated by the
east through foolishness or greed, they
will have to have a free market for their
productions throughout the world. The
way to keep their hold on protection is
to give us say in financial legislation.
The west and south ought to at once call
an interstate financial and CONNER
cial convention to devise means
to hberate the monied and commercial
interests from the absolute control of the
east. 1t ought to be composed in equal
proportions of delegates from all inter
ests in both sections, and the proper pol
icy laid down for the political grievance
of their constituents as soon as possible.
My opinion is that 800 per capita is
small enough for basis of circulation of
money for a new and rapidly developing
country like ours. l am supported in
that opinion by the SO called initiation of
the years succeeding the close of the war.
Then work, enterprise, push and vim was
everywhere. Interest and labor were
both high. Security of every sort held
everybody worth the least consideration
to prompt payments. Now how is it?
w. E. HUTCHINSON.