The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-03-21
The FarmOrs' Alliance and the Silver
oaoltiOn.

QehVlIy luueUkeu IhIL1AhB eASASAb was -
the general restriction Of credits, partic-
ulatly in such States as Kansas and
Nebraska, the two States where the
Farmers' Alliance chiefly holds sway
and where the movements OF the organ.
ization have been particularly radical
and revolutionary.
This restriction OF credit will not be
without its ultimate corporations to
the farming element, however much its
hardships may pinch meanwhile. Money
will BIO harder to borrow than ever in
the history Of these States, and business
Of oil kinds will get down very Close to a
cash baris.
There is no doubt that capital is thor
oughly alarmed at the aspect of affairs
in the heavily indebted sections Of the
West. The large and increasingdefaul'
| in interest and the difficulties which
public sentiment has thrown around the
recovery OF the principal have intimi-
dated the holders Of western mortgages.
The result is that the business OF loaning
money 10 the West is running down TO
very small proportions. Capital will
make no more loans in Kansas and Nc
braska to speak OF, except by way OF re-
newal, and these renewals will be forced
by reason OF the public temper in the
States named against all attempts Ito fore
close mortgages.
The Eastern capitalists have their
hands in the lions mouth and they
realize it. They are, of course, going 10
get their hands out as soon and as
Q Gsily SIS possible. The disposition seems
to be to refrain from steps that will irri-
tate public sentiment or give it excuse
for wholesale Reputation. They realize
that they are largely in the power of
p ublic sentiment in those States and
that the temper Of the hour is sgainst
them. Mortgages cannot be foreclosed
to any advantage where the people are
disposed 10 make 1t warm for the pur-
chaser. Nobody wants to buy land under
such circumstances.
The wisdom OF the situation would
seem to be to revise and readjust the in
debtedness OF the farming element; to
scale down the interest and extend pay
msnts. In this way public sentiment
may be conciliated, many borrowers may
be saved, and the chances Of the future
in the way OF better crops and cheaper
rates OF transportation rendered avail
able to them. II this is not done, the
chances are that the radical demands on
the Government for all kinds of imprsc-
ticable relief will be thorn in the side
Of the body polite for good while to
come.
The situation to-day is not unlike that
of the days that followed the panic Of
1873. There was the same cry for moro
money-for fresh Issues Of greenbacks.
The speculations Of flush times had in.
volyed tens Of thousands of people in |
debt, and they Ciamored to be fioated
out Of debt on boom that was to be
produced by making money abundant
The idea was to artifciaily reinaate
values and make everybody more will.
ing to invest their money than to hold
1t. In other words, the idea was to de-
preclate the money aud appreciate the
values Of everything else. In
this way the people in debt would go
out on the tide and unload their lands,
their corner lots, their mines, their
stocka and ali their multitudinous spec
ulatiye holdings on q forced market.
This is the scheme to-day. The PEG.
pie who demand that this country shall
coin all the silver Of the world at an
artificial price, and make the dollar more
and more fluctuating and valueless,
belong largely TO tho second crop OF
debtors who went into debt with such q
rush about the time OF tho resumption |
OF specie payments, and who settled up
Kansas and Nebraska and other parts Of
the West with such a whoop and q yell,
being enticed thereto by the land grant
railroads wko had millions Of acres Of
land to sell on the most alluring terms.
The penalty for all this mad rush into
debt has been fastened by crop failures,
one crop failure after another, in the
treelers and rainless belts Of the States
named, and other parts Of the West, In
other words, wo are seeinE one OF our
historic uprisings OF indebted multi.
tudeg, this time of poop!e who precipi.
tated themselves into the meshes OF the
money lenders dozen years ago with
such wild recklessness.
The politicians are playing this unfor.
tunate situation for all that 1t is worth
politically, just as Allen and Thurman
played 1t in Ohio in ls75-76, and Just as
Logan played It in Illinois and Morton
in Indiana. They were defeated By the
Grmness aud craftsmanship Of General
Grant, at whose hands the grecnback
craze received its quietus and the
saved from great calamity.
We all SEQ the folly OF the Greenbsck
craze now. The time will in like man.
ner come when We will see the folly Of
this present silver craze. Itisa consol.
alton to believe that we have in both
parties men who will rise up at the
crisis and do their duty to the country.
Cleveland has recently
spoken In a way that has had its good
effect upon thousands Of Democrats,
Ind there is no reason to doub. that
President Harrison, following the ex.
ample Of General Grant, will do his duty
n the same manner whenever the
opportunity comes to him.
M