The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-06-05
Possibility ora Panic.

Andrew Carnegie has striking article
in 1.-THE June number OF the North Ameri-
can Retiet0. 1t is perhaps the most ele-
mentary article yet written onthe silver
question. Certainly it is the most out
spoken as regards premonitions Of i'm
pending disaster.
So great is tho peri, in Mr.. Carneige's
Judgment; Of the direction in which the
country is headed, that he, stiff pro-
tectionist, is willing to say that If the
choice next year Of Presidens is be-
tween a free trader who is IN anti-silver
man and protectionisr who is not,
he will vote for the free trader, beliey-
ing that 4 debased coinage is more to be
dreaded than free trade.
Mr.. Carnegie quotes the New York
Coming Poa, a free trade organ, as say
ing that it would rather see ten McKin-
ley bills passed than one such silver
billas was before the last Congress-the
one that passed the Senate but failed In
the House. He also quotes President
Harrison and Ex-President Cleveland
as being in exact accord on this
question-both opposed to the free
coinage of silyer-and, further, he quotes
both Secretaries Of the Treasury MAN
ming under cleveland and Window
under Harrison) as also being in exact
accord in their opposition to it.
How is this? he asks. These men,
opposed otherwise, are q unit on this
question, as he himself, a protectionist,
is in accord with the New York Post, q
free trader. Because, he says, the two
Presidents and the two Secretaries
studied this question in the light OF the
great responsibilities OF their high po-
sitions, and could not afford to deal
whit as the blatant and buncombe
Congressman many of them grossly
Ignorant of finance) were ready to deal
whit. The latter were ready to i'm
peril thecountry forthesakeof votes, but
the former were not. On the contrary,
They became deeply concerned about the i'm;
pending danger Of debased money, and used al
their powers 10 stop representatives In Congress
from forcing the government TO tmpertl the IN
terests Of the working man who must nave me
best money for his labor or products, or DO the
prey Of SPECTATORS. These great men, two OF
them exalted to the highest political ONCE upon
the earth, hid and have at heart only the good
Of the many Is against the possible enrichment
Of the few. Political opponents as they are, that
they should agree upon TINS question mus surely
give every farmer, mechanic and woFRingnan
In the United States grave reason Tor believing
that they, and not the advocates. OF silver, arc
his wisest counsellots.
Inthe last few weeks this country has
been drawn on for about tifty-fye mil
lions Of gold and the outflow still con-
tinues. But for the excellent crop pros
poets and the probability of large ex-
port demand, because Of the poorer
prospects abroad, the country would
now possibly be in a condition of panic.
Why! Because very slight premium
on gold would retire the whole of it
from circulation. And what effect
would that have? Mr.. Carnegie quotes
Secretary of the Treasury on this
point as to the effect it would have, as
follows:
This sudden retirement of six hundred mill
ions Of gold, with the accompanying panic,
would cause contraction and commercial dis,
aster unparalleled in human experience, and
hlIycr basis, when there would no longer be any
inducement for coinage and silver dollars
would sink 70 their bullion value.
Mr.. Carnegie supplements tho above
eficial utterance with comments of his
own as follows:
The man Who tries to bring about this disaster
70 s Il csp ga f fSa fSP lhe
chqnce Of sharing iss contents, or toald drive
mo ship on tho rocks toF the chaaco OF secnrIn 9
part OF Tho WrIcked cargo. Io Is wreeEer
mud spcctlator His interests are oppoSou 70
theinterssss Of tho tolling masses
Mr.. Carnegie's article is long one,
full Of data, and we rather aim in this
reference to call attention to 1t than TO
give its real substance. It well worth
reading. He closes with a "word Of i'd
vice to The people" as follows:
unie,s the Government ceases to burden ltSelt
month BY month with more silver or II the tree
IedinnEo d. lilYor DO SERIOUSLY cuItEL1lueuI 0tVI
siiisr. When YOU lay by anything let II be gold
dsbo,it-nsE the bank to give you u gold receipt
tnhfefor TAor1 Il 20 use 10 tho poor taxing any
sisk. tits fest fnll Of warning that no ooEaS
eotiid 81 sold to advantage to-day which AtS not
made payable 10 gold, There Is danger ahead
a.iyor owing 10 the changes Of value 10y reason
ar oystsprOdnNti0nl, has become the tool OF the
epeahitfbr Steady, pure, unchongclble gold
10 Sfcr been and never was so much a. now,
ihe best inttrument for the protection OF the
masstS Of tho people.