The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-08-15

With The quarrel and question of per-
sonal veracity between your two cor
respondents, DR.. E. p. Miller and Mr..
Miller quotes and relies upon official sta
tistcs for his facts. He is, or ought to
be, perfectly justified in doing SO, for, to
cook statistics TO suit supposed political
eXigencies or the tactics of iinanciers, is
most infamous otfense and one which
the people have right to suppose inn
possible in high official Of the govern
ment.
But, from the fact that the people have
ordinarily no means at hand to verify sta
tistics covering long periods of time,
such an attempt, if made, becomes all
the more shameful. II the matter at
issue be one OF grave Importance to the
people as this is, in which every essen
tial fact is Of interest, the sup
preston or plain msconsiruction
of any detern. NATIVE factor is little
| less than "a crime. The reason Is that
it sets,up new data for facts and is there
fore deliberate fraud upon the truth
of history. Scientific deductions from
!
| if the facts are perverted. All anthem
ITCHY ceases and calculation Is utterly at
sea. Men like DR.. Miller, who accept
alleged facts from such sources in good
faith, are misled into endless error if the
! facts are not as stated and often into
very false positions.
Now the question of circulation in
| this country, or in any country for that
70, n
| ing business and the public wellbeing,
is one of the very first Importance, SO
recognized by all writer's upon political
economy and equally so by all fnan-
ciers, manifested in their never-ending
efforts TO curtail it within the limits of
control. The reason is that the value
| of money. its purchasing power, is in
strict rateio to its volume in circulation,
The creditor class of the world, men
who deal in money, are therefore
profoundly interested in the limi-
tation OF the circulating medium
and the debtor class, or at least so many
of them as understand the question, are
at the other pole of interest.
Between these two in our own case
stands congress clothed by the constitu-
ton with full power over the issue of
value thereof for the general benefit so
| that among our own people-and we
legislate and coin or issue money for
none other-the balance between the
diverse interests of debtor and creditor,
and all other things sold in the market
place, shall always be held at the honest
level of equity.
The contention is that there was before
| and long after the end of the late war
volume of money, either in, or available
for, circulation, largely in excess of the
amounts given in the tables put forth by
ex-Secretary Foster and qnoted by DR..
Miller. If these alleged statistics are true
the implied argument OF the ex-secre-
tary and the assertion of DR.. Miller
| that there is more money IN circulation
now than IN certain other more prosper
| Gus times-must both stand unassailed
and unassailable. Ia that case it must
follow also that the average depreciation
of values aud descent of prices for ii very
long period have had their origin in
some other cause or causes.
II the ex-secretary's Statistics are at
fault DIR. Miller stands absolved upon
the question of veracity unless he was
| aware OF the fact. If the Foster figures
are false then as to him it becomes IA
question of integrity OF Intelligence.
The character of the man and all con-
current circumstances preclude the plea
OF imbecility and the man himself
would be the last one to propose ii. The
plan has been TO ignore the question, or,
If pressed, TO take refuge in assumption
and find defense IN bubble.
What are the facts: Reading the
multiplicity OF laws under which money
was supplied TO meet the exgencies of
| the government during and immediately
| following the war II is impossible 10
determined the amounts issued except
by reference TO the treasury reports OF
| the authoritative statements OF menl-
| bers of congress or senators having
those reports at hand. Any such not at
the time disputed it Is preeumed Will be
acceDeed as authentic.
1t Is TO be understood that the coz
illusions reached in the Foster tables ore
made possible only by ruling out aud
setting aside from the calculation
certain peculiar issues known as com.
pound interest notes. Of which there
were 81 600, 00O and 80 treasury
notes 10 tie amount of $3.50 0Oo. 000.
making IN all Of notes bearing interest
on their face 1913, 600, 600 The question
is. We're these a part of The circulating
medium Of the country: Did they enter
into the circulation Is money, or were
they available for that purpose: NJ
Foster with the cool assurance of superior
knowledge OK OF absolute audacity
saws in effect that these issues were never
any part of tie circulation, At least IN
giving bis tables thereof he leaves these
items out altogether. In view OF the
question Of fact involved and OF certain
matters of current history 1t Is presumed
ex. Secretary Fessenden's statement vii.
be taken rs worth somewhat more than
ex-Seclrettry Fosters in the premises
In his report OF Deem Der G. 1861. Mr
Fessenden SAYS he caused - be paid oG3
10 the soldiers IL the field 81. 00D. coo -
these $50 notes az one tluie. And,
saws The ep~ n, ''the secretary Las great
satisfaction IN stating hrs bal.ef thar tile
disposal thus made was not only relief
to the treasury b2t proved benefit 10
The recipients. IN Attending theta safe
a,sd valuable investment and an easy