The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-07-13

|
dollar, Is essential to prompt restoration
of national prosperity. This inber,
Therefore. urges .he speedy and uncon-
: ditionai repeal OF such silver purchasiug
clause.
1t hardly seems possible that such a
large body Of intelligent business men of
New York city as is found in the cham
Der of commerce should take such a
} short sighted view of the present de-
moralized condition of the business of
this country as Is embodied in these
resolutions. They attribute the financial
panic through which the country is
passing the depressed condition of busi-
ness, the closing Of mills and manu-
factories and the throwing of laboring
men out of employment to the purchas-
ing clause of Sherman act. These wise
merchants inform US that business en-
terprises will not be resumed or labor be
steadily employed until money can
be obtained by manufacturers and
merchants at moderate rates, and there
fore they want the silver purchasing
clause of the Sherman act repealed, and
| thus cut Off the only source from which
an adequate supply of money can be OBJ
tanned. The purchasing clause of the
Sherman act requires the secretary of
the treasury 10 buy $500, 900 ounces of
silver monthly, and to pay for the same
IN United States legal tender notes, the
very best form or paper money ever
made-thus every month putting in
circulation over 81, 500,0 900 Of money
that is as good as gold. To cut off the
| only supply for an increase of the vol
ume of our money is a curious way to
give the manufacturers and merchants
money at moderate rates. Do these wise
business men understand the real cause
of the present financial disturbances?
The Sherman act has had but little to
do in bringing them on. On the con-
trary, had it not been for the Sherman
act, the business depression would have
been many fold greater than it has baen.
That bill has been restra'ner rather
than cause Of panic. The Sherman
law has been in operation for nearly
two years. Up to the day of the cleo
ton of Grover Cleveland in November,
last, there were no signs Of panic or
business depression, OF lack of money, |
or idleneas OF the working people. On !
the contrary, new factories were being !
built. new enterprises started, new in |
dustries opened; the working classes |
were all well employed, money was |
plenty, the farmers were paying off |
their mortgages, the balance of trade !
was largely IN favor Of this country, |
gold was coming into the country in
stead of going out, and the country was
never in Il more prosperous condition.
But how soon all of this was changed t
when the result of the election became |
known. The people had voted for an
administration and for maioritv of
congress that were in favor OF radical
changes in regard to our money and the
protection OF our industries, and it was
that vote that destroyed Confidence and
produced this wide spread demoraliza-
ton in every department of business.
Will the repeal Of the Sherman act or
its purchasing clause change the result
Of that election? Will that give us any
more money; or make times any better,
or restore confidence? Will the free
and unlimited coinage Of silver restore
give us more or better
On the contrary it will drive
all our gold out of circulation, change the
standard of our money, and inaugurate
a panic that will cause confagration
from one end of the country to the other.
VIII the establishment of simple gold
restore business prosperity by
giving us more money? While it might
in a measure restore confidence. it would
a crushing, grinding policy
that IN a few Years would reduce the
classes to poverty, pauperism
and starvation, and establish monied
aristocracy that would require perma-
nent military government to keep it
N power.
The people must not look to the cham
Der of commerce, to Wall street, to the
silver mine owners, to the banks, or to
.he party in power for relief. for if they
10 they will not get it. They should
lold on to the Sherman act until they
IAN get something better or SO amend it
IS to give them an adequate volume of
he best money in the world; opposing
my change Ill our financial laws that will
put more power over the money in the
hands of state bankers, national bankers,
or in any other way lessen the hold the
people now have upon the money of the
Hold on to the gold, the silver
md the United States notes. and weld
hem into trinity, that will be one and
and the Sherman act, or
me similar to it, will help the people 10
win victory in the end.
If they Will do that, and let the Nc
zinley bill alene, confidence will. soon
,e restored and business be prosperous,
10 matter who is occupying the White
House. L. 2. II.