The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-02-13
THE slhvEnDANGrr
Revived by the ninnd su,gnolrnvn Ii,ll-I
MAY Hiring On Anut .Ipr Panic.

o'oh tNut tHV Dung Dlll, Win possibly
some immatcrial qualifications, will pass
both houses OF Congress by n largo ma.
lority can only give Il now aud violent
shock to confidence throughout the On.
tire country. Its importance will not
DO estimated alone, nor principally, by
tho mere numerical amount OF leprcci.
ntnd dollars lsomo $lS9 1000, 000) that II
adds to tho alrORdy excessive proportion
oil silver money II our circulation. Its
appalling significance lies equally in
tho fact TINT 1t utterly disCrGdts tho
work done in tho suspension OF silver
purchases and tho sincerity that has
been supposed to lilo behind that nc.
ton. Tho repeal act was worth viz
iualIy nothing rs basis OF public con-
iidGncc, ii it did not moan TINT tho
largely propondorant sentiment OF
the country was irrovocably against
any further Commit:al to silver
in any form whatever. Tho
net was almost universally 80 construed.
The banks, tho financial community
and the large masses dependent upon
those interests 10 regarded it, with
acarccly 4 msGtving. 1t WINS that assur-
anCo which stayed tho progress OF
raging panic and cllcCtod Il general
restoration OF confidence in our credit
system. II was nothing short OF that
which restored our foreign credit and
stopped tho return OF our obligations
from abroad, and stayed tho exhaustive
European drain upon our stocks OF gold.
But for that supposed now basis OF con.
tidcncc, wo should now be suffering
from tontold worse depression than
that which tho antG.rGpcAl panic has
left behind it. Tho country and tho
world gave US credit for ability to con-
troll the vagarics Of ignorant minori-
ties, and for sense of financial honor
and comprehension OF monetary
economics which could be safely trusted
TO bulwark our currency system.
II Congress can be found capable OF
passing bill that adda 10 per cent to
tho present dangerously exaggerated
amount OF our silver currency, what be.
comes OF these immensurably valuable
assurances? They arc scattered to tho
winds. And what is still worse, those
assurances will DO regarded by our pco.
pic ms having been hollow aud insnccro
a mere momontary concession OF con-
ventenCc to all imperative public scnti-
ment, to DO revoked the moment the
protest has been appcascd-nothing
better than Il contemplate political
trick 10 smooth tho way to final full
commlttal OF tho country TO the fatal
dangers OF tho silver mania. Nor ia the
real significance OF this Infamous re-
Cantati0n to be measured by tho limits
OF Mr.. BANDS proposals. If Congress
is prepared to compel this increase OF
10000. 5000 in our silver money. there
not only is no guarantee that it may
not later 70 seriously beyond that, but
there is the strongest probability that
il would ultimately adopt free coinage,
and even without tho backing OF Eng
ish cooperation.
Tho thoughtful conservative element
oil our people will unhcsitatiugiy con-
cludc that, il this thin: is to be done,
the strongest possible probability is es.
tablished that the gold basis, in this
country, will be abolished and the
single silver basis substituted, at 10
very distant day. No man who under
stands the extreme and earnest sonsi-
liveneSs OF credit OIL This matter, and
importance which tho great investment
and banking interests attach to all pay.
ments being dlstinct v payable in gold
or it5 equivalent, can have moments
doubt rs to what their course will be in
prospect OF tho policy which this meas
ure foreshadows. They will rush to
protect themselves by converting their
various assets into gold; that gold will
then be either boarded or exported, and
a0ienS rOleHs we shall thus be driven into
suspension OF gold payments, the gov
eminent included. These words are not
lightly spoken. They represent what
would be the immediate coucIu-
sion OF every intelligent practical iinan-
cler. How quickly action comes under
such all emergency may be inferred
from the lightning speed with which
the same process spread under a like
danger but short nine months ago.
In this case. there would be no hope to
stay the progress OF panic, such as en-
lsted when the people were awaiting
for President Clcvcland's silver pro.
clamution and for the repeal OF the
Sherman act. Tho country could nut
no further trust in Congress. The pco-
pie would feel themselves at the mercy
OF lawmakers who either lacked tho
ability to govern or were willing TO
prostitute their powers by SO shaping
our monetary system as 10 make it
means OF robbins one SGT OF citizens to
benefit another.
One OF the most serious aspects OF
this situation is that, as matters now
stand. there should BIO an important
majority in both houses OF Congress
who are either unable to comprehend
tho manifest dangers OF their proposed
action, or indifferent about inviting the
return OF 4 worse crash than occurred
under similar conditions less than
twelve months ngo. Such an cxhibi.
ton OF reckless imbccilisy has rarely
been witnessed in the United States
Congress. 1t is no apology to say that
it comes from efforts 10 conciliate differ
cnces in tho majority party; or that it
is n necessary incident in log.rolling
methods OF shaping party policy. No
conceivable excuse can atone for tritlIng
with such vast interests rs would be
impcriled by the passage OF tho Bland
bill. The party that can support itself
only by such pesilous cXpcdients ex-
plicitly coniesscs itself incapable OF gov
crning-this nation. Sef.conicsscdly, it
has lost its power OF scli-control; its
consistency with its traditions and with
the spirit OF its platform declarations;
its organic cohesion; its political moral.
ity; its ability to govern the country.
The affirmed majority In both houses
in favor Of this measure suggests legis.
lative crisis 10 whit less serious than
thatwhich existed under the DISCUSSION
Of the repeal bill. In some material re-
spccts it il even moro important: for
last fall the house was strongly with
thu nnnnln whilst nnw Ii nnnnnrs To