The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-02-15
THE MONEY MONGER AND THE
GOLD BUG.

| mans panic or QUIET SItdt AifanSihi
stress would follow the wake Of sill
yer basis; that the premium on gold
would be small, and that, among other
things. prices OF labor and products
| would be enhanced and debts more
easily discharged. To this the Kan
sas City Gazette takes the following
exceptions:
| The Eagle seems to think that sill
yer will rise nearly to the price OF
gold. We don't We believe that the
two metals will keep nearly as they
are gold dollar worth two silver
dollars. In other words gold will be at
about 100 per cent premium. Nor DO
we understand as the Eagle does the
financial crash with which we would
drop TO a silver basis. Not money
lenders only, but jobbers. especially
importers. would feel it, often to their
utter ruin. But their ruin would be
their own doing. Had they stuck to
the unit of value which is still the legal
unit of value this crisis would not be
upon them now. What the Eagle says
of higher prices ensuing TO the relief
of debtors is what most silver men
overlook Not free coinage or more
money is needed, but the restoration
of money to its legitimate value. This
will hurt some, but they knew that
by law only silver dollars were due
them. They tried to avert payment
in silver by factitiously keeping sill
YER I'D to a gold standard. Soon we
hope the dollar, which is and always
was. stamped one dollar. will be rec
hn
reinforce what the Eagle says by quot
ing from the London Statist, one OF
the highest authorities on earth, and
so recognized by conservative imam
ciers everywhere. The Statist says
of cur probable change to a silver
basis:
'.This would be of immense advant-
age to the West and South, and would
prove 4 serious loss TO the Eastern
states and to Europe. OF course Il
great country like the United States
adopting the silver standard would
have a great influence with the whole
world, and silver would undoubtedly
rise but it would be long before 1t
reached GO pence.
The great reduction OF debts all
over the United States by fall to sill
yer, would give the farming and
the producing classes generally sense
of freedom and prosperity which they
have not had for many years, ana
would probably give a great stimulus
TO production Ii silver did not rise
much for while, American wheat,
pork, etc, would compete with the
produce of the other countries at a
very great advantage, and there
would probably be a very rapid and
very great growth of exports and the
beginning of an era of great pros
perity.
In the event of gold demonetiza-
ton. matters viii right themselves III
the long run Debts falling due soon
after the change would be immensely
reduced. whereas, debts falling due
later, when silver has risen, would be
less reduced"
TO all of which the Eagle replies that
it fails to see wherein either the editor
of the Gazette or that of the London
Statist materially dissents to our posi-
ton, even strengthening it in this para
graph, with which the Gazette winds
up its lengthy article:
We are not asking for cheaper mon
ey." more money nor free coinage
We merely want the legal standard
dollar recognized as the standard.
Gold can go TO the pOt-to the melting
pot. 1t has doubled in value, so that
as a measure of value it is like yard
stick six feet long.
In endorsing the views of the Lon
don editor We desire to call the at
tention of the Gazette to the fact that
while the note holder has no legal
right to call for gold, only for coin,
that the administration insists and
persists in paying him III the metal
whose value or purchasing power has
been appreciated at the expense of
silver. and that the present proposed
bond issue is contemplated wholly Tor
the same end, the excuse being that
the gold reserve must be maintained,
while all the while, as everybody
knows, the administration perSiStently
diminishes and destroys that reserve
by refusing TO obey the law which di-
reefs the secretary of the treasury to
pay in the coin most convenient
Maybe he holds that the gold coin is
the most convenient; it certainly is to
the combines which are systematic
ally collecting notes only for the pur-
pose of raiding the gold reserve.
AS for anything farther, the Eagle
still holds to the conviction that 4 sill
yer basis, or that any policy which
would force the adoption of silver as
a currency, even to that extent III
which it is made available in France,
that neither Il disastrous panic nor L
big premium on gold would eGsue
Outside OF the fictitious demand, conf
ing of the gold conspiracy OF the pres
ent administration with the money
mongers of the world, there would be
no necessity for gold coin or gold bull
lion beyond the amount necessary to
Equidate international balances of
trade. This latter demand might re-
suit in a slight premium on gold. but
that is not certain as the balances are.
in good times, more liable to be in our
favor than against Us. The other
complaint of Wall street and the east
that silver is too bulky To be conven-
lent, is all rot The west would pre-
fer a little additional burthen in that
direction TO the ones of poverty and
hard times. AS for Wall street and the
east, if they do not want TO carry the
silver load let them have notes which
call for "coin."
The Eagle in advocating n silver