The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-24

months necessary to conclude the loan.
into the bargain. Granted that these
bond issues are small enough affairs
and cut no particular figure outside the
ideas OF clap-trap politicians with
penchant for supposed political capital,
we did not apply at tie right place nor
IL the proper manner.
in England. outside OF the source
from which Mir. Carlisle extracted $780,
eoo,oo0 III gold, with SO much pain and
humiliation, there is fund held among
widely scattered, small depositors ag-
gTegat ting $3.50. 00o. 900 in specie, which is
idle money awaiting investment at any
thing ahive the nominal rate X draws.
which Is y 10 a of per cent below the
bank OF Engiand's prevailing discount,
rate. Now let US look at this thing in
the light of a reasonable hypothetical
case. Suppose Mr.. Carlisle, 10 be pro-
vided with s2e0. 900 900 in 4 per cent
bonds and commissioned TO place them
with the same parties who subscribed
twenty times over the S390. 000, 600 offered
at a premium by the syndicate Sup
pose ne takes this huge amount as IL
comes in and places il in three OK four
of the larger repositories in London and
Manchester, subject to their favorite
plan of ten days notice of withdrawal.
There is no need of that amount in
America right away; We own the gold,
and X is immaterial If $50. GOO, 900 Of II
stay in England or no. Now for them
TO hold that amount of money subject
10 call would instantly cause an I'M
heard of stringency and contraction of
all trade. and the inevitable event must
be its rapid absorption under stress OF
trade requirements: for not one quarter
of it could be long withheld without
creating financial disturbance and mark
ed stringency of the money market
Nevertheless. in the due course and
- T. Il
, in some fine morning and say, well.
gentlemen, my countrymen desire me
to make a tour of the continental cap
itals and, mayhaps, to bust the bank
at Monte Carlo, or something, so I'll
trougle you for about S150,00o.0o0 of
those 'yeller boys" Where would
they be? True. they might growl or
shrek, but in all human probability
they would temporize, and say: But.
my dear sir, you're busting the bank
Of England right now, We have no
such amount in hand, Mr.. Carlisle, it
is all lent out-we can give you bills
Of stop right where you are" says
Mr.. c. II want the gold. and if you
haven't got il right now | want il i'm
mediately, if you have got it then
We'll consider the matter; that is rule
able and reasonable among all nation
alities, | believe. But what does your
single gold standard mean, anyway"
your Monroe doctrine, a marvelously
fine thing in theory and highly hon
ored at home, but once broken always
broken well. we sympathiZe with
any nation that is without a standard.
even for an instant, and since yours is
gone we might as well patch one up as
between ourselves. We offer you a
bimetllic standard of silver and gold al
ratio of 16 to l, if you wish to accept
ii we will wait six months or a year.
,If Gil
OF course England has no silver to
speak of, but we would want TO do
something in our power, etc, and thus
the incident would be closed with the
aforesaid agreement.
We have concocted this farcical bit
of jingoism with a purpose to expert
ence for ourselves, at whatever Sacri-
flee, but in as decent a manner as pos
sible, some approximation to the true
and delectable flavor of this purient
itch and craze for free silver just as it
appears and affects its honored victims
because in the abstract. although whole
tempests of its oratory have have been
Gisembogued upon the painting multi
tude, it has unfortunately been our
luck to find it altogether too sluttish
an idea to be handled in the ordinary
set terms of depreciation or centure.
and do greatly fear that in the hot sum-
mer to follow it may ripen into the me-
taphorical tangibility referred to, with
the spectacle of many small-fry poll
ticians invited to partake of an office,
or al least to speak for pup.
But with the point of view removed
to England, and looking from the stand
point of those things that really affect
silver legislation We should like to in
Quire if there is any silverite wild
enough to suppose our best subsequent
course, even under such circumstances,
would be the free coinage of silver
with every old silver junk shop in
Europe ready to fluff their holdings on
us from the word go,-to say nothing
of Coin Harvey" and his western sill
yer syndicate, who modestly hope at
some time or other to wolf the country
perpetually. If only they can precipitate
into necessary legislation some portion
of the deftly engineered silver craze
row running its course? In fact, rather
than this, which would put us at the
mercy of the world as its last evil. and
invite into office incompetent blather-
sixties whose only hope is in the none
tary deceiving of the people as the in
fjnitely greater we had better sell at
the market price all OF our $500. 900. 900
of silver except the subsidiary coins.
accept the loss, and fund our currency
on the metal that needs no defense and
cannot be manipulated, lies TO the con-
trary notwithstanding.
f. d. GILBERT.