The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-24
breathes war, according to the profes-

| murder. He asserts that the govern
ment should try to restrain the wal
spirit of the people until all hopes OF
| arbitration is past.
The presidents message of Friday
| calling on congress TO provide for the
depletion OF the gold reserve, Is, nhe
professor holds, but a consequence OF
| his first message, which had so alarmed
| investors in American securities.
After reading the dispatches concern
1 ing the panic in Wall street, Professor
Laughlin said: 81 am not at ali sur
| prised at such a result Of the bellicose
pronunciamento Of President Cleveland
| at such an early stage in the discussion
of the Venezuelan difficulty. The mes
sage looked like war and the decline in
| American securities was natural con-
| sequence The gold reserve Of the Unit
ed States is so small that anything that
looked like war would be sufficient TO
destroy the standard. The whole action
seems to have been III advised and is
| the most sad and depressing thing that
could have happened. 1 cannot find
any reason for the president to rush in
to war when the question has hardly
| been understood. Mr.. Cleveland has
always shown himself to be a states
man until this time, and mis- action is
to me most astonishing. We were IN a
very critical condition with regard 10
maintaining our gold standard and were
on the eve Of some heavy gold ship
menfS. A war scare would be suffi-
cient to deplete our gold reserve still
more. because those who buy our bonds
| would be anxious 10 have them re-
deemed.
How can the president hope to get
the support og financiers who take our
| bonds If ne does not keep up our credit?
A war would naturally cause Great
Britain, which is our great purchaser,
TO disappear from our market. War
would prove great blow to our agTicul-
tural interests, for the market would be
lost in Great Britain. London holds
more or less Of our securities and would
want to realize on them in case Of war.
From the effect of the London mar
ket it seems as If the English had taken
the message as meaning war, and that
they want to get rid of our securities
before trouble begins. People become
panic stricken at the mention of war,
and would rather lose a little at first
than wait TO see if the scare was any
thing more than a scare,
at may be that the panic was caused
by SPECTATORS and may be only tempo
rary. l hope so. But the result of the
extreme rush policy Of President Cleve-
land is to give SPECTATORS such a
chance. The message went so far that 1
am inclined TO think that the president
was honest in his action. In the latter
case his action is simply inexplicable
and totally different from his usual
calm craftsmanship. If me had had any
foresight he wolds have seen that the
result of his message would have been
to lower the gold reserve and produce
such panic as that of yesterday.
My belief is that the war feelings
was not strong among the citizens and
those in power should have Gained the
brutal instincts toward war. War is
horrible 1t would result in infinite
loss. The lives of American citizens are
more valuable than a little South Amer
lean republic. Secretary Olney's state
ment that this country is sovereign ~
this continent and that its fiat is law
is wrong. What about Canada? We
live as peaceably with that country as
if It were a republic. We never had any
trouble with Dom Pedro when he was
emperor of Brazil. This cry about war
contains good deal of Imagination and
buncombe.
In his message the president says the
real and sensible cure for our recurring
troubles can only be effected by a COM
piete change in our financial scheme.
He may mean that the treasury may
have some other method of issuing
bonds in order to keep our gold sup
ply. AT present we can only sell bonds
under the redemption act Of 1875. 1t is
strange that President Cleveland should
ask assistance to help keep the gold re
serve intact, when he has brought finan-
cial discredit on the country by his war
~. I.
siOns of foreign investors as to its real
meaning. We were in a critical condi-
ton in regard TO our gold standard be-
cause of our small reserve and it is all
the more surprising that the president
should have brought the present condi-
ton about. 1t is most depressing that
when we were sailing along fairly well
along in peace that this war scare
should come like thunder from a clear
sky. The people do not know how SER
iouS the situation is. But the president
seems to think it serious enough by his
message of Friday. 1t may result in
"a silver or paper standard, the result
of which caused the panic in 1898. Our
gold standard is in sufficient danger in
times Of peace, and now everything may
(be spoiled by this coup d'etat of Presi-
dent Cleveland. The president should
ways means. His action is a great blot
to his reputation for calm and farseeing
and craftsmanship.
Perhaps the market may recover. if
the government gives us the assurance
that we are not going 10 war until
every other method 10 bring about a
proper understanding is exhausted. But
even then the message will have far
reaching effects. When we want 10 get
capital TO develop the resources of the
country we win not he able TO approach
the European market with the same
ease as before, because the war scare
has destroyed confidence in American
securities. l believe that when the citi-
Gems of the United States think over the |
matter they VIII come TO the conclusion |
than the presidents war message is the |
greatest mistake the man ever made"
DID YOU EVER.
Try T~IaSt,-;e