The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-04-25
A WALL STREET VAIL.


hands a copy of the Eagle seems 10
have incidentally fallen, writes US 4
pathetic appeal, among other things
| begging US, in the name Of all that IS
right and honorable, to read Cariisles
| late speech, delivered in Chicago, pre-
dieting that unless ''halt is called
this country will be plunged into
revolution in which all values viii be
wiped out and universal distress ensue.
| Our correspondent talks as il he be-
lieved the Eagle responsible for all the
silver sentiment Of the entire west,
! saving that if the calamities cited come
that you will be responsible for it
There is one thing at least of which
we are convinced, and that is if the
country should 90 to the demnition
bow-wows, financially, our friend is as
Sured Of a livelihood in the role Of the
greatest joker of the times. However
we assure him that we have cursory
scanned Mr.. Carlisle's Chicago screed,
and we have no hesitancy in declaring
ii to be, in its main premises, simply
speciouS rot. As a foundation for his
whole diatribe he declares that the eff
feet of the free coinage of silver would
be the expulsion from the country of all
the gold, thereby diminishing the vol
ume Of money fully one third. Illogic-
ally he then goes on TO say that the
purchasing power Of the remainder
would be reduced 30 per cent, that is,
commodities would command twice as
much money as before, and in having
an immense imitation in prices we
would have at the same instant q ter
rife contraction Of currency. Think Of
a secretary Of the treasury of the Unit
ed States delivering himself of such
nonsense. Mr.. Carlisle's proposition
is, that by expelling one-third of our
money, prices would be doubled, or in
other words every man in the country
could command for his property twice
as much money as before, though all
combined would have less by at least
one-third the present volume. leaving
the demand for money a hundred per
cent greater than the supply. The
average schoolboy would conclude that
under such a state Of facts that the
value of money would greatly increase,
that instead of silver as final redemp-
ton money falling again One-half it
would double its present value. Money
nor anything else can increase 100 per
cent and fall 30 per cent at one and
the same time. Mr.. Carlisle simply
ignores the law of supply and demand,
substituting therefore Wall street
theories as promulgated by G. Cleye-
land, Esq. All the gold would leave
the country, cries Mr.. Carlisle, because
it would be no longer in demand for
monetary purposes, and 100000 peO-
pie would be left to pay their hundreds
of millions of debts and to do all their
business with silver, and yet, if Mr.
Carlisle is to be believed the bullion
value Of neither gold or silver would
be affected q fraction. BOShl Mr. |
Carlisle ignores the fact that silver has
been money since before history began |
and that America has plenty of it. !
mined and unmined. Mr.. Carlisle !
makes another bad break: In admit |
ting that prices would go up, which |
must include Wages,-for the wage
Garner produces all valUeS-he tries to
make his hearers believe that the poor |
man would suffer. that labor would |
be degraded and beggary stalk through |
the land. This is nice talk from a rep
reSentative of the boarded millions of |
gold in Wall street, and at time when /
one-half of the people of the United |
States are groaning under deprecated |
prices and hundreds of thousands are
out of employment
Mr.. CariSe holds up another scare |
crow. He pictures a great rush of the
bank depositors to draw their money |
from the banks; payment ''Of all our
obligations held abroad would be de-
in gold; all foreign investments
would be Withdrawn, and all creditors |
would press for the collection of their
debts" One point in this connection TO
be considered is that nobody can COM
pei the payment of obligations before
they are due nor compel their payment
in gold unless it is so nominated in the
bond; If it is so nominated the creditor
is safe anyway. If creditors force the
payment Of their debts, what will they
90 with their money? If they hoard it, /
will it not depreciate in their hands as
much as if it had been left in the hands
of the debtor: If the debtor chooses to
pay in silver as he has a right to do.
what good will it do the creditor TO dig
a hole in the ground and bury it OUT of
SightE VIII that save it from threat
ened depreciation? Or viii he make
haste to invest it in lands, lots. farms.
houses and other property, which will
rise in value as money depreciates? II
he does, won't that be blessed thing
for landowners and house-builders?
CLEVELAND DREAMS.
Grover Cleveland once declared that
.sAK-hn a t Il |