The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-06-18

chieI argument IN opp3fluon 10 the ex-
treme protecJionists. The example OF
the United States would be invoked
with certainty and success for an in,
crease in the protective tariffs of Eu-
rope, particularly on agricultural pro
! ducts; the present rates of taxation
would be augmented by 80 per cent OF
40 per cent No one can deny that this
would check the progress OF the United
States. immigration and railroad
traffic would have an intimate connec-
ton with agriculture and agricultural
exports Even manufactures cannot
extend rapidly except as population in
creaSes, and such increase is incom-
patible with a decided falling of in the
| trade of Europe and America
From the first point of view-the re-
vival of the protectiouist regime
throughout the world-the election of
Mr.. Mckinley must be considered as
certain 10 cause a recoil in the develop
ment of the civilized world. The peril
IS no leSs-it is. indeed. more definite,
perhaps, and more immediate-frOm
the monetary point of view.
''Mr. Mckinley passes for a partisan
Of silver His election would appear
as triumph of bimetaollism. Now it
must plainly be said that bimetalliSm
is in growing disfavOr among clear
seeing and rejecting people. The re-
esta blishment of bimetalliSm, if it
could be brought about, would plunge
all civilized nations into one OF those
profound monetary crises that throw
exchange and production into confu-
sion for long series of years. Even
without effective result, governmental
efforts. either isolated or International.
TO re-estabhsh bimetalhsm. to 'rehabil-
itate silver would interfere with all
operations and disturb all legitimate
interests.
'Good money. solid money, with a
value equal 10 the commercial value OF
the metal it is made of-that is the first
need of a civilized community, partic-
ularly OF progressive and inventive
community, where division Of labor is
advanced and where contracts for
long term of years are numerous. A
patriarchal or primitive society, with
stationary production, limited ex-
changes, and a low development of en-
terprises, suffers less from monetary
instability; but the complex organism
of a modern society, if it does not sue
cumb to such an evil, is profoundly
shaken by it.
I'm the present state of things. after
the experience gained, bimetallism
would be nothing but Justification OF
money. There are several ways of do
ing that The old way, now out OF
fashion, was that of the kings of the
Middle Ages, notably of Philippe lie
Bel. 1t consisted in reducing the
weight and keeping the nominal value
of the COMA coarse attempt at the
daily cheating of the people, who soon
saw the fraud and revolted with curses
against the kings. 1t was not without
justice that Dante made a place for
these in his Inferno Bimet-
allism, in the present state of things,
would be another way Of classifying
money, and would have the same sort
of consequences. If Mr.. Me-
Kinley favors this policy, that is
enough to make men of foresight dread
his success as public calamity.
IF the United States distinctly and
definitely adopted the single gold STAN
dard, one great cause Of uneasiness and
would vanish, and ex-
between all the nations of the
world, a secure basis being thus OBJ
tanned, would take an enormous extern
sion. The United States, at present
the most active and Ingenious of civil |
lied nations, would gain most by this |
of universal currency. the |
advantage of universal confidence. !
''If AR. Mckinley attains the presi- |
1ency of the United States he may be !
able to disturb his country, TO break up 4
the steady current of its business, to
bring on a credit crisis: but it must not 4
De thought that he would have the I
slightest chance OF securing an interna-
-ional agreement for the restoration
IF bimetalIism. The obstacles to such
In agreement are much more numer-
,us and more insurmOuntable than
hey were five years or ten years ago
70 begin with, the mere lapse of time
ince silver lost it's monetary equality
With gold renders its rehabilitation
more difficult. When the sus-
pension Of silver coinage by the Latin
Union dated back only a few years, 1t
eemed quite easy TO reopen the minis.
Today that would require something
Ike a revolution.
Moreover. a few years since. Ger
many was the only country that had OF
iclally adopted the single gold stan
lard. now Austria Hungary is in the
anne case. During the last half-dOzen
ears Il has considerably advanced a
arefully conceived and well-manag ed !
in TO put It's currency on a gold basis.
: Il credible that the fruits OF all these
forts and sacrifices wiz be surren-
cred?
The immense empire OF Russia Is
DING the same work. Everyone knows
hat the chief aim Of It's policy since the
81 its finances has been the Z
sumption OF specie payments on a
old basis. Russia Is vigilaBuy collect
az all the gold accessible, and 81 *
noTn that the greater part n this
lersl that has jeff the United States
uriDg the past two years has found
efuge IN be vaults OF the Imperial
ank or in those OF the Russian treas