The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-19
THAT OLD MONEY QUESTION.

THAT OLD MONEY QUESTION.
Five generations of time, and within
which time New York City has growI
to it's present magnitude, the develop
ment and appreciation Of the rea
estate originally held by the elder Aston
has made millionaires of his descend
ants. The great wealth Of the Astors
stands alone, is unique. The other
thousand of multi-millionaires of New
York City became such not from their
earnings, not from the development
and appreciation which comes of years
but mostly from Speculations which be-
came possible because of the fiuctuat-
ing currency conditions, and varying
values growing out of the war. Ninety
nine Of every hundred Of the great for
tunes of New York were built up dur
ing and since the war. ''Black Fri
days" are only possible where specu-
latim, and robbery under the name of
business, run wild. No man can
honestly acquire through legitimate
Va VI DI1IllOIlS
of dollars during his life time. He
may inherit, he may find, he may, be-
cause of some clasS-law, have flow TO
him, Of some stroke of mechanical gen.
ius, such colossal sum, but not by the
lines Of industry or of legitimate bus
ineSS. So we have our great trusts
and combines, our Bell telephone
schemes, also our railway promoters,
building thousands of miles of roads on
subsidies, without the expenditure OF a
dime, then stocking the same and sell
ing it at its full value again and ON top
Of this bonding it for four times its
original cost thus clearing the price Of
five or six roads, leaving the stock
holders holding the bag, and the prop
erty to fall into the hands of the Sc
curity -holders who had been fooled by
fictitious earnings and doctored divi-
dends. But all this is not the creation
Of wealth or legitimate business, al
though it may mean for many i'm,
mense fortunes.
These are the things from which
America is suffering today, all impos-
sible in the absence of speculation, O
speculation largely growing ont of a
fiuctuating volume OF national money.
Today the people Of the United States
are feeling the results of the war issue
of deprediating and f1uctuating money.
The results of the redemption act of
1879 are still upon us. The hundred
million gold reserve and its preServa-
ton are but n part of that resumption
scheme. Cleveland sold two hundred
and sixty-five millions Of syndicated
gold bonds in pursuance of that long
since supposed consummated step.
When it commenced to pinch a few
years later, the silver purchase scheme
was reasorted to as a tide-over. The
pinch is here again, harder than ever,
and so we have the free silver device
with its promises. But the pinch will
continue, aggravated and intensified by
the leverage held by the multi-million-
aires, developed in the era Of fiuctua-
tons and Speculations. growing out of
enforced war credits and debts. That
street corner crowd at the juncture of
Douglas avenue and Main street cannot
relieve this pinch nor restore normal
conditions by talking n thousand years.
Time alone viii put the multi-million-
Rire under the ground, time alone 10y
It's mutations will scatter and equitably
distribute their holdings much of
which holdings after all are but ficti- |
tiouS, having only q speculative basis, |
and the squeezing and reduction OF |
which will he no loss 10 the actual |
wealth of the world The fat money |
proposed by the Pops would clean it |
all up with the suddenneSS of a cyclone, |
but at too great a cost To humanity.
Many OF the men of his day. as nave |
many men since. estimated Daniel |
as The greatest man ever born. |
PROFESSIONALLY his profundity and his |
grasp of human affairs were phenome- |
nal. Webster in a speech delivered in |
New York City fifty-eight years ago. I
the 10Th of last March. in speaking of |
the money question and its relation 10 /
society, said: He who hampers with i
the currency robS labor of itS bread. |
de panders, indeed, 10 greedy capital. |
which Is keen-sighted and may shift /
for itself. but he beggarS labor. which |
Is honest unsuspecting and too busy |
with the present TO calculate for the !
future. The prosperity Of the working /
classes lives, moves and has its being /
In established credit and steady |
medium OF payment All sudden
changes destroy it
Honest industry never comes in for
any part OF the spoiIs in that scramble
which takes place when the currency
Of a country is disordered. Did wild
schemes and projects ever benefit the
Did violent fluctuations
ever do good to him who depends on
his daily labor Tor his daily bread:
Certainly never. All these things NAV
crafty greedineSs for sudden gain, or