Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-06-04
PRESS COMMENT.


In the Chicago InterOcean of May 81,
Mr.. Jefferson Reynolds, president of the
First National bank of Las Vegas, replies
to the Chicago Tribune, and takes excep-
lions to that papers position on Gov.
Altgeld and the bank deposits, as follows:
To the Editor.
Can | use your paper as medium for
to the financial editor of the
Tribune, in an article published May %,
entitled "Altgeld, the Smoker of Depos-
its?"
is being pursued by the so-called sound
money press by continually holding up
to the masses the assertion that all
deposits would shrink in value 100 per
cent if the legislation against silver is re-
pealed. If the writer of that article was
familiar with banking and knew the de-
sire of all bank managers to avoid public
alarm, and sincerely wished to avoid the
damages of a general panic, he would
state frankly that no difference what
action was finally taken on silver in this
country, no panic would follow.
If he really thinks the restoration of
SliNVI w ipo ioi Cuudi "
gold, would be an unwlse thing, he Ger
talnly Knows that money panic is q
calamity that all should strive to avoid
Instead of doing this, the gold-standard
press of the country is continually shrek
ing, "Fifty. cent dollar, shrinkage of de-
posits, loss of one-half in values in all
savings and insurance policies" etc, etc
Will he never realize that everyone is
supposed to look ont for himself, that
these deposits and other evidences of
savings belong to the people, and that if
nything is done by the people it is sup.
posed at least to represent their ideas
and wishes? If two-thrds of the Iowa
delegates to the recent convention de-
clare for silver, the logical conclusion is
that they want it, and know what they
want.
Can the Tribune state what occurred in
1873 to call for the legislation against sill
yer, and what good has resulted from it
Do they not know that the introduction OF
a single gold standard in the United States
is new and untried proposition; that the
conservative side of this issue is the old
tlme-honored plan adopted by the found
ers of this government, that made both
silver and gold equal as a debt paying
solid money of ultimate redemption? Does
he not know that as long as we can not
prescribe silver throughout the entire
world there is premium of FROM IS to loo
per cent against the products of this
country when sold abroad? Does he not
know that the price at which the surplus
products of this country sell for abroad
regulates the price of the home market? Ii
there any wonder that the cotton states
and the wheat-growing regions are prac
tically unanimous for the repeal of legis
lation that puts them at such disadvant
ageP
Does he not know that London is pur
chasing our silver bullion at practically
SO cents per ounce, and that for eacf
ounce of silver they can purchaser bushe
of wheat from India, and that the pro
Queer of agricultural products in the
United States must meet this price? Does
he not know that practically three
fourths of all the annual sales from the
United States that 20 to make up our fig
ures in trade with foreign nations is de,
rived from the sale of agricultural prod
ucts abroad, and that the amount are re-
duced one-half by reason of this differ
ence in exchange between the nations
Does he not know that the adverse legis
ation versus silver causes the output OF
that metal to be sold as bullion in oper
market and it can not be used for debt
paying purposes? Why does he dwell sc
largely upon misstatement, so natura
that nearly every one makes it, regarding
one-half of the money of the world being
abolished?
Does he not know that silver is handi
capped because Populists favor it? Blu
is this any more of just cause to op
pose silver than it would be to oppos,
the Master because "the poor have tn,
gospel preached to themf"
Does he not know that by calling
whole sections of the United States dis
honest idiots and cheap-money men HI
exposes his asinine qualities?
Respectfully subscribed,
JEFFERSON RAYNoLDs.
Las Vegas, N. M.