The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-04

is that reduces the price Of steel rails
and other manufactured products, not
here alone, but all over the world, you
cannot attribute it to protective tariff
but you must attribute il rather to the
invenrfve genius that manipulated
thousand times in many instances the
strength OF a single arm, and enabled
US TO DO today with one man what fifty
men could not do fifty years ago."
THE NATIONAL DEBT
Mr.. Simpson in every debate has ar
gued that the national debt is payable
in silver. This is of no Importance now,
and will be Of no importance unless the
free coinage Of silver means a depreciat-
ed currency. From 1865 to 1893, under Re-
publican administrations and protec-
tive tariff policy, two billion dollars OF
the national debt were paid. II 1t had
not been for the mistake OF 1892, when
We determined TO change the tariff poll
cy Of the country, and payments had
been continued during the last four
years as during those eighteen years,
there would be at this time no national
debt. 1t would have been paid in dol
lars equal to the best money OF the civil
lied world. and that without laying
tribute by direct taxation on any kind
of property of the citizens Of this coun-
try. contributions have been made TO
city, county and state treasures
through our system Of taxation, but the
money for the treasury of the United
State has been obtained at the custom
house and through our system of inter-
nal revenues After this vast debt has
been almost completely discharged, 1t
Is useless to discuss the kind of money
In which Ii should be paid.
There is one other debt, however,
which is not fully discharged, and Will
rot be until the last veteran Of the
Union armies in the late war, and the
widows and orphans of disabled sol
diers, hive passed away from earth.
That debt is being paid at the rate or
$40, 00o, 900 annually; and after we have
paid the bondholders in good money, 1t
certainly would be the part OF treach-
cry and dishonesty to now pay this
debt that alone remains in deprecated
currency.
The charge has been made that during
the last four years we have issued over
t262, 900, 900 of bonds in order to maintain
the gold standard. The gold standard
was maintained from 1879 to 1898 with
out borrowing a single dollar; and it
could have been maintained since If the
engaged in the ruinous enterprise OF
endeavoring to capture the markets OF
the world. We have been borrowing
money in the last four years to pay
running expenses because we have an
insufficient and inadequate tariff law.
When Cleveland became president
D second time there was S125, DOC, 900 IN
the treasury. All OF Ii has been spent.
Every dollar OF the revenues that have
been collected since has also been spent.
Bonds to the extent of $262, 000, 900 have
been sold and the proceeds amounting
to $685., 900 900 have been placed in the
treasury. Fifty million dollars Of this
has also been spent to pay running ex-
penses and the question is whether the
people OF this country will not pursue
the part of wisdom and hurl from power |
On the third of November those who
Insist that no relief shall be given TO |
the treasury unless there is coupled |
with the law a provision for the free |
and unlimited coinage of silver. That |
policy means a deprecated silver cur |
rency. 1t means parting company with |
the leading nations Of the world, and |
Joining hands with Mexico, Japan and |
China.
DEFRDCLATED CURRENCY EVILS.
currency fall first on the farmers and |
Iaboring classes. When they part with
their labor or with their prducts, they |
should receive in exchange therefor
good money that will not depreciate and |
Cheaper in their hands. Senator Stew
art in the senate of the United States
In 1874 used the following language,
which was true then and is true today:
Il say a deprecated currency is at
tended with many evils. The middle
men provide against it In shipping
grain, as was illustrated, from Illinois
to Liverpool, every person who handles
chat grain will insure himself against
these fluctuations. He will charge a
higher commission. If the grain is to
remain in his possession step by step,
he will insure against fiuctuation. Every
Dne between the producer and consumer
Will insure himself against it. 1t is
not a fact with a f1uctuating currency
that the value of wheat In Illinois is the
price in Liverpool less the cost of trans
portation to Liverpool When you have
a deprecated currency you have not
only 10 take into account transporra-
ton, but you have to take into account
the insurance that every man who ham
dies the wheat will take against the
change in the price in gold constantly
coming upon him. 1t gives spectators
and middle-men a chance to cut both
ways and eat up the consumer and pro-
Queer"
This great agricultural district is en-
titled TO good money in exchange for its
products. The evils Of a fiuctuating,
deprecated currency will be felt by all.
The change from our present standard
of values TO that of Mexico, Japan and
China cannot be made without a panic
When $500. 900 of gold is withdrawn
from circulation crisis WIFI be upon US
the like Of which this country never
experienced. Prices would surely fall;
immense numbers OF failures would &C.
cur; more laIborers would be thrown
out OF work. and the evils which we