The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-30
MEETS NEXT AT
LEAVENWORTH
Continued from Fifth Page.)

1893. So, 900, 600; 1894, SOS ,oO0, 900; 1895
$lfo. 1000. 900; 1896, Sl53 .000, 900; total 1856,
o00, 900; average s96,50O,000.
Notes OF 1890 redeemed in gold-1Ss3
1900. 600; 1894. s17.OOo,o0o; 1895, $1,000,
600; 1896, $4,000, geo; total s77,O00,000; av'
erage 80. 100000
Total gold redemption-1s93, s102, 0OO,
600; 1894, $50. 0o0, 900: 1895, sl17,000,0O0
1896. s159. 900, 600; total S403, 900, 600; aver
age, s115, $50 600.
Total gold exports-1893. s10e, 100000
1894. $1,000, 900; 1885. 100000; 1895
s112, ooo. 600; total 1854, 100000; average
s91. 900 COO
During the preceding fourteen years
the same dangerous demand notes, and
the same gold reserve had existed Gold
exports had been. relatively TO note re-
demp:ions. very much larger, yet the
endless chain of treasury depletion ioy
the demand notes was not heard Of and
we slept the sleep Of the just.
Compare the following:
In fourteen years 10 1892, inclusive
Note redemptions, s40,OOO,OO0; average
per annum 100000; gold exports $685.
900, 900: average per annum S27, 600 600.
In four years. '93 ID SO. inclusive
Note re5emptions, 1853 900, O00I average
per annum, Sis, 80, 600; gold exports
1854 900, 000, average per annum s91, 900,
900.
These statistics are not offered TOW
as an argument against silver because
OF the apparent disastrous effect upon
public confidence os the enforced pur-
ch4ses Of the white metal for the three
and one-haf years, but in support Of the
theory that even now we are simply ex-
perimenting. and that while We may
have evolved from the centuries Of blind
struggle. certain very general principles.
we can hardly claim many absolute
canons in absolute finance.
Even professional financiers are far
from agreeing upon numerous essen
tials, ana We know that varying con-
ditions, training and the point Of view.
inevitably cause different conclusions
among equally intelligent, earnest men,
and in the attitude upon identically the
same question by the same men at diff
fersnt times
mo other nation has ever passed
through conditions and experiences suf-
ficiently like our own, past and present.
10 make their solution of more than the
most general benefit to us, even IL one
could De found with a financial system
which has not been subjected to num-
erous experimental changes, and has not
still defects which some Of our finan-
ciers would wish cured.
Our own experience, from the issu-
snoe. between 1775 and 1850, Of the two
hundred millions OF continental curren-
cy winch never was redeemed, and
which expired Of heart failure, as we
now might term IL, TO the war of the re-
bellion. and the hari-kari OF the state
bank issues. was a succession Of ex-
perfments and failures.
1.-THE ante-bellum conditions were not
those OF 1861 to 1865, nor those Of 1865
60 1897. nor Of 1879 to 1890, 1890 to 1898,
1893 to 1897, each of which periods was
unique in it's conditions, its problems,
and their treatment
The period OF 1861 has fel lesson. for
us, and even it's mest recent and one of
dts most disastrous, doe not seem to
prevent a large class OF earnest and
doubtless honest men from clamoring
even now for state bank issues in some
form.
The national bank act, withwhose gen
erai terms all are familiar, was a war
measure, mainly to float an enormous
3oan and incidentally it has given US a
domestic circulation so safe, convenient
and satisfactory, that even during the
Beverest panics no attempt was ever
made to force redemption OF these notes.
Was II ever heard that any banker,
much less The great class OF business
men. ever looked at one OF the notes
with anxiety 70 determine whose prom
Use 70 pay was held-whether that OF
the Chemical bank of New York, or that
of a little country bank in Texas or
Oregon?
TN our daily business now DO we dis
criminate betwneen- tine promise to pay
OF the strongest city bank and the
promise of some bank which has gone
down IN disgrace, and whose officers are
perhaps fsgstives--8n the penitentiary or
filing a suicides grave2
Eventually the notes OF failed banks
are redeemed by the government from
sale Of the deposit bonds, but DO the
great mas OF business men hasten the
act by sitting cut or running into the
banks or sab-treaxuTies with such notes
Are they interested in. prompt redemp-
ton? Do they cara whether such notes
remain out indefinitely2 II an absentee
for two or three years returns TO his
native land with a few such notes which
hemsye nave taken a fancy to keep by
him, does he try 70 ascertain whether
the bank whose promise 10 pay they
are has failed. or if he happens to know
the fact, does ne hesitate to start the
bills oTanindefnjte tour through per-
haps thousands % individuals, no one 81
whom looks aSksnce at the promise 81
bank official who has. perhaps. left
his country for MS country's good?'
several aertinept. or impertinent
questions arise:
'FirSt-Why Vas il the promise Il
pay Of an unknown banker. in perha ps
an almQs. unknown town. al such a dis
rance. perhaps from the temporary hold
er OF the nate. and ne al such a dis
Tance. perhaps from Sub-treasuries o.
Sil1PLE AT FIRST
Ia LII II