The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-30

tional Finances
''Since then, in January, 1897 1 had
the pleasure Of attending, as the only
delegate from Kansas, the monetary
convention at indianapolis, where l was
very strongly impressed by the wide va
riety of views expressed by the leading
delegates. Indeed, 1t would have been
impossible TO secure even majority re-
port upon any plan, and the convention
wisely confined itself to the enunciation
OF a few general principles on which all
could unite, and provision FOR commits
sion TO take up, the matter al some ear
ly date.
During the more than four years that
this question has pressed for a solution,
there have been numerous plans pro-
posed, and wisely and earnestly discuss
ed. but no plan seems yet to have ap-
pealed successfully to the general judg-
ment Of the country.
Even bankers are not vet agreed up
on essential features. while a large pro-
portion of the mercantile and profession
al classes look with unmistakaole
thought perhaps with unjustifiable sus-
pici0n upon the bankers plan as likely
interests.
Under these conditions apology is
hardly necessary for continued agitation
or for a representation of any plan.
There are so many phases of the
financial problem, and so many ways in
which each may be approached; 50 much
depends upon gaining an entrance to
your interested attention without arous-
ing mental disturbance and antagon-
ism Toy tripping upon some Of your ira
ditions. that l can easily appreciate the
state Of mind OF an admiral trying to
sail his ship into a hostile harbor filled
with torpedoes and every known device
for his undoing.
Many Of you may have your own pet
plan. and it is quite difficult under such
conditions TO give a frank reception to
and cordial consideration of one which
differs essentially therefrom.
Those who have no entire plan are
likely to be yet strongly prejudiced by
many years Of tradition and practice in
favor OF features which you consider alb
solutely essential, and as l touch upon
bond sales. interest rates, state bank
issues, national bank act amendments,
redemption on demand. elasticity of cur
rency, gold reserve, etc, etc, the ex-
plosion of a torpedo will be evidenced by
a look OF indifference, or worse, from
some one who, until ] ran against his
particular hobby or tradition, has BEAM
ed encouragingly upon me.
LET me beg Of you for once 10 put
yourselves in the back ground. rise above
the frailty Of our common nature, ana
listen for few moments TO some one
else. I will reciprocate with pleasure at
any time.
'>Wilh an uncomfortably large gold re-
serve in the national treasury, and a
constant influx Of the yellow metal from
Europe; with large crops and high
prices and the inevitable increase Of con-
fidence and business activity. the prob
lem and its proper solution may not
seem so important as few years ago
when any morning might have found
the country a financial wreck.
IF We are living under fairer skies.
Is il not important that We should put
ourselves In safe shape before another
cyclone visits us?
While the problem hai many phases.
the dominant feature seems u be the
existence OF SS46, O00.e 600 Of 'green5acks'
and the S47 .00a. 600 OF treasury notes OF
1890. reieemable in coin. requiring an
idle gold reserve in Washington. the de-
ple.ion OF which in 1894 nearly carried
us over to reputation and a silver ba-
sis.
The amount Of thegolireserve fixed a
S1AN 0Oa 600 in 1852 for the protection OF I
the green backs was not intended To
carry the additional load % notes %
1890. which by their terms are redeem
able in coin but which, under the de-
cisre5 policy % the government ID
maintain the two metals al a parity. ,
are necessarily a geli-demand obligation
ct the option OF the holder,
Can anyone formulate Clearly. and |
to TIE satisfaction - the majority. the |
cause % our recent panic, the raids up |
on the treasury reserve. o. ascribe 70 1
each - the many causes which were un- |
douotedly in operation its proper per |
centage o. force Or effect Can We 4
enume-ate all the causes and ascribe 70 /.
each is proper value. which operated I
20 suddenly relieve Us from our danger. !
and IN a few short months 20 so replen- |
ISL our stock o. golS as 10 make US al I
most ready 10 deny IL a welcome?
can anyone safely predict that the /
same. or other equally unexpected po-
tent causes. viii not again bring Us - l
the verge of national bankruptcy?
In looking back over the financial (
history Of our own country and that OF 4
all civilized nations. the conclusion
seems unavoidable that whatever pro
Iress has been made, has osen through