The times., 1897-09-13
The Autocrat to tue RESCUE.

In the New York World OF Sunday the
Hon. Thomas b. Reed prints what pur-
ports to be reply TO the article on Dol.
lar Wheat Prosperity" written by the
Hon. Thomas j. Bryan, and which ap-
peared in the same paper Week before.
Mr. Reeds reply had been vigorously ad-
vertised in advance and therefore had ex-
cited anticipations which we are sorry
to remark are entirely disappointed. His
article does not even remotely meet the
issues or the argument presented by Mr.
Bryan, and, altogether, is about a queer
a specimen OF controversial literature as
We have ever seen
In cne tldng the Speaker shows his
usual brilliancy. He evades criticism by
having nothing TO say that is worthy of
1t. If the same matter had flow ed from
the pen of less learned man we should
say that it displayed Grass Ignorance of
political economy and economic science
generally. But we suspect Mr.. Reed of
knowing more than it is convenient for
him 10 disclose. In that case the fact
OF knowledge To some extent excuses him
for dodging, where fallacious argument
only could lead to defeat ana ridIcule. He
says:
We IN the East are very much prone to
! blame the West for It's atGttude IN financial
struggles, but the Western people are under
strong tempt ations always. They can
see tine wealth OF their country and all
its great possibilities, and, becoming i'm
patient at the slow approach OF conf
dence and capital. are tempted beyond
measure to use all those appliances OF the
( art of flnanclering which seem 50 easy
and are In the long run so ruin0us. We
had our periods, we In the East, when We
ran TO paper money as TO q savior and
found IL satan. Our very Constitution,
In its taking away from the States the
TlgnU TO issue paper money, Is the result
OF the sufferlngs undergone by our anceS-
tors in the East, which sufrerings are de
picted in Sumner History OF American
Currency"
We have learned the lesson, but ought
not TO be too impatient with those who
have not. We have learned and others
viii have to learn that in the end IT is
capital which costs that makes wealth
which lasts. 1t Is true that we may make
capital which does not cost, but it is a
dan gerous demon and the harness Is eX-
pensive and the breakups frequent.
II we are not very much mistaken, Mr..
Reed and his Eastern friends are very
anxious TO return TO their satan. 1t seems
20 US that he and they, il they could, would
turn us over body and soul to the demon
Of national bank credit money, not in
Itself absolute money, but calling for re-
dempfioh in absolute money, and with its
volume not fixed upon a basis to meet
the wants of people, but made elastic to
suit the varying bull or bear speculative
operations of the money interest.
Only one other thing in Mr. Reeds reply
VIII repay notice He asks: what is
prosperity for a nation?'' Without hesi-
tation he answers: ut is to have all Its
people at work" We could agree with
the Autocrat heartily If he had added,
under conditions OF universal comfort
and profit,' but he does not do so. The
prosperity of a nation, considered geo
graphically or politically, may be great,
and yet the increment of that prosperity
uIay all go into the pockets OF a single
tyrant or Of Small oligarchy, while the
vast majority Of the people have their
labor for their pains, Mr.. Reed con-
tipues: AT this moment these blind lead
ors of tie blind are explaining why the
rise in wheat is no help TO farmers.
What idle talk this Isl The returns from
the wheat crop and other cereals spent
in purchases starts the nation to work"
In Mr.. Reeds view that settles it. He
should not be tempted to publish hims elf
in fields where his uuwiIlmgness to dis
cuss issues. or possibly his ignorance of
economic subjects. reduces him to the ne
cessity Of alternating unsupported dogma
tism with painful platitudcs.