The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-14
THE INTELLIGENCER.
WHEELING, sEPrEMnEa ID, lsO7.


A response to Mr.. Bryan's letter on
prosperity written week ago, appears
IN the New York Sunday World over the
signature OF Speaker Thomas b. Reed,
Those who wish to compare the manner
IN which statesman treats great topic
with that In which the same topic is han
died by demagogue should provide
themselves with both letters and read
them carefully, Mr.. Reeds letter Is one
OF the most dignIfied, logical and states
manllke utterances yet appearing on the
subject in question, and without so much
as direct reference to Bryan's false as
sumptions and populations of the prtn-
ciples he laid down last year. completely
knocks every prop out from under the
silver leaders position.
Mr.. Bryan, lit will be remembered,
based his entire explanation of the rise
in wheat and fall in silver on the false
assumption that the Republicans were
claiming the responsibility for, the sttua-
ton, he knowing 1t to be false-thus set
ting up man of straw and picking him
to pieces, So palpably absurd was his con-
tentlon, and so illogical was his reason
ing that 1t attracted but a days notice
and disappointed his friends, who had
expected something logical and free from
the demagogy SO characteristic of their
leader In the past.
The great Republican leader, Mr. Reed
discusses the subject in a manner which
is worthy of his masterful mind. His
article is study Of causes and effects
and not the production OF mere politi-
clan. 1t is analytical, logical, and con-
vincing. He takes the position that
destiny brought good times, which will
last until OVERRIDING, speculation, extrav-
agance or dlstrust brings along another
panic, as has been the history of the
world. He draws parallel between the
causes OF the recent hard times and the
revival OF good times we are now ex-
periencing, with the causes of the depres-
sion previous to the revival of 1879, and
shows them to have been almost identi-
cal. Then, as now, the revival had been
proceeded by an agitation by financial
quacks for an unsafe currency system.
The resemblance between the years
1878 and 1897 and the years of 1896 and
1897 Speaker Reed shows to be most
striking. In 1878 the air was filled with
denunciatIons of the honest money ad-
ministratlon which would not fiood the
country with greenbacks, and John
Sherman was being denounced by no less
a parsonage than Samuel ]. Tilden for
HE determination to resume specie pay
ments. The farmer was then appealed
to, as last year, and made to believe that
his depressed condition was due to the
want OF fiat money. Croakings Of the
cheap money party filled the Democratic
and Greenback press and disaster was
predicted.
Mr.. Reed says: That very autumn the
state OF Maine. Mr.. Blaines own state,
IN a campaign under his able manage
ment, went over 10 the fiat enemy, and
from majority for sound money
changed In favor OF the widest carnival
OF unreason that ever overwhelmed an
Intelligent people. But when the first Of
January came no crowds thronged to
sub-treasury buildings, as predicted by
the dishonest money men, and we got
back to the currency Of the world with
out movement or jar"
From that moment, continues Mr.
Reed, prosperity began, not the eternal
prosperity of the New Jerusalem, but
earthly prosperity enduring as long as
human nature would permit" Then, as
now. the fiat money leaders said that It
was only temporary because there could
not be prosperity unless the printing
presses were started to work at the free
and unlimited manufacture OF green
backs, The same arguments were used
as are now used for the free and unlimit-
ed coinage Of silver dollars at an I'M
natural ratio. Mr.. Reed continues with
the comparison thus:
How like this arc the events Of tho last
twelve monthBl Prior 10 the passage OF
the tariif act we had scenes like those
which preceded the first day OF 1919. The
offorerB Of the patent remedy stood by and
Jeered. They Knocked nt uH when our fear
came But when the duo legislation had
been had and there was no further change
TO be looked forward to- when business
had reached II sound bash and there was
n reasonable chance to calculate the fu-
turo there came n repetition OF the pho.
nOtnenn Of 1910
Stocks have gone up not because gam
blerH have Played but because mems
minds have changed and tho whole nation
takes utterly different Views OF tho future.
4 stock which IA worth N when every.
thing seems ON tho down slope easily boz
comes worth 10 when people feel that We
are ON the up grade When you are EOlnR
down Into the dark nobody knows how far
down you may 10, and when you 40 up
Into the sunlight nobody Can tell how far
up you fnuy 10. Fear Increases tho fall
hope Increases tho Rise
Speaker Reed goes into n discussion of
what makes prosperity and what mnkea
hard times He shows the many causes
which contribute 10 both All these
causes are natural, and they are coming
and going aud constantly recurring all