The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-21

DER THE PRESENT FINANCIAL
Policy OF PRESIDENT M'KtN.
LEY HE QUOTES WEBSTER
oSgsouNp cuRRENcy.-How Al
BANls SAVED THE
DISTURBING EINFLuEScEs OF
TIE FREE SILVER G Rh2E.
PITTSBURGH Pa, March so,-pa-,
tr.ptism most o. all marked the ban
sgpct 81 the ehamRersot commerce last
night when the orchestra played IT'S
f,nmbers chat smacke,l of national sem
stimentghe bRnlueters sang,a clapped
itheir hands. They stamped lightly and
rnphed "a tables7in time to the music 4
Az every utteranec the adyantaEesl
{ that accrued 20 the nation as a result o!
tho standard which he has upheld and
which he is now supporting, LymanJ ].
Gage secretary otithe treasury, was
enthusiastically. aud often veelterousls
applauded.s q 4;
Mi. Gage spoke as tollows: "
Gentlemen:--Inap appearing for tile FIRST
time In d now and strange companion
testing underin charge which he lsnows
tofbeN false In fact, yet unconscious of
the degree: OF belief about 1t In the
minds OF those around him. feels lilm-
I selt 10 be In n state OF some embarrass-
rnent,.i I find myself IN this situation.
I'M ga t1ao
4 ittedi up my voice With others, in an,
unp:etentlous way to clear UP. accord
! ing TO my best light. some of the mys-
iteFies which surround our economic life,
= this stmpl and innocent fact has been
q taken advantage Of and / have been
: accused .-pnbl!clyt} accnsed--of the of
q tense OF being niI "after-dlnner ora tor
When this charge appeared 1t troubled
me exceedingly but those who know
me best bsousht'in their words OF con-
ISOLATION and encouragement.
Sss Ono In whom I have the greatest con-
fldence said: Don't mind!t You cart
Il escape these things. There IS nothing in
j IT. You know that: i know, that: everS-
" one knows II. y Another said: "Oh. that
charge was not seriously made; Il tis
only a Joke, "a newspaper joke Every
y body will see ittafter you have talked
llSG III COVG,5tr
Neyertheless. as / said at the outset,
the charge Is annoying, though, entirely
( baseiess. for I hold that old philosopher
: was :right who declared that, in a DEM
\ ocratic society, that man was the most
I. dangerous 10 the state who could, by
ss4the art OF sophistry. mislead the people,
i and. By the power OF oratory. arouse
q their prejudtces, excite thelrs passions
land lead them on to wild and unreason-
led action. &;
With this disavowal--which you viii
Z COON be in a position to ratify--I avail
myself Of your courtesy to say few
words concerning the forces which. In
the field of production and exchange,
operate for progress and happinei:s. the
& dangers TO which that field may be eS-
i posed. and to point out some OF The trI-
umphs that have been achieved In our
Z Sow:i times and In our own land
~ Should visitor from some alien
+ planet, where the conditions OF life did 4
mo z REQUIRE thai man should eat his
bread in; The sweat of his brow, Come to
% IN country; Should he here obtain a
1 va atace ground whore his eyes could
! command It's whole extent coul6 he
y thus, observe the detailed movement. OF
s multiplied human activities, he would.
III an intelligent and reasoning being,
md sion for both wonder and re-
( ctlon-.t He tTould see everywhere men
lEstnilinG inl:he field, In the shon and in
the facto:F. He would see trains OF
4, cars being loa6cd with the product of
Z the forest.t the mine, the factory,and the
d farm, or speeding away to discharge, al
4 some distant point their enormous bur
s densa In short. he would fine our. land
q hive OF industry--a million smoking
chimneyst roaring furnaces, and be-
K gr1med toilers; here and there erea eft.
s les where all products are gathered In, 4
10 be thence distributed through all The
land. In all homes. humble and great.
IN varying degree OF abundance! luxury,
or comfort, he would find the results OF
i ma ny forms of Invention, art and IN
5;dustry.It thissvisltor were reasoning
|; helng he would want ar explanatlonrofl
&ail this. He would want to know how all
fthls enormous exchange OF labor FOR
products and products for labor. MAS
= accomplished. IL he, asked one of aurin-
Fl Aabitants this question--even one OF
4 more than average intellleerce--the
4 pro,pptJ answer would probably he.
e NIhy, Inoneg does It, All these things
are exchanged sor money. and money
slis exchanged for all these things. Ey-:
II erypody wants money, because Il viii
D buy all these things, and everybody
Z wants more or less OF these things, and
K money VIII bug them: thercforeS ey-
& terybody wants money. Il Is money thai
/. does it.'Si$,And this answer would be
S5recelved without protest or dissent,f from
20 large majority OF people: yet the an.
iswerj would be$true only TO very lin.
s5ited degree.
.s8s Money is not the main active agent
that operates to accomplish this enor.
s5ni9us Volume OF production and ex.
4 Change is true that all exchanges are
SELECTED In terms OF mones. but the real
Generating agent Is credit and the ins,ru-
8rlents which embody or represent It.
~ Nor except within narrow limits, do
these various Instruments OF credit !
4 meet thelf final settlement or liquidation
AIN money. Through the agency Of the
n oanks these credit INSTRUMENTS to a large
X extent. Emect Sand cancel each other
n tWlthou Il the use OF money at all. 1T IL
nor my purpose 70 describe the manner
I. 81 the bank sSopcrations by wh,chfth
result Is reached. | affirm it as fact,
7 md your own general krowiGdge OF nj
e fairs VIII confirm 1t without detail In
y tillustration or proof ~ n tf5 X
II Is my purpose s 20 emphasize the
y, periorf power OF credit In Tho affairs
Sof men, and to consider briefly those in
e ilnshees which hinder or help It's action.
~. Y ~ Trt1a Mox,s,., ! fTss