The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-06
SdAY * SdBH
NJ. NJ. MURDOCH. Editor.
WAR AND PRICES.

War plays smash with speculative
values of every character. Only the
things that have bottom can hold their
own under the squeeze Of war. Every
discharge of a cannon, ever charge of
bayonets, punctures stocks and such
like securities as constitute the stock
In trade of boards, full of holes, such
as have been inflated by wind or water,
collapse. So these are exciting times
for Wall and Lombard streets, for the
French and German bourses. The fin
gers of the dials which indicate the
market figure in these great gambling
halls flop back and forth, up and down,
in the most unexpected manner with
out warning. The variations of an
hour in the prices of the speculative
commodities Of these exchanges will be
greater and more marked in time of
war than in months in time of peace.
Deals become precarious, and judg-
snent and experience are at a discount.
It all becomes guess-work AS the
rumors of war go higher then unsub-
stantial values go lower, and three or
four years war leave even many kinds
of bonds fiat or nearly worthless. Wall
street has held comparatively steady
since the Maine went down, but it has
been owing to the fact that Wall street
has thought war improbable, if not
impossible. Wall street imagines that
1t holds the interests and destinies Of
the country in its hands, until it is
overtaken by some Black Friday. But
still prices have been steadily settling.
The lower figures have encouraged pur-
chases, to the extent Of holding up
these values in a degree. Yet they have
gone down perceptibly. Bulls and
bears will all crawl into the same hole
when the echo of the first reverbera-
ton reaches their ears. But there are
things which do not go down in war
times. Cotton and corn, meat and
wheat and everything that there is to
eat, all the products Of the farm and
the most of those Of the factory en-
nance in value. Producers become con-
sumers and the action is inevitable.
Legitimate lines of trade do not suffer
from war unless caught too close to
lines Of battle. In the event Of a war
with Spain neither the productive in
terests or trade Of the interior agri-
cultural states will suffer. The chances
are all in favor of benefit.
OF course If war comes, whether to-
day through the presidents message
Or Of subsequent events, the first thing
will be money. We will have to have
hundreds Of millions of more money
There is a vast amount of money now
In the treasury, between two and three
hundred millions, and all the money
centers of the country are loaded up
with money. But the money in the
treasury would go but a little way, the
other money would have to be borrow
ed on bonds. in issues of maybe five
hundred millions at a swoop. And then
there would be kicking where now is
much hurrahing, much criticism and
discomfort where now is impotence.
But there is one thing probably not
thought Of except by the goldbug, and
that is silver would enhance in value
and crawl back in the direction of its
old parity with gold. Silver is more
substantial than promises to pay
where such promises become too nu-
merous. Silver would become a money
metal, de facto, without any redemp-
ton in gold or other backing than its
own value.