New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-08
BREAD- WINNERS And DEMOCRACY.


The deepest sympathy should be given to
that free trade organ, "The New-York Times"
for ignorance so dense that it cannot under
stand how excessive speculation causes at
times an unnatural depression and at tunes an
unnatural advance in prices. But business
men and working people who are Ignorant Of
the fact are few in number. Just now the
sudden outpouring of ten millions gold GER
tificates, ten millions silver certificates, and
five millions legal tenders within five weeks
by the Treasury has started raging specula-
ton in wheat, and the plainest worllingman,
when he pays So more per barrel for flour
than he paid month ago, has practical sense
enough to trace the new burden to the anxiety
of a Democratic Administration to please
spectators BY making things lively"
The greenest Greenbacker who helps the
Democratic party is aware that prices cannot
be put up everlashngly and indefinitely by the
mere issue of more money" Sooner or later,
however great the supply, collapse must
come Then prices go too low, just as they 60
too high when the current Of speculation tends
that way. When the crazy expansion OF real
estate prices-was in progress commodities were
neglected by the gambling interest; the money
that a bountiful Administration poured out
was put into corner lots. After time corner
lots became unstable at any price. Then
came a season of excitement in new railroads
and stocks and that was followed by profound
stagnation in Wall Street. Now breadstutfs
are the rage, and the miller who bargains to
deliver flour next week or month makes a bet
.Lotb az hnch or
81 90 or So. Helping business" this is
called in those Administration circles in which
an American manufacturer is considered
public enemy, while Wall Street sharpers are
selected as the choicest patriots to manage
Democratic National campaign.
II is the most natural thing in the world that
such managers should suppose the country won
derfully prosperous when 121 900, 600 bushels
Of imaginary wheat can be sold at New ork
in a single week. But the substantial pro-
ducers of wealth are not enriched. The stuff
sold, if wheat at ALL is wheat in the hands Of
traders and spectators, for which the farmers
have received 80 cents per bushel or less The
miller who could sell at fair prices to Ameri
cans, so long as he could work off his surplus
-four in shipments to Europe now finds the
foreign market closed TO him because wheat
costs less in Liverpool than in Chicago. The
millions who work for their bread find that
they pay more for every loaf because the Adj
ministration makes things lively until after
election" But they also find the agitation of
the tariff question by the same Administration
has closed hundreds of factories and mills and
mines, so that thousands of workers are eating
the bread of Democratic idleness. To have to
pay Democratic campaign prices for the bread
Of idleness is trying indeed.
Mr.. Harrison was right when he said in one
Of that wonderful series of short but ins,ruc
tive speeches, that the Treasury might find
better use for its money than to deposit fifty
millions with banks at centres Of speculation.
The great surplus exists, in part, because this
same Administration made rulings in favor
of foreign importers, and against American
producers, and so encouraged the heaviest i'm
ports ever known. Honest enforcement Of eX-
listing law would have shut out goods costing
many millions, defending American working
men from excessive competition, and at the
same time lessening the revenue paid into the
Treasury. The same Administration vetoed
or by its influence defeated acts Of Congress
which would have expended some of the ex-
cessive revenue in public improvements, in
public education, in providing better foreign
and domestic mail service, and in caring for
disabled Union veterans. Now the excessive
surplus is used to feed the flames Of specula-
ton, and meanwhile the people pay more for
their bread.