Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-09-15
THE SILVER QUESTION.
Senator Stewart Calls on the President
to Keep His Pledges.
Some Valuable Hints-The President Fails to
Fulfil His Promises to the
Pacific Coast.
San Francisco Examiner.


published, exclusively in the ''EX-
aminer, - that Senator Stewart was pre-
pairing some documents for the president
relative to the question Of more extended
silver coinage. Yesterday the reporter
called upon the Nevada statesman to as
certain what action had been taken, and
in reply the senator said that he had
written a letter to the president relative
TO the matter because he was anxious to
see the administration carry out the
pledges made in the national Republican
platform Of 1888, and presumed he would
40 so, although as yet nothing had been
done. He had cony Of the document
5his possession which he allowed the
Examiner representative to transcribe.
The following is the letter in full:
My DEAR MR. REsIDENT-Referring
TO our conversation with regard to the
coinage of more silver, ] submit for your
consideration the following;
It was asserted by the business men Of
England. before the royal commission
appointed 10 inquire into the recent
changes in the relative values Of the pre-
cious metals. that when gold is scarce
and commercial activity is checked by
the resulting fan Of prices, the demand
Tor permanent investments increases and
the price Of such securities rises. Owing
either to the actual or the appTehended
scarcity OF gold there Is a tendency to in
vest in securities bearing fixed interest
parable ia gold, which raises their price
and reduces the net return Obtainable
from them - (Final Report, sec. SO
A large sale of , . per cent. bonds Of
the city Of New York was made few
DAYS ago at q premium. Four per
cent. United States bonds, due in 1907,
are now selling at % per cent. premium,
which reduces the amount Of interest
which viii be realized by the purchaser at
maturity TO about per cent
Railroad and manufacturing cOmpa-
MES are making strenuous effort TO
reduce the price Of wages on account OF
the shrinking volume of business ana
declining prices, while investors seek
bonds and avoid productive enterprises
This state OF thin gs must be Temedied to
prevent a financial crash. 1t cannot be
said that the country is IL a prosperous
condition when no investment Is regarded
as safe except in bonds resting upon IN
doubted security.
A person who borrows money to en-
gage in any productive enterprise expects
to convert the property which he pro-
duces into money and be able to pay the
money he borrowed with interest, and
make q profit for himself. This cannot
be done while the value Of money Is rap
idly increasing and the value of property
&c declining, which is the case
the United States. The average
price Of commodities has declined during
the past sixteen years more than 1913 per
cent EnteUprisiug men believe that It
viii continue 10 decline, and therefore
refrain from engaging in business enter
prises Lack Of employment and fall ia
wages are not only impairing the pro-
ductive power of tine country, but are
producing suffering, want and crime
throughout the land.
Mr. President, it is within your power
TO relieve the people from hard times and
TO restore prosperity To the country. All
parties viii readily acquiesce in your
views when fully expressed, and the
toilug masses now suffering from the
whitening blight of contraction viii honor
YOU for the relief you viii give them by
restoring the money of the constitution
and of the people.
need not remind you that the value Of
money does not depend upon the ma
t.rial of which It is made bat. upon the
amount IN circulation. It viii be ad-
mitted that if the amount of money now
in circulation were doubled, the pur-
chasing power OF each dollar would be
very much diminished and the price of
property would be greatly advanced.
il viii also be admitted that if one
half of the present volume of the
circulation were destroyed or retired the
purchasing power of each dollar would be
largely increased and the price of prop
ertv and labor would be reduced. These
general principles viii not be denied;
srLI they are frequently overlooked by
well-meauing persons who are honestly
iuauiring into the cause of the existing
hard times
From 1850 to 1873 the annual supply Of
the precious metals which could be manu-
featured into money was about two hum
dred million dollars. At the latter date
the work of demonetizing silver was IN
progress, and at the end Of the year 1879
all the minis of the United states and
Europe were closed against that metal,
and IL was reduced 10 commodity The
disuse of silver as 6 money metal reduced
the annual supply of the precious metals
for use as money from $500 600 ZOO 10
Jess than one hundred millions. Since
the decentralization of silver the average
range Of prices of commodities aud wages
has declined at least 33 a per cent. while
the value Of bonds constantly advanced.
Neither increased production, nor i'm
proved methods of production, viii ac-
count for the constant fall in the prices
of property and labor since 1873, be-
cause in no period of the world s history
was production increased more rapidly,
or improvements in methods of produce
ton more remarkably advanced than
during the twenty-three years from 1850
10 1873. The prices Of labor and COM
modiues continued to rise during this
Natter period by reason of an abundant
Supply of the precious metals from the
- Hines which could be coined at the
"1tsuts without restriction or discriu1ina-
sssn against either metal = The relative
production of the two metals had no
material effect upon the valne Of either,
and their relative value was compare
lively stationary, while either could be
converted into money at a fixed ratio.
II was the money winch was wanted,
and consequently it made no difference
TO The owner of the bullion whether it
Eas gold OF silver bullion, Either could