Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-09-15

per cent. advantage over the I'M
porter from the United States IN
the European market. But, as have
already shown, the United States can
produce wheat cheaper than India, but
not anything like 80 per cent. cheaper
The result is that Indian wheat is fast
taking the place of American wheat in
the European market. Since the de-
monetization of silver the importation of
wheat from India into Europe has risen
from comparatively nothing to nearly
forty million bushels annually, while
the expectations from the United States
have fallen off more than one-half;
and the price of wheat has declined
during the last fifteen years more than
3315 per cent. If silver was at par there
would be no cheap silver with which to
buy Indian wheat, and India would be
in the same position in regard to the pro-
duction of wheat for expectation that she
occupied before silver was demonetiZed.
The price of wheat would go up and the
United States would again supply Euro
pean markets as formerly. The same
would be true with regard to cotton and
other farm products. The wages of la
Dor would also be advanced, the power
of production would be vastly increased,
and prosperity and hope would take the
place of stagnation aud despair. 1
am aware, Mr.. President, that
the national banks have been
opposed to the use of silver as
money This was very natural. They
desired to furnish money for circulation
in the shape of national bank notes, draIT
interest on the bonds deposited for ANstT
security, and at the same time haVe use
of the circulation free of cost. TBS was
all very well for the bankers whilFsb onds
were plenty and cheap for use as security
but now that bonds are about to beS paid
off and no means having been provided
for further issues of national bank notes,
would you not advise the banks, if conz
gress would consent, to deposit silver
bullion with the government and with
draw their bonds? This might all be
done, and the national banking system,
which is q good one, be preserved.
You will see from this letter, Mr.. Presi-
dent, that [ am not in favor of making
any untried experiment. 1 simply ad-
vocate a return to the time-honQred
money OF the constitution, which has
been tried during all the period recorded
in history. do so all the more earn
estly because this generation has had the
good fortune to discover and develop
mines of the precious metals which
promise to furnish a reasonable supply of
money for the use of business and COM
merce without much danger of ruinous
| contraction in the near future. l also
advocate independent action on the part
of the United States, because by moving
first there will be less difficulty in obtain
ing sufficient supply of the precious
metals, and because have no faith that
the bondhoIding interest, which is
dominant in Europe. VIII yield the ad-
| vantages which it has secured in
reducing the volume OF the currency
| by the characterization of silver and en-
HANGING the purchasing power Of money
| and the price of bonds. l cannot better
state the ruling motive in England than
was done by the six members of the royal
| commission who were most favorable to
! bi-metalism. They said:
cit must be remembered, too, that
| this country (EngIand) is largely a
creditor country of debts payable in gold !,
| and any change which entailed rise in
| the price of commodities generally, that
| is to say, diminutiOn of the purchasing
! power of gold, would be to our disad-
vantage - Final report, section 1913. !
beg of you, Mr.. President, to send
! no more commissioners to Europe to st}ste
! gotiate with the, bondhOlders foEkthe
right to use silver as money. OurAftua-
ton is radically different from That OF
! the ruling classes of Europe. We. are a
! debtor nation; our interest is against in
cTeasing the obligation of contracts. We
are q wheat and cotton producin@,natiOn
and want good prices for our staple COM
! modlties, while Europe is a purchaser of
wheat and cotton and wants to obtain
them as cheap as possible. There fsAeno
reason why the United States should az
! low England to longer dictate our finan-
| cial policy. Financial independence is
1 almost as essential to the prosperity of
this country as political independence.
I cannot better conclude than by re-
! calling the words of the Swiss address to
| the people of the United States on a
former great occasion, that unsettled
questions have no pity for the repose of
mankind. - Very respectfully,
WILLIAM NJ. STEWART.
April %, 1889.