New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-12
DEPEW AND THE FARMERS
HE GIVES THEM SOME ADVICE IN A JOCULAR
VEIN
THE PRESENT MONETARY sTRINGENCY DUE TO
THE TROUBLES OF Barring BROTHERS
REMEDIES SUGGESTED FOR
THE SITUATION
jBY TELEGRAPH TO THE TRIBUNE. J

Chicago Dec. IL There will not be an investor
or q business man in this country by June /. 10'-'
said Chaunccy NJ. Depcw today, "who will not nave
every hair his head if he has any. standing on ehu
and If he has the will begin to sprou' ."
account of the vagaries of the next Democratic O'"
gress."
Mr.. Depew in an entertaining mood anu ui'
cussed several important questions Of the daH' io
platform OF the Farmers Alliance is he s''u' ""o
all uttcra ees Of the farmer>-bcautfuly vague al"
Delightfully."- vast. expect 10 be their odhu""'o lo'
President. ! see they wanted TO nominate MI 7''n'
lord but think thew will leave him for me AT Inc
time Of the convention, because l represent soou
many things that Mr. stanford does anu nav "o'
rot nearly as much money. Inc Farmers AHdhce
declares against class legislation THINK we can all
subscribe 10 that. But then Immediately IL demanus
that the Government shall have repositories to store
farm products don't think any of Us VIII subscribe 70
that on the contrary. am IN favor OF the National
hanks. and expect to bring my granger friends to
nv nIatform at the time they nominate me-
The trouble is far deeper than the railroads." con
,rued Mr. Depew The railroads have nothing to
do with the present trouble. There is tremendous
howl ascending 10 the skies but not rcndng the
heavens 80 far l have heard, about the railroads
raising the transportation cents buhel Of oats
But oats have fuctuaed - cents buslel in the chi
cago market through the enterprise Of the local
manipulation. it would seem that the local manipu
lator was n great deal Of factor in this prob
lem than the railroads. much more 50 As = Is more
than .. But. really, this i serious sltuauon-nuch
more so than any have had occasion to talk about
when have been here before. OF course 1t has been
brought about by the failure OF the Earrings. As ua'
was the greatest international banking house III thc
world. incidentally exposed the weakness of all tho
financial systems in the world. II bankruptcd uc
Argentines who thought they had reached prosperity
on fat money, and led TO revolution and the over
throw OF Government from the mischief Incidental
TO universal dStrust Without the crash OF the
Earrings this fallacous system of credit might have
gone on indefinitely. The crash certainly due 10
the fact that the Barings. under mistaken financial
policy. advanced money TO the Argentine hepHbI'
and other South American nations for railways canals
internal Improvements, water companies, docks ana
harbors, and all that. making obligations which were
infinitely beyond the power OF these countries u meet
for they could realize upon the investment except
by development tina, required half century II wa
. system Of finance that has been rcpudiaied by all
nations that have remained solid 1t Is the same con
dition that va would have had in this country if We
bad free coinage Of silver
Mr. Depew said the business enterprises OF ms
steam and electric age Of manufactured values and
commercial exchanges made the currency OF the com
try utterly incapable of meeting the demands OF legu
trade. At present the importer and the wholesale
dealer apprchen>ive about the ultimate results
OF the Mckinley bill that they were keeping 'heh
money actually out Of circulation because OF Inc pa!
ment of these dues next February. lie thought that
tax till next July would materially help 10 r~t"r
confidence and stimulate trade. But with such d
sum a. SlO.OO0.OOO, which they are securing cur
rcncy to pay. postponed until next July, thing "onI"
right thcnselve>. the would be quoted me pup
.,.j.d nave The goods and the Government ""uI'
have its money. 49,.
Mr. l,cpcw aided that he did not have much belle
I'm a patornal Governments lie thought that H H WcI'
al ali Iatcrna ought u DE generally -. ihii III,
ls.pcftS Of Government assistance nl~ht hc enjoyed
by the greatest number possible. The Government
shOulC put it, moner whore 1t was most needed i''
he favored the deposit OF National money ii Nall"ha
banks which had i surplus cpU,I 10 their caPtal
ucDplc could have the benefit u II IN ull'>
OF emergency and financial StringcncY. -
We are now in a semi pauicky condition, sald NJ
Depew but Il would exist except for dlstrst aI
The fac seeming apparent that no one * able To di>r
that distrust. Yet We should come out al rght,
Congress or the Government did actually noullnH io
the general conditions Of the country, uiterldlIN '
were never better than they are TO-DAY. Inc laTl
thai the country generally prosperous ana It's bus
upon sound basis. ....,
Speakinc about railroad business Mr.. Depew sald
no looked for an immediate clearing mp Of all di
entities for the fact that railroad properties "clr
ouoted A, much below their actual value.
With Mr. Depcw were Cornelius Nanderh.lt ana oJl'l
New York Central ofica!s. They are making toul
Of Inspection Of the road and started 70 IcAH 70 Ne"