The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1891-10-07

products of this country. Such products
must be sent abroad and sold to pay
these foreign debts. How can this be
done If we are driven from the Euro
pean market by the silver standard
countries? About the only exports that
we can rely on at present to pay our
foreign debts are cotton and petroleum.
We can have no regular wheat market
in Europe in competition with Asia. 1t
is to be hoped that this year is an ex-
ception, on account of small crops in
Russia and India.
THE PEOPLE WILL HAVE MORE MONEY.
No. Mr. Sherman, there will be no
repudiation in this country, but the
people will have more money. You ex-
press willingness to increase the sup
ply of money whenever it is necessary.
What is your plan for increasing it?
Are you still in favor of issuing per
cent. bonds to enable the national
banks to increase the circulating medi-
um? After your attack on the miners
you would be surprised if they SHOULD
suggest that the national banks had
been the recipients of special favors from
the government. How many millions
has it cost the taxpayers of the United
States to maintain the national
banks? Are national bank notes any
better money than the legal tenders or
greenback issued by the government?
If not, why was the interest-bearing
debt increased to retire greenbacks and
furnish bonds to enable the national
banks to supply bank notes to take the
place of greenbacks-
The people think that the national
banks had special privileges when they
could invest money in bonds, draw inter-
est from the government on the entire
investment, and receive in addition to
such interest 90 per cent of the money
so invested to loan to the people at high
rates of interest. If an increase of
national circulation is your method of
furnishing more money, you may as
will not submit to it
The assertion that this country can
| not coin silver and use it as money
| without the consent of Europe implies
that the power conferred by the consti-
| tuition to coin monev has been surren-
dered to foreigners. There is no fear
| of getting too much metallic money.
No country ever had too much of either
| gold or silver coin.
! No, Mr.. Sherman, there is no differ
erence in the interest of the producing
classes of this country, wherever To-
| Gated, east west north or south. There
| is but one class of men living in the
United States whose interests are ad-
verse to the producer. They are the
persons who are loaning and collecting
money largely on foreign account
| They live in the commercial centers.
| They WELD more influence than thou
sand times their number engaged in
| other employments. Their interests
and ambition prompt them to do all in
their power to enhance the profits of
| their patrons and employers on the
| other side of the Atlantic. These pa
irons and employers desire money of
| the greatest possible purchasing power.
The money is theirs. They desire to
enhance it's value. Their representa-
tives in the United States voice their
sentiments and insist upon the gold
standard and contraction.
| TO AID AND COMFORT THE RICH.
Your letter is we'll calculated to give
aid and comfort to the rich, whose
wealth has been enormously augment
ed by the enhanced value of money.
Your influence in shaping the legisla-
ton of congress on the money question
surpasses all others. If you would say
the word, the bonds of financial con-
| traction would be broken, the people
set free, and enterprise and prosperity
restored. But whatever you may dc
the limit of contraction is reached The
| voice of the people will now be heard.
Your Truly,
WILLIAM M. STEWART.
New York, July IL