Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-17
SILVER IN POLITICS.
Senator Stewart Tells What the Bull
ion Producers Want.
A SECTIONAL, NOT A PARTY ISSUE.
The Perpetual Conflict Between the Debtor
and Creditor Glasses.
ONE COMPROMISE THAT Is OFFERED
rrRoM A STAFF CORRESPONDENT

nishes the sinews OF war for the natlona
Democracy, said well-known Pennsylva
MIA politician and operator on the street
We were in the Cafe Savarin. ''The bulk
of all the money raised for national cam
paign purposes" he continued, 'come:
from within 1000 feet of where we stand
Do you realize all that means? 1t means
that the National Democratic Convention
will not adopt free silver plank in the
platform The silver issue will not be
Joined as between the two contending forces
in '92. That is my judgment"
Here is food for political thought. This
very well informed authority further de-
clared that the next Democratic State Con-
vention in Pennsylvania would probably be
satisfied with the silver plank that was re-
iected by the Ohio Convention, the declara-
ton in favor of placing gold and silver on a
parity, which means an increase of the
bullion value of the silver coined. There
are other prominent monied men here who
| think it possible that both the Republican
and Democratic National Conventions will
accept such compromise and thus take the
| whole question out of the contest. This
would appear to be a rather roseate view of
the matter. The paternity Of the thought
is clearly indicated.
NOT AN EASY QUESTION.
This financial question is not likely to be
so easily disposed Of The plain truth of
! the matter is, shorn of all side issues, in
the question of the national currency we
have an irrepressible and perpetual conflict
between the debtor and creditor classes.
mi, rIa ND obo
money, the other wants money scarce and
dear Those who have no occasion to either
borrow or lend are affected only by the un-
certainty as to which of the two former
classes shall prevail There you have, gen.
orally speaking, the primary and principal
causes underlying all financial agitation.
| They correspond to the fundamental differ
ences between capital and labor-capital
seeking labor at the lowest possible price,
labor demanding the highest possible price
| it can obtain. From a reasonably liberal
point of view there is no special honesty or
dishonesty, no distinctly perceptible right
| or wrong in either case, or on either side.
Such charges and assumptions are of no
foundation in truth. Buying as cheaply as
possible and selling as dearly as possible is
the handspring of all trade. 1t holds as
good in regard to silver and gold bullion as
in potatoes and scrap iron. 1t has been
considered legitimate from Joseph-of the
impregnable virtue and picturesque coat
who cornered the grain market for Pharoah,
down to ''Old Hutch" There isn't any
thing more mysterious or dishonest in the
fluctuations and manipulation of the stock
market and speculations in specie than
there is in other branches of trade. All
rest on the same foundation, namely: Put
the prices as low as possible when you want
to buy and put them as high as possible
when you want to SELL
A TILT WITH STEWART.
l met Senator Stewart at the Hoffman
the other day and asked him about this
The Senator holds the spokes of this silver
wheel inside of the political wheel and
turns out silver sparks by the column. He
said:
"The people believe that the present fin
ancial distress in the commercial world is
caused by contraction occasioned by the
destruction of one-half of the metallic
money. They think that it was unjust
to double the value of the property of the
possessors of fixed capital at The expense of
the producers of wealth. They protest
against the reduction of the value of farms
and farm products one-half, while the obli-
cations of contracts are nominally the same,
but in reality increased more than 100 per
cent"
'But Senator" said /, recovering from
this vigorous speech, "would your silver
producers and spectators be satisfied with
free coinage with the proviso that nothing
but American silver coin shall be increased
to the ratio of value of gold coin?" He re-
Piled
SCARCITY OF MONEY.
sTn 1873 there were 81, 800, ,OOO, 900 of real
money (gold and silver coin) in the world,
in which all other money credits were re-
deemable. By the characterization of silver
fully half of that money was rejected.
There is now of real money in the world,
according to the gold standard as reported
by the Director of the Mint, only 3,727,-
00O, ,OOO''
"Do you people want the reconciliation
of silver at its present bullion value per
dollar, 412% grains, or would it be all right
brought to parity with gold? The Sena-
tor answered:
''The question whether the gold standard
and contraction, or the restoration of silver,
shall be the policy of this country must be
determined before confidence can be re-
stored or the agitation stopped. If the pos
SCISSORS of fixed capital prefer agitation, dis
cord and final bankruptcy or reputation to
the reconciliation of silver, let them be re-
sponsible for the consequences. The fact
that there is not enough gold for use as
money is undeniable. The paramount ques-
ton is, how to supply the deficiency.
Shall it be done by the restoration of the
money of the Constitution in conformity
with immemorial usage, or by fiat money,
the volume to be regulated by law? One
or the other is inevitable. But stop the ag-
itation you cannot while every producer in
~, &c bn
of the iron hand of contraction. The money
question will be an issue in every political
campaign and in every session OF Congress
until the Gold Trust is forcedt to yield to the
demand OF the people for reasonable sup
ply of money to meet the legitimate re-
quirements of business"
WHERE THEY ARE INTERESTED.
In other words, neither Senator Stewart
nor the silver producers and silver agitators
he represents, want free coinage upon any
other but the present basis If silver dol
lar is to cost Just as much as gold dollar
and each buys just the same, they care
nothing specially about free coinage, be-
cause in that case free coinage would neither
open up high-priced market for their sill
yer bullion nor materially increase the
volume of the national currency. Now,
there is nothing necessarily dishonest about
this when you size up the situation fairly.
1t is only when men parade patriotism in
order to cover operations in the market that
they may be reasonably suspected-and
even then it is possible that real patriotism
may run neck and neck alongside Of a mans
financial speculations. 1t is trade, gentle
men, trade, remember.
Now don't be surprised before long if
you find the other fellow putting up gold
higher and higher and making money