Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-18

along anu gives We ROou EenC lOr W.
referred to Spain, where l had been
since last saw him, and told how the Bank
of Spain notes will not be changed by the
railway company for more than o few dol
lars Of silver currency lowered.
An Uncertain Paper Currency.
mo worse distress can happen to any
people than to have deprecated and un-
certain paper currency, or variable standard
of value. Feeling that acutely labored to
bring about specie payments when 1 was
Secretary of the Treasury, though many
good men thought was inviting the ruin
of their investments. I was so settled in
the conviction that it would be best that I
felt almost angry with them"
'HThe silver conterence'has not come to
any conclusion at Brussels"
ST doubt if it can. Mr.. Cannon, an in
telligent delegate from this country to it,
telegraphed me yesterday to inquire
whether the bill of Senator Hill to repeal
what is called the Sherman act will be
passed, as had been reported there. 1 an
swered him that Congress would take no
action before that convention concluded
its deliberations But am in favor myself
of repealing the act of 1890. The fact is
that silver is going the way OF other metals,
probably such as nickel and copper and
iron. The methods now used to cheaper
the production of silver diminish its value
as q standard of coin, such as it had when it
represented large percentage of labor. We
had copper once for coin, but its fall in
value was inevitable upon the cheapening
of its production and the quantity pro-
duced. Nickel, once 81 30 cents pound,
has fallen to 80 cents. Pig iron is worth
oh ton md efo
are now $50 ton, or near a cent and a half
a pound. Nails, perfect nails at that,
superior to nails of other times, are but 81
keg.
The World Inclines to Gold.
''The falling eff of the cost of production
in the other metals used for coinage has
produced q momentary appreciation of gold.
think we will not be able to sustain our
selves against the financial attitude of the
commercial world, which Is inclined toward
the gold standard more rather than less.
Europe is too closely connected with US to
allow US to be above her opinion"
"Will not the effect be TO depreciate our
silver notes?"
'tNo. took care in forming that act to
limit the issue of the silver notes to the
gold value of the silver bullion when pur-
chased. All we could lose would be the de-
probation of the price of silver below that
gold value at which we purchased the
bullion"
'Mr. Alfred Rothschild speaks of prob
able panic to follow the cessation of the
purchase of silver by our Government"
/. IT think not. We have 81, SOC, 600, 900 of
different sorts of currency, ample for all
uses, especially when we consider how
modern business usages have made cur
rency for themselves ALI but 2 per cent
e Al = H., -
checks. vast as that business is The course
OF events apprehend will bring us the gold
ndard like other countries
Paying on the Greenbacks.
'Suppose our people should become
alarmed and present the greenbacks for re-
demption. We might pay them off good
while in gold, or we might finally say, I'VE
will pay you in silver, but we reserve what
goldswe have left and do not mean to pay it
out In that way the public would be con-
vinced that the two metals had real differ
ence of value, and the extreme point of
divergence would be marked in the price of
each. Out of some $500, 600, 900 of silver
the Government owns it has not been able
to force into circulation more than 81, ,O00,-
600 of silver dollars. The Bland bill pro-
vided for the coinage of silver in the pro-
portion of 16 to 1, not regarding the gold
pertinent full trial of purchasing silver at
the gold quotations for it, think we need
60 no further with it.
"Do you not consider that four years
will bring about a natural solution OF the
silver question:"
''It ought to. The President-elect Is not
with the South and the silver States upon
that subject. They have long wanted some
expansion in the South which shall pay
their bills and debts more easily, and
favored silver as one of the ways of attain
ing that end. ("
Manufacturers Must Pay Less wages.
"Do you think the Democrats will change
the tariff"
''Yes, L think they will cut it down.
While there are elements among them, in |
the South as well as West and North, who |
are opposed to it, it is the disposition of |
Mr.. Cleveland and of the support he re-
ceived to reduce the protective tariff Our |
will have to cut close to sus- |
:ain themselves against Europe. They will |
have to ray less wages. The mill opera
tives, the labor which defeated us this year
will be the sufferers by it, and they will
come back to us again.
tT understand that the labor organiza-
tions defeated the Republicans in Ohio ?"
81 think they did it. When 1 left Ohio
lust after the election 1t was supposed we
had the State by $4,000 majority. The
stood by us. But losses in Cincin-
natl, in Cleveland, $500 in Tolelo, losses in
Columbus and in Dayton tend to show that
We had been cut by organized labor, which
had resented what they regarded as the harsh
and unjust proceedings Of MI. Carnegie"
= The Pennsylvania strikes, then, were
felt in Ohio?''
'The action Of the earn egie firm seems
without excuse. With the greatest iron
mill, I suppose, in the United States, said
10 have made vast profit the year before,
hey aroused into hostility the combined
abor of the country to save some $22, 600,
lot by reduction of the general list from
my real necessity, but striking at nearly
,very influential labor foreman and expert
n a most senseless way. The echo came
rom our manufacturing centers in Ohio
We could not anticipate It. Fortunately,
he Democrats did not Both sides were in
he dark"
.'How did Mansfield, your home, do?''
THE country parts we're faithful Mr.