Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-12-28
FOR BIME TALISM.
Ten. Warner Thinks a Gold Stand.
ard and Ruination Synonymous.
OPPOSES BANK TAX REPEAL.
Impossible to Pass a Free COINAGE
Bill at Present.
LOOKS TO THE FUTURE.

Gen. A. J. Warner. president OF the
American Bimetanc League was seen
py reporter OF The Star In the lobby OF
the Eooitt House this morning. In refer
ence to The Star mans question as to what
ne tnougnt OF the effect Of the repeal Of
the sherman law, Gen. Warner said:
1t Is now nearly two months since the
repeai OF the so-calied Sherman law. through
which relief from Industrial depression
was promised Although this promise was
persistently made no relief has followed
but On the contrary. things have been get
ting worse. Many silver men Thought. per-
haps. that temporary expansion OF creoir
might follow the repeal Of this law. but
even this has not been the case. Prtces
nave continued to go down: every upward
movement in stocks In New York has been
met by sales from London When the
tables OF prices for the y.aar have bsen
made up they VIII doubtless show a greater
rise In the value OF gold, and fall In the
s s,a range OF prices than In any year
since the seventies. What Is true respect
ing prices In the United States is true In
All gold standard countries. excepting thar
prices vent down abroad earlier and faster
man IN tne United States. where they were
partly upheld by the additions to our
volume OF money through the purchase
OF silver and the issue of coin notes ofner-
wise the same cause has operated I'm an
solo stsnoard countries. Since June the
supply OF money from silver mines has been
smut on In India and In the United States
mus restricting the supply OF standard
money for the civilized world TO the gold
mines; ana whether there is an excess Of
gold Tor money after the demand for the
arts Is supplied. and losses OF gold stocks
made good, and the annual absorption OF
solo IA the Tar east provided for. In yet
uncertain. But at best. the annual supply
tor money from new production, although
the production has been somewhat in
creased during the past year. when spread
over the whole world. amounts to very
ntte; on the other hand, the closing or
the mints OF India and the United state
10 silver. and the adoption OF q gold stand
ARD by Austria-Hungary. has added more
tnan Soo.oV.Uoo Of people to those here
.oIore competing for gold. Hence. the
scramble" for gold in tntenstfied: and az
tne gold OF the world is now largely under
the control Of a few greN. banking COM
oinAuons, we have practically q ,gold
standard without a gold currency ana
tnere Is no source OF supply OF money for
the people. excepting as Il is doled out by
money syndicates. While the COINAGE OF
silver was free. the people possessed me
source OF money supply that could not -
controlled. Under present condftions there
Tore. there is no other possible outcome
out dearer gold ano lower prices
In word. the pricing instrument has
oeen changed from gold and silver to gold
aiohe, ana II requires no expert TO see that
the worlds wealth will not turn out the
same when measured by gold alone a.
wnen measured by the bimetallic standard
OF eoio and silver together. AS long. there
tore. as the present conditions continue the
value OF the money standard viii increase
sno prices Will go down. Under such con-
oitors no country can prosper and indus
tries cannot thrive. The blow falls FIRST on
agriculture and unorganized Industries but
as the agricultural class become Empower
tshed and are unable to buy this condition
reacts upon other industries and IN the END
all are leyeled- II is next to impossible for
a land owner who is IN debt, at present
prices. to save his lands. and thus II IL that
farmers are rapidly passing from land own
ers to tenant farmers. With the stagna-
ton OF business. profits decline and rents
fall. and this reacts on real estate in cities.
ana in many cities this has become q mat
ter OF serious consideration. The only
classes that are benefited by the change
In the money standard are those whose
wealth is in money or in bonds and other
securities that share directly In the en-
hancement of money. For the beneft Of
this class the rest Of the world is spoliated."
His Tariff Views.
What about the tariff" said The Star
man.
"A protective tariff undoubtedly makes
a difference in the price level Of commodi-
ties internationally dealt in. but prices the
over otpcuu vi noney foiuhc.
and as that contracts prices fall. AID q
tariff will not prevent IL. Prices have been
going down since 1873. They went down
under what was known as the war tariff.
they have gone down under the Mckinley
bill and will continue to go down under the
proposed Wilson bill Under the latter bill
they will probably fall faster and go lower
than IL no change IL made. but the differ
ence win not be great The prevalent talk
therefore. that our depression comes from
a al 10 In he
chatter. Prices will continue to go down
as gold rises In value whether the Mckin-
ley bill is left to stand as IL 10 or not
Prices have declined In all gold standard
tariffs.
His Remedy.
well. general, how would you cure
thisy'
The remedy must be rs universal AZ the
cause. As the cause Is the change In the
pricing instrument the remedy IL In the
restoration Of the bimetallic standano.
leaving the money supply to be automat-
ically regulated through the production OF
the metals. as the supply Of other tninss
is regulated. The difference in real money
credit structure is already topheavy. ana
must be reduced as gold becomes scarce,
or another collapse VIII follow. MONEY a.
not only a standard OF value, put a means
ferred payments. Where debts extend fer
into the future this becomes matter OF
the utmost importance. Credit bubbles
cannot be made to take the place OF money
for these purposes. The proposition TO re-
peal the 10 per cent tax and permit state
banks to add to our present system OF bank
credits by the issue of bank notes VIII only
make things more insecure. by increasing
credit devices without correspondingty
broadening the basis Of actual money"
Future Plans.
Il see no real good to come from q me-
coinage bill I'm this Congress. as IT n well
known that IL could not become a law. II
might AFFORD an opportunity for a few Rep
resentatives, who betrayed their constit-
uents by their votes I'm the extra session,
to change their votes before another cleo
ton but the Secretary OF the Treasury has
said that the question was settled: that the
United States has adopted a gold standard
and that all our money must be made re-
deemable I'm gold. In this change OF front
the Secretary undoubtedly represents the
present administration. But we shall see
what the people have to say about IT The
question therefore must go back to the peo-
pie; IL is their cause. and they must rescue
themselves or submit In the end to indus
trial conditions worse than those that now
prevail In European countries. To this 4
do not believe an enlightened psopas Wtu
submit