Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1893-08-17
GAMERS OR LOSERS.
HOW PANlcs ARE PIcNlcs FOR THE
RICH SPECTATORS.

Dangers Of Tiuksring with Currency sys
tsms-Honest Industry Pays AN Bills
PopulIsts Bunkoed by Silver Mine Own
srs-walI Streets Friends and Allies.
We have not yet dropped to a silver
basis and have not had real panic, but
we have approached near enough 10 eact
to determine who would be gamers and
who losers by q change from gold to sill
yer currency.
Setting aside the silver mine owners
who want free coinage for a purely
selfish purpose-to make a market fol
their product-there are many farmers,
laborers, mechanics, clerks, etc., who
honestly believe that silver is the poor
mans as gold is the rich mans friend.
They think they can get the best Of
Wall streets "goldbugs" by making
plenty Of silver money, thus breaking
the monopoly Of gold. They think that
the hated capitalists are q unit for the
use of gold, and nothing but gold, az
money. Are they right? Should they
not discriminate sharply between capi-
talists engaged In legitimate productive
industry and Wall street spectators,
trust conspirators, financial sharks and
usurers7
The merchant, the manufacturer, the
contractor, the mine operator and the
owners Of transportation lines, as such,
want sound, reliable and stable cur
rency. 1t matters but little to them
whether gold or silver or copper be the
basis providing the currency does not
auctuate in value and that the public has
full confidence in its monetary system.
These men are making their profits from
the production of goods, and cessation
of business, because of change from
one kind Of currency to another, or be-
cause congress is tampering with the
currency, hurts them. 1t not only makes
1t more difficult to contract ahead, but
it increases the uncertainties and risks of
business and therefore makes
it harder to obtain credit, for it must
not be forgotten that vast majority of
such business firms both receive and give
credit largely. When panic occurs and
business is at standstill, with millions
of men idle and therefore consuming less
than usual, these business men know
that they must suffer permanent loss.
Therefore they are always ready to Pc
tition congress through their various ex-
changes-produce, cotton, oil, grocers,
manufacturers, etc.-to give the coun-
try sound currency.
But what of the rich speculator, stock
wrecker and usurer-he who sells and
induces his friends to sell blocks of
stocks one week to "bear" the market 80
that he can buy all back the next week
at his own terms, when he will become
bull" until he has sold out at hand
some profit, when he turns "bear" again
he who has large supply of money to
hire out or to invest in gold or gold
bonds when it becomes evident that gold
will soon be at a premium2 These men
ire right at home in tight money mar
Set, when they can obtain rates of interest
anywhere from 10 to 80 cent. Panics
Ire picnics for them. If they can induce
or get their western silver
friends to induce it, to begin monkeying
With the currency system, they prepare
% reap rich harvest. It matters but
title to them how much or how long
business is deranged; how many men are
hrown out of work; whether gold or
ilver becomes the money of the land.
They are after shekels and are not over
crupulous as to how they get them.
Jsury or trust or swindling laws have
10 terrors for them. They do not invest
n stocks or goods and trust to provi-
lence to increase the value of their invest
nents. Oh, no! Nature is too slow and
90 uncertain. They make artificial
,rices high or low at will, and they get
heir slices, no matter which way prices
they must be kept going. The
more business is disturbed and the more
'rices fluctuate the bigger will be their
Ices.
Before the late civil war our million
Tres could be counted on ones fingers.
By taking advantage of every turn in
'rices of goods or of gold, while the
turdy yeomanry were fighting his bat
les, the speculator who had $50,OOO or
100, 900 in 1860 emerged in 1870. out of
he blood and money crisis of 10 years,
worth millions. The foundations of many
f the great fortunes of our 5000 mil
ionaires Of today were laid while our
Iation was in greatest peril and distress.
Great fortunes have been greatly in
reased during the last six months of
luctuating prices. No statistics are pos
ible as to the growth of private fortunes
which reap the greatest profits. Per-
laps the best indication of the differen7
iation of wealth which is now occur
ing comes from the unusual profits now
,eing made by loan and trust companies
corporations which loan money only
It legal rates of interest and which
therefore, cannot take full advantage of
he market. Up to July 90, 90 of these
rust companies in New York had re-
,orted to the state superintendent Of
,anking. With aggregate resources of
;229, 100, 900 against $23s, 300, 900 in 1899
hey report profits Of $3.50, 1858 for the
irst six months Of this year against
,rofits of %, 700, 157 for the same period
asst year.
The SO called "gOldbugs" of Wall street
,ave no better friends on this green
than the free coinage and more
money agitators of the west and south,
who scared the Sherman silver purchase
vet out Of the Republican party and who
IRE now making business more panicky
BY their attempts to prevent the repeal
If the Sherman act and to compel the
Democrats to pass q free coinage act
which shall attempt to make so cent dol
lars equal to 100 cent dollars.
At whose expense do speculators dou-
BILE their millions if not at the expense Of
n