Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-01
CAUSES OF TROUBLE.
Gen. A. ]. Warner Talks Upon the
Present Fiscal Difficulty.
An JECT LESS SON
The Action of the Banks and Capitalists
Criticised - The Sherman Law Cannot Be
Repealed Unless . Satisfactory Substi-
tute IL Presented.

Gen. A J. Warner, president CT the American
Bimetallic League, was seen by reporter for
THE STAR this afternoon.
In answer to a question as to the reason from
the silver standpoint Of the present fiscal
trouble he said:
''The bottom cause Of the present trouble is
the readjustment of prices to the increased gold
standard. This has been going on in Europe
for some time, but has been retarded and
alleviated in this country by the increased sup
ply OF money under the act Of 1890; but the
higher level Of prices here. coupled with the
extraordinary demand for gold for Austria and
the readiness of our treasury to supply gold
freely which could not be obtained elsewhere
without some sacrifice, led to q contrac-
ton Of bank credits and precipitated
n fall in stocks first, which has since
extended to manufactured products
and to commodities generally. This alone
would not have produced the conditions which
now prevail had it not been for the action of
the banks themselves.
AN OBJECT LESSON.
"When it WAS found that the last Congress
would not repeal the Sherman law, it was given
out as coming from the White House
that AN object lesson would be afforded the
people Acting in the first instance under
the influence Of foreign bankers and gold
monometallists, Wall street and the banks gen
orally conspired to produce a condition which
was to be attributed to the Sherman
law, with view to creating a public
sentiment which would force a repeal of this
act. TO this end boards OF trade. chambers Of
commerce and all the agencies that the banks
could sway have been used to create the opinion
that the Sherman law is responsible for the pres
ent money stringency. However, the banks are
now finding that the gun they had loaded for
others kicks backward and that they themselves
are being pinched by the conditions they helped
to create.
"But nobody has undertaken to explain how
an increase of - .000. 600 per month could in
itself produce money stringency.
ACTION OF THE BANKS.
'This. on its face, is absurd. The banks claim
that there is a want of confidence: that people
are Withholding money from use for fear fhnt
the country IL going TO a silver basis and that
they will net be paid in AZ good money as they
lend.
The fact ia, they are no more willing to lend
greenbacks, silver certificates or silver than
they are gold, and vet we are told that they
hold this very money which they fear would
become deprecated, instead Of investing
It in property, which. il money should
money is deprecated property. Of course, is
appreciated. Therefore, this theory OF lack Of
confidence in money itself has no foundation
in fact. 1t is reported that silver certificates
could not be borrowed yester lay at q rate Of
so per cent on good security"
"Was this because there is too much Of this
kind of money!
mo! the truth Is there is no want Of conf
dence in money itself, greenbacks, silver certih-
Gates or silver but there is a fear lest prices
continue to 20 down till debtors will not be
able to convert property into the necessary
money with which to pay debts.
THE WANT OF CONFIDENCE.
1.-THE want Of confidence Is in the stability Of
prices and not in the money. On top Of all
this comes the order in council to close the
minis OF India. A blow IN struck
on one side Of the world which
closes the mines on the other
and makes hundreds Of thousands of people
beggars. Here is an object lesson for the
world, and one which ought to teach the United
States the necessity Of doing as Hamilton
recommended, establishing its own financial
policy.
THE act Of the British government in
two-edged sword. Ii cuts the price OF silver
down and increases the value Of gold
1.-The recent demand for gold for Austria in
creased its value six per cent, and now a few
lords in council at one stroke have added ten
per cent to the debts Of the world by the simple
method Of stopping the coinage Of silver and
increasing the demand for gold.
SHOULD NOT SUBMIT TO DIcrArIoN.
England does not wait to consult other
nations as to what she should do when her own
interests are concerned. and why should the
United States longer submit to foreign die
tation as to its financial policy?
The gold conspirators should know that
the overthrow OF bimetallism is the destruction
of the principle of automatic regulation Of
money. that is. Of regulation through the pro-
ductiou Of the mines and that monometallism
will fall next
The people will not be deprived Of money
nor submit forever to the robbery Of an in
creasing money standard. agree with Sena-
tor Jones thatif the non-producing and income
receiving classes copspire. in their own inter-
est, to destroy bimetalism by demonetizing one
Of the money metals of the Constitution and
the only one that can be produced in sufficient
maintain the equities Of contracts, they need
not be surprised il the producing classes and
the debtors, for their own protection. unite to
strike down the other metal"
THE SHERMAN LAW.
"Will the Sherman law be repealed at the
extra session." asked the reporter.
at will not be repealed without desperate
fight and do not think it can be repealed at all
without satisfactory substitute. Senators and
Representatives who talk Of repeal first and the
discussion of a substitute afterward have
already deserted their constituents and gone
over TO the enemy
.'Silver men do not propose to let go the hold
they have until they are assured Of as good or
q better one.
1.-THE repeal Of the Sherman law without
substitute and the establishment Of the single
gold standard will surely bring on chronic
condition of falling prices and bankruptcies
will follow and fortunes melt away as never be-
fore"
what will the Bimetalic League do?" queried
The STAR man.
''The national convention of the American
Bimetalic League will be called to convene be-
fore the date set for the assembling Of the extra
session. The time and place have not been
determined on, but this will be settled within a
few days"
The Interment of Frederick Il. Lotus.
The final interment of the body of Mr.
Frederick B. Lotus, one OF those who was
killed in the Ford's Tbeater disaster, was made
last Monday at Glenwood cemetery. After the
first services the body was placed in a vault at