The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-21
BUTLER EXPLAINS.
His Head Is as Clear as al ICicle on
the Rise In Wheat-Has Not
Heard from Tom Watson.

Washington, Oct. Ex-senator Marion
Butler, of North Carolina, chairman Of
the Populist committee, this morning,
still insisted that he knew nothing
whatever about the letter of accept
ance of Thomas f.. Watson. candidate
for vice president on the Populist ticket
but he gave out for publication the
following as to the cause of the rise
in the price of wheat:
"The jump in wheat is simply another
evidence of what the American public
has known for years. that is that the
market to u certain extent IL controlled
by speculation. and that the price Of
any product thus controlled can be
temporarily lowered or raised at will
by those who hold the calls for future
delivery. 1T is well known that the
purpose of the proposed anti-option law
was to prevent speculation from thus
"bulling and bearing the market price
Of American staple products. This law
was fought by those who have made
immense fortunes in speculation upon
the products produced by American
labor. II a proper ana Just anti-Option
bill had heen passed, and we had an
honest financial system, and equitable
transportation rates. this present false
and delusive squirt in wheat, for cam
Cured.
While this anti-option law was be-
fore congress more than one grain spec
ulator on Wall street was forced to
admit before congressional investigat-
ing committees that the combined spec
ulators known as bulls and bears, had
it in their power to reverse the natural
law of supply and demand, regulating
prices, and to even force up prices in
the face of an increased crop, or to de-
crease prices in the face Of a short
crop whenever it was to their pecuniary
interest to do so.
mo one denies today that a few men
control the money market and some Of
these men have boasted that they could
produce a panic at pleasure, and we
have had sad experience to prove that
they could make good their boast. The
same kind of combinations today, to a
certain extent, controls the prices of
farm products. When q money panic
occurs 1t is simply proof Of the power of
the manipulators in money SO when a
squirt on products occurs 1t Is simply a
proof of the power Of the spectators
who never produce bushel Of wheat or
corn or oats, or q pound Of cotton, to
control prices Of farm products, pro-
duced by farm labor.
1.-THE effect of the rise in wheat will
have upon votes, in my opinion, will
only be to increase Bryan's vote. The
farmers understood the evil effects Of
speculation controlling the price Of
their products when they petitioned
congress for the anti-option law; and
they also thoroughly understand who
prevented them from getting 1t. They
understand the evil effects Of a corner
in money when they are now joining in
fighting Mckinley and the gold stand
ard and supporting Bryan. A panic in
the money market and the sale of more
United States bonds would today clear
ly be in Bryan's favor as this unparall-
eled speculation in wheat will be in his
favor. In short, our reports for the
last two weeks have been showing an
unusual rise In Bryan stock, especially
the grain producing states of the CEN
tral west, and this object lesson of Wall
street speculation In their products will
cause Bryan stock to keep pace with
the rise of wheat"