The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-04
CAUSE OF RISING PRICES.
PROSPERITY BASED UPON THE
MISERY or OTHERS.
Proves That Rising Prices Are
Good Thing and Falling Prices a
Calamity--Tha Veteran Bimetal-
list Sends Warm Letter to
Philadelphia Editor
{snecial corresDondghee).


as having deserted the cause of BIZ
metallism. The most recent assertion
of this often-denied story is by the
Philadelphia Public Ledger.
II believe many of these gold pa
pers." he said to The Herald, ARE &C.
tuated in their course by the mere
lust of lying. have denied this as
sertion or theirs most positively. but 1t
still 'bobs up serenely. The Public
Ledger is ordinarily one of the faireSt
of the gold press, and have addressed
the editor letter on the subject. which
1 hope is positive enough to settle the
question permanently"
The senator's letter to the Public
Ledger follows:
Dear Sir-In an editorial in your
paper of Aug. 80. 1897. YOU speak OF me
as a deSerter from the cause of the
restoration of silver to the place it oc-
cupied before its characterization was
smuggied through congress in bill
ostensibly to eodify the mint laws. You
say:
This recantation of the financial
heresles of which Senator Stewart was
so distinguished a prophet and teacher
will fill the hearts of the Bryan forces
with dismay. They have already stig-
matized it as apostaey TO the cause
of which he was q trusted and honored
leader. To tfem no doubt the sena-
tors radically changed attitude seems
like treachery.
=" Senator Stewart never so much de-
served the support of the advocates of
free silver as he now does. He was a
foolish, dangerous leader; now he is
wise, safe one He pereeiYes that free
silver is dead, and advised that it shall
be quickly buried and that the days
Of mourning its demise shall be ended,
to the end that all may go to work and
every one get his share of the prosper
ity that has come to the whole coun-
try
Your editorial undoubtedly is found
ed on the false statements of an al
legged interview with me published in
the New York Times on the 18th of
August. | had no interview with the
Times. 1t was a fabrication from the
beginning to the end. On the 18th. the
day after the publication of the pre-
tended interview in the Times, had
published in that paper the following
statement:
have had no conversation with a
reporter or anybody else from which
any inference can be drawn, much less
any statement made to the effect that
l nave changed my views with regard
TO the unlimited coinage of silver by
The United States independently of any
otnef nation, and at the ratio of Is to |.
recognize the fact that there is a tenn
pordry boom in this country, founded
on short crops and famine in other
countries, and which will make times
better until our competitors have good
crops again. Butt never have init
mated an opinion that there is a pos
sibility OF continued good times, while
the effort is being made by the money
powers to substitute gold money for
the silver money now in circulation
" lille THAT process continues gold
VIII appreciate and the general trend of
prices will be declining one. l do not
/ predicate any hope of continued pros
perlty IN tnls country by continued dis
tresS elsewhere. The statement in the
New York Times that Senator Stewart.
Oh Nevada, is one of the latest converts
to commercial OPTIMISM and that he
IS DUH on everything except silver,
rs a total misrepresentation of my posi-
ton or anything I have said. On the
contrary, L am a bull ON silver, and
DeHeYe the temporary. relief that the
/ American people are enjoying by reason
! OF good Crops and famine elsewhere,
VIII enable them TO assert their indie
! pendenee in 1898 and 1900. l do not
believe that they will be in the abject
! condition that they were in 1885, which
/ enabled the gold combination through
( fraud, intimidation, and bribery TO
achieve a victory.
| 1t seems almost prCYidential that
relief should come while the battle is
on, which will give the people a degree
I of independence to fight the enemies of
/ civilization who are ls.boiing to ensIave
the human race by Contraction falling
/ prices and poverty. This relief did not
come by order of the gold syndicate.
/ They never ordered anything 10 make
! it easier for the people. but providence
! has made it hard for other nations in
order to give the American people an
opportunity to free the people from the
bondage of gold contraction
"On the following day L had pub
| lished in the Washington Post a denial
which was telegraphed throughout the
country by the Associated Press. which
/ is as follows:
Senator Stewart of Nevada request
! the publication of a denial OF recent al
legged Interviews with him on the sub
Ject OF silver and finance. He saws:
There appears to have been a
/ conspiracy to misrepresent me and my
colleague. Neither of as has given out
the interviews reported or any other
1 interviews at variance with our life
long devotion to the free and unlimited
coinage Of silver by the United States
alone at the ratio of I6 to L.
I, II received kilograms from the At
lanta Constitution and many other pa
pers, as we'll as individuals, with regard
to my alleged interview with the New
York Times and telegraphed immedi-
/ ately my contradiction. IN short, have
done everything in my power to relieve
myself of the infamy Of Deserving the
most sacred cause which now involves
the fate OF humanity
''No possible reason can be given fol
the rise In wheat and the CONSEQUENT
rise in railroad and other stocks other
than failure of crops in other ooun-
tries and abundant crops in the United
States The little prosperity now en-.
joyed in the United States is predicatet
upon the misery and starvation of the
people Of other countries and upoT
nothing else The fact, however thai
the entire press and all the people hal
the rise in prices which has taker
place in consequence of conditions oyel
which man has no control as an ines
Unable boon to the suffering million.
of this country, proves that all thu
people regard rising prices as q goo<
thing and falling prices as a calamity
Inasmuch as all the money in circula
ton and all the property for sale ar,
reciprocaliy the supply and demand foi
\ each other, the decentralization OF silver
which cut off more than half the sup
ply of metallic money, made the voIums
Of money less. increased the value @
each dollar. as compared with commod
tiles. and produced a general fall il
prices. This fan Of prices proves be
yond controversy, if proof were neces
sary, that money is governed by tn,
law of supply and demand, like al
other property. The fact that il ha5
been made scarce by destroying half o
1t proves this principle by a CORE
sronding decline in general prices
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