The San Francisco call., 1897-08-22
MUST STAND BY SILVER
Senator White on the Future Iftj-
fude of the Democratic
Party.

SAN DIEGO. CAL, Aug. Ex-senator
White, while in this city yesterday, was
seen yesterday by Sun representative,
VINO submitted to him the following
question in writing:
The price of bar silver has fallen The prfce
Of wheat mas risen. There is over the country
generally an apparent renewal OF business
activity and al apparently increasing pros
pect of the revival OF prosperity IN view of
these alleged or apparent facts, what in your
opinion must be the position OF the Demo
cratic party in campaigns OF the immediate
future?i
Senator Whites answer was returned
this morning in writing in his own hand
as follows:
The fact that bar silver has fallen and tn at
the price of wheat has risen cannot affect the
true policy of the Democratic party.
While bimetallists have claimed that the
fall OF silver-or, more correctly, the apprecia-
ton of gold-has affected prices, no defender
of the double standard mas evet intimated
that me price OF wheat cannot be influenced 1
by the extent of the crop. If the output of
that commodity for 1897 shall be one-half or
one-tenth OF the usual supply, clearly the de-
manc will be increased and the article will
go up. This variation OF rate refers solely TO
the extent of production. 1t does not mean
that wheat prices may not also be Influenced
by other considerations.
While prevailing quotations happily show
an upward tendency | am convinced That the
prospect would be much better and the farm
ers reward correspondingly greater if silver
and gold were treated with equal favor.
The restriction OF debt paying money to one
metal makes II heavier to meet obligations,
adds to the demand for the favored substance
and augments Its purchasing power. If there
arefour billions OF money OF final redemp-
tion in the world the purchasing power OF
each dollar OF such money will be greater than
would be the case II the sum were Increased TO
eight billions of dollars.
hr1ve e
much wheat as So would command were the
circulating medium doubled ty the recog-
nluon ot silver. Whether we have SO 000,-
600 or $4,000 of real debt-canceling money,
the scarcity or plenty of grain or stock, or any
commodity, will ieel the presence of famine
and plenty. but when there is abundance, and
when there is limited supply, the price will
always be made with reference to the amount
OF money in circulation. That essen tial, which
1t is dlffcult to get, Will always be more valu-
able than the article which is easy 10 obtain.
The more arduous pursuit of gold, the greater
the demand for 1t and the more marked lis
value Its purchasing ability.
AS to the market quotations of bar silver,
have only 10 remark that the Democratic
party contended throughout the late cam
paign that Governmental attacks on silver
affected the value OF the article; that as ad-
verse legislation had deprecated il, so must
favorable legislation appreciate it. We con-
hdently claimed that the election of Bryan
and friendly Congress would at once tend to
bring silver and gold nearer the historical
standard, and. necessarily, that the election
of Mckinley would make the disparity more
and more evident. Mckinley won ana sill yer
is going down. Thus our views are sustained.
1ne unfortunate consequences which we
everywhere and openly anticipated have been
realized, and / am lost in amazement at the
gigantic audacity of those who demand that
the Democratic party shall alter its principles
because its leaders correctly outlined the
financial conditions which are upon us. II
silver became more valuable under the exist
Ing rule OF the trusts the Chicago platform
might need revision, but when the warnings
CT that fearless enupciation were disregarded