The midland journal., 1888-01-27

Houses of Congress, in January, 1878,
by vote of nearly three.fourths in
each House, declared that the bonds OF
the United States, according to the con.
tract between the bondholIers and the
Government we're payable in either
gold or silver coin. Notwithstanding
this, the Treasury Department has at
all times assumed that the bonds we're
payable in gold alone, and constantly
comp planned that silver coin was accum
ulating in the vaults of the Treasury
and that the people were refusing to
take it. II silver is really cheaper
than gold it is the duty Of the Secretary
to pay the bonds in that metal 10
other words, it is his duty to save for the
United States all he legally can. He
has no ri ght to donate the people S
money. The bondholders have no rea-
son to complain. They obtained their
bonds with money at discount of so
per cent, The plrtiality of the Treas
ury Department in paying them in
gold alone has raised the bonds to a
premium Of from 25 to 80 per cent. in
gold, which, added to the discount,
gives them profit on the money in
vested, in addition to interest, of at
least Is cent on the dollar.
EFFECT ON FARM PRODUCTS.
While the bondholder has grown
rich by this war on silver, how has the
farmer Jared? Wheat. for example, is
cheaper to-day than it has been for one
hundred years. The farmer of the
United States is forced to sell his
wheat on a gold basis. lie is suffering
the full force of the demonstration of
silver and the destruction eff one-half
of the worlds money. The gold coin
in circulation to day does not exceed
the golI and silver coin in circulation
forty years ago, while the population in
Europe and America has about doubled
in that time. This is not all. The fact
that silver is over 25 per cent. discount
in the United States is developing the
productive industries of India, where
silver remains at par with gold. The
speculator buys silver in America at
discount of 25 per cent. and exchanges
it in India for wheat and cotton at par.
He has rs per cent. advantage in the
London market over the importer Of
wheat from America, who buys for
gold. In 1879, before cheap silver had
stimulated the production of wheat in
India, the United States shipped to
Europe over 150,O00,O00 bushels of
wheat and sold it for over $190, 100000.
In the same year India exported only
100000 bushels. In 1886 the Unit.
ed States shipped less than So, ,0OO. 900
bushels Of wheat to Europe and only
received for it little over $50 100000
while in the same year Indias ship
ment rose from 1000, 900 in 1879 to
80 ,000,0 bushels in 1886. There
has been no overproduction OF wheat to
reduce the price. There has been no
increase in the last ten years except in
India ; on the contrary. there has been
a decline in quantity throughout
Europe and America.
In June, 1886, an animated discus
sion occurred in London at the Colonial
Chamber of Commerce. Upon the sub
ject of the low price of silver and its
effect upon the prosperity of India,
Sir Robert N. Fowler, NJ. p, London
banker and ex-lord mayor, said that
"the effect OF the depreciation of silver
must finally be the ruin of the wheat
an cotton industries of America, and
be the development of India as the
chief wheat and cotton exporter of the
world" Notwithstanding these plain
facts and the universal depression of
the farming business of the United
States, caused by the low price of pro.
ducts growing out of the demonetization
of silver, the bondholders still insist
upon their demands.
/Every day is little life, and our