The midland journal. (Rising Sun, Md.) 1885-1947, 1889-05-03
Friday, May 3, 1889.
About Silver.

ing, matter OF great interest 10 tne Ouiteu
States. A meeting Of the Bi-metallic League
was held at Manchester, on March 18th,
and the principal speaker, Mr.. Isaac
Hoyle, M. p, claimed that owing to the re-
duced value of the silver rupee, the loss on
the sale of Lancashire manufactured goods
was more than EGG, 100000 sterling as COM
pared with the average of the five years
preceding 1874, when the drop in silver
began. Mr.. Hoyle then proceeded to show
what the gain to the Lancashire operative
would have been if this 926.000.O 900 had been
divided among them. This statement in so
prominent way has walked up the gold
mono metalllsts. They say that it is mis-
leading and erroneous and in disputing it
give very clear account of how, in their
view, the trade of England is affected by
the money standard. 1t is claimed that the
total exports Of cotton goods was only e72,
100000, and that portion of them-about
a third-went to gold standard countries
where there was no loss to the mauufactur-
ers from the depreciation of silver and that
the manufacturers could afford to take less
for their goods because Of the reduced price
of raw cotton. This staple in 1878 cost the
manufacturers an average price of 81 pence
per pound, and in 1888, So pence per pound
only gain of 81 pence per pound. The
total amount of cotton used in 1888 was l >
zoe, 100000 pounds, and the gain of 80
pence per pound, represents an aggregate
gain Of Els, 100000. BY the error in esti-
mating that ALL instead of two-thirds, of
the cotton goods exported go to silver stan
dard countries, one.thild of Mr.. Hoyle's
alleged loss is wiped out, leaving about
e1S,000,O0O, and this loss is further offset
by the gain on raw cotton of els, 800, 900,
to about e2,5e0,000.
~
All the same meeting of the Bi-metallic
League, Mr.. Samuel Smith spoke, saying
that the fall in prices since 1878, which
caused so much industrial gloom in manu-
featuring parts of England was, to large
extent, artificial and caused by the fall of
silver. If the prices of 1873 had been main
tanned the exports of 1856 instead Of amount.
ing e212 ,0OO,0 900 would have been $780,
100000. The silver-using countries had
escaped this fall of prices and England
would also have escaped 1t if she had been
silver using country. To this view of the
case the reply of the gold mono -meta,lsts
is that this may be all very true as to ex-
ports, but how about imports? In the same
year, 1886, the imports which by the gold
standard cost England $3.50, 900, 900 would
by the silver standard have cost $500, 000,-
600, or e159,000,000, more. So that the
gold monometallists say that i England
lost by gold prices e137 ,000, 900 on exports
she gained 9159, 100000 on imports, or
net gain of 922, 100000. Thus the discus
sion progresses.
This discussion between the English bi.
metalists and monometalists, THAT is be-
tween the advocates of both gold and silver
money and the advocates of single, or
gold standard) is of special interest 10
Americans. II will be noticed that the
manufacturers complain the single gold
standard has reduced the price Of their
goods e26,0O0,0OO $3.50, OOO,OOO) by the
contraction process which the gold standard
alone, has on the currency and prices of
products. The cheapening of products OF
labor and the increased value of money
tends to make the debt holders, who are the
bond holders of the worlds debts, richer, al
tie expense of the the industrial classes.
That classiis all monometallists or single
gold standard advocates. They endeavored
to satisfy the manufacturers by pointing out
the advantage they had gained in purchas-
ing raw cotton, principally from the United
States. Prior TO 1873 cotton cost 81 pence
per pound and in 1888 it cost s. pence per
pound, making gain in price of raw cotton
to the English manufacturers, in a single
year, Of SIT 800 600, which came prin-
cipally, or largely at least, off of American
cotton growers. This depression in prices
holds good throughout eyerv line of pro-
duction, wheat, corn, beef, hog products,
everything in fact the farmer sells.
This fact is emphasized by the gold bug
class of England in order TO quiet and rec
oncile the manufacturing classes and those
whose returns for their labor and invest
ment are reduced by the scheme of the
bond holders TO increase the value Of the
debts which they hold. In order TO keep
those cheapened goods, made possible by
cheapening the cotton and food products of
+ the United States, from ruinous compete
ton with our manufacturers, the gold STAN
dard, bond or debt holding class insist on
maintaining the highest possible tariff on
all those goods which prevents their being
sold here at the low prices that were made
possible by the reduction of our agricultural
products, by the demonetizing of silver by
Senator Sherman and the Wall street and
European bond spectators. Mark what
Mr.. Saml. Smith said, member of the Ri
metallic League: 'If the prices of 1873 had
been maintained, the exports of 1886 in
stead of amounting to 92l2 900, GOO Isl $780,
000,000) would have been 9349, 000, 900
($l,745, O00,000). The silver using coun-
tries had escaped this fall of prices, and
England also would have escaped it if she
had been silver using country" To this