Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-01-18
FRIDAY. JANUARY 1s. 1889.
The Silver Question.

nc OllfcI QutSIlOil.
IL was stated IN our columns yesterday
morning that the Farmers' Assembly Of Nir-
ginia had on the day before adopted arcsolu-
ton in regard to the reconciliation Of silver.
We reproduce the resolution, with some
errors corrected:
Resolved, That inasmuch as the farming
interests OF the country are IN a most deplOra-
Bile condition, and It being evident thai they
are growing worse, and believing that the
low prices oiiarm products are largely caused
by the insuficency OF the currency OF the
country, and more particularly by the under
valuation Of silver, therefore we demand the
restoration Of silver TO its time-honored place
rs a cocqual measure OF values, a. q measure
Of relief and Of justice.
What have the farmers 10 do with the silver
question: Weanswer that they are as much
concerned in II as any other class Of people.
and do right to ask that their Interests shall
be respected by their representatives, in Con-
gress. It's the fall in the price OF silver that
has caused wheat TO fall IN price until II can
scarcely be sold for the cost Of production,
and It Is the refusal Of the Government 10
place silver on an equality with gold at the
minis that Keeps down the price OF the
former metal And 1t Is held by great
many persons whose opinions are worthy OF
profound consideration that II free OF charge
silver were coined into dollars, as gold Is
coined INTO pieces OF more value, there would
no longer be any difference between the
price OF silver bullion aud silver coined into
dollars. When silver was remOnetized ten
years ago the monometalists predicted the
most damaging consequences. The cur
rency OF the country was soon to become
almost yaluoless and financial crisis could
not be postponed more than few months.
But these predictions OF the monometalc
CAssANDr all failed Of verifcatOD.
How could II be otherwise The entire
annual production OF silver in this country
could almost be absorbed by our own people.
We have several Numbered millions Of green
backs that might be superseded by silver
certificates.
However, we did not set ont TO make an
argument on the silver question. We I'm
tended simply TO show how It was that
farmers as a class were particularly interested
I
dltion Of equality with gold.
on this special point the Atlants Constitu.
ton says that the continued decentralization
Of silver by the United States is costing the
wheat-growers and the cott0n-planters OF
this country more bard cash than the tariff
would il the present duties were quadrupled.
This is going further than we think the
facts Justify. But the COurer-Journsl, the
leading organ Of the Tariff RefOrmers in the
West, is also a most strenuous advocate OF
the free coinage Of silver. II says that the
exports Of wheat from this country are be-
low the average, whilst the exports from
India are steadily increasing. How is this
That paper answers that the British dealer
is enabled to purchase his wheat In India for
demonetized silver and sell it in England
for gold-the difference between the two
metals giving him little less than three rel-
sonable profits, whereas the wheat-growers
IN the United states have no such opportu-
nifty afforded them. This last-named cOndl-
tlon Of things has been the subject OF discus.
sion i'm England. The Courier-Journal re-
ports member Of Parliament as saving that
.the fall in exchange or bullion was equal
TO SlO,00O,OOO In wheat to the people OF
India"
Sir EVELYN Barring, former Finance MiD-
lister Of India. testified that "the India cutl-
yator has a considerable advantage in the dis
count" lie also said-what we confess IS not
easily 20 De understood the fall in the
prices OF silver bullion and OF exchange "had
not affected the value OF the rupee IN ln-
dia or its exchange price for produce; the
local currency has gone on all the same" IL
this be true. il is clear that our whcat'growers
labor under a great disadvantage. That 1t
is true II proved 10y expert testimony taken
by a commission Of the British Parliament
opposed to remonetlzing silver. We quote
what some Of these experts testified:
J. G. Fielden, prominent India dealer,
testified that "the restoration OF blmetallism
would advance the price OF wheat In Ing
land g. to $3.50 per quarter." lie sdded
that be included "Inda wheat, American
whest-all wheat" Asked II he thought
that India wheat ruled the market, he au-
swered: Undoubtedly"
William Fowler, mOuOmetalist au-
there was bounty arising TO a certain ez-
tent from the condition OF silver as regards
the export OF wheat from lndia. II the
dealer gets q gold price for his wheat in
Europe he can buy more silver or rupees,
the cheaper bullion gets, and, therefore, his
gold will buy more wheat"
A member OF a Liverpool Bombay house
testified that "the advantage OF the fall IN
silver 10 the India culiiystor compeusates for
all its Disadvantages" He added that the
foil in silver was ga cause OF the further de-
cliRe 10 wheat"
x director Of the Bank Of England testl.
fed "TheTe Is no doubt that the exports OF
India have been stimulated by ii aud vastly
increased"
The Courier journal comments as follows
"But for the export bonus created India
could not ship at the prices now curreat IN
Europe bale OF cotton, bushel OF wheat,
or pound OF wool. Before the era OF mo-
nometallism her exports were small, though
thc buying markets OF Europe were 40 10 10
per cent. higher than now. What
an infamy II 10 that we tamely submit to
being made tributaries 10 the paupers aud
ry0ts OF Asia, and have our produce toled
by runOus imposts for the privilege Of ON.
peting with their bonused stuff"
The Atlanta Cor >titution comments upon
che same facts a. follows:
"The trouble is not that the Bland bin is
q failure, but that the free and unlimited
coinage OF silver Is necessary"
This last Is what the farmers OF Virginia
demand, and what we trust all the farmers
80 the whole country viii continue to de-
usnd until that demand is complied with.