New-York tribune., 1890-06-06

would provocate hundreds and thousands OF arDiufS
operations and others in order inundate you WIN
the DEPRECATED silver against withdrawal OF your
valuable gold.
THE SITUATION IN EUROPE.
Here is then the true situation OF the various
States which you have to watch closely, ana WHOSE
monetary politics will and must counteract ana cause
YOU confusion loss and regret First you have hou-
mania. This country is going TO demonetlze twenty
five or thirty million in 5-franc pieces ana d11,s smcn Is
the speed displayed on the part ca ba tne be Minister
Of Finance invites 9eT p av the eeS sde q Them heTe &
eny ssam on yo% ' know Know What will happen with the
Latin Union whose dissolution, or to be more eoTrecV
whose settlement Of the & SFe M s TegT YEAR the three
debtor Countries. Belgium Italy and Greece have to
back from FRANCE their TSs pnsb cSambe ssSs have
long ago already placed dscre1onary power % 10 tbe
G aons W5sa IN pfcfS o Finance SI Who as matter
of course will seize the first opportunity when you
viii raise tho price of silver to sell you as MUCH a.
But now the principal point in the Whole hs
anSbcdy asr ynG and Which alone should dictate policy
win regard to silver ys Sea pea s Of coamtrT stocked
to s sales Of silver in 1875 when silver fell to about
so pence The loss was TOO heavy they 1aio al inc inc
nothing more to do with the gold currency and !
myself have already the Ministers and me leaalns
them to resume at orce these sales when circumstances
win permit l. This without doubt VIII be @ a9nc coms ame
enormous quantities Of he metal to sell at this present
beg that whole spTntry t your nrsY. c%r
and S Srd @ be % a% ae EGn %nS
n com nay Theh present. pr ared
the price of silver day 48 pence and 81 o. in New
York is out of question with regard to the lna1an sn
nearly ! shilling 612 pence per rupee While IL
stands at l shilling 53-4 pence ..o.onn,s !. oc.
crpted by the commercial public. Ii true, they may
we'll startle those who favor our free coinage OF 'ne
SOME PERTINENT DOMESTIC STATISTICS.
In the discussion of this question we have heard
gloomy descriptions of situation at the present time
prophecies Of the prosperity and benefcent effect hao
would follow free coinage Let me invite your az
tenton for moment to our own industries, tlle MAIN
agricultural implements, lumber. nour, gia,.. iron
and steel, and ship buildng-the leading industries o
their reports practically give their condition now
compared with ten years ago: me me eStlnavcl et!
Sl163 O15,74S for loS0; the hands employed IN lspo
are estimated at ,3s3 against e44776 III 1850
IS estimated that $3.50 sos will be paid in 1880;
the vaue of material used in 1850 was 81 l97 2O4 56l
OF the product of losO is Sl4 127 423 and the tSt
for 1890 is 81 3,179,22s. In the last eight
increased $50,OOo.O00 worth; and in what known
as nonmetaic products the increase has been nearly
100000 Geo. so far one i able 10 estimate from
the statistics that have been furnished by the leading
industries the reports Of the Agricultural Department
and those Of the Geological survey, the wealth per
capita in this country has increased in the last decade
to 81 900. From 1870 to 1880 the increase was from
corn, rye, oats barley buckwheat reported by the
statiscian Of the Department of Agriculture there was
production and of 30 per cent in the average farm
value Of crops for the last nine years over that of the
It was asserted here the other day that our country
was filed With idle men and unemployed labor. |
for all at remunerative rates. Annually for ten ye1
over 100000 immigrants have sought orr country for
s6foa9 to our % labor force there has not been a'
deCrease IN the rate Of wages during that period the
have already given the increase in the number OF
those employed in our mechanical industrics The
Their wages however, are not fixed By organizations
in that Industry formed to regulate prices but depend
has been Investigated BY the Agricultural Department,
through it's regular correspondents and agents anu
avse wuSa Ga Wages qos Of the osy rm boer in
the State of New York in 1879 was 90 cents without
board and 90 with board and for $500 81 % with,
out board, and 90 cents with board In the state Of
Illinois IN 1879 the same laborers received II OF with
out board and 10 cents with board, and in 1890
81 Is without board and S6 cents with board. In
out board and so cents with board and in 1890 81 20
without board and % cents with board. There has
in the daily wages paid in that tn: greatest and the
stated, the demand absolutely fixes the price.
CONDITIONS THAT AFFECT PRICES
III must Dc DOlle IN NINA llldl lie severity OF
petition, from the increase in the quantity produced
by the increased facilities for and the reduction in
charges for transportation, extending the Of sup
ply and productive power Of the world, now, as they
always have and always will. affect prices. Wltln
years the agricultural acreage Of tins country as
been extended 100000 acres al least. our various
agricultural products, including meat, for the last
year largely in of those of ten years ago.
and above the relative increase in pOpnlation
l mean is that the production has advanced faster
than the population has increased south America
grows moro wheat than is required for her domestic
consumption This is true OF Australia India has Il
raises surplus and Western Europe Is practically
the only market for all the surplus. The suez Canal
and the extension of the railroad systems in foreign
countries have extended agriculture largely increased
its productS and sharpened the competition with ms,
and decline in price 1t should be borne III mind Is
in the ratio OF the increase in the product but
greater Especially this true # there /. snrplui ,
be supplied until the price there reaches very nearly
point of actual production IL Is proper to remark
that the decline In the export price does not measure
the decline j" he farm Vf % M dsNr 9Sye seen m y The s so.
Of transportation of bushel Of wheat from Chicago
to Newl0rh within few @ yearS-twey s, "a, te me- Out m
borne in mind that this leSsened cost of transportation
must first be deducted from the export prize before it
d auetISn. sRS 'N''"'0" o III" price, a' '1' '' u ''
any expansion Of our currency, qultc the contrary
but am opposed to any legislation that, IN my lrde
ment would Of G9eyS he worS s o Ve word S
an immediate contraction Of our currency Tor pcrod
time least. ana certainly uIlul we were dp>o
Imtciy npon "A silver basis. am opposed TO any
policy hat deprecstes the standard value Of or
money below that which measures the commerce OF
the world. favor most emphatically the MAINTAIN
ing Of the highest rates Of compensation ior idoor con
slstent with the ability Of capital To employ IL wien
that limit is passed. however dlencss Of the one ana
loss to the Other follow and dcprecate an unneccs
sary struggle between the two forced by deportation
OF the purchasing power OF our money
Mr.. sHERMAN'S VIGOROUS SPEECH.
Mr. sherman said that lie had not intended 70
address the Senate until there practical measure
before IT, because the bill reported from the Finance
Committee was only uneasy ghost wandering with
out father without compass, without guide. with no
one 10 call for vote upon il, and 10 one TO demand
solution of the difficult question. But as he was
compelled 10 be absent from the Senate Chamber on
other important business he availc1 himself OF the
nrcsent opuorunity OF saying what he had u