Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1890-02-22
THE POWER ENGLAND GAINS BY
DEMONETlZATIO

In reviewing the proceedings OF the First
National Silver Convention recently held al
St. Louis some very able and interesting pa
pers are found. There are addresses by
nearly all Of the prominent silver men and
among them one from Senator Stewart The
following, from one Of the papers shows what
power is given to England by the demoneti-
cation Of silver:
sit is susceptible of proof, that the de-
menetization Of silver operates. year by year,
as means Of enabling England to constant
ly depress the prices Of our wheat. bread
stuas and cotton, articles that constitute
nearly two-thirds Of our export trade. For
the truth Of this statement we make the fol-
lowing suggestions, coupled with statistics:
The population Of India is about two hun
bred and fifty millions. India is governed
by Great Britain. For the boon Of this gov
eminent England charges India about eighty
millions of dollars annually. England, in
August. 1873, for purpose to us not then
but now apparent, demonetized gold in India,
and established there the single silver stand
ard. Germany, the United States and France
suspended the coinage Of silver. That met
al was thus driven to the minis Of India,
where it found free coinage, and where it had
not, and up to this time has not, lost its pur-
chasing power as compared with gold. Now,
this eighty millions due annually from India
to England, is paid by drafts drawn upon the
Council Of India. These charges are paya-
bic in London, where gold only is legal
tender; hence are payable in that metal.
India cannot afford to send silver to England
to pay these drafts, because when silver
reaches London it is not money but depre-
ciated bullion. Consequently India merch-
ants buy up all the wheat, cotton and
bread-stuffs possible, and ship these articles
to London and sell them to procure the gold
with which TO liqu:date these Council drafts.
And so it is with the interest on debts owing
to English investors for the construction Of
railways and other enterprises in India.
Thus the production Of wheat and cotton is
stimulated in India as means Of export TO
meet foreign payments. This has enormous
ly Increased the export Of wheat anil bread
stuns from India to England. 1t has the
further effect Of lowering the price Of wheat
in England, for the lower the price Of silver
in London the more of it gold will purchase.
Silver not having lost its purchasing power
in India will buy as much wheat as ever.
Consequently, to say that gold will buy more
silver this year than last. is synononomous
to say that gold will buy more wheat this
year than last.
The fact is. and statistics prove It. that
wheat, cotton and silver have uniformly and
steadily declined together.
Again. silver being worth more as money
In India than as bullion in England, ii is i'm
ported into India for the purpose Of employ.
ing laborers in building railways and in
opening up wheat and cotton fields, so that
India is not only destined to drive US out Of
European markets. but it is claimed, can at
this time place wheat in New York. and even
Chicago, cheaper than we can raise it.
Thus the gold standard and our hostile ac-
ton towards silver. is steadily depreciating
that metal and driving it TO India. there to
employ Hindoos to raise wheat, corn and
cotton in direct competition with the agri-
culturists Of America. By this means the
cheap Hindoo laborer is made favored com.
petitor Of our own farmers and laborers.
Nearly 6fty.two million dollars Of silver thus
outlawed in other countries, is sent to India. I"