The midland journal. (Rising Sun, Md.) 1885-1947, 1891-05-29
The Currency Controversy


letter to one Of our dailics in which he
very ably discusses the currency ques-
ton and discusses it in way that
would hardly be expected from such
a source. He makes the perfectly
undeniable assertion that both gold aud
silver are needed to day and always
have been for the worlds currency,
That is to say it is an undeniable asser-
ton so far as it concerns a sufficiently
large circulating medium. He claims
with the utmost truth that with the
demonstration Of silver by the nations
has come depression of prices for all
commodities except gold and that it
had caused much of the warflre be-
tween labor and capital. But while
the workingman aud mechanic struck
as result of the decentralization Of the
circulating medium Of the world and
consequent greater or less paralysis Of
business, the farmer could not strike
though be has been much the greater
suffer. Instead of striking he turned
his attention to organization and to
politics and Mr.. Farwell attributes this
movement altogether to the demonetiza.
ton of silver in 1878. In that partic-
ular his statement is somewhat strong
but PROFESSIONALLY the shameful piece
Of Legislation referred to had much to
do with the sufferings which drove the
farmer to action. Some years ago a
British commission after examining
carefully the effect Of throwing silver
out of the currency of that nation,
voted unanimously that the depression
Of business was owing to the deuoraliza.
ton of silver, but while six Of the ca.n.
mission voted to restore silver to the
circulating medium, the other six in
the face Of the iacts which they plainly
recognized practically voted to continue
the gold standard. II there is any
other public question on earth that has
ever been treated with such consum.
mate stupidity or brazen rascality as
this fnan cial question has been treated
we have no knowledge of it. England,
however, has always been anxious for
all other nations to use silver while she
continued to demand her pound Of flesh
in gold Mr.. Farwell states that the
reason is obvious. She is the creditor
of the world and wants her pay in
commodities which shall be valued by
gold as tho standard. Why? Because
gold since demonstration will buy
about thirty per cent more of farm
products and ali raw materials needed
for her factories as the result of making
money scarce.
Mr.. Farwell then gives the reason
for Germany's demonstration of silver.
1t had to do with the war of the rebel
lion. 1t is fact that Germany bought
more Of 20 bonds at large discounts
than any other fore On nation. These
bonds were payable in gold and silver.
AS early as 1868 the agitation tor de-
menetization was begun abroad. And
about the same time Senator Sherman
as Chairman of the Senate Finance
committee made report in favor OF q
single gold standard. and no session oil
Congress down to 1873 failed to have q
bill to effect it, and strange to say,
without attracting public attention. A.
this bill could not pass Congress another
scheme was concocted. The statutes oil
the United States were revised, and
the laws on coinage were altered BY
only two lines under the guise of re-
vision, making silver coins legal tender
fer only So in any one payment. Did
the lobby and Senator Sherman pro-
cure this fraud on the American peo-
pie. or did it creep in "unbeknowist" to
them? is q conunjrum for farmers to
answer. President Grant signed the
bill, which was represented to him as
only "revision" of existing statutes.
If the United States had not demone-
tized silver for the benefit of Germany
holding of our bonds it is quite prob
able-nay, certain-that it would never
have demonetized silver as matter oil
self.interest, which is the fulcrum of all
previous action ON this subject.
What were the means used abroad to
accomplish decentralization? Overstate-
ments as to the production Of both gold
and silver. DeQuincey, an English
authority, stated that the annual pro-
duction would reach S35o.OO0,OOl
when California aud Australia were
producing gold so largely, and French
Observation-Disclosures it al
$500, 900, 900. Germany and Austria