Arizona republican., 1891-04-16
THE STATE OF TRADE Discussions at the Com- mercial Congress. Depression of Trade a Sub
 ject Considered. Many and Various Reasons Given for the Present State
 of Affairs.

OOmlueTCldl SOuSTSsS WIS present lIls
 morning when President Francis called
 the second days session to order. The
 subject under discussion was the general
 business and agricultural depression,
 causes and remedy.
 Ex-Governor Click, of Kansas, said
 the subject of greatest interest was the great agricultural depression, and the greatest cause of this depression was in-
 sufficient markets. Blaine's reciprocity schemes and Secretary Rusk's efforts in
 extending the market were partial rem edies for the present depression.
 Speaker Elder, of the Kansas House,
 said combines of capital flanked by
 speculative Boards of Trade and bucket
 shops, which forced false values upon
 the people together with a too con
 tracted market, caused depression. The
 farmers wanted reciprocity. Another way of relieving the situation was by increasing the volume of money. Still
 another way was combination of farmers against opposing combinations.
 Dr. Parsons explained what the Agri-
 cultural Department is doing in the way
 of quarantine to stamp out diseases among live stock of the United States.
 Hall president of the Missouri State Farmers Alliance, thought the greatest cause oi the present depression was par tlsan politics. Other causes were high protective tariff and raising freight and passenger rates to pay dividends on watered stock.
 Gs J. SkItf, of Denver, read paper on Population and Raw Material" He said the figures confirm the truth of the statement often made that the United States was capable of maintaining five hundred million of people.
 A lengthy paper by Edward Atkinson, of Boston, was read. lie said in part There Is not a question pending on which the future welfare of the people ol the country may 80 much depend as upon legislative treatment of the money Ques- tiOn. What we need in order to assure stability Oi our monetary system is to | maintain unit Of value on a gold basis | and to give elasticity to circulating me diums as follows:
 First. Providing for the free coinage | of dollars of gold or silver in just the | measure that the bullion of either kind | shall be brought to the hints to be con | verted into coin.
 "Second. To repeal all acts of legal l tender by the force of which farmers, labOrers or creditors may be | to accept payments in silver or gold at the option of the debtor,
 NsIhipl ranaol If all tx banking issue of notes payable in coin on demand at such time as the business of the country may require."
 MT. Atkinson deals at length with the question of money and credit and re- ierring to the various gold and silver coin certificates and treasury notes ol .he United States says so long as these various instruments of exchange are re- ieemable or convertable into one kind )f dollar and that the best kind or so ong as they are equal to each other in their purchasing power and are kept so by being kept cOnyertable into the one metal gold or it's equivalent which is he standard of the worlds commerce, 'redit may be good and business may be Ictve.
 Any doubt of the quality of money mpairs credit. Free coinage of silver without a corresponding change in the tets of legal tender would be tampering with the unit of value and would be the ,ause of grave discredt.
 The proposal to open the hints of the United States to the tree coinage of siI- Ter dollars of full legal tender under our present statutes is but proposal to col ect a forced loan from property, the product of wages and the earnings of he people of this country, for the benefit md support of the petty industry ol mining and smelling silver ore, a product 't which the annual value is less than lalf that of the hens eggs which we get very year from our barns.
 Senator Stewart wrote that he was in ull sympathy with the congress, and ealized the necessity for united action 4 the West and South to resist the ab- orbing avarice of the gold contraction sts of the commercial centers of Europe md the United States.
 lt was admitted that enterprise must anguish and development be stayed by m adherence to gold mono-metalism. But such was the policy dictated to our Government by money changers. Silver lad been demonetized and there had 'een no material increase in the volume | gold coin, the output of gold being bsorbed for nOn-monetary purposes. The proportion of business and credit xpanded enormously, while gold for ultimate redemption had remained sta ionary. An oligarchy of gold mono netalists either owned or controlled by 'onds. They had every dollar of gold oined in existence.
 He advocated that the people break he corner by restoration of silver to IS proper place as money, and thus free themselves from the hard conditions All financial laws enacted by congress for the last twenty-five years , laye been direct subsidies to money powers. How long would producers ubmit to such legislation? It was time or the producing classes to assert their ights. Under the law demonetizing liver, mortgages have grown heavier md prices of produce have declined. ie advocated then the free coinage of { liver, and said the coined silver of , Europe was legal tender on ar with gold' at premium of bout 312 per cent above our standard ollar. The suggestion that under the rec coinage of silver the coin of any ountry would find a market in the United States and suffer discount of : er cent was absurd. Other measures , night be necessary to supply circula- , ion medium, but free coinage was the rst and most important step in tke of the masses from the ( omination of the money kings.
 The roll of States was then called for ( he introduction of resolutions, which 'ere referred to the Committee on Reso. { ltions and among which were the fol- { owing by Hon. w. J. Bryan, of [ ,ebraska: <
 That part of the revenue necessary !