The advocate., 1891-07-08
Inflated trumpeter:


Egyptian policy of England would be pur-
sued in South America, and that in default
of payment, debts due Englishmen, whether
contracted by extravaganza or fraud, would
be collected by the military power of Eng
land in the western as we'll as in the eastern
hemisphere. They dld not sufficiently re-
fleet that South America could not be SUBJ
jugated by English arms without serious in
ternatiOnal complications. The "wise old
bird was not prepared for universal war.
Her policy is to control the weak by force
and the strong by strategy. It has been a
long time since she made forcible attempt
to impose her commercial and financial
policy upon the United States, but it must
not be supposed that she has abandoned her
efforts to make this country tributary to
her wealth and power. Let anyone who
doubts her designs ON this country read
your gold trust article now under considera-
tion and witness your devotion to her
cause.
We were no party to the South American
speculations which caused the failure of
the Barings, but we were in partnership
with the "wise old bird in gold trust and
were compelled to suffer the consequences.
The failure of our English associates in
the gold trust has damaged this country un-
told millions by retarding business, pre-
venting enterprise and producing universal
49, VO,r rvbro aV,SOHy khn ouoi1ou NR
the gold aristocracy of England may con-
tinue to make war on silver. If you sue
ceed in preventing legislation for the
restoration of silver you will demonetize
gold. The people will have some kind of
money; and inasmuch as there is not gold
enough they will have silver. Failing to
obtain that they will have fat paper. The
issue, my dear sir, is whether both gold and
silver shall be used, or both discarded and
paper substituted.
You tell us that ''if the free coinage of
silver becomes law our farmers will find
themselves just in the position of the Indian
farmer" What do you mean by that? Do
you mean that the Indian farmer has been
injured by cheap silver? This was not the
view taken by the English royal commits
sion. Every witness that appeared before
that commission and testified on the sub
ject asserted that cheap silver had stimu-
lated the production of farm products in
India; that the purchasing power of silver
was not materially changed by reason of it's
demonstration in Europe and the United
States; and that cheap silver gave the In
dian farmer such an advantage in the
European market as gradually to drive the
American farmer therefrom and iberate
England from paying tribute to the United
States.
EFFECT OF CHEAP SILVER.
Mark the effect of cheap silver. In 1880
India, Russia, the United States, the Argen-
tine Republic and the Austrian colonies
substantially furnished Europe with wheat.
Of the amount furnished by the countries
named the United States contributed over
SO per cent. Her contribution from that
time until now, as compared with the other
countries named, has constantly declined.
In 1890 she contributed less than % per
cent. The Australian colonies, which are
on gold basis, suffered in like proportion.
They sold 13, 100000 bushels of wheat in the
European market in 1880. In 1880 only
4,500.0O0 bushels were imported into Europe
from that country.
You say the American farmer "will thus
(by free coinage) have to sell cheap and
buy dear. This is just what is troubling
India and the South American republics"
Do you pretend to say that the American