The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-05-05
FREE COINAGE OF SILVER.

/ which he takes a position against the
free coinage of silver Epitomized In
the language of your editorial in the
issue of March 81, Mr.. Evans seems to
think that ''the free coinage measures
were started, and are being run, in the
interests of the owners of the silver
mines and he seems to dread the
effect of any measure that would allow
the owners of silver to dispose of it at
price which is the exact measure of
its value to the people as coin. He
wants the government to buy. the
silver from the owners of it at such
price as will enable it (the government
to make a large annual profit out of
the mime owners"
Tt would seem that your eorrespon-
dent is unaware of the fact that the
very advantages and benefits, he
groundlessly fears would be accorded
to the owners of silver mines, under a
free coinage law, are now actually ac-
corded to England, under our present
system, to the great detriment of the
American cotton planter and wheat
grower. India is fast becoming con-
verted into one vast wheat field and
cotton plantation, and is growing to
be formidable competitor to the
United States in the production of
wheat and cotton. India is single
SilUer standard nation, and all products
| ono cold ord avoboDorad 711Oov, a c1Ixro7,
basis. England, year after year, takes
all our available uncoined silver prod
uct, and much of that which is coined,
all Of course at it's bullion or commodity
value. Why2 What does she want
this silver for2 Simply this: She buys
in America silver bullion for 20 cents,
! (or did-she has to pay 81 cents now,
which bullion, when coined into Indian
rupees, is worth one dollar She thus
obtains Indian wheat and cotton at
cost OF silver bullion C7284 cts) which
| is worth gold coin value or one dollar
On the basis of silver bullion cost she
then proceeds to affix the price of
wheat and cotton for the aCorld, and
thus uses the degradation of American
silver to bankrupt the American
farmer. If by free coinage law we
should merge the community value
into the money or coin value, England
must henceforth exchange 25.8 grains
in gold, or it's equivalent in commodi-
ties, for every 3712 25 grains (fine) Of
silver she obtained in America, and the
American farmers wheat and cotton
would at once become worth as much
more than the present prices, as is the
difference between the bullion and coin
value of silver under the existing law.
But perhaps there is no better way
to answer Mr.. Evans than by quoting
the exhaustive array of statistics con-
tanned in the able and mastery speech
made in the United States Senate by
Senator Jones, of Nevada. He says:
But, Mr.. President, the degree of
! special interest which the mining States
! have in this measure is not to be com
pared with that of the other States of
the Union.
According to the report of the Direc-
tor of the mint, the total quantity of
silver produced in the United States in
the eleven years from 1878 to 1888 in
elusive was 406, ,210, 900 fine ounces
| According to the same authority the
commercial value of that silver was
1886, ,260, 900, and the coinage value
| 1926, 145, ,000 A very simple process of
| arithmetic shows that the difference
between the commercial and the coin
age value of that silver was $88, 1856, 900,
or AN average of $8, $50, 544 each year
I Assuming that amount to have been
the annual difference between the coin
age and commercial value of silver
| for the five years preceding 1873, we
must add to the $88, 885, 900 the sum of
$40, ,402, ,220, making total OF, 1923, ,287,
| 220 as the amount which the silver
mines, not. of Nevada, but of the whole
| United States IN the seventeen years
ending 1889, lost by the demonstration
of silver.
Having thus demonstrated in dollars
and cents the degree of self1shness
which, as is charged, is the motive of
the miners In advocating the remoneti-
zation of silver, let us glance at the de-
gree of selfshness which may be said
to impel other classes of the commUn-
ity to advocate the same cause.
THE INTEREST OF.THE NON-MINING STATES
IN RECONCILIATION.
The price of cotton for the year 1873,
in gold or silver (then of equal power,
was 1914 cents per pound. The price in
1889 was 90 cents.
The yield of. cotton for 1889 was
2, 900, 600 bales, or 8, 5O0,O 900, 900 pounds.
Had not silver been demonetized that
cotton would have brought as good a
price to-day as it did in 1873. At the
price of 1873 the account would have
stood g, SOC, 600, ,0Oo pounds, at 1914 cents,
$574, ,OG0, 900. At the price of 1889 the