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

Having shown that the loss to the
silver miners by the discount on silver
for the seventeen years from 1873 to
1889 was less than $130, 600, 600, it will
be seen that the loss In one single year
10 the cotton planters Of the United
States is greater by $50, 900, 600 than
the total loss for the entire seventeen
years to the silver miners of the
country.
But inasmuch as the cotton crop of
1889 was exceptionally large, will, for
the purpose of my computation, dis
card it, and assume instead that an
average yield for the years between
1873 to 1889 would be 5000, 900 bales
per annum which is a fair average
and by no means highs, 600, 600 bales,
of 500 pounds each, are equal to 2, 2,500,
coo, 900 pounds.
i At the price of 1873 the result of each
year would be $500, 600, 900 pounds, at
1914 cents, $40, 600, 600.
According to the figures given by the
bureau of statistics the average price
received each year of the seventeen
was 13. / cents per pound 2, 500, 900, 900
pounds, at 1S.1 cents per pound, equal
1897, 900, 900, showing a difference of
So, 600, 900; that being the average each
separate year for seventeen years, or a
total sum for the entire period OF 81, :
All, 000 900, which represents the loss
IN debt and tax-paying power suffered
by the cotton planters by reason of the
demOnetiZation of silver.
This is the enormous tribute which
has been exacted of the cotton industry
of this country In behalf of the gold
standard, y and of those who, for their
own pecuniary advantage, cunningly
induced the Congress of the United
States to demonetiZe silver This is
the sum which the planters of the
country have lost in debt-paying and
tax paying power by that mad act of
folly. AS will be seen at a glance, it is
loss vastly in excess of that suffered
by the silver States in the discount on
the price of silver bullion.
So that if the silver miners are
taunted with having a personal interest
In the success of the movement for the
full reconciliation of silver, the cotton
planter must be placed in the same
category, and with ten-fold more
reason.
A like computation with regard to
wheat will show a loss in debt-paying
and ax-paying power of not less than
S100, 900, 900 q year to the farmers of
the North and West, by reason of the
characterization of silver total of
s. 700, 600, 900 in the article of wheat
aIofIe in seventeen years Z
Thus loss, wholly unnecessary, of
more than s., 000, 600, 900 in debt-pay ing
and tax paying power Is shown to have
been inflicted on the farmers and
cotton planters of this country.
In comparison with this enormous
loss to farmers and planters, how paltry
is the loss of $S, 900, 900 a year suffered
by the silver miners.
There does not seem to have dawned
upon the mind of your correspondent
the fact that the monetary laws of the
United States and other, nations have
entirely the functions of establishing
and affixing the value, not of silver
only, but also of gold. Thus we see
that the demonetization of silver in
1873 has caused steady and continu-
GUS appreciation of the price of gold,
not only as measured by the amount
of silver a gold dollar will buy, but also
as proved by the steady depreciation
in the price Of all other commodities as
compared with gold. Moreover, while
it is a fact that at the time of the pas
sage of the present silver law, 381.25
grains of silver were only worth ~
cents in gold, the price of such amount
of silver, asa commodity, has, by the
operation of the law now in. force, in
creased from 70 to 81 cents.
Believing as l do, that the use of
either gold or silver, or any valuable
material upon which to stamp or coin
money, is, and must ever be-. an idiotic
practice and a barbaric relic of the age
of barter, I wish to offer the following
ideas as applicable and pertinent to the
present custom and condition of af-
fairs:
First-No material can possess at one
and the same time both commodity
and a money value, provided that all
surplus above the amount needed to
supply the arts, consumption, etc, is
used for money.
Second-If the law provided for free
coinage Gnto money of lead, and the
surplus, as indicated above, was not
more than sufficient to provide the
necessary volume of currency or
money, then, in that case, the amount
of lead provided by law to be coined
into dollar, would be worth dollar
for any other purpose.
Third The very privileges depre-
Gated and feared by your correspon-
dent as accorded to miners of silver
by. a free coinage law, are now actually
accorded to miners of gold by free