The midland journal. (Rising Sun, Md.) 1885-1947, 1891-02-20
Friday, Feb. 20, 1901.
Tracking the Robbers.

Ne GuBtiSH nave VUIcndSeu an dsEiC-
gate amount Of about $500, 000,0 900 of silver
from the United States in the last seventeen
years, and in some of those years paid as
low as 95 cents per ounce for pure silver.
They dispose of this silver in India at gold
prices. That is, they take the bullion to
The India mint, and have ii coined into
rupees by paying trifling sum for The
work. India is a silver money country;
which is to say. silver is the legal tender in
that country and gold is demonetized; but
gold being legal tender in European
nations and the United States, the demand
for that metal for coinage keeps the gold
bullion at par everywhere with gold coin.
An ounce OF gold in this country is worth
is ounces Of silver dollars. this being the
legal standard between the coins in the
United States. Silver bullion by being de-
mcnetIzed inthis and European countries,
has fallen below the silver coin value, and
bee yme merchandise In india the diff
ference between gold and silver coin is Is
ounce of silver to one ounce of gold. Silver
having been made a merchandise 10 this
country the dealers 10 silver whose head
quarters are in London managed their bus
ness so we'll as to beat the price down as
low as 95 cents an ounce. The coin value Of
silver is Sl294 per ounce. Now let US
calculate the profit the English have made
on our silver in their Indian provinces.
One ounce of fine gold at our mint is
worth $20.67. Sixteen ounces of fine silver
coined into dollars in this country is worth
S2067.
10 India l6 ounce of silver is worth at
The mint s2205.
Silver bullion in this country was pur-
chased by the English, previous TO the pas.
sage Of our last silver coinage law as low as
16 ounces or one pound for $l5.2O, which is
at the rate OF 95 cents an ounce. The
English silver buyer who purchased our
silver bullion for $500 pound and dis
posed oft at the India mint for $1,000,
made profit in round numbers of45 per
cent. That is for $500 in gold the
English silver merchants purchased silver
bullion in the United States which they
parted with in India for $22 90 in gold
With this they purchased wheat and cotton,
which on account of the great profit realized
on our silver they were euabled TO sell in
Liverpool-wheat as low as g5 cents, which
cost them in India what was equivalent to
$1.07 in this county.
Had our government continued TO coin
silver as from its earliest history TO 1873,
silver bullion would not have fallen below
$l.294 an ounce and it could not have
been used in India with a premium of As
per cent added. This advantage which was
voluntarily given the English spectators
by our statesmen-so-c alled--enabled them
to place India wheat in England at 95 cents
per bushel, with profit TO the shipper.
which controlled the pEic PRICE 81 our entire
wlea. cFe;2 q nom nome and abroad, for what
our surplus sold for IN Europe of course
ruled the price of wheat in New York, and
all other bread s,uffs sympathized with the
price Of wheat.
Had il not been for the profit realized on
our silver the shippers of Indian wheat
could not have laid it down in Liverpool
for less than 81 % to 81 .35 per bushel, and
American wheat being cleaner and better
than Indian wheat world always have the
preference at the ruling price.
The cheap wheat of lndia which made
cheap wheat ia the United States and all
other farmproduets So mpathizing with wheat
made chap food for English factory oper-
atives, which in turn enabled them to turn
out cheap goods. called by our statesmen
the product Of pauper labor, which enabled
the producers ofsaid pauper made goods to
import them into the United States over
the tariff walls erected by the gentlemen
who had provided the means to make this
train of events possible by deinonetizing
silver in 1878. In short we have made
English shippers of grain and cotton a
present Of over 500, 900, 900 in the last II
years with which to buy wheat and cotton
in India.
In view of this chain of logical events
what would have been the probable condi-
ton ofthe farming and all other producing
CLASSES at the present day 10 this country,
had the United States continued to coin
silver as formerly. as General Grant, hoped
and advised? The present contraction OF
money could never have taken place; farm
products whould have maintained the prices
they sold for prior TO that fatal period the
circulating medium of The country would
have steadily increased fifty to sixty mil
lions year, keeping pace with the steady
expansion Of business, farmers would have
been released from the mortgages which
devonred them on account of the fall in
price Of their products which we have above
pointed out. The public debt would have
been steadily exIinguished by the combined
debt paying power of silver and gold digged
from the mines Of our own country, and the
debt holding class would have been pre-
vented from robbing the deb. paying class
of their property IS they have done by
driving down the price Of everything below
cost Of production.
This debt owning class who resides in
London, New York and Boston, have man.
aged quietly but adroilly to keep the
White House, The Cabinet and both Houses