The farmers' union. (Memphis, Mo.) 1891-1895, 1892-03-17
ire Ccinane Before the 6aokess' Club.


Il prominent banker of New York,
William p. st. John, at the Bankers
Club banquet in Chicago. February
26th, presented some facts relating
to the history Of silver az money
which should be conclusive to the
mind of any reasonable person, IN
favor of unlimited coinage. In view
Of the facts set forth by Mr.. st. John,
II the present Congress fails to i'm
metlintely restore silver to its former
position on equality with gold it will
be in violation Of an expressed DE-
mand of large majority Of the peo'
pie of this nation and our law makers
should be held responsible for q
violation Of a great and important
trust If they fail to comply.
The productive classes of this cOun.
try have struggled for eighteen years
under the depression and the burdens
Of debt which have gradually closed
in upon them by the force Of circum.
stances which largely grew out of
that abOminable decentralization fraud
Of 1873 and the latter forced resumpt-
ion act Of Congress. for special pay
ments set mp as a cap,talistic ''scare-
crow"
Now after eighteen years Of robery
by the Shyl.Hk class which has at,-
sorbed nearly the entirls profits Of
the agricultural industries OF the
Nation, the howl goes up from the
Unsuitable nav of the sharks that the
restoration of silver will bring pros
perity and relief to the debtor c'ass
at their expense and to their disa'i-
vantage.
Why SHOULD! these mamoth worship
ers not be left for a time to roast in
the fires which they have been fan
ming into flame for the patient toilers
in the fields of the great prairies. the
, mills and the shops for these many
years? Mr.. St. John in speaking of
the antagonis,ns against the restora-
ton of the system of silver coinage
which WAS founded under Washing
ton in 1892 and endorsed by Alex
amber Hamilton and Thomas JcfIcr-
son and ratified by Andrew Jackson,
classifies under four objections which
we all frequently hear expressed
First: That it is scheme of mine
owners to enhance the value of their
silver. Second: 4 swintlle on our
pensioners in reducing the value of
their money thirty cents on the dollar.
Third: 1t will depreciate the value Of
our money ny banishing the gold to
foreign lands. Fourth: A Reputation
Of thirty cents on the dollar Of debts
to the advantage Of the debtor class.
These claims are all futile and the
objections can only he pressed for
consideration from purely selfish
motives. Tic facts set forth justify
the immediate restoration of silver.
The present standard dollar of ll2A
grains, nine tenths fine, contains the
identical weight Of pure silver, 3714
grains, Of the dollar of 1892 aud
stood us the lawful money equally
with gold for eighty years, or until
uemonetized in 1873. Measured by
our ::;;7l4 grams Of dollar value, that
of India only measures 34S.3 grains
and those Of Continental Europe
1853 ~ grains of pure silver. Why
should Europ, food our country with
silver when the premium would bc in
our favor?
1 1t is also evident that the ertirt
output Of both metals in all the gol,
and silver producing countries Of tht
world is not sufficient to meet thu
demands of the increasing business d
the world rs basis, even for thu
circulating medium Of exchange. TIL.
ratio Of silver to gold production TO
the world in 1892 when Alexantle
Hamilton fixcd the ratio of value TO
this nation was scventy-six per cen
Of silver. The worlds prescn
relative production is but fifty -nin'
per cent of silver The eighteen
months of operation Of our statute Of
1890 evidences the fact that upo,
low average of absorption of silye
in the world ut large, our siiver-pur
chase Law already trenches upon thu
worlds mine product of silver
Which means that the consumption
Of silver. including our treasur,
absorption, has exceeded the prOduc
ton in the current year.
Prosperity in the United States, il
consequence of this reinstatement o
. our long continued coinage system
, will most powerfully influence Euro
pean action favorably, and the meas
ure reported to the House of Repre-
senta.ivcs invites continental Europ
;, to follow our examplc.-Wester
5 Rural.
You want to reform your old par
ty? Big job and the odds are agains
> you. But suppose you do, enough o
your party will 20 with the other tho
: nopoly party to beat you. Bill Al