The Caucasian. (Clinton, N.C.) 188?-1913, 1893-10-12

scspegoai, and IL Is now conceded az
all sides tsGTe by = few E,erv.rss r,..r.
sons, who either believe they xhnnid
elsssg fast To their idol or coueIud.
that they must be- consistent m their
many InconsIsteucIss) that the SheT.
man act was IN no wiss. resron-i bic
. Tor the panic al any period OF IT.. sx.
IStence'
INEVITABLE EFFECT OK REPEAI
Those who favor contraction of
the currency are the capitalists, well
sapplIed with gold, good debts. aud
, interest paying mortgages. They
~~e mat when the circulation ; r.
stricicd To a gold basis the greater j.
ITS value and the larger its purehas-
ing power. while, OH the other hand
such contraction can operat. only
dlstresslngly upon the farmer and
workman by forcing them t. give
more and more Of their product and
labor In order that they may reach
the purchasing power. The farmer
must barter Two or more bushels for
the money which only one basnel
commanded before. and the laior.r
must double his hours of toll in the
effort To live upon the wages he
earns"
WHAT REPEAL WILL COST THE WHEAT
POWERS.
The farmers and planters GER
talnly understand that should the
sllver-purchase law be uncondi.ion-
ally repealed, the price of slve,
must fall as consequence of It's de-
mOnetlZation.
Calculating the cost of transport
ing wheat from Chicago to Liver
pool, including storage, insurance
and brokerage, to be - cents per
bushel, and silver bringing - cents
per ounce, then wheat in Chicapo
would be worts 60 cents. But if sill
yer were at par, as it would be under
Tree coinage, an ounce of silver
would be worth $l.29, and the yalue
OF bushel of wheat IN Chicago, less
10 cents cost of transportation to
Liverpool, would be $l.14. Hence,
as silver rises or falls above or below
10 cents per ounce, so must the price
OF wheat vary in the same proper
| ton.
The deduction from this postu-
late IS clear. The farmer in East
India gets the same price for his
wheat now as he did twenty wears
ago. while the American farmer does
not obtain quite two-thirds as much,
the k IS being considerably over one
third, and their loss inures to the
benefit of the English middlemen,
manufactures and operators. This
process, under English gold standard
manipulation, has stimulated to an
enormous degree the growth of
wheat and cotton in India, and its
augmentation in the wheat product
has steadily increased, according to
accepted statistics, from 73O,4S5
bushels exported in 1873 (when silver |
was demonetized here to the amount |
of o9,OOO,OOO bushels exported in |
1917. The loss to the American far
mers would therefore average not |
less than from $4,000, 900 to $3.50,
OOO,OOO on each of our annual wheat
crops"
This statement is so plain and the
logic so memorable that ten-year
Old school hoy can comprehend it.
10 the simple minded farmers in
the land it must be obvious that if
our surplus wheat and cotton went
abroad at the prices they would bring
with silver at $l.2N per ounce, the
same quantity would net us over 10
per cent more, or pay 40 per cent
more debt, and thus there would be
that much less balance of trade
against US to be paid in gold. AS the
value of gold increases, so the value
OF silver diminishes, and relatively
the value of everything else falls.
But, owing to the peculiar relations
of silver to the trade Of India, Amer
lean wheat and cotton must suffer in
to the degradation of sill
yer, and hence the farmers of Amer
lea are subjected to immense losses.
Now, in the light of
THIS INDIsPUTBALE STATEMENT
Are the people ready to endorse a
financial policy fagrantly antagonis-
tic to long accepted and hitherto un-
questioned Democratic theories. and {
invested with every element of insep-
arabic and inevitable disaster to the
agricultural interests? The question s
itself. 1t is incredible, It
seems impossible.
IS O'FERRALL A GOLD-BUG?
Is the fact that he is a door-mat
for Cleveland not enoughg Does his |
vote for unconditional repear' not S
make out the case? Then let his 81
lence convict him. The honest. God
fearing, courageous Missourian. :
Bland, was closing the debate in the +
House in opposition to ''uncondition- :
al repeal" O'Ferrall sat near by, and :
his arrogant bearing inspired the pa :
trlotlc Missourian to throw the gaunt- .
let at his feet. His VOICE ringing 9
with indignation, he said: ..
And, addressing myself to any '
gentleman in this House who expects ,
to vote for unconditional repeal and +
then so home to his constituents and !
justify his vote, l want to ask him e
what he expects IN the future for BIZ !
metallism in this countrye He h
knows, aud his constituents know. =
hat if he will vote down this prop :
osition we can get some silver law v
which will be better. His people b
know that and he knows it. He Fl
knows more than that-that when C
ne votes to wipe it out he votes to
90 headlong to gold monometalilsm
md to wipe out silver. There is no
lodging this issue.
"Our people at home know, as we !.
know, that we have no prospect on q
.arth for continuing silver as money a