The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1893-08-18
LUCID AND LOGICAL.
N. p. HILLS SILVER SPEECH.
A Masteriy PRESENTATION Of tho Coinage
puestiaA before tho H. Metallic
Convention at Chicago.

Chicago:
The overshadowlng topic Of thought and
discussion In this and other gold.stnndnrd
countries Ia the existing depression Of agrl-
culture, trade and manufactures, the dimin-
ishing and vanishing profits Of productive en-
terprlsc, tho lowering wages OF laborers aud
the increasing numbers Of those who cannot
which has existed TO 4 grester Or less degree
since 1873, with brief reactions, the quick re-
lapses from which have brought these coun.
tries into q worse condition than they werc
tefore. Even in this country, where the eco
nomic circumstances are better than they are
anywhere else, VIC have passed through per.
lods OF labor strikes, attended In some cases
with criminal violence, and In many cases
with bitterness Of feeling, which II not dan
gerous IL distressing and deplorable.
In Western Europe. where tho masses Of
the people are always on the verge Of ahsclutn
want, the depression o. husIness has been
more disastrovs In its effects, and 1t requires
all tho vigilance, and the standing armies Of
strong governments 70 suppress soc!allstio
outbreaks.
A commercial and industrial depression
consista essentially Of . serious and persistent
decline in the general range of prices, which
takes away that expectation Of profit which
Is the Indispensable stimulus OF agricultural
and manufacturing productions. With al.
minished production there Ia less employment
for both capital and labor, and wages and
rates OF interest both FALL t5gethcr.
With the steady fall Of pflcth there are con-
stnnt losscs on stocks of manufactured goods
and ON raw products, and the position Of
debtors ahd Taxpayers, who must pay fixed
sums OF money, becomes constantly worse.
II Is well established by recent experience
and the concurrence OF aoccpted suthufit.es
on such subjects that a decline In the general
range Of prices can arise only from the one
cause Of deficiency Of money. which may
happen either from m absolute shrlnknge Of
its volume, or from its failure to expand with
the demands for It,
IL has often been asserted that tho present
declining condition OF the general range Of
priccs Is attributable not to deficiency Of
money, but scientific discoveries, inventions III
various kinds and new maohlnery, which
have lowered the cost Of production, and to
improvements N navigation and In land car
riage, which have lowered the cost Of trans
portatlon. Upon that view Of the case must
limit myself 10 a few brief observations;
First-All the improvements by which the
production and transportation OF products
have been cheapened In modern times, made
Is rapid progress during the twenty years NJ
ter the Californian and Australian gold dis
covcrlcs, when the general range or prices
was rising, as they have during the last TWEEN
" years when prices have been Professionally
falling.
Second-1f the present condition Of prices
OF gold-standard countries was the result of
the increased command Of mankind over the
forces OF nature by reason of advance in
science, skill, inventions and appliances, We
should now be In the midst Of an epoch Of the
most splendid prosperity. The production
with decreased amount OF human toll of
ANYTHING needed by tho human race cannot
injurc any class, but must benefit MI classes,
As well as those who obtain by their daily toll
n NJ hall Hal, a..
live upon an income from capital whTch sep-
rcscnts the accumulated ,sbJr OF the past.
The fact that the present condition OF prices
In gold-standa-d countries has plunged them
into an c5yss Of Industrial misery, which has
hcd lew parallels within the past century, Is
proof that II has not been caused By
chsapcncd cost OF production, which would
have difIuscd universal prosperity ,but by that
most bancful and ipsidic-s W The mlschlcfs
which have afflicted manklnd-a shrinking
volume Of rioncy-whlch pcrverts the equity
81 contracts to pay money, which nggrayates
The burden OF debts and taxes, which stops
production by depriving II OF It's rewards aud
which lowers both wages aud the amount of
employment which labor can obtain.
Third-Thc present depression Ia prices
and industries 10 coanned IN the gold stan.
dard countries and Is little, II At all, observed
elsewhere. Tho siivcr-standard countries are
comparatively prosperous, notwithstanding
inc misfortune that Many Of them are In
volved In debt payable abroad In the money
Of goid-standnrd countries, Whereby they suf.
fer tho Hardship and injustice Of being com.
PEELED to pay large percentage In csccss Of
what Ia eQuitably due Gu their obligations.
This IL notably trur Of British India, which,
under the support given to Its prices At home
BY It's silver standard, has been making great
advances In commerce, manufactures and In
dustrics OF all kinds, although hampercd by
mn addition Of many millions to the real bur
den OF Its annual interest payments TO Eng
land, caused BY the rise In the value Of gold.
Fourth--A significant circumstance tending
10 negative the view that gold prices have
fallen IN recent years, not from the constric-
ton OF gold but from Improvements In ma
ehintry, processes and appliances, Is the fact
that the fall OF prices has not has not been
any greater IN the things upon the production
OF which these improvements have the most
effect than II has In the primary materials
furnished by mining, by agricultural and by
pastoral industry, In which the rudcr Kinds Of
labor arc employed and the Introduction Of
new methods proceeds at tho lowest rate.
The price OF bushei Of wheat has fallen
from 81 10 In 1873 10 * cents In 1893 The
price Of pound Of cotton has been reduced
from 10 cents In isf3 TO cents In 1893 In
both OF these staples there have been reac.
lions which have carried them up for short
periods. but taking the twenty years together
the tendency has been constantly and steadi.
iy DON nwards
II has boon claimed and IL capable OF easy
demonstration, that the decline Of prices
since 1873. Is only an expression Of the In.
creased price Of gold. During the whole
period since 1873 until the recent ~xtraordI.
nary fall. caused by the suspension Of coinage
In India, the purchasing power Of silver has
remained comparatively steady. The serious
effects Of the decline IN the general range Of
prices has been felt only In gold paying coun.
tries, and affords n correct measure Of the APP
probation In the value Of gold, or, 10 other
words, the divergence In the value Of the two
metals has maintained an approximately
steady ratio 10 the Increase Of the value Of
gold.
The unltei States Monetary eommission
declared 10 ISL that gold had risen IN all
countries, while silver had fallen In nonr.n
The experience Of nearly sixteen years since
the declarations Of the Monetary commission
were made has more than verified them. The
value or purchasing power OF silver has not
only been sustained, but II has been increased.
A. respects any such danger A. that Of dc.
probation, silver has indicated its title to be-
eound monetary measure Of values, and NJ
respects the opposite danger Of appreciation.
u has proved 10 bc 4 more stable measure
than gold Is or l. ever likely To b~.
Nevertheless the divergence between the
values Of the two metals Ia now greater than
II ~As when the United States Moneiary com.
mission made their report, aud no absolute
bound eau be act 10 the degree ~ divergence
which may br reached hereafter, especially n
this country, the foremost 10 the world. siiali
lend Itself 10 tho schemes ~ the partisAns Of
gold. The causes tending IA raise II arc In
full view aud arc very powerful, being the IN.
crrnslng consumption of gold In the arts,
which cut. on any new supply for monetary
purposes, aud the fApidliy Of the expansion
of tho demand for money In tho commercial
gold standard countries, and all the while
there Il n possibility tina, thu ndroIt aud ever
active leader. 81 The gold conspiracy may
persuade sonr u the gold standard countries
Ia discard the silver heretofore coined.
II IL plain that ibs divergence between the
two metals has arisen from the great ris- In
the vaiuc Of gold, and that II will become
sti'l more marked II the value Of gold rises
higher. and that the only means of correcting
the Divergence IL 10 ir.scn the employment 81
gold and enlarge the employment 81 silver IN
al a "a H. 49,