The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-09-12

OS NOOOV p44O, OOUBOOO VI 6AAFO4 PSA all
mum to dispose of, provided we adopt
the Tree coinage and all of the silver Of
the world should come here except that
which is used in the arts.
But we know that this is not reason
aole or possible; we know that the sub
sldlary coinage of foreign countries
would not come here. and that much
SILVER would be required to supply
that. We know that much O Of It
would be required to coin silver in
those countries where it is still legal
tender, and, inasmuch as the price
would go up to the coming value in the
UnlCed States, we know that that fact
would induce many nations to coin
more and make it a legal tender.
MI: PRESIDENT, ALWAYS have believed
that II we were to resort to the free
coinage OF silver we should have very
!lGCle o silver to dispose of than we
nave mad to dispose of under the pur
cnases OF the Sherman law; and I al
ways have believed that under that
law, If silver had had a fair trial bv a
friendly government and friendly
officials, there would not this day have
been the cutlery against it that there
Is, and it would not have been held I'D
as a sample of what our danger would
be If we resorted to free coinage.
The idea so sedulously put forth that
we cannot give silver or anything else
a value by law is false. I fancy there
IS not a manufacturer in the United
States who has grown rich by high
tariff who accedes to that proposition.
1t Is true that the law of supply and
demand controls the bullion price of
silver as Of other things, but it is also
true that the demand is in the control
of the government. Silver has never
at any time within the last hundred
years fallen in consequence of more be-
ing produced than there was any de
mand fort has always been depre-
ciated by legislation which reduced the
demand.
In the time when the world was
filled with gold from the mines of Aus
tralia and California there as no I'M
friendly legislation against gold, there
fore it deprecated very little. The
increase of enterprises, enlarged com,
MERGE, and production absorbed it all,
as I have said, and the world was bene
fitted thereby. So, but for unfriendly
legislation, would it be with silver. If
every dollar dug out Of the earth was
Immediately coined and put in circula-
U1OAs v "ONLiO ALA4PCbI v UL1O OOA1lO 0Cb4N NY
to the worlds industries, and would in
the same way stimulate its energies,
that the great production Of gold did.
It is also lamentabIy true, as cur
people can testify to their sorrow, that
every time a blow has been stricken at
their silver money it has also stricken
the price Of their wheat, their cotton,
and their grain, and everything else
they had to sell. The most reliable
English authorities that I have con
suited say that from the year 1873,
when in consequence of the demOne-
tizatiOn of silver in the United States
and in Germany, the prices Of goods
began to fall, and amounts at this time
on the average of goods to about z shil-
lings to the pound, or one-third, with
every prospect of that fall continuing"
The same authority, John Hill Twigg,
says that 1.-The only protective means
of stopping this fall, is to restore the
old law of coming silver as freely as
gold and let people pay their debts in
either metal atthe choice of the debtor"
Mr.. Cockrell. Will it interrupt the
Senator to give a statement Of the pro-
duction and coinage Of gold and silver
of the principal countries of the world
from 1878 to 1899?
Mr.. Vance. l do not know that it
would, sir. | have almost concluded
and if the Senator will permit me I
will take his statement and insert it as
a part of my remarks.
Mr.. Cockrell. l was going to read
the statement.
Mr.. Vance. Very well.
Mr.. Cockrell. The production of
gold was 50, 21O, 961 206, while the coin
age of gold was 81, 787, ia, 679, or
$576, 753, 473 more than the entire pro
duction Of gold. The production of
silver was 50, 400, 76O, 533, while the
| coinage of silver in the world during
the same period was 50, 1922, 6O3, 351,
leaving only about 1878, 600, 900 Of sill
yer uncoined during the whole time.
Mr.. Vance. l am much obliged to
the Senator for his statement. 1t is in
the line of my remarks.
An ingenious writer in the Journal
of American Politics for September,
1898, Mr.. George Canning Hill, esti-
that the loss of Southern planters on
cotton alone, from, 1873 to 1890, has
been at leas $83, 900, 900 per year, or ST.
40, 900, 900 in seventeen years. For the
same period he estimates the loss Of the
wheat growers of the United States at
800, 600, 900 per annum, or 81, 700, OOO,-
900 for the seventeen years. These are
samples of what has been inflicted on
the people by the wicked war on silver
money land the estimate may be con-
tinued by a consideration Of all other
leading articles of production of field
| and forest and mine.
Nor is gold more stable as a standard
| than silver. Hear what a distinguished
! English statesman says. Mr.. Bllfour,
| in October, 1892 used the following
| wise and timely language, showing that
! gold is less stable than silver:
But there is another point. namely,
| the utility Of our monetary system as
/ q porpoannnt record of debts and Ohli.