The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-03-07
The SILVER QUESTION.
BY Howard M. Holden, a Banker, Read
in the Senate by Senator
Stewart, of Nevada.
LFrom Congressional Record.I

recent meeting of the Kansas b1DhNoa9
Association, truthfully SAD: hI DE-
allism is the hope OF the
world" fo, IN
e. ~ I'D standard IN India. A
oon d20atch from Bombay says:
en- roovnment in favor of a gold
anJarJ is spreading. Petitions are re
ceiy-eJ daily from off 5ials in all parts
Of India in favor of a gold standard"
The officials referred to are officials of
the BRUSH empire stationed there, who
receive their pay in silver, and in re
hitting it to Europe find It's value
greatly reduced compared with gold,
Let us see what BagehOt said on this
point:
AS usual, however, other cures (Of
the effects Of depreciation of silver are
suggested, which it is said will be less
nainfuI and quicker. One il, that the
Indian rOvernmen should dem0netize
silver, as the Germans have been do
ing. and adopt a gold standard; but IN
this case the remedy would be worse
than the disease. We ali know what
the Germans have had, to do, and how
painful its effect upon us has been; they
have have had 30 buy gold ID substitute
for that silver, and the result has been
an unusual disturbance Of the London
market, with sometimes very high
rates OF discount; nor Is the operation
yet complete.
But the effect of q similar operation
in India upon us would be altogether
greater and more disturbing, because
the Indian silver coinage Is SO very
much greater than the German. To
get gold enough 10 supply the place Of
all this silver the Indian government
mD,1ll houo fN hy1v nO,lStonrlD oil tho
supplies from the gold mines for years,
and so strengthen intellectually the
growing money markets of the world &;
and then what is the Indian govern
ment going to do with silver? = X =
Those who make this proposal can not
have considered what in practice it
would involve. x x y It would be
nothing but fnan iaI ruin
These words were written in 1876,
long before the depreciation of silver
had far progressed. and when the situ-
alton was far less difficult for the pur
pose than now. The estimated stock f
silver IL India Is put at $500. 600 600, CT
about 25 per cent Of the entire stock #
the world. What would Oe the effect
Of the displacement Of this Iar-e sum
added to the movement 10 the same Ii
recli0n in the Western world?
Whatever difference of opinion may
exist as t. the measures that should be
adopted to remedy the situation, every
American should stand by bImtta}lism.
It is in the interest Of III agri cultural
producer. and in fact Of all classes; it
is in the interest OF debtors and cred
itOrs alike; of debtors, IN preserving
undiminished the volume of money and
the status of the values Of commodities
wherefrOm their payments are made;
of creditors, In maintaining toe values
of securities and the means Of payment;
and the Unired States Is the largest
producer in the world Of both silver
and gold.
The bill recently introduced in the
Senate by Senator Vest, providig for a
reduction Of duties on imports from
certain European countries, in cOnsid-
Grafton of the adoption by such cOun-
tries OF the bimetallic standard. was a
wise and statesmanlike conception,
whether possible to be carried our at
the present time or not.
It is incredible that any patriotic
American should favor an exclusive
gold basis, though, strange to say,
there are some men who hold that atti-
tud0. That there has been a studied
purpose to becloud and prejudice the
public mind on this subject is appar-
ent. From what source this is inspired,
what great interests is behind it,
whether English or other, is as difficult
to state as 1t IS to account for the
agency that struck the silver dollar
from American coinage in 1873 But in
the a. Of the greatest peril that has
menaced mankind in modern times.
certainnewspapers and magazines have
teemed with articles on the silver
craze" and with m%aligning and mis-
representing statements. Against the
high testimony that has been quoted,
showing the insufficienCy of gold for
the worlds business and against the
hard and stubborn market reports, it
is almost sIckening to read Senator
Vilas's article in the May FOrun1, in
which, after arguing silver down the
wind, he says:
The yellow metal alone is abun-
dainty adequate to perform the entire
office of metallic money IN everything
but the subsidiary needs of small deal
Ings. This fact is cOnclusively proved
by experience in Europe"
Is 1t possible that Senator Villas con-
siders that the condition of the masses
of the people in Europe is one that
should be paralleled in this country? A
recent report of Consul Warner to
State Department, after giving details
OF the situation in Germany, says?
In the eastern and western parts of
Germany, as well as in the northern
and southern parts, the workman alone
can not earn sufficient to support his
family"
A recent London telegram in the
daily papers says:
1.-The st. James Gazette saws that
several great drapery firms are totter.
ing under the severe general depression
which has affected all ranks of so.
ciety."
Alengthy telegram in ali the papers
of the 11th. dated London, December