St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-23
He is A SILVER CHAMPION.
H6RSRR0UcH HfRPS ON THE GOLD
M0EGMETALLTSTS.
WHAT HIS PEOPLE DEMAND.
Frequency of Panics or Hard
lines Depends Entirely Upon
the Selfish Whims ofthe Cred
itor-Silver the Most Stable
Money Metal to Be Had. Says
the Dakota Statesman.
Special to the Globe.

the Dakota Statesman.
Special to the Globe
WASHINGTON, Sept. q. - Senator
| Hansbrough, of North Dakota, deliv-
cred practically his maiden speech in
the senate today; it was unfaVorable TO
repeal. The effort was not an Oratori-
cal success from an artistic standpoint,
| but bristled with facts and figures, and
will be valuable for reference. While
in the lower house HansbrOugh was
noted as being against any sign of free
| coinage as an evidence of conservatism.
! ! he influence of senatorial associations
makes his conversion noteworthy. He
| Is now looked upon as a champion OF
free coinage. The speech was delivered
10 empty desks and deserted galleries.
1t was in the main as follows:
| he stated in opening his speech In
the senate today that his state does not
| produce al ounce of silver and he did
not own an interest in silver mine, so
that he was Hntrammeled. He had not
intended to discuss the question from a
sectional standpoint, but SD many SEN
| ators have shown a disposition to look
i
land points of view thai he felt Justified
IN dealing with the subject in Its direct
application to wheat-produ regions
| of the country.
when we know that the worlds wheat
yield this year is below the average for
ten years; that average annual yield
| during the past decade has not kept
pace with the increase of the worlds
! population. and the new and enlarged
uses that are being made of the cereal.
| and yet in the face of these facts farm
prices of wheat have steadily declined
! from year to year-from 81. % per bushei
IN 1872 to AZ cents in 1S93-it is con-
clnded that natural laws Of trade and
! supply and demand no longer govern.
and that the root of this great inequality
is nurtured from source and by a
subtle influence hidden from common
view.
1t is asserted that the cause of the
lower price of agricultural products is
overproduction. The very best au-
thorIties agree that the worlds wheat
/ crop this year Will be about equal to
tee years average. and that the years
! yield viii be about 100000 600 bushels
| less than the average of the past two
years. 1t also agreed by statisticans
| that the
WORLDS CONSUMPTION
IS at the maximum and that the worlds
| average price was never as low as now
The wheat crop in 1887 was the Iarg--
est IN the history of the world. The
I average price of export wheat that year
/ was SO cents There has been gradual
| decline in price. The crop of 1893 will
not exceed 2,l GOO, 600 bushels, ac-
cordlng TO the best estimates, which is
| l66.000,000 bushels less than in 1887,
while the average price will not exceed
90 cents. or "a cents less than it was in
| 1887. Prices in Chicago during the late
panic ranged from 5S cents to 60 cents.
The farm price i'll North Dakota is
from 40 cents to AZ cents.
Now what has caused this fall in
| price in the face of underproductIon
and increased demand? Clearly and
uHdeniably 1t Is the increased pur-
! chasing power Of money that has
caused it. Il takes more pounds of
| wheat TO buy dollar in gold now than
| 1t did twenty years ago. That much
must be conceded. 1t is q statistical
| and historical truth that the worlds
! prices of wheat and cotton in this
| country have fallen with the decline in
the price of silver.
Referring to the recent panic, he de-
| clared 1t 10 he due originally 10 Europe
an speculation, and traced it from the
Argentine failures through its various
SlnnOsities TO its elimination in the
| United States.
1t was at the critical moment that the
! enemies of silver had begun their cam
p2ign against that metal and the Sher-
man law, and the onslaught upon GER
| tain classes Of our currency had been
SHAMEFUL IN THE EXTREME,
| and here is the great tAI-erican congress,
| said to be the wiSest and most dignified
| legislative body on earth, i'll extra Ses-
| sion, hastily assembled, under orders to
| repeal a statute because some designing
| individuals have said that somebody in
Europe was afraid that something might
! happen in this country in the remote
| future. A more ludicrous sight never
| presented itself TO the gaze OF man. Gill
| bert and Sullivan. of comic opera fame,
| would find it difficult to picture more
| ridiculous situation. He said it would
have been much more patriotic for the
| president not to have lent his great
| Office to the schemes of the money!
| changers. He had, however, convened
congress, and in mandatory terms had
| indicated what must be done, and it is
said he Will sign no other than an uu-
| conditional repeal bill. 1t is generally
| agreed in congress that the Sherman
bill has nothing 10 do with the panic.
| Yet any law that congress might pass is
| vetoed in advance. Even the chairman
of the committee on finance is COM
| PEELED to abandon mis- former convie-
| eions in order that he may carry out the
| edict Of the appointing power.
If silver is to be abandoned as money.
| silver mining must, of course, cease.
| and as 40 per cent of the product of our
| silver mines is gold it will be seen how
disastrous this would be.
He protested against all legislation
that will oblige the producers in this
country to pay their English or other
| creditors two bushels of wheat or two
pounds OF cotton when one
BUsHEL OF WHEAT
or one pound was equivalent to the sum
of the debt at the date it was contracted.
During the course of his speech Sena-
tor HanSbrOugh presented elaborate
tables showing the worlds wheat crop
for the years 1885, 1856, 1887 and 1888,
showing that the worlds crop in 1885
was, i'll round numbers. 2,093, ,O0O, 600
bushels; in 1856, 2, 113, 600, 900; in 1887,
2.266, ,000,000. From that date it has
steadily decreased, being 2,221, ,OOO, 600
! bushels in 1888, 2,075. .OOO. 900 bushels in
1889. liz. .000. 900 in 1890, .205. 900. 900 in
1891. 2, 217, ,000, 900 in 1892, and, according
to good estimates, 1t will not exceed
| ,, 100, 100000 bushels the present year.
This table shows that the export price
of wheat was Al per bushel in 1872,
| and that it has steadily declined to
about GO cents per bushel the present
year. Mr.. Hansbrough showed also
that the price Of cotton was 1903 cents
per pound in 1S72, and that it is -
cents the present year; and also that
silver was then S1.32 per ounce, and it
is now rs cents per ounce. Discussing
the presidents message, Mr.. Hans