The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-03-21
THE SILVER
By Howard M. Holden, a Banker, Read
in the Senate by Senator
Stewart, of Nevada.
From Congressional Record.l

lEAO
The present depreciation is seriously
Gripping the Indian government, which
has to pay a tribute of about SIS, O0O,-
600 to England. Five of the leading
banks of Europe hold about $3.50, OOO,-
600 of silver coin in their vaults as a
reserve against outstanding circulat
ing notes. These and other cOnsidera-
tions that might be named would seem
to Justify the hope that the conference
might take some adequate favorable
action. If not, then what9 1t will
then be incumbent upon the United
States, realizing the great position she
| holds, with the balance Of the trade Of
the world in her favor, to mark out a
policy of her own, and in such policy,
if supported by a free development OF
commercial rela ions, all the other
countries of the western hemisphere
would doubtless concur.
The United States is abundantly able
to take care of herself, and if she de,
sires to recall any of her gold that may
be drawn to Europe, there are means
at command to enable her to do that
and much mora.
In a speech in the United States Sen
ate March 9, 1870, upon the question of
making vi government bonds payable
in London, Paris, Amsterdam and Ber-
lin, Senator Summer said:
Il cannot forget my own country,
nor can 1 forget the great primacy
which l hope to see her assume in the
money markets Of the world. New
York is u natural money center,
Why should we revolve about Euro
pean money centers2 Let us keep our
own center here at home"
In closing, I am tempted to quote the
words of Senator Plumb, uttered in the
United States Senate but q few months
before his death. After referring to the
then recent disturbances caused by the
troubles Of the Argentine Republic,
under the stress Of which Barring Bros.
were SO deeply involved, and to the
struggles Of England and other nations
to retain their stocks Of gold, he says:
What shall the United States do3
Shall it lead or shall it fCllow2 It is the
only nation in the world towards which
people are coming. 1t is the only ma,
ton in the world from which nobody
Is going. 1t is the only nation in the
world which in actual trade has a
steady and continual balance in its
favor. 1t is a nation Of IS, 600, OOO, the
best equipped for business, for produc
ton Of any people in the world, and a
country in which are the best chances
for investments, toward which more
and more comes the current of good
things of the world, including popula
tion and money. 1t seems to me, Mr..
President, instead Of waiting until we
become ar ~appendage of the outgrown
financial systems of the Old World,
until we too are obliged to engage in
struggles Of the kind of which I have
spoken, in OrderEo maintain our hold
upon III scant money supply, we
ought to strike out, if not for ourselves
alone, at least upon a basis that will
constrain other nations to yield to us,
to come to our views, and join with US
in establishing the most necessary and
useful thing Of bimetallism upon a
broader and safer foundation for bust
ness, upon a sound and permanent
basis" HOWARD M. HOLDEN.
THE PHILOSOPHY OF PRICE.
The vital Importance of reasonably
remunerative prices to the welfare of
any people "a not be denied. 1t is
true that Mr.. Currie, a London broker
and mOnOmetallist, one of the delegates
from England to the Brussels Confer
ence, without denying the reduction of
prices caused by the attempted com
preston to a single gold standard, is
quoted in the press reports Of the pro
ceedings Of the conference as arguing
that low prices are not to be depre-
ciated, but rather to be approved and
encouraged as conducive to trade; but
his views can hardly meet with general
approval. They are the cold express
siOns of a broker and middleman, who
is apparently Indifferent to the condi-
ton of the producer, so he himself
scales his percentage from thu product
as it passes through his hands on it's
way to the consumer.
It has been we'll said that the true
source of riches, as we'll as of indepen-
dence, is to be found in the cultivation
of the SOIL" but neither competency
or independence can be realized with
ont remunerative prices. Cotton at 5
cents on the Southern plantation and
wheat at 40 cents on the plains of