The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-14

| could bear the light OF CrlGIcl5Lh COuiu
| have existed in favor or the demoneCl
cation. The measure IN questlon was
| evidently a link IN the scheme Whlch
had for it's object the down
of tho nrica Of silver in the American
| and London markets for some purpose,
probably for the double purpose OF ere
| ating the conditions heretofore referred
to for the more profitable trade by
ENGLAND with India and other silver
countries of the East and South Amer
Ica and for the enhancement OF Iho
value of the vast obligation when sne'
as the great creditor nation or n
world, held against the rest OF a
kind.
Certain it is that as a result she has
become the great broker between
America and the rest of the world. We
have a large trade with the countries
of South America that are on a silver
basis. We are always IN debt to those
countries, a. Il lmpOrtatlOns from
them are large, while L exports to
them are comparatively small. We,
therefore, have to pay them many mil
lions annually, but these payments are
not made direct, but by shipping gold
to London and drawing bills on Lon
don, which London can pay in silve!
at a good margin # profit.
When will this country, which has
the balance of the trade Of the world In
it's favor, and which, as the largest
producer of both the precious metals,
should control their status, have the
craftsmanship and stalwart American
ism to put an end to such a state of
affairs! If somebody's politics did not
stand In the way we would have the
conditions established that would give
our producers and manufacturers at
least an equal footing with those OF
other countries in the South American
markets and a feet on the cas- between
our ports and those of South America
that would forever end this tribute to
Europe and give us the trade OF that
country, which EUrOp : now practically
mOnOpOilzeS.
Following the acei IN Of this country
III demOnetizIng silver, Germany,
which had already adopted the gOld
standard. demOneUized her vast hoard
of silver. 1t is d notable fact that the
final act OF characterization vas not
taken by Germany until five months
after demOnetizaJion had transpired i'll
the United States.
This action by Germany led the Latin
Union, composed Of the states of
France, Belgium. Switzerland, Greece
and Italy, which III 1865 had adopted
the French system of free coinage of
gold and silver at the ratio of 155 to l,
90 limit their silver coinage, and In
1878 to close their minis to silver coin
age. Other nations in Europe took a
similar action, and thus the legal value
Of silver was destroyei aud hat metal
was reduC0& u the position Of a mere
C0mmO0l Y.
The conduct OF some Of our states.
men with reference to the demOnetiza-
tiOn of silver has not escaped critIci IN.
A the Paris conference of 1867, our
delegate, Mr.. Ruggles, argued in favor
Of the single EOlu standard, and de-
cIared that such would be the policy IF
| the United States; and Senator Sher-
man wrote a letter for use at that con
ference, favOriug the single gold stand
ard. He was then Chairman Of the Fl
nance Committee Of the United States
Senate, and his views had great weight.
In 1878 he was q member OF the Sen
ate, when silver was demOnetized.
There was no reason at either of
these dates-1S67 or 1S73-why silver
should have been di credited as it
then stood at a premium as compared
with gold It IS probable that if the
weight of this country's influence had
not been thus cast in favor Of the single
gold standard at the Paris conference
IN 1867, a date prior to any action of
the German empire in that direction,
such action might never have been
taken, and the subsequent raid of the
nations against silver, with all its
train Of enormous loss, might never
have occurred.
At the monetary conference Of 1878,
replying to Gen. Walker, who was one
Of our delegates, Mr.. Fee Herzog, dele
gate from Switzerland, said:
81 think the learned delegate Of the
United States was wrong in noticing,
as he had done, the tendencies of the
conference of 1867. At that conference,
in which they were represented, the
United States showed themselves warm
supporters Of the gold standard. 1t was
they who led the campaign in favor Of
gold" Proceeding CT Conference,
page sol
TO BE CONTINUED