The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-31
H SILVER QUESTION.
By Howard M. Holden, a Banker, Read
in the Senate by Senator
Stewart, of Nevada.
From Congressional Record.l

the events leading to Its present posi-
ton and with some observations as to
effect upon values.
That question has been the subject of
discussion in and out of Congress and
by International conferences and gov
eminent commissions the world over
during the last fifteen years n more,
and the pending conference at Brus ~elS
has attracted renewed attention TO 10
It is the most mOmentOuS ana lar
reaching question that confront man
kind TO day. Beside 1T the tarlft ana
ali the subjects that have been at Jhe
front In the recent campaign pale lnIo
inter insignifcance 1t has been rele-
gated to the real for assumed polltI al
ex 1ediency. but 1t will not down. Luxe
a combination figure of the spfcterS OF
famine. bankruptcy, and general dis
tress over the world, IL stands behind
in colossal stature, awaiting the atten-
ton which. if not voluntarily yielded,
it will enforce. These are strong words,
but I will Justify them, not merely by
nv assertions, but by the Irresistible
logic Of facts and figures and by the
abundant opinions OF high authorities,
before I close this article.
In the market columns of the daily
papers, a few weeks ago, appeared the
following paragraphs:
1T / figured that the decline in sill
yer during the last year QS9D was
equal to a bonus of 16 cents per blshel
on wheat to importers from India"
The statement is undoubtedly ap
proxinateiy correct, What does It
mean?
IL means that the jmportations of
wheat from InSia were laid down In
England and on the continent at Is
cents less than they would have cps5
had tHis decline in silver not taken
place: it means that American wheat
in Europe had to cOmpe5e with Indian
wheat at such a reduced price, ana "a
the price Of II whole crop Of wheat i
measured by the value IF our exported
surplus, it means in a general way that
the value of cur entire American wheat
crCp was affected 70 the same extent
What does this imply to the wheat
growers of Kansas? The last We rs
wheat crop of that State was about
s.. 200, 600 bushels upon ~hich. n Is
GEMS there is a loss of over 80 600, 600
from this cause
WHAT does it imply to the wheat
growers Of the country generally The
entire wheat crop was about 600 600, 600
bushels. Upon this a loss of L. cents
amounted to 500 OJO 600 1t may be
possible that, though the extract voted
be exactly correct, the figure named
may not precisely measure the extent
to which our whole crop was affected.
but, however that may have been, tine
loss to the American wheat growers
from the cause stated was a sJupen-
d0us one.
Tsllz- 49, OLhc- loOIin- on%1,IO- Il
American production that are likewise
affected, Cotton As exported from In
dia to Europe IN enormous volume,
and the depressing effect of the course
of the silver market upon American
cotton is quite as decided as Is is upon
American wheat, and. Is productive OF
an equal Or greater loss. In 1873. when
silver was demOnetized in TINS
try, India exported almost no wheat
Her exports of cotton. which developed
to large proportions under the impulse
of the high prices for that article dur
ing the American civil var, had great
ly declined.
Up to 1873 her highest exports Of
wheat IN any n year were only about
1000, 600 buSkel4 From that time on
her annual exports of wheat steadily
increased to upwards of. 80. OGO, COO
bushels, and asst year they much ex-
ceed=d that figure; and her exports Of
cotton have been cOrrespOndingly large.
What has been the stimulating Infu-
ence leading to this great change? 1t
has been the course of the silver mar
ket, whereby, In consequence of de-
mOnetizatiOn and the withdrawal of a
fixed legal value and support, silver
became a commodity, to be the foot
ball of spectators and manip ~IlatOr5,
the same as other commodities.
India Is a vast country, with q slow
and backward population of over 25O.-
900 600, who are separated IN their
habits of life and thought almost as far
from the people Of the Western world
as If inhabitants Of another planet. 1t
has no banks to speak Of, except in a
few seabOard cities. It's trade cOndi
tions are controlled by Great Britain,
OF which country it is a dependency.
Its I2nney Is the silver rupee, which Is
coined at the ratio of fifteen silver to
one gold, or about equivalent 10 81 50
per ounce. Its people know no other
money. For ages it has been the
gink of silver"
England, with the farsightedness and
money-making procllvities which have
made her h mistress of the seas and
the clearing house of the world, has
found vast profit in importing wheat
and cotton from India, paying therefor
In silver rupees coined from silver bull
lion bought at deprecated values. This
process has been going on sine 1873.
when silver was demOnetized bv the
United States. So great has been the
profit to the E~nglishman tina railroads
have been built in India for the necas
sary transportation, AMI every effort
made to stimulate the production of
wheat and cotton in that country.
= For a long time the purchasin power
of the rupee in India was unaffected by
the depreciation of silver in London
and the United States, and, while the