The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-05-31

Edinburgh. May 3O-An important
speech. touching upon wheat, silver
gold and American mining, railroads
and land mortgages. was delivered here
a.. TODAY by the Right Hon. Henry Chap
lin. conservative president of the board
of agriculture in Lord Salisbury's gov
eminent
The speech was an address to a
Crowded conference of the Scotch mem
bers of husbandry and had for its sub
ject "Bimetallism in Relation to Agrl-
cultural Depression"
The speaker declared that the agri-
cultural depression was chiefly due TO
the steady and heavy fall in the prices
of produce, which, he claimed, was due
TO the monetary changes of 1858 and
could only be stopped by reverting to
the previous monetary system.
The End Not in Sight.
Nobody could foresee where the pres
= ent fall of the prices would end Ac-
cording to the latest table, the fall
from 1873 to 1898 of 40 per cent. in
wheat amply illustrates this. The Brit
ish commissioners, he added, studied
the price of wheat in America in 1879,
and believed that it never could be eX-
ported cheaper than 40s. per quarter.
The superior Indian wheat was sold
last week at Hull for 19s. Sd. per
quarter.
Continuing he said the majority of
the farmers believed that the fall in
prices is due to foreign competition
and that the remedy was protection.
But the fact that half the countries
States
while imposing the heaviest duties on
imports of produce, complain of agricul-
Fural depression refutes this argument,
Mr. Chaplain asserted.
Touching upon the farmers Of Amer
lea he said that they, especially, were
being ruined and becoming bankrupt
faster even than the British farmers.
Others contend that over-production
is responsible for the fall in prices,
while statistics show the production of
,wheet has decreased although the
prices have fallen. Therefore from
the point of view of the speaker, it was
a farcical and ridiculous to attribute the
8 fall in prices to that cause. The real
cause he said, was the characterization
of silver in 1873 and the subsequent
divergence of the relative values IF
metals which enables the silver-using
countries like India to export wheat
at the present low price. Mr.. Chaplain
also said: And if silver continues to
fall, there is no reason why wheat
should not cheaper indefinitely. We
propose as a remedy, an international
a greenent to revert to the system
(which prevailed prior to 1879
EF0tIure at Brussels No Argument.
The failure of Brussels conference is
no arguments against this, as it has
since been clearly proved that nothing
but the action of the English delegates
broke up the conference. Chancellor
Won Caprivi's subsequent explanation
of the conduct of the delegates con-
clusively proved this to be a fact.
Mr.. Chaplain reviewed the bimetallic
movement on the continent, and
pointed out, especially, the importance
of President Cleveland obtaining power
70 resummon the conference, adding:
My answer TO the argument that an
q agreement as to the ratio between sill
over and gold is impossible is that the
bimetallist will accept any ratio rather
than continue as now, and silver is sc
sensitive that its market price will con-
form NO any fixed international ratio
The increased output, consequent upon
such an agreement, would in oul
opinion, not affect the matter in the
least, as it would be infinitesima
compared with the immense exporting
mass. The argument that an interna.
tional agreement would make the for
tune of the owners of American an6
Mexican silver miners does not touch
the question Of its eXpediency and gen
eral utility.
THE most important adverse argil
ment is that Great Britain, being the
gre,.test creditor nation of the world
would receive payment of her debts il
the cheapest metal. We contend tina
both metals would perform equal func
tons. while on the other hand, W.
say 1t is not wise for a creditor t
embarrass his debtor by monetary
changes"
The speaker then referred to Ameri
can railways and made the assertion
that one third of their number was il
the hands of receivers. Mr. Chaplain
followed this by dwelling upon the I'm
favorable investigation made in Ameri
can land mortgages, and said:
Creditors in Dangner.
From the accounts of the condition
rof the land and farmers there, especial
Oily in the west, owing to the fan il
prices. 1 should be very anxious abou
investments if they were mine. II
fact the creditors everywhere are il
the greatest danger of losing thei
capital or the greater part of it. owing
to the appreciation of gold.
THE bimetailic prospects of the fu
ture are most promising, and 1 cal
assure our foreign friends that tn
recent court of bimetallic debate in tn
Rouse of commons was devoid of i'm
Hnftance. The discussion Of the matte
S7as attempted against the advice o
fts friends and the result was inevita
Bile. seeing that no division was pos
sible
s'Advices from every quarter o
Great Britain show that interest in tn
question is steadily and widely spread
irg. and that the city of London itsel
is coming it,
Mr. Chaplain's speech greatly i'm
pressed the audience and be was loudi.
applauded.
PREsBYTERIANs AT ALBANY.