Little Falls weekly transcript., 1894-10-05

silver, with the ruIl legaI tender or eacn,
results in mono-metallism. History has
shown beyond doubt that the metal
which is ove,yalued at the mint will be
coined and he circulated as money, while
the metal that is undervalued at the mint
will retire from circulation. This always
has beam true, is true today, and will con-
tinue true as long as human nature re-
mains what it is. 81.
What, then, would be the result of the
adoption by the United States alone, of
the free and unlimited coinage of both
silver and gold at the ratio of 16 to 1?
Opening the mints to the free coinage of
both metals at any ratio other than the
commercial ratio would inevitably result
in monoLletallism. If the legal ratio were
placed higher than the commercial ratio
the result would be gold recommendation;
the legal ratio were placed lower than
the commercial ratio the result would be
silver mOnOmetallism. The actual COM
merclal rate today is somewhere near 80
to /: The ratio of 16 to is therefore far
below the commercial ratio. Its adoption
would inevitably result, and that speedily,
In silver mOnOmetallism. We have now
in circulation 1904, 600, 600 in gold. This
would at once hurry out a circulation,
accompanied by all paper that calls for
gold, namely, the S346, 600 of green
backs and all the gold certificates. That
Is, the result would be such a contraction
OF the currency as would be appalling.
II any one desires that result, the proper
thing for him to do is to vote for the free
and unlimited coinage of silver at the
ratio of 16 to 1. If he would regard such
contraction as calamity to the country 7.
the only proper thing for him to do is to
oppose such action with all the vigor of
which he is capable.
No Relation Between Silver and Farm
Products.
l have often wondered at the audacity
and mendacity that would permit a man
to insult the intelligence of American
farmers by saying to them that there is
some relation between the price of metal
dug from the mountains of our Western
states. and subject for it's price to a set of
conditions peculiar to itself, and the price
OF the product of our broad prairies, whose
price must be largely governed by con-
dltlOns peculiar to themselves. The
proposition that there is any intimate re-
lation between the value of an ounce of
silver and a bushel of wheat. ton of hay,
or pound of butter, is so transparently
false that wonder at it's utterance by any
man of character and intelligence.
Efforts have been made, from time
to time, to establish some such rela-
tion. have seen a table showing in par
allel columns the price of silver year by
year since 1878, and the prices of various
farm products for the same years. 1t is
true that the price of silver has fallen. It
is true, also that the prices of farm pro-
ducts have also fallen. I am not denying
the truthfulness of the table, but I do
deny most emphatically, the correctness
of the conclusions to be drawn from it. 7
do not wonder that men who have little
time to spare. from their business, men Of
intelligence too, should have been misled
by this table, a copy Of which I now hold
in my hand.
AS the purpose of our meeting tonight is
to ascertain so far as may be actual facts,
and to draw from them logical conclusions,
ask your careful consideration to this
table.
When I came down on the train this
afternoon from Willmar there were quite a
number OF other passengers on the train.
We were moving in the same direction.
But 1T never occurred to me to suppose
that any of them was coming this way
because was coming. My Judgment is
that each one had reasons of his own for
coming. South from Willmar I noticed
one or two families on the train, and it
would not strike me as unreasonable to
f. hot ho 11,S
cling in that direction because the father
was. SO ii man were to say to me that
there was some relation between the price
OF corn and that of oats, 1 could under
stand him, because in a certain sense those
two products belong in the same
family, by nature and by use But
when he tells me that there is an
intimate relation, between the price
OF an ounce OF silver and that of dozen
eggs, shall want stronger proof than that
they travelled together for day, week.
Or a year, even several years. We must
distinguish between mere coincidence
and logical relation.
But let US look at this table itself more
carefully. 1 find that between 1873 and
1874 the price of silver fell two cents per
ounce. Cotton fell during the same time
Of cenCS per pOunu ana TOBACCO fell 81
cents per pound. So much for coincidence.
But during that same time corn rose 10
cents per bushel, wheat rose 10 cents per
bushel, butter 3.9 cents per pound, and
every other farm product in the list rose in
price.
Take again the years 1889 and 1890.
Silver rose 13 cents per ounce. Cotton
rose 2 of one cent per pound. While
corn, wheat, bacon, lard, pork, beef, but
ter, cheese and tobacco, the other farm
products in the table, all fell in price, the
fall in corn being cents per bushel, and
that on wheat being cents per bushel.
And thus we might go through the list
comparing any two years in it. The more
thoroughly we study that table the more
completely we will be convinced that there
is no relation whatever between the price
of an ounce of silver and that of any farm
product whatsoever.
The table was prepared by committee
of the Fifty second congress. 1t is &C
cepted as authority by men of all parties.
But that would be very hasty and super
fetal observation of it that would leave
one with the impression that there is any
Eo%r .,