The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-05-31
TALK ON BIMETALLISM.
An Address on Its Relation to AgricuI-
tural Depression.

An Address on Its Relation to AgricuI-
tural Depression
EDINBURe, May 3I-An important
speech, touching upon wheat, silver,
gold and American mining, railroads
and land mortgages, was delivered
here yesterday by the Ri Hon Henry
Chaplain. Conservative, president of
the board of agriculture in Lord
Salisbury's government. The speech
was an address to a crowded confer
ence of the Scottish members of
husbandry, and had for its subject
s'Bimetallism in Relation to Agri-
cultural Depression"
The speaker declared that agricul-
tural depression was chiefly due to
steady and heavy falls in the prices of
produce, which he claimed was due
to the monetary changes of 1853 and
could only be stopped by reverting to
the previous monetary system No
body could foresee where the present
prices would end. According to the
latest table, the fall from 1873 to 1898
of 40 per cent in wheat amply illus
trates this. The British commission
ers. he added, studied the price of
wheat in America in 1879, and be-
lieved that it could never be exported
cheaper than 40 shillings per quarter.
Continuing, he said, the majority of
farmers believe that the fall in prices
the remedy was protection. But the
fact that half the countries of the
Continent and the United States,
while imposing the heaviest duties on
imported produce, complain of agri-
cultural depression, refutes this argu-
ment, Mr. Chaplain asserted.
Touching upon the farmers of
America 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; but he claimed statistics
show that the production of wheat
has decreased, although the prices
have fallen Therefore, from the
point of view of the speaker, it was
farcical and ridiculous to attribute the
fall in prices to that cause The real
cause, he said, was the monetizatiOn
of silver in 1873, and the subsequent
divergence of the relative values of
metals which enabled the silver using
countries, like India, to export wheat
at the present low price.
Mr.. Chaplin also said: 'tAnd if sill
yer continues to fall there is no rea-
son why wheat should not cheaper
indefinitely. We propose as remedy
an international agreement to revert
to the system which prevailed prior to
1879. The failure of the brussels
conference is no argument 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 con-
duct of the German delegates con-
clusively proved this to be a fact"
Mr.. Chaplin reviewed the bimet allic
movement on the continent and
pointed out especially the Importance
of President Cleveland obtaining
power to re-summon the conference,
adding: my answer to the argument
that an agreement as to the ratio be-
tween silver and gold is impossible, is
that the bimetaliSt will accept any
ratio rather than continue as now,
and silver is SO sensitive that its mar
ket price will conform to any fixed
international ratio. The increased
output, consequent upon such an
agreement, would in our opinion, not
affect the matter in the least, as it
would be infinitesimal compared with
the immense exporting mass.
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