Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1894-11-30
THE CRIME OF '73.
Ex.Goy, Princes Address to the Trans
Mississippi Congress on the
Silver Question.

oliver QutstloH'
The discussion on the remonetization
of silver before the trans Mississippi
congress at St. Louis on Wednesday after
noon last was opened by e1-Gov. Prince,
of Santa Fe.
Upon the principle that all structures
must first have foundation, the governor
stated he would confne himself to state
ments of facts, leaving the superstructure
of argument to those to follow him. He
then began a review of existing csndi-
tions. He charged that the eastern sec
ton of the United States was opposed to
bimetallism not from principle, but from
absolute ignorance of the subject. Yet
he did not mean by this to charge con-
scious wickedness. The west, by reason
of intimate association with the need of
greater supply of money, was better in
formed, while in the east only the banking
element was acquainted with the issue,
and they, from selfish interests, advocated
gold monometallism.
Turning to the decentralization act of
1873, passed, as he asserted, by secret
fraud, and which no member of that con-
gress had ever acknowledged having vot'
ed for, with the knowledge that it did de-
monetize silver, he said that all the silver
men asked was the repeal of that law
which no man acknowledged paternity
for, and which every man in public life,
then or now, declared a child Of stealth.
The demand would be the same were
| there not
SINGLE OUNCE OF SILVER
| product in America. It was the need of
q circulating medium. Take for instance
the wheat crop. The decline in the price
per bushel has been from $1.19 to about
so cents, or a net loss to the farmer at
present of $250,OOO,000 per year. Or TAX
ing the average increase value of wheat,
corn, oats, hay and cotton, the decline
since the demonstration of silver had
been from $1565 to $S.15, or 4S per cent.
Taking the bimetallic prices of 1873 as n
basis, the gain, by restoration of silver,
to agriculturists would be $1,50O,00O,0O0
annually. This, in the face of the fact
the decline of silver made a net loss of
1872 100000 annually to the miner, proved
the issue was not local to the mining in
terests. Indeed the decline in prices was
not decline of values, but an apprecia-
tion of purchasing power, and what more
could be said in favor of an increase in
the medium of exchange, especially when
we see countless thousands suffering from
the existing state of affairs.
An easy way to look at the matter, he
said was to take for instance
FARMER's MORTGAGE.
Let it have been made when wheat was
at $1.19, then 100 bushels would have paid
$119 Of the debt; now it requires 240 ap-
proximately. Continuing with an argu-
ment from this standpoint in favor of a
stable valued dollar, in concluding the
governor charged the demonstration of
silver by the increased value of a dollar ef-
fscted an impairment of the obligation of
contracts.
Such, the governor said, are some Of
tha facts in this case plainly stated.
The need of the hour is such an awak-
eniug of interest in this question in the
east as will cause inquiry aud irvestiga-
tion and independence of thought.
We are one nation, our interests are
identical; that which affects one Sec
tien affects all, and in this matter, east
ana WebG, HoFtn duu souuu' Luz iueoo
studieusly inculcated in the East that
this is a western matter, and one in
which the silver producing states are
principally interested, is utterly decep-
tive, as have endeavored to show. The
farmer of New York or Ohio is interested
precisely as is his brother In Iowa or
Kansas.
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