St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-31
WHY WE HAVE HARD TIMES
CAUSES or DEPRESSION EXPLAINED
EY IN ENGLISH LEsDER.
Decentralization OF SILVER

Decentralization OF SILVER
At the Bottom of All tho Trouble
Heavy Fall in Prices-Amer-
lean Farmers Have Suffered
Most EnSlishinen Will Lose
Largely on Their Investments
in American Land Mortgages.
EDINBURGH. May 30.-An important
speech, touching upon wheat, silver.
gold II American mining, railroads
and land mortgages, was delivered here
today by the Right Hon. Henry Chap
lin, Conservative, president OF the
board of agriculture in lord Salisbury's
last government. The speech was an
address to a crowded conference of the
Scottish chambers of ~husbandry, and
had for it's subject ''bI-metallism in re-
lation TO agricultural depression" The
speaker declared that a great depres.
sion was chiefly due to the steady anu
heavy fall in the prices of produce.
which. he claimed. was due TO the none
tary changes of 1853. and could only be
stopped by reverting to the previous
monetary system.
Nobody could foresee where the pres
emf fall in prices would end. Accord
ing to the latest table, the fall from 1873
10 1898 of 40 per cent in wheat, amply
illustrates this. The British commits
~sioners. he added, studied the prices of
wheat in America in 1879, and he be-
iinuni tIot - o,,IJ ,ouar ha ovnnrrGd
cheaper than 40 shillings per quarter.
But superior Indian wheat was sold last
week at Hull for los Sd per quarter.
Continuing, he said the majority of
the farmers believe that the fall in
prices is due to foreign competition, and
that 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 a
great depression, refutes this argument,
MIR. Chaplin 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 overproduction
is responsible for the fall in prices; but
he claimed statistics showed that pro-
duction of wheat has decreased, al
though the prices have fallen. There
fore, from the point of view of the
speaker, it was f~arcical aud ridiculous
to attribute the fall in prices to that
cause. The real cause, he said, was the
demonstration Of silver in 1878. and
the subsequent divergence OF the rela-
tive values of metals which enabled the
silyer-using countries like India to
export wheat at the present low price.
Mr.. Chaplin also said: "And if silver
continues to fall, there is nc reason why
wheat should not cheaper indefinitely.
We propose, as a remedy, an interna-
tional agreement to revert to the system
which previled prior to 1873.
Zine failure of the Brussels confer
ence is no argument against this, as it
has since been clearly proved that moth
ing but the action of the English dele
gates broke up the conference.
"Chanceilor Won Caprivi'S subsequent
explanation of the conduct of the Ger
man delegates ~conclusively proved this
to be a fact"
MI. Chaplin reviewed the
BIMETALLIC MOVEMENT
on the continent, and pointed out espe-
cially the Importance of President
Cleveland obtaining powers to resum-
mon the conference, adding: "My
answer to the argument tina an agree
ment as to the ratio between silver and
gold was impossible is that the pimetal-
list will accept any ratio rather than
~, 1-- n,I -if,o, -, 80 $500:
tive that its market price will con-
ratio. The increased output. con-
sequent upon such an agree
ment. would, in our opinion.
not affect the matter in the least, as it
would be infinitely small compared
with the immense existing mass. The
argument that an international agree
ment would make the fortune of the
American and Mexican silver mines
does not touch the question of its ex-
pediency and general utility.
1.-THE most important adverse argu-
nent is that Great Britain. being the
greatest creditor now of the world,
would receive payment of her debt in
the cheapest metal. We contend that
both metals would perform equal func-
tons, while, on the other hand, we ask
if it is wise for a creditor to embarrass
his debtor by monetary changes"
The speaker then referred to Amer
lean railways, and made the assertion
that one third of th"ir number were in
the hands of receivers.
Mr.. Chaplin followed this by dwelling
upon the unfavorable investment made
in American land mortgages and said:
'From the accounts of the
CONDITION OF LAND
~,~I tho ~, rhorn o,,a =.