The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-10-02

u'lnent' as well as in tbo 49,
States of American, nrio. sne Bnited
rate at which silver was " coi 1873 the
n1ed at that time at about u SOlned was
voOto5. made made the ratio bet~ ~e ounce q
metals about 153 to l, and t5ia the
which 1 have described ~ nIS system
only abandoned at the date tb stq was
named And whatever else 1a an have
may say or think upon this any one
certainly is a striking and re 9uolSet, it
coincidence that ever since tba aEkaOle
began to take effect we tuo Change
passing through a period Of lave been
and unexampled depression in p'oiO9sod
ture and every other INDUSTRY b bs.S
this and every other gold H. Ooth IN
try in the world that you can coun,
(Applause,) Now, the effects T ~
law were as follows; It gave to ~ 81 Sn naS
in the first place, so far as tho " SILVER
concerned, a position of eouaIitr was
gold. Now, just consider vbo. WIN
means. The law created q mat
and unlimited demand for sfTa, VFSaI
actly as it now creates a simiIa, u
mand for gold. All the gold tbat ue'
be found in the world possesses va Tan
which is conferred upon it bv tbo 'al0e
as, If l may so describe it snotoaa
money And that was also tho nos;
ton Of silver prior to 1879 + n.a
sessed a value conferred upon il nv t rs.
law and all the silver that conid -
found was equally potential MONEY
exactly like the gold.
Another effect was this, that tbo
relative value of gold and silver npvor
varied, but remained practically gtea6v
for a vast number Of years prior II
1873, for nobody possessing silver
would ever part with it for a lowe,
price than he could get at any moment
from any of the minis of those conn.
tries that 1 have named. Thirdly
although the bimetalic law itself WAC
confined to the countries l referred tn
the effects of it were felt and were mi.
versal in the countries of the world in
keeping the relative values of gold and
silver steady. For instance, you hear
a great deal nowadays about the rupee
in India, and how greatly it has fallen;
but up to 1873 it was always worth
just about 2s., without auy change
whatever. You never heard Of any
difficulties then about your Indian
rupee, and if there was any variation
at all it was only fractional. But
since 1873 the rupee has fallen 80 enor.
mously that it has been the source Of
endless trouble and difficulty to our
Indian finance, and at the present mo.
ment it has fallen until it is worth only
about Is. Id. and more than that,
can tell you gentlemen, that Indian
finance was never in so desperate a
mess as it is in at present. (Applausa)
And you will hear a good deal more Of
that unless I am much mistaken be-
fore the present session is over. And,
furtherly, the regular addition Of all
this silver, as well as gold, to the vol
ume of legal tender money in the word
steadily increased it, and had the same
effect as if you added double the quan'
tity of gold. 1t was just sufficient 70
enable the increased volume Of money
to keep pace in proportion with the ID
crease of commodities in the WorDa
and therefore keep prices from altering
very much either one way or theothet'
(Applause.) But in 1873 all this Was
changed. Owing to reasons into Wnlel
l need rot enter noW-tor they are ~
on record, and I want to curtal my
statement as much as posslOle-E
mints of all these countries WerecO
to the free coinage of silver in eltnal
1873 or the beginning Of 1874, 0ua
lost the position which up TILL tn8l
had occupied in conjunction Will golu
it was deprived of the right OF no
coinage, and bimetallism from 'I1
moment ceased to exist. AND WIa'
have next to explain to youls Fne cue
and the results they baVe prO0u0
Now, the chief results were t"0' a.
the first of them was this: Tne asT
caqion of silver greatly increaseu ~
demand for gold, and it put q IS1,
strain upon the gold stocks o. "
world. There was no correSpu
increase in the supply, and the na'I1
and inevitable consequence was
crease the value of that m0'o.'
other words, it caused the ap l3so
ton of gold. But the appreol 70. q
of gold is only another W0ru :" ror
in prices, and as you know .' I" g
cost, that is exactly what has O sSact
and that has been the first efec'