The Philipsburg mail., 1894-06-07
The Views of Prominent En-
glish Statesmen.
AGRICULTURAL DEPRESSION CAUSE
Henry Chaplain Ascribes 1t to til {
Decentralization of the White
Metal-It Can Only BE Stopped
by Reverting to the Mon
etary System Practiced
Prior to the Year 1873.

An important speech, touching upon
wheat, silver, gold and American mining
railroads and land mortgages, was de.
livered in Edinburg on May Both by the
Right Hon. Henry Chaplain, Conserya.
tive President of the Board Of Agriculture
in Lord Salisbury's Government. The
speech was an address to crowded con
ference of the Scotch members of hus-
bandry and had for it's subject "Bimetal-
lism in Relation to Agricultural Depres-
sion."
The speaker declared that agricultural
depression was chiefly due to the steady
and heavy fall in prices of produce, which
he claimed was due to the monetary
changes of 1878 and could only be stopped
by revertlng to the previous monetary
system. Nobody could foresee where the
present fall of prices would end. Accord
ing to the latest table the fall from 1878
to 1893 of 40 per cent. in wheat amply IL
Illustrates this. The British Commission
ers, he added, studied the price Of wheat
in America in 1879 and believed that it
never could be exported cheaper than 40
shillings per quarter The superior In
dian wheat was sold last week at Hull
for l9s Sd per quarter.
Continuing, he said the majority of the
farmers believed 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 import produce COM
plain of agricultural DEPRESSION refutes
this argument.
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 overproduction is
responsible for the fall in prices, but he
claimed statistics show that the produc-
tion 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 characterization OF
silver in 1873 and the subsequent diver
gence Of the relative values of metals,
which enable the silver-using countries
like India to export wheat at the present
low price.
Mr.. Chaplain also said: And if silver
continues to fall there is no reason why
wheat should not cheaper indefinitely.
We propose as remedy an international
agreement to revert to the system which
prevailed prior to 1878. 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 confer
ence. Chancellor Won Capr1vi's subse-
quent explanation of the conduct of the
delegates conclusively proved this to be
a fact"
Mr.. Chaplain reviewed the bimetallic
on the Continent and pointed
out especially the Importance of Presi-
dent Cleveland obtaining power to re-
summon the conference, adding: "My
answer to an agreement as to the rotio
between silver and gold is impossible is
that the bimetallists will accept any
ratio rather thon continue as now, and
silver is so sensitive that it's market price
will conform to any fixed international
ratio. The increased output consequent
on such an agreement would not IN our
opinion affect the matter in the least, as
it would be infnitesimal compared with
The immense exporting mass. The argu-
ment that an international agreement
would make the fortune Of the owners Of
American and Mexican silver miners does
not touch the question of it's expediency
and general utility.
'"The most important adverse argu-
ment is that Great Britain, being the
greatest creditor nation of the world,
would receive payment of her debts in
The cheapest metal. We contend that
both metals would perform equal func-
lions, while. on the other hand, we say
it is not wise for creditor 10 embarrass
his debtor by monetary changes"
The speaker then referred to American
railways, and made the assertion that
one-third of their number we're in the
hands Of receivers. Mr.. Chaplin followed
This by dwelling upon the unfavorable