The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-10-13

legal tender silver money. Is it possible
that the United States can not safely
follow the exampleP
We were told that the repeal of the
Sherman act would bring immediate
relief, but the clouds have been darker,
and the. business depression far greater
since the repeal. Tho New York
banks were still glutted with money,
while the continued fall in prices of all
commodities caused capital to avoid
investment for fear:of further shrink
age.
Since 1873, when the mints of
Germany and the United States were
closed to silver, there has been fall
of nearly forty per cent in prices, and
especially in agricultural products.
This ,decline has not been caused by
overproduction, for the population of
the world increases 200, 600, 900 in each
twenty years, while the production of
wheat in { the world has actually
diminished.
I quote the following from Senate
Miscellaneous Document No. 262,
Fifty-third congress:
| In 1891 the worlds production of
wheat amounted to 304, 200, 900 quar-
ters; in 1892 to 800, 900, 900 quarters,
and in 1898 to 2SS, ,OOO, 900, while the
prices we're: In 1891, Al shillings per
quarter; IN 1892, 29 shillings, and in
1898, % shillings, showing steady
decrease of production and price. Nor
has the fall been caused by tariff legis-
lation, for the decline has prevailed in
all countries, whether with free trade
or protection. The average farm value
of wheat and corn per acre for 1898, in
the United States, as shown by the
government report, just made, was:
Wheat, s6.16; corn, 1921; which
shows a virtual loss to the farmers of
1888 per acre of wheat, and $3 SO per
acre OF corn. The value of straw and
corn fodder is not included in these
figures. There can be no other cause
than the increased purchasing power
of gold by reason of closing the
mints in 1873 to the coinage of silver
as standard money.
Free coinage in the United States
will not flood this country with foreign
silver, as is so often predicted. The
European nations will not send to us
the billions of silver which they now
use at ratio of l51a to as standard
money to be coined here at the ratio
of 16 to 1, which would involve an
enormous loss in the ratio, besides cost
of transportation.
I Nor is there any danger that over
production OF silver will cause 1t to
depreciate in value. II free coinage
SHOULD prevail, and silver be restored
to the privileges now given to gold, the
two metals would circulate on parity
and their value would be automatic
ally fixed under laws which never fail
in their action. II silver, from any
cause, should depreciate, the debtor
would, of course, make payment in
silver, aud the demand TINS created
would enhance its value until parity
with gold was reached.
1 1t is, after all, q question of legisla-
tion, and protest against the United
States continuing policy which
increases the burdens of the laboring
and debtor classes in order to increase
the incomes of the rich. This great
republic, founded upon justice and
equality, should stand firmly for BIZ
metallism. II other nations will agree
with us on ratio between the two
metals it would avoid much embar-
rassment, but in any event the demo-
cratic party should never waver in its
opposition to the single gold standard.
II We are great enough and strong
enough to lead and not follow in the
struggle against financial slavery now
agitating the world. Notwithstanding
1.-THE assertions SO often made that the
production of gold is increasing, and
that there is no danger of a gold famine,
the constant drain upon the gold
reserve in our national treasury for
exports contradicts these statements.
, England protects her gold reserve by
increasing the rate of interest In the
Bank of England so as to check ex-
port.rtion, and the Bank or France
refuses to pay out gold for exports, but
| our treasury is at the mercy of every
, foreign power and of every money
|, speculator.
Il l resent distinctly and earnestly the
charge that / favor any sOcialisti(
) revolution in finance. | am not an
, enemy to capital, nor do / favor tho
} wild and visionary schemes of those
r who would base values on anything bu
' gold and silver.
II My contention is for the equality o.
burdens and benefits which was taught
a by Jefferson, and is the guiding stal
! of every true democrat. ] oppose the
] single gold standard because it creates
Q a monopoly in finance and enables tn,
? capitalists who control the gold of th'
: world to fix all value. For the sam,
? reason | am opposed to that featur'
8 of the national banking system whicl
r permits national banks to deposi
United States bonds in the treasur,
s and receive ninety per cent of thei
d face value in notes which they loan a
n ten per cent interest. This is govern
!, mental partnership of the most op
!. pressive kind, and no democrat ca
o defend it.
@ The legislation which taxed out o
II existence the circulation of state bank
o is gross perversIOn of the taxin
Q power, and should be repealed. Th
e cry of bankers and bond-holders tina
e state banks can not be trusted to Issu
d notes, and that the era of wild cat an
le red dog money would return, is the or
,r of self interest only. If the states ca
II not he trust, d 10 protect the issue {
of notes by state banks with proper limi