The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1894-06-01

An Address on IL geias.oa TO Agricul-
turai Dep-esslsn.

An Address on it. G-ia.oa 10 Agricui-
turai Dep-esslsn.
EDiSuuRe. MAY 90. An important
speech. touching upon wheat silver.
gold ANA American mining. railroads
AMI land murirages, was delivered
here yess0r iay b. the RG Hon. Henry
-haplain Conservative president of
The board ~ agriculture in Lord
salisbury's government The speech
was an address - a crowded confer
.ncc 81 tke Scottish members Of
husaaniry. and had for its subject
" "Bimeiallism in Relation 10 Agri-
cultural Depression.
The speaker declared that agricul-
tural depression was chiefly due ~
steady and heavy falls in the prices OF
proiuce. which he claimed was due
10 the monetary changes Of 1858 and
could only b. stopped by revertine 90
the previous monetary system No
ioly could foresee where the present
prices would end. According to the
latest table. the fall from 1873 TO 1898
of - PER ccnt in wheat amply illus
trstcs this. The British commission
er.. he ided. studied the price Of
" neat il AnAtIlNd III lNtts am ne
licved that it could never be exported
cheaper than 80 shillings per quarter
Continuing. he said. the ajority OF
farmers believe that the fal IN prices
Is due 10 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 agri-
cultural depression, refutcs this argu-
ment. Mr.. Chaplain asserted.
Ionching upon the farmers of
America hc said that they especially
were being ruined and becoming
bankrupt faster even than the British
/ farmers Others contend that over
production is responsible for the fall
prices; brt he claimed statistics
show that the production of wheat
has decreased, although the prices
have fallen. Therefore. from the
/ point Of view Of the speaker, 1t was
Z fare cal and ridiculous 10 attribute the
/ fall in prices TO that cause. The real
cause. he said, was the demonetization
Of silver in 1873. and the subsequent
divergence of the relative values of
metals which enabled the silver using
countries, like India, TO export wheat
at the present low price.
Mr.. Chaplin also said: "And II sill
yer continues TO fall there is no rea-
son why wheat should not cheaper
indefinitely. We propose as a remedy
an international agreement TO revert
10 the system which prevailed prior TO
1873 The failure Of the brussels
conference is no argument against
| this, as il has since been clearly
| proved that nothing but the action of
the English delegates broke up the
conference. Chancellor Won Caprivi' 5
subsequent explanation OF the con-
duct OF the German delegates con
clusiyely proved this TO be IA fact"
Mr. Chaplin reviewed the bimetallic
movement on the continent and
/ pointed out especially the Importance
of President Cleveland obtaining
power TO re-summon the conference,
adding: my answer to the argument
that an agreement as to the ratio be-
tween silver and gold is impossible, is
that the bimetalist will accept any
! ratio rather than continue as now,
and silver is so sensitive that its mar
ket price viii conform TO any fXe |
international ratio. Tho increased
output, consequent upon such an
| agreement, would In our opinion not
affect the matter in the least as it
would be intinitesimal compared with
the immense exporting mass.