The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-05-31
A VERY PERTINENT SPEECH
A British Tory FavOrs
Bimetallism.
He Points Out the Cause Of Low
Prices.
The Crime Of 1873 Receives Its just
Recognition.
Hon. Henry Chaplain, President of the
Board of Agriculture Under SAL
isbury's Government, Tells
Some Plain Truths.
BY the Associated Press.

EDINBURG, May 30.-An important
speech, touching upon wheat, silver.
gold and American mining, railroads
and land mortgages was delivered here
today by the Right Hon. Henry Chap
lain. Conservative president of the board
OF agriculture in Lord Salsbury's gov
eminent. The speech WAS an address
to crowded conference OF the Scotch
Members OF Husban dry, and had for it's
subject Bimetallism in Relation to Agri-
cultural Depression.
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 none
tary changes OF 1873. ane could only be
stopped by reverting to the previous
monetary system.
Nobody could foresee where the pres
ent fall of prices would end. According
to the latest table, the fall from 1871 to
1898 Of 40 per cent in wheat amply illus
trates this. The British commissioners,
he added, studied The price OF wheat in
America in 1879 and he believed that it
could never be exported cheaper than 40
shillings per quarter. Superior Indisn
wheat was sold last week at Hull for 1913
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 conti-
nent and the United States, while i'm
posing the heaviest duties on import
produce, complain of agricultural de-
preston, refutes this argument.
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 over production
is responsible Ter the Eel! i: prices; but
he clai med that statistics show that the
production OF wheat has deer BASED, al
though the prices have fallen. There
fore, from the point Of view of the
speaker, it WAS farcical and ridiculous
10 attribute the fall in prices to that
cause. The real cause, he said, was the
demonstration of silver in 1873 and the
subsequent divergence of the relative
values OF metals, which enabled the sill
ver-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 a
remedy an international agreement to
revert to the system which prevailed
prior to 1873"
The failure of the Brussels conference
is no argument against this, as it has
since been clearly proven that nothing
but the action of the English delegates
broke up the conference. Chancellor
Won Caprivi's subsequent explanation
OF the conduct OF the German delegates
conclusively proved this TO be fact.
Mr.. Chaplain reviewed the bimetaliic
movement on the continent and pointed
out especially the Importance of Presi-
dent Cleveland obtaining power to re-
summon the conference, adding:
my answer to the argument that an
agreement as to the ratio between silver
and gold 10 impossible is that the BIZ
metallist will accept any ratio rather
than continue as now, and silver is go
sensitive that its market price will con-
form to eny fixed International ratio.
The increased output consequent upon
such an agreement would, in our opin-
ion. not affect the matter in the least,
as it would be infinitesimal compared
with the immense exporting mass. The
argument that an International agree
ment would make the fortune of the
owners of American and Mexican silver
mines does not touch the question of its
expediency and general utility.
"The most important adverse argu-
ment is that Great Britain being the
greatest creditor nation of the world,
would receive pay ment of her debts in
the cheapest metal. We contend that
both metals would perform equal func-
tons, while on the other hand, we say
it is not wise for creditor to mbarrass
his debtor by monetary changes.
The speaker then referred to Ameri.
can railways, and made the assertion
that one-third Of their number were ir
the hands of receivers. Mr.. Chaplain
followed this by dwelling upon the un.
favorable investment made in American
land mortgages, and said:
From the facts of the condition of
the land and farmers there, especially
in the west, owing to the fall in prices,
should be very anxious about the
investments if they were mine. In fact,
the creditors everywhere are in the
greatest danger of losing their capital,
Or the greater part of it, owing to the
appreciation of gold.
"rhe argument in favor of mono
meta ism 10 based on the fact that
enormous quantities of gold are lying
idle in the Bank of England, and it is
erroneous, as it merely points to the
way to invest in industry and enterprise
in thu face of falling prices.
The bimetallic prospects of the
future are most promising, and can
assure our foreign friends that the re-
cent court of bimetallic debate in the
house OF commons was devoid OF inn
portance. The discussion of the matter
was attempted against the advice OF its
friends and the result was inevitable,
seeing that no division was possible.
"Adyices from every quarter of Great