The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-05-31
TALK OF A TORY.
Silver and It's Friends in
England.
MUST ALL COME TO 1T.
In the White Metal Is the Hone
. of the World.
EVILS OF THE GOLD STANDARD.
Hardly Wise for a Creditor to En-
barrass Debtor by None
tary Changes.
EVILS OF THE GOLD STANDARD.

EDINBURGH, May 3O.-An important
speech, touching upon wheat. silver. gold
and American mining, railroads and land
mortgages, was delivered here to-day by
the Right Hon. Henry Chaplin, COnserva-
tive president of the Board of Agriculture
In Lord Sslisbury's Government. The
speech was an address 10 crowded con-
ference of the Scotch members of hus-
bandry. and had for its subject: "Bi-
metalltsm in Relation to Agricultural
Depression"
The speaker declared that agricultural
depression was chiefly due to the steady
and heavy fall in the prices Of produce,
which he claimed was due to the monetary
changes of 1878 and could only be stopped
by reverting to the previous monetary
system.
Nobody could foresee where the present
fall of the prices would end. According
to the latest table, the fall from 1873 60 1898
Of 40 per cent in wheat amply illustrates
this. The British Commissioners, he
added, studied the price of wheat in
America in 1879, and believed that it never
could be exported cheaper than 40 shiIlings
per quarter. Superior Indian wheat
was sold last week at Hull for 19 shillings
3 pence per quarter.
Continuing, he said the majority OF the
farmers believed that the fall in prices
was 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 II agricultural depression, refutes
this argument. Touching upon the farm
eTs of America, he said that they especially
Were being ruined and becoming bankrupt
faster even than the British farmers.
Others cOntended that overproduction
was responsible for the fail In prices: but
he claimed statistics showed that the pro-
ductiOn Of wheat had decreased, although
the prices had fallen. Therefore. from the
point of view of the SPEAKER, it was farci-
cal and ridiculous to 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 silyer-usng countries, like India, to
export wheat at the presentlow price.
Mr.. Chaplin also said: 'If silver con-
tinues TO fall there is no reason why wheat
should not cheaper Indefinitely. We pro-
pose as a remedy an international agree
ment to revert TO the system which pre-
vailed prior to 1873"
The failure of the Brussels conference
was no argument against this, and it has
since been clearly proven that nothing but
she action OF the English delegates broke
up the conference. Chancellor Won Capriyi's
subsequent explanation of the conduct of
the German delegates conelusivelv proved
this to be a fact. Mr.. Chaplin reviewed
the bimetallic movement on the Continent
and pointed out especially the Importance
of President Cleveland's power to re-
summon the conference. adding:
my answer to the argument that an
agreement as to the ratio between silver
and gold is impossible is that the bimetal-
list will accept any ratio rather than con-
tinue as now. and silver is so sensitive
that its market price will conform to any
fixed international ratio. The increased
output consequent upon such an agree
ment would not in our opinion affect the
matter in the least. as it would be
infnitesismal compared with the immense
exporting mass. The argument that an
international agreement would make the
fortune OF the owners of American and
Mexican silver mines does not touch the
question of It's expediency and general
utility.
The most important adverse argument
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 functions, while
On the other hand we say it is not
wise for creditor to embarrass his debtor
by monetary changes"
The speaker then referred to American
railways and made the assertion that a
third Of their number are in the hands OF
receivers. MIR. Chaplin followed this by
dwelling upon the unfavorable investment
made in American land MORTGAGES, and
said: From the accounts of the condition
ef the land and the farmers there. espe-
cially in the West, owing 70 the fall in
prices, should be very anxious about in
vestments if they were mine. In fact, the
creditors everywhere are in the greatest
danger of losing their capital, or the
greater part of 1t, owing to the apprecia-
uon OF gold. The argument in favor Of
monometallism is based on the fact that
enormous quantities Of gold are lying idle
In the Bank Of England and is errone-
HioASiJ pOiuLS 10 Tic way 10
invest IN industry and enterprise, in the
lace OF falling prices The bimetallic
prospects OF the future are more promising
anu can assure our foreign friends that
the recent oimetallic debate in the House
of Commons was devoid of Importance.
The discussion of the M after was ATTEMPTED
against the advice OF its friends and The
result was inevitable. seeing that no dlvi-
sion was possible
"Adyices from every quarter of Great
Britain show that interest in the question
is steadily and widely spreading and that
the city Of London itself is coming in.
MI. Chaplin's speech greatly impressed
the audience and he was loudly annIardod
SILVER IN INDIA.
The Gox,a.,.v,-eo4 NX:H a. n