The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-05-31

Ep,sBuReH, May 3o.-An important
speech, touching upon wheat. silver. gold
and American mining, railroads and land
mortgages was delivered here today by the
Right Hon. Henry Chaplin, CoDserva.
tive, president of the board of agriculture
in Lord Salisbury's government. The
speech was an address to a crowded con-
ference of the Scottish members Of nus
bandry and had for its subject, "Bimetal-
lism lie Relation TO Agricultural Degrees
siop." The speaker declared that agri-
cultural depression was chiefly due to a
steady aud heavy fal! in the prices of pro-
duce, which, he claimed, was due TO the
monetary changes of 1873 and could only
be stopped by reverting TO the previous
monetary system.
Nobody could foresee where the present
fall in prices would end. According to the
latest table, the fall from 1873 to 1893 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 could never be
exported cheaper than 40 shillings per
quarter; yet superior Indian wheat was
sold last week At Hull for l9s 81 per quar-
Ter. Continuing, he said. The majority OF
the farmers believed that the fall in prices
il 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 imported
produce complain of agricultural de-
preston, refuteS this argument, Mr..
Chaplin asserted.
Touching upon the farmers of America,
he said that they especially were being
ruined and becoming bankrupt faster than
the British farmers.
Others contend that over production is
responsible for the fail in prices; but, he
claimed, statistics show that the produc-
lion 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 enabled the silver using countries
like India to export wheat at the present
low price. Mr.. Chaplin also said: And
if silver continues TO fall, there is no rea-
son why wheat should not cheaper iudefi-
nitely. We propose as remedy an inter
national agreement to revert to the system
which prevailed prior to 1873.
The failure of the Brussels conference
Is no argument against this. as 1t has since
been clearly proved that nothing but the
action of the British delegates broke up
the conference.
Chancellor Won Caprivi's subsequent
explanation of the conduct of the German
delegates conclusiveiy proved this to be
fact"
Mr.. Chaplin reviewed the bimetallic
movement on the continent aud pointed
out especiallv the importance of President
Cleveland obtaining power to resummon
tue conference. aiding: my answer TO
the argument that an agreement az to the
ratio between silver and gold is 'mpossi-
bic, is that bimetallists will accept any
ratio rather than continue as now, aud
silver is so sensitive that its market price
will conform to any fixed international
ratio. The increased output, consequent
upon such an agreement, would, in
our opinion, not effect the matter
ia the least, as it would he
infiniiesimal compared with the immense
exporting mass. The argument that an
International agreement would make the
fortune of the owners of the American and
Mexican silver mines does not touch the
question OF its expediency and general
utility.
"The most important adverse argument
is that Great Britain, being the greatest
creditor nation of the world, would re-
ceive payment of her debts in the cheapest
metal. We contend that both metals
would perform equal functions, while on
the other hand, We ask If 1t is wise for a
creditor to embarIass his debtor by none
tary changes"
The speaker then referred to Ameri-
can railways and made the asser-
tion that oDe-third of their num-
bsr was in the hands of receivers
Mr.. Chaplin followed this by dwelling up
on the unfavorable investments made in
American land mortgages, and said:
From the accounts of the condition of
the land aud farmers there, and especially
in the west. owing TO the fall in prices,
should be very anxious about such invest !
ments If they Were mine. In fact the |
creditors everywhere are in the greatest
danger of losing their capital or the great |
er part o. IL, owing to the appreciation of |
gold.
''Tbe argument in favor of monometal- !
ism based the fact that enormous |
quantities of gold are lying idle in the |
bank of England, Is erroneous as it mere |
~ points TO the fear TO invest il in Industry |
and enterprise in the face of falling prices. |
The blmetallic prospects of the future |
are most promising, aud can reassure our |
foreign friends that the recent count OF the |
b'metallists during the debate In the house |
{ commons was devoid of Importance |
I he discussion of the matter was attempt |
ed against the advice of its friends. and I,
tie result was inevitable, seeing that no |
division was possible.
Advlces from every quarter of Great |
Britain show that interest in the question |
Is steadily and widely spreading, and that |
l he city OF London itself is coming in"
Mr.. Chspiin's speech greatly impressed |
me audience and be was loudly applauded /
LIVE STOCK MARVpTS