The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-31
WHEAT AND SILVER
SPEECH BY RI. HON. HENRY CHAP
LIN, AT EDINBURGH.
He Says the Decline in the Price of
Grain Is Due to the Demonetiza-
ton of the White Metal.

EDINBURGH, May 30.-An important
speech. touching upon wheat. silver. gold
and American mining. railroads and land
mortgages, was delivered here to-day by
the Rt. Hon. Henry Chaplin. Conservative.
President of the Board of Agriculture in
Lord ~Salisbury's last government. The
speech was an address to a crowded con-
ference of the Scottish Chambers of Hus-
bandry, and had for it's subject ''Bimetal-
lism in Relation to Agricultural Depres-
sion." The speaker declared that the agri-
cultural depression was chiefly due to the
steady and heavy fall in the prices of prod
uce, which, he claimed. was due to the
monetary changes of 1853. 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 commission
ers studied the price of wheat in America
in 1879, and believed that it could never be
exported cheaper than 40 shiiiings per quar-
ter. But superior Indian wheat was sold
last week, at Hull, for 19s Sd per quarter.
Continuing, he said the majority of the
farmers believed the fa1I in prices is due
to foreign competition, and that the RENE
dy was protection. But the fact that half
the countries of the continent and the
United States. while imposing the heaviest
duties upon imported produce, complain of
agricultural depression refutes this argu-
ment, Mr.. Chaplin asserts. Touching upon
the farmers of America, he said that they
especially were being daily ruined and be-
coming bankrupt faster even than the Brit
iSh farmers.
responsible for the fall in prices, but 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, Ii 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 divergence of the relative
values of metals, which enabled the silver
using countries, like India, TO export wheat
said: ..And if silver continues to fall, there
is no reason why wheat should not cheap
en- indefinitely. We propose, as a remedy,
system which prevailed prior to 1873. The
failure of the Brussels conference is no ar
gument against this. as 1t has since been
clearly proved that nothing but the action
of the English delegates broke up the con-
ference. Chancellor Won Caprivfs subse-
quent explanation of the. conduct OF the
German delegates concluSively proved this
TO be q fact"
Mr.. Chaplin reviewed the bimetallic move
ment or the continent, and pointed out es-
pecially the Importance of President Cleve-
land obtaining powers to eSummon the
conference. adding: MY answer to the ar
gumen that an agreement as TO the ratio
between gold and silver is impossible is
that the bimetallist will accept any ratio
rather than continue as now, and silver
Is so sensitive that its market price will
conform to any fixed international ratio.
increased output OF silver consequent
upon such an agreement would, in our opin-
ion. not affect the matter in the least, as
il would be infinitely small as compared
with the immense existing mass. The argu-
ment that an International agreement
would liz III tim of the nUnlrG
Of the American and Mexican silver mines
does not touch the question of its exped-
lsmf 7 ana ady genera are u,neSt IS he that mos Great
Britain being the greatest credit nation
would repay her debts in the cheapest
perform equal functions, while. on the 9TH
er hand. we ask If it is wise for a creditor
to embarrass his debtor by monetary
The speaker then referred to American
railroads, and made the assertion that one
Of receivers. Mr.. Chaplin followed this by
dwelling upon the unfavorable investment
made in American land mortgages. and
said: From the accounts Of the condi-
ton of the land and the farmers there. es-
pecially in the West, owing TO the fall
in prices. / should be very anxious about
fact. the creditors everywhere are in the
greatest danger of losing their capital or
the greater part Of 1t owing to the appre-
"The argument in favor of monometal-
ism is based upon the fact that enormous
quantities of gold are lying idle in the
Bank of England, and is erroneous. as II
merely points to the fear to invest it In
industry and enterprise In the face of fall
ing prices. The bimetallic prospects of the
future are most promising, and / can re-
assure our foreign friends that the recent
count out of the bimetallic debate in the
House of was not of much i'm
portance. The discussion of the matter
was attempted against the advice of it's
friends and the result was inevitable. see
ing that no division was possible. Advices
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" Mr.. Chap
Inns speech greatly impressed the audience
and WAS loudly aDnlaudad