The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-06-06


ments in American Land Mort-
cages.
EDINBURGH, 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 Chaplin, Conserva-
tive, president of the board of agriculture
in Lord Salisbury's last government. The
speech was 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 a great
depression chiefly due to the steady
and heavy fall in the prices Of produce.
which, he claimed, was due to the none
tary changes of 1873, and could only be
stopped by reverting to the previous none
tary 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 prices of wheat in America i'm
1879, and he believed that it could never
be exported cheaper than 40 shilings per
quarter. But superior Indian wheat was
sold last week at Hull for 19s Sd per quar-
ter.
Continuing. he said the majority of the
farmers believe 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 continent and the
United States while imposing the heaviest
duties on imported produce, complain of
great depression, refutes this argument,
Mr.. Chaplin asserted.
Touching upon the farmers of America
he said that they, especially, were being
ruined and becoming bankrupt faster even
than the British farmers
Others contend that overproduction is re-
sponsible for the fall in prices; but he
claimed statistics showed that production
of wheat had decreased, although the
prices have 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 decentralization 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. Chap
lin also said: And if silver continues to
fall, there is no reason why wheat should
not cheaper Indefinitely. We propose. as a
remedy, an interna tional agreement to re-
vert to the system which prevailed prior
to 1873.
'The failure of the Brussels conference
IS no argument against this, it has since
been clearly proved that nothing but the
action of the English delegates broke up
the conference.
chancellor Won Caprivis subsequent ex-
Plantation of the conduct of the German
delegates conclusively proved this to be a
fact"
Mr.. Chaplin reviewed the bimetallic
movement the continent, and pointed
out especially the Importance of President
Cleveland obtaining powers to resummon
the conference adding: MY answer to
the argument that an agreement as to the
ratio between silver and gold was impos-
sible is that the bimetallists will accept
any ra ito rather than continue now,
and silver is so sensitive that its market
price will conform to any fixed internal
tional ratio The increased output conse-
quent upon such an agreement would. in
our opinion not affect the matter in the
least, it would be infinitely small COM
pared with the immense existing mass.
The argument that an international agree
ment would make the fortune of the Amer
lean and Mexican silver mines does not
touch the question of it's expediency and
general utility.
1.-The most important adverse argument
is that Great Britain, being the greatest
creditor of the world, would receive
payment of her debt in the cheapest metal.
We contend that both metals would per-
form equal functions, while, on the other
hand, we ask if it is wise for creditor to
embarrass his debtor by monetary
changes
railways. and made the assertion that one
third of their number were in the hands
of receivers.
Mr.. Chaplin followed this by dwelling
upon the unfavorable investment made in
American land mortgages and said From
the accounts of the condition of the land
and the farmers there, and especially in
the West, owing to the fall in prices, I
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
err part of it, owing to the appreciation Of
gold.
The argument in favor of monometallism
is based upon the fact that enormous guam
titles of gold are lying idle in the Bank of
England and is erroneous it merely
points to the fear to invest it in industry
and enterprises in face of falling prices.
The bimetallic prospects of the future are
most promising, and l reassure our
foreign friends that the recent count-out of
the bimetallc debate in the house of COM
mons was devoid of Importance. The dis
cussion of the matter was attempted against
the advice of it's friends, and the result
was inevitable, seeing that no division
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.. Chapins speech greatly impressed
his audience. and was loudly applauded.