The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-10-10

EDINBURGH, May 3O-An important
speech, touching upon wheat, silver, gold
ana 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 an address to a crowded con-
ference of the Scottish chambers of hus-
bandry, and had for It's subject "Bimetal-
ism In Relation to Agricultural Depres-
SION" The speaker declared that great
depression was chiefly due to the steady
ana 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. Accordingsto 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 in
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 DER 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
palf the countries of the continent and the
United States while imposing the heaviest
duties on imported produce complain Of a
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-
cad 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.
1.-THE failure Of the Brussels conference
is no argument against this, as 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 4
! fact
Mr. Chaplin reviewed the bimetallie
| movement on the continent, and pointed
| out especially the Importance Of President
Cleveland obtaining powers to resumEnon
| the conference, adding: MY answer to
the argument that agreement as to the
| ratio between silver and gold was impos-
IA will
| any ratio rather than continue as now,
| and silver Is SO sensitive that its market
| price will conform to any fixed interna-
| tional ratio. The increased output oonse-
| quent upon such an agreement would, in
| our opinion, not affect the matter in the
| least, as 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 now 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 a creditor to
embarrass his debtor by monetary
changes"
The speaker then referred to American
.,
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
shou.a be very anxious about such invest
menta If they were mine In fact, the
creditors everywhere are in the greatest
- nir fol ia =
er 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, as 1t 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 I can reassure our
foreign friends that the recent count-out of
the bimetalic 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 was
possible.
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.
The Wichita Kansas Eagle, Republican
paper, admits that "everythng seems to be
going as the Pop would have 1t CO." And
yet the old party papers East, In order to
deceive their dupes who are dissatisfied,
keep reiterating that the Populist party
has gone to pieces. Both old party papers
talk the same way, having been so in
structed by the monopolist owners. We're
getting there just the same.-The Coming
Nation.
Minnesota and Wisconsin are in the
throes of vast political upheaval.
1t looks now as If both states would go
Populist.
The Chicago Times takes the same view
of the situation as we do.-DenVer Road.
The Silver Dollar.
Why should the United States government
go into the business Of endorsing notes?
It does it,all the same. 1t endorses the
notes of the national banker For that