Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-05-31


monetization Of Silver On
Agricultural Products.
EDINBURGH, May 3O.-An important
speech, touching upon wheat, silver,
vold, American mining, railroads and
land mortgages, was delivered here to-
day By the Ri. Hon. Henry Chaplin,
conservative, President Of the Board Of
Agriculture in Lord SaIisbury's last
government.
The speech was an address to a
crowded conference Of the Scottish
Chambers Of Husbandry, and had Tor
its subject "Bl-metalism In Relation TO
Agricultural Depression. The speaker
declared that the agricultural depres-
sion was chiefly due to the steady and
heavy fall in the prices OF produce,
which, he claimed, was due to the mon
etary changes Of 1858, and could only
be stopped by reverting 70 the previous
monetary system.
Nobody could fOresee where the pres
ent lali in prices would end. Accord
ing TO the latest table, the fall from
1873 TO 1898 Of 40 per cent Ia wheat
amply illustrates this. The British
Commissioners. be added, studied the
PRICE OF WHEAT IN AMERICA
in 1879 and believed thai 10 could never
be exported cheaper than so shtllings
per quarter. But superior Indian wheat
was sold last weak az Hull for l9s Sd
per quarter.
Continuing he said the majority Of
the farmers believe that the fall To
prices is due to foreign competition, and
shat the remedy is protection. But, the
fact that half the countries or the con-
tinent and the United States, while i'm
posing the heaviest duties on imported
produce, complain Of agricultural de-
preston, refutes this argument, Mr..
Chaplin asserted.
Touching upon the farmers Of Amer
lea, be said that they especially were
being daily ruined aud becoming bank
ruDt faster even than the British
farmers.
Others contend that over production
is responsible for the fall in prices; but
he claimed statistics showed that the
production OF wheat has decreased. al
though the prices have fallen. There
fore from the point of view Of the
sneaker. 10 was farciCal and ridiculous
TO attribute the fall in prices to that
cause. The real cause, be said, was
THE DECENTRALIZATION OF SILVER
in 1873 and :he subsequent divergence
of the relative values Of metals which
enabled the silver using countries like
India 20 export wheat. There Is no
reason why ,yheat should be cheapeued
indefnitely. We propose, as remedy,
lt5lnatiOnal agreement 20 revert 10
70 system which prevailed prior 70
$40.
Mr.. Chaplin reviewed the bi-metallic
movement on the continent aud pointed
out especially the imp0st Of President
Cleveland obtaining the powers 70 re-
summon the conference, adding; "My
answer to the argument that
az agreement as % the ratio
between silver and gold is
fmpossible, is that the bimeta.Iism will
accept any ratio rtaher than continue
as now and silver Is 50 sensitive that IT'S
market price will conform 20 any liked
ratio. The increased output of silver,
consequent upon such an agreement,
would, 90 our opinion, not Affect the
matter in the least, as % would be inn-
nitsly small as compared with the im-
rnense existing mass. The argument
thatan international agreement would
make the fortune Of the owners OF the
American and Mexican silver mines,
does kot touch the question Of It's
EXrFDrENCY AND GENERAL UTILITY.
The most important adverse argu-
mcM Is that Great Britain, being the
prAtest creditor nation Of the world,
wbuld receive payment OF her debts tn
tie cheapest metal We contend that
both metals would perform equal iunc-
tions while, on the other baud, we ask
n lt Is wise for a creditor 20 embarras5
his debtor by monetary changes.
The speaker then referred 90 Ameri-
can railways, and made the assertion
that one-third Of their number we're 10
the hands OF receivers.
Mr.. Chaplin followed this By dwelling
upon the unfavOrable investment made
in American land mortgages, and said:
UFrOm the accounts OF the condition
Of the land and the farmers there, eS-
pecially in the West, owing to the fall
IN prices, / should be very anxious
about such Investments N they were
mine. 10 fact, the creditors every
where are in the greatest danger Of
losing their capital or the greater part
of it, owing 10 the appreciation Of
gold"
Mr.. Chapin's speech greatly i'm
pressed his audience and was loudly APP
plauded.