The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-09-12


10 per cent for English currency. This
would amount to SIS, 900 or perhaps $780,
OOO,OOO per annum. How much do our farm
ers pay in falling prices to maintain this
gold standard and save those who make
foreign payments from the necessity of
giving a premium for English currency?
Comparing present prices with those of
1873, not less than $3O0,O00,OOO a year, and
this $300OOO.OOO is virtually a premium for
gold, to say nothing of the disastrous eff
feet upon our other industries which have
been very family described in former chap
ters The farmers, who furnish more than
% per cent of our exports and upon whose
success the growth of our citiss and the
prosperity of all our industries are largely
dependent, are the greatest sufferers from
the gold standard. The importers can re-
coup their losses for premium payments
py advancing the selling price of the i'm
ported article. But no such relief is within
the reach OF our suffering farmers. They
sell their wheat at gold prices in competi-
ton with the wheat of silver using coun-
tiies' winch as compared to gold falls as
silver falls. India exported in 1873 less
than l,oOOOOO bushels of wheat it now ex-
ports more than 60,O0O,O0O bushels The
world production of wheat diminished 5
per cent from 1891 to 1893 inclusive, but the
price OF wheat fell during that period 40
per cent, and since then it has fallen much
loWer-lower than it has been at any time
during the last 100 years
Inc New York Nation an intense and al
most malignant gold paper, in it's issue of
july says: I'VE hear much of the agri-
cultural depression in this country, but it is
doubtful If the most exaggerated account
can equal the bare facts in regard to farm
ing region almost within walking distance
Oh the Bank of England. A report on the
agricultural crisis in Essex has lately been
made public, in which it sets forth a terri
bic story of abandoned farms and ruined
farm buildings, of bankrupt landlords and
starving laborers. Thousands of acres
more will be left tenantless this year if
the times do not mend and if anything like
the number of farmers who have given no.
tlce to quit act upon them. Specimen cases
are given to show the extraordinary de-
preston. A farm of 63S acres, which rented
FOR $500 in 1875, brought only $500 per
year from 1888 to 1886, and for the last five
years has been let for Fl per annum, the
tenants to pay the tthes, amounting to
about 500. A farm of 600 acres (half under
cuitlVation), which was bought in 1875 for
$4,000, sold in 1885 for $500. The prime
cause of such a disastrous fall is the drop
in the price of wheat"
The farmers of this country can here see
the inevitable doom that awaits them if
this gold standard is continued If our
farmers are destroyed what will become of
our cities and our manufacturing indus
tries? In the presence of this great and
oVershadoWing question to ignore it and
talk about the tariff instead is trif1ing and
worse than trtiing with our country's IN
tereSt.
Mr.. Carlisle in his speech in New York
the 18th of November last said: II think it
may be safely asserted that this country
could not long maintain its present position
as one of the most conspicuous and import
ant members of the great community of com
merc1al nations which now controls the
trade of the world unless we preserve a
monetary system, substantially. at least
in accord with the monetary systems of the
other principal nations" In other words
that the volume of our foreign trade de-
ponds upon the uniformity Of our monetary
system with that of the countriesh we
trade with No greater mistake could have
been made. Money is a creature Of law and
the material which is endowed with the
function of money does not carry this func-
ton beyond the limits of the country from
which it receives it. American eagles are no
more money in England than English SOW
ereigns money in this country Amer
lean eagles are simply commodities and
pass by weight at their commodity value
in England as British sovereigns do here
and their commodity value is coincident
with their legal valuation in each country
simply because the mints of both countries
are open to the free and unrestricted coin
age of gold. Therefore, coined and uncoined
bold have precisely the same value in both
countries (See bullion report) For this rea-
son the value of gold, measured by gold,
does not change. The unchangeableness in
its value is owing to this fact, and this fact
alone-viz: that gold is treated as the mea-
sure of gold. The change in its value APP
pears when it is measured by comodities.
Commerce between the people of different
countries is simply am exchange of commo-
dltles, or the products Of industry. The
importer of English cloth, for instance,
buys from the exporter of American wheat
a bill of exchange upon the English inn
porter of the wheat and sends it to the En-
glish exporter of the cloth, and he collects
it from the English importer Of the wheat
Thus in both countries commodities are
paid for by the importer to the exporter.
1t is true that these transactions are car
red on through the Intervention of bankers
or bill brokers, but this is the result.
The volume of trade between the two
countries is more affected by the char
acter of their respective currencies
want of uniformity in them than by want
of uniformity in their weights and meas
ures. All that can be said Of it is that this
want of uniformity is an inconvenience,
but this inconvenience does not in the
slightest degree affect the volume of trade
between the two countries. We learn from
the bullion report presented to the house
of commons England, Jan. TO- 1910, that at
that time, in consequence of excessive is
sues of paper money by the Bank Of Eng
land, English currency was less valuable
than gold silver by about Is per cent.
That is, gold and silver at premium
changes with other countries were running
largely against England. though the bal
ance of trade was in her favor. Yet the
industries of England were never more
tive nor the volume of her trade with other
countries larger than at this time and
throughout the Napoleonic war. SO with
our own country during the late civil war.
Our paper currency fell away from gold
and at times our importers obliged to
pay $3.50 for 81 of British currency. But
during all this time the industries Of those
portions of our country that We're exempt
from the ravages of cOntending armies and
the operation of measures adopted for the
prosecution of the war were never more
active than during this period Nor
the volume of trade with other coun-
tries in the slightest degree diminished.
The industries of silver using countries
have been most active during the last 20
years, and their trade with other countries
has been constantly increasing. No. The
statement that gold standard for this
country is necessary to promote our trade
with other countries finds support in
the operations of trade, and is stupen-
duous fallacy. Besides, the continuance of
the gold standard of this country foe the
benefit of those who make payments abroad
compels debtors in this country who are
struggling along under the weight of con-
stantly increasing burdens to pay all their
debts with gold, or its equivalent and the
aggregate of these debts is over 20 times
greater than that of debts due abroad If
all our gold should go to Europe and enter
into monetary use, it would increase by
about 20 per cent the prices of our surplus
products sold there
XIV.
Secretary Carlisle said in his New York
speech: II believe the people of the Unit