The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

factories are all running, the market for
cotton goods is active, and the produc-
ton has fallen, it is estimated, about one
third compared with 1894. The result is
that middling cotton is selling for Sla
cents per pound, and the prospects are
that it will go still higher, This reason
ing is in accordance with all experience,
and the effort to educate the people into |
the belief that there are other causes,
such as the appreciation OF money |
is to be deprecated. I.a
There is one other observation that |
should be made in this connection, and it |
is that while this country is the chief |
producer of cotton and corn, and the price |
of these farm products is very largely
controlled by the crops grown in the |
United States, such is not the case with
wheat While the great wheat fields of
the West have contributed very largely
TO the production, and seriously affected
profitable wheat-growing in the Eastern
States, yet when we seek market for
our surplus the price of the American crop
is controlled by the production of wheat
in other quarters of the globe All the
European countries, and especially Rus
STA, the countries of South America, Can
ada, Australia, India and Asia Minor all
produce great quantities of wheat. 1t is
altogether possible that the States east
of the Mississippi river will not be able
to compete proftably with the other
wheat-growing countries of the world Ihis
is the result of cheap transportation and
the subsection to cultivation of vast areas
of wheat lands
Our farmers must look the situation in
the face, see the true cause for low
| prices, and if necessary turn their atten-
| ton to other and more profitable crops.
| 1t is useless to shut our eyes to the con-
ditions under which we live. There is no
escape from the operation of the law
which governs supply and demand, When
ever the supply of lawyers, doctors, bank
ers, merchants, carriers, mechanics or
laborers is greater than the demand, they
cannot expect profitable employment for
all: and neither can the farmers and
manufacturers expect good prices when
the market is stocked with their products
beyond the wants of the consumers.
The Act of 1873.
The free silver advocates never tire in
their denunciations of the act of 1873
In their fervor they denounce it as Il
crime against the people, and, without re-
gard to existing conditions they demand
its repeal. They shut their eyes to the
facts of history, and confidently assert
that it struck down half the money of
the people, when the truth is that for
forty years prior to that time there had
not been as much as one million silver
dollars in circulation, and from 1881 to
the breaking out of the civil war we had
coined nearly twice the amount in 0-cent
pieces as we had in dollars.
The Democratic party is not responsible
for the act of 1873. In view of the fact
that Democrats are generally in favor of
the bimetallic standard and the Latin
Union, composed of France, Italy, Swift
erland and Belgium, was then trying to
, maintain it, should if | had been there
have voted against it, and favored a sim
liar attempt by this country But the
truth is that England had suspended free
coinage of silver in 1916, and Germany
had practically dGht so in 1871. This
: country followed their example and Their
in rapid succession all the other CONNER
; cial powers did likewise. In 1878 the sill
, yer in silver dollar was worth cent,
more than the gold in a gold dollar; anC
all the powers, except England and Ger
. many, would perhaps have stood Will
,, the United States had it attempted II
: maintain the free coinage of both metals
= Now every enlightened country on tn,
globe has suspended the free coinage o
:, silver, and silver has declined from 81 81
= per ounce to 671@ cents, or nearly one-half
!. SO the conditions ale wholly different
l and it would be madness to attempt nov
:, that which might have been possibl
| then.
:, Those of us who believe it would b
y impossible to restore the conditions whicl
existed in 1873 by repeating the act ar
/ frequently denounced, and sometimes il
d bad temper, as followers of John Sher
/. man. / submit that it would be more il
n keeping with historical truth, and in bel
# ter part when discussing difference
t. among Democrats around our own camI
d fires, to say that we stand with Jack
son, Calhoun, Benton, Seymour, Tilder
d Cleveland, Carlisle and Lamar on thi
} question.
y The Panic of 1898.
II The immediate cause of the panic wa
II the want of confidence at home an
D. abroad in the stability of our currency
IL Following the United States, France an
l. the other members of the Latin Unto
D. suspended the free coinage of silver an
then in rapid succession other govern
ments followed, until il was suspended b
It all the commercial powers. In the meal
&c time the worlds production of silver wa
L greatly increased. From 1866 to 1877,
is inclusive, it was only S27S,313,000 frol
q 1871 to 1875 it was $409, 30, 600; froi
d 1876 TO 1880 it was $500 go. 900; frol
III 1881 to 1885 it was 1904 773, 600: frol
n 1885 to 1890 it was 1921 ,39S,000. III
S, suspension of the free coinage of silve
re and its enormous and increasing produ
It. ton caused its decline in the marke
" This was perceptible in 1876, and at one
I'd a movement was originated among Il
or silver mine owners for the repeal of ii
act of 1873, and return to the free coil
% age Of silver
It, AT that time the greenbacks, whit
II had been for many years at heavy Iii
at count, were rapidly approaching, lookif
RS to the resumption of specie payments {
st the first day of January, 1879 This CO.
he dition of affairs superinduccd corr
RI spending decline in all kinds Of propert
ps being then estimated at greenback price
o. The result was that the movement
It, pass an act for the free coinage Of sily,
to me- with popular favor especially in Il
Id South and some of the Western State
ty The bill was defeated, and in its ste;