The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-27


wheat, for example. The belief Is gen.
| eral that this country constantly ex-
pands its wheat-growing area. In truth,
| we had 1000, 900 acres less In wheat in
| 1890 than we had i'm 1880 The wheat
| crops of the world are not excessive.
They do not increase as fast as the re-
quirements of the population demand.
Here are the figures for ten years: w.
WHEAT CROP OF THE WORLD.
Years. Bushels.
1884 .......................... 900 OT7 ,G9I
1880 E,Voo, oos so
1856 ,lso,'9l uvV
1881 Observation-Disclosures. E,sIl no wv
1883 Observation-Disclosures. ~ 10 oVO
1889 ,OS5. sos 900
1890 Observation-Disclosures. q, ITO, 123, O)O
1891 s,ooo' sot' wv
loSZ low, 81 wv
Observation-Disclosures. Z, 359 ,636 900
1t Is urged that Russia and India are
pouring out wheat in extraordinary
quantities. In truth the exports of Rus
sian wheat. last year, were less than in
1890 and 1891. India began to export
wheat only after 1873. She does 50 be-
cause her great annual tribute to Eng
land, like ours, Is paid in commodities;
and, as prices fall, greater quantity of
material Is required to pay the same
amount of debt. India and Russia are
surplus food for export. When they do
export food, they do so because they
must, not at all because they have more
than they can eat.
1t is also said that there Is overpro-
duction of silver. The mint report for
1898 shows that the worlds stock of sill
YER is but eighty odd millions larger
than the worlds stock of gold. Three
quarters of the people of the earth use
silver alone. Those who use gold also
use silver. Thus, the demand for silver
exceeds the demand for gold, and yet
the supply is little greater The over
production of silver Is not fact but a
delusion.
How Silver Was DcmOnctized.
Why andhow was silver demonetized? !?
The purpose was to increase the debts
of the people. This country, for eX-
ample, is enormously in debt to Eng
land. England produces not wheat
enough to feed her people, she grows no
cotton for her mills, she has no silver
mines. Would it not be good thing
for her to arrange that we should pay
our great debt to her in wheat, cotton
and silver, at half or one-third price?
Where greed Is apparent 1t Is not worth
while, in such cases, to look FOR any
other motive. Gold monometallism, like
free trade, is a British invention; 1T is
a device of the creditor for the injury
of the debtor. Monometallism as a de-
vice for depressing creditors is not a
novelty. Holland and Germany both
demonetized gold after the California
gold deposits We're discovered, because
silver was more valuable. The East
India company forced India upon a
silver basis for the same reason. How
-iI,- tlxr"
says President Andrews, in his history of
the United States. The American peo-
pie never voted upon the question. The
deed was done in 1873, without the
knowledge of many of the men who are
alleged to have voted for it in congress.
The speaker here read extracts from
the Congressional Record, showing that
men like the late Judge Kelley, Sena-
tors Allison, Beck, ingalls,, Thurman,
Hereford and Bogy and Representa-
tives Holman, Cannon, Burchard and
others repudiated all knowledge of the
fact that silver was demonetiZed by the
act Of 1873, for which they voted.
What Is Honest Money?
The gold dollar thus set up as the
standard dollar is continually alluded
to as 'honest" money; the implication
being that the silver dollar is dishonest
money. But it Is honest money that
grows more valuable day by day? Is it
honest money that records a debt of
ten bushels of wheat and compels nay
ment of twenty bushels? Is it honest
money that makes our national debt far
larger, in terms of wheat or cotton,
than it was originally. after more than
half the debt, in terLhs of dollars. has
been paid? The only honest money is
stable money. AS Right Hon. A. j.
Balfour puts 1t, Money should be fair
and permanent record of obligation over
long periods of time" The money which
does not change in value, In its rela-
ton to commodities, and that alone. is
honest money. Melt down ten silver
dollars, and the raw bullion will buy as
much wheat or cotton or petroleum as
it ever would. The relative values have
not changed. Is not silver indeed really
the honest money?
Which Is the Best Money?
The claim is also made for gold that
1t Is the best" money. Clearly, how
ever, the best money Is that which will
give the most varied and effective SER
vice. 1t would be great loss to the
world to have gold no longer used as
money; but the world could do without
it. But finally withdraw silver, and the
commerce of mankind would suffer par
alysis Not only Is silver the sole money
of three-fourths of the human race,
but it is imperatively required by the
gold standard nations for the perform
ance of small transactions. which make
all the wholesale business and without
which wholesale trade would shrivel up
and disappear. 1t is not true, as often
asserted, that 95 per cent. Of exchanges
are made by checks through the clear
ing houses. In fifteen states there are
no clearing houses. 1t may be doubted
If more than 10 per cent. of the Amer
lean people keep bank accounts, and of
those who do every one must draw
small money daily for his retail pur-
chases. Dollars and subdivisions Of
dollars are absolutely necessary to the
smaller commerce, which Is the source
of all commerce. But, II 1t were true
that checks are the most common in
struments of exchange, why not check
silver? Don't you see how the gold
monometallists, in arguing against sill
yer because 1t Is too heavy, destroy
their own argument by claiming that
checks do the work? Depend upon 1t
that an abundance Of actual money
is q positive essential of prosperity.
Money Is tool. If there are not
enough tools for the workmen some
work viii be left undone, some men
will be compelled to remain idle.
1t is asserted that creditors will be
injured by a return to bimetallism be-
cause 1t will scale down debts. But the
creditor is entitled only to the normal
condition OF things, and no man can
claim that conditions are normal which
have been produced by gold monometal-
lism which the country knew nothing
Of until 1t was, by stealth, thrust upon
US twenty years ago.
Is Bimetallism Practicable?
Can gold and silver indeed be kept
together by legislative action? Is the
double standard practicable thing ?
The double standard Is not as some
persons seem to think, two standards.
The whole body Of metallic currency to-