The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-12-30
WALSH ON SILVER
The Distinguished Georgian Discusses the
Currency Question in Richmond.
SPEAKS TO AGRICULTURSTS
And Shows Wherein the Demonetiza-
ton of Silver Has Wrought
Terrible Havoc

His speech was an able defense OF the
demand for the restoration OF SILVER 70 -
full function as a standard money He'di-
indeed. il is one of the best of the many
able arguments the distinguished Georgian
has made in favor of the free coinage oh
silver. -,
TIE Constitution would like to publish
the address in full, but its length Is such
to render impossible anything moIe 'NA"
the following liberal synopsis.
Among other things Senator Walsn sd4u-
I'VE know what destruction the demon
etization OF one-haIf of our primary mohcS'
has done for our farms, the prouuc.s W. Nm,
of and the labor employed theFeOh ~"
the proposition is made 70 retire tle paper
circulation by an issue OF gold BONDS. rms
IS contraction OF the currency WIN = 49,
geance. The next step VIII be 10 ueSuoS
silver as money, and that seems 70 De the
purpose of the money power or the "orlutt
THAT is the financial policy OF eiIs1'
Britain The United states, Germany
France and all the nations OF Europe nave
been compelled by England TO ADOPT us
financial policy.
the world for the last one hundred years
and there has absolutely been more Solu
produced at the ratio of 10 10 l than SILVER
;-i'he practical effect of the demonetiza-
ton of silver has been TO destroy one
half Of the primary money OF the "orlu
No one will deny the Indispensable part
that confidence and credit in the shape OF
checks. drafts and exchange play IN com
mercC, but the moment you ulAAliiiiSh ttlS
supply of primary money you appreciatS
the purchasing power OF what IS tett ana
depreciate the value of marketapie com
mOditleS.
AN effort is being made now constantly
and diligently by the money power u
prove that the volume Of gold IS constant
ly increasing and that there IS no occl-
sion for the free coinage OF SILVER. Iieh
purpose is 10 leave the impression lhat
| there viii be a superahund2nce OF soiI anu
no need of silver. If all the gold produced
ed in the world were coined II would pay
only two-ftfths OF the Interest Que Oftal
Britain. Take all the gold and all the sill
yer dug out of the mines every year ana
il would not begin to pay the annual IN
! tcrest due Great Britain alone.
THE farmers of the south and the west
have been made the hewers OF wood ana
the drawers of water for the capitalists
and manufacturers of the eastern and mid
die states. Had II not been Tor tue pro-
ducts Of the south and west ii would have
been impossible for this government 10
| have resumed specie payments. From 1874
TO 1891 Inclusive the balance of trade has
been IN favor of the United States Tor sew
enteen out of tWenty-one years, leaving
to the credit of this country S2'ue So5'5il or
ihis vast sum the agricultural I'I-U 80 49,
have contributed 80 per cent, or S,laS,S2',-
| 7Si. while the mechanical and manufactur-
ed products have contributed only ~ per
cent, or 1851 ,767.757. Since the dcmonetza-
ton Of silver there have been constantly
/ falling prices for the products Of the farm
err whose surplus has 10 he sold IN free
trade markets in CONCEPTION with nke
products of the world, while on the other
hand he has been compelled to purchase
tho products OF the manuiactGrer III tle
highest protected market in the world
1t is impossible TO escape tho conclusion
| that the evils which are running the ayri-
cultural classes are The sold standard
! and the protective tariff. Tn thirty years
of unremitting ton the south has less ag-
! Eregate wealth bv S1,250. 000.010 than it had
iu 1850. while the middle and eastern
states have increased their aggregate
wealth by over I,oo00(0.o0o.
The total value OF the mechanical ard
manufactured products Of the United
States in 1870 was 81. 30 Ueee90; the total
value Of the agricultural products OF the
United States in 1879 was S2.t47, 000.O00 IN
1850 the value of the manufactured pro-
ducts Of the United States was $3.50. C00,@0;
The value of the agricultural products was
S2,I2. OGl eco; in 1880 the value " the mo
chaui' al and manufactured products vas
81 ST. .0O0. the value Of the agricultural
products was s.. $50. a0 G00 add the value
OF the farm products. So 090, 060. for such
products as vegetables and fruits, and
$i69.oM,@0 for the value Of animals for
slaughter. and Sl2o0N0Gd0 for the value NJ
all products Of the forest sold or consumed
so 600 for the value Of orchard pro-
/ duets not included in tho above. and You
have an aggregate Of s3.2ao oQ00o0 add this
90 $500 @0.Go for the value Of all of our
mineral products and Won have n grand
total Of S2,729 0a0. coo for the products of Tho
lrreEate products amounting 90 s. COZ. 010.910
produced by 5.o0oooo reoplc engaged in me-
chanical and manufacturing industries
"A CTlS1S Is at Hand.
~As long as the farmers Of the south
and west got good prices for their products
they could exist under the gold standard
and the protective tariff. I no alarmist
but ! believe We are approaching great
business crisis in the history Of this ccun-
Try. When 100000 Of people engaged m
mechanical and manufacturing Industries
produce 50. 600. ono. GOO Of products and 9.coo-
unO engaged in farming produce loss tnan
$500. 00u.o00 Of agricultural products tneir
is already a serious problem for this coun-
1.-THE average duty imposed by the WI
son tariff is s. per cent Add expense OF
transportation, Insurance, interest. e1c.,
which IS about II uer cent. and The duties
VIII amount 10 fully 43 per cent suppose
You say compettion at home reduces
prices. Everybody viii adnit that there ls
L per cent ~ favor or the American manu-
facturcr although the European maHufac-
turer must pay the gate kecper at tne
cent before coming into this country.
Thirty nillions Of people make their
living out of the products Of tire SOIL
have vet 70 learn ny what mathematical
process $4,000 GnUuo0 Of products can he con-
sun1ed hv 9o.coo eco OF people whose total
volume OF business does not aggregate
''The gold standard has brought ruin NJ
on the south and west and this fact viii
soon / fear become apparent 20 the capt.
talists of the eastern and middle states who
are engaged in manufacturing PURSUITS, TOT
with the low prices prevailing for agricui-
tural products it is apparent that the
south and west can no longer afrori re
rnunerative markets for the industries or
the eastern and middle states.
Gold and Silver at Premium.
'"Those who affect TO dread the free
coinage or silver have short memories.
They seem TO forget that from 1865 to 1873
a period Of fourteen years-f-old ard silver
in the United States were at a premium
and that our circulation consisted Of paper
money. backed by the credit Of the gov
eminent and the confidence Of the people
I'm its ability 10 redeem It either in gold or
silver ut the ratio established by law. fhcre
were no insuperahle difficulties. such as are
now suggested by the opponents Of free
silver coinage, in the way of eftecting trade
balances between this country and Europe.
Wv nile our cotton and other products
were sold in Europe and settled for in
sterling exchange, our farmers did not
receive gold or silver in return. hut green
backs or national hank notes trade pal-
ances between the United States and Eu-
ope would continue to Re settled in the
same manner without regard TO the local
currency in this country; 30 that there
need be no apprehension or the part of the
farmers Of the south that they would he
paid for their cotton IN what gold mono
metallists are pleased to denomnate the
deprecated silver Of other countries. The
coined silver Of Europe is worth more there
than it would be here and there is no
danger of this country being flooded with
in ba Of FREQ