The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-31
A FINANCIAL CATECHISM.
ny FIRED. PERRY PowEils.
Decline of rrice.-Con,inuod.


Why has silver declined?
| Mainly because It's production has
increased very rapidly; in tho five years
lS1l.5. tho production was 3l6BSj.0j0
fine ounces; in the five years lSS9.93 1t
was 09S, 10000 fine ounces, an increase
OF about 10 por cont, and tho increase
during the latter five years was 80 per
cent. In the corresponding periods the
production OF gold Increased from 81.
80, 06S tino ounces 10 32.726, 1854 fine
ounces, an increase OF II per cent, and
tho increase during the latter period was
| y per cent. At tho same time the i'm.
proved condition oil tho working classes
and the vast expansion OF commerce
has made silver less suitable for mon.
etary use. Besides, the cost OF produc.
ins silver has declined.
What evidence is there OF that?
Until last year the production went
on increaslnG in spite OF the falling
price.
Has there beon great increase in
manufacturing aud OF competition
among manufacturers?
The last census shows an increase OF
20 per cent in the capital engaged In
manufacturing between 1850 and 1890.
Bu, that was while prices were going
down?
Prices were going down, but manu-.
featuring wasn't. The population in.
crease % per cent. the employees OF
manufacturing establishments increased
% per cent. and tho wages they received
increased l3l per cent. The true value
OF real and personal property in the
United States increased about so per
cent in ten years.
But these figures indicate prosperity.
There were financial disturbances in
1854 and 1890, aud farmers. heavily in
dobt. lost more by the decline OF prices
than they made, but on the whole the
country was very prosperous from 1879
10 1898.
Give some particulars OF tho growth
OF tie country since about 1873.
Between 1870 and 1890 the population
OF New England aud New York in
creased 81 per cent, but between 1873
and 1884 tho number OF depOstors in
savings banks increased St per cent. and
the amount Of thelr deposits increased
III per cent. Between 1870 and 1890
the population oil the United States iu-
creased e. per cent. but tho number Of
persons Insured in life companies that
report to the New York insurance de-
parsncn,, increased l0+ per cent, and
the amour; OF their policies increased
ll3 per cent According TO the census
reports the true valuation OF all real and
personal property in the United States,
per capita. was $50 in 1870, $50 in
1850, aud 81 ,O39 in 1890. The value OF
farms in the six states, Illinois, Iowa,
Minnesota, Wisconsin, Michigan and
Missouri increased 6t.6 per cent be.
tween 1870 and 1899. and dedHctIug the
population OF towns OF 5000 inha bitant.
and over, the rect oil the population in
those states increased il.3 per cen;.
The farm values in the six states,
North aud South Carolina, Georgia,
Alabama. Mississippi aud Louisiana, in.
creased II per cent between 1870 aud
1899, and the population, including cis.
lee. increased 81 per cent. Valuations
in 1870 were in deprecated currency.
From 1873 10 lS93 the increase in rail.
roads constructed and in operation in
the United States WAS lUI, 4SS miles or
! about $50 per cent.
What checked the course OF prosper.
~ in 1893?
The silver agitation. Under the Suer-
man law in three year. about SI76,O0O,-
OO0 OF paper was Issued against uur-
| chases OF silver. Tho country did not
need such an addition to the circulation,
| and gold Went rapidly to Europe. The
governments stock of gold was reduced
lower than ever before, aud it was verv
doubtful whether tho treasury could 20
| on redeeminr its paper in gold So
people made rush Tor what gold there
WAS and locked it up. Banks then had
70 refuse loans ior lack oil money, and
| merchants who Needed accommodation
failed. Manufacturers who needed nj
vaGces had TO shut down. Everybody
was afraid that cheap dollars would be
Issued. The advocates oi silver kept
insisting that they would force the issue
OF cheap dollar, 20 Europeans who held
American securities sent them back 10
this country TO be sold fox gold before
the silver era was established. They
had been doing this from the time the
Sherman law WAS passed, and this was
one reason why gold had been going out
OF this country. AS mailman who
casteth tirebrands, arrows and death"
go the authors Of this devastation point
gIectully to the rnln they have wrought
~ the reason why they should be en-
trusted with the meads OF comple;inrit.
To what extent has silver legislation
affected tho settlement OF our foreign
| trade?
In tho first three years after the past
nce OF the Bland-Allison act, there WIS A
balance due us on merchandise from the
rest OF the world OF :6a2, O0O, 900. bu. we
got only $l62,0oO,0OO in specie,
showing thai. to Il great extent,
We were paid in our own
notes, or more accurately. in own sncpr.
tiles. There was gradual recovery OF
! confidence hy foreign investors in us,
/ and IN three years. lSSS.gO, the specie
We sen: abroad aud the specie due Us OH
| merchandise balances which wo did not
get amounted to only S95. QO0.OlJ. Int
IN the three years Of the Sherman law
th"rc was drawn out from this country
$l55,OOl,OlO OF gold and S0.OOO.OO) OF sill
yer IN spite Of the TACT that tho balances
due IL on merchandise amounted to
! $22S.OD,00O. Here was S5SS, 100000 OF
! specie, practically all gold, which the
country lo't, most Of IL because it was
| trying TO bull tho price OF silver. In
those thrr" years We added to tho cur.
/ rencv Sl1b.GO1 $50 OF silver certificates
and ">hernAn notes, and lost fro;n it
Sl6i,ySj,G9, OF gold. In fifteen wears OF
| silver legislation thprr ,,rcrnnl IN IA