Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-14
A rnAyrLI.nn IN INDIA.
Tells the story of Why American
Whcrt and Cotton Are Low.

torial In the Times OF the It'll instant. III
reply to the very able article from the
pen OF Mr.. Camm Patteson, published IN
your edition OF Sunday last.
II has been suggested to me that In
view of my travel in India, reply to the
,rlmess editorial might be interesting
both to my friends and to the many Sc
rious people who are anxious for informa-
ton on the great question of bimetallism
and do not accept abuse OF It's advocates
or ridIcule OF it's arguments as valid or
forcible reasons why the United states
should not return TO the position 1t occu-
pied prior to the decentralization OF silver
IN 1873
There Is no fear that the Timess edto-
rial will Influence the thought or action
Of any voter who Is even slightly inform
ed Of the results upon India and the
United States through the demonctization
OF silver and the consequent rapid and
great increase in the purchasing power
OF gold, for there Is no argument in II
against bimetaliism.
The Times Is quite right in its position
that the Bombay merchant who sells his
wheat in Liverpool gets the number OF
rupees that would make 500 gold-the
80 cents gold per rupee. or so per cent
more rupees than would be got were gold
and silver on a parity, and 1t is this fact
which has contributed so largely to the
increased production of wheat and cotton
in India and which has so greatly re-
duced the price Of these products in our
own country.
SILVER AND PROSPERITY.
49, ,..Lo trovoic lyunu-c that those
countries which have a unit OF metallic
coinage which is below the artificial value
now put upon gold by the legislative ac-
ton of gold monometallic nations are
increasing their local industries and pro-
ducts and decreasing their imports from
gold monometallic countries. Ii is also
equally as well known TO the traveller
that the purchasing power of this silver
unit of value for home products is as
great now as II was before legislative ac-
ton took from it the function of a re-
demption money. and that its depreciation
I'm foreign gold countries works no hard
ship on the laborer or the citizen VINO
buys or sells local products, the only sur
ferers being those who buy in gold mono
metallic lands and have TO pay heavy
rate of exchange TO meet their bills, the
small proportion of residents who feel
tntg HusA nave lilIpiNtu IidNtiidlS a-4N'
who generally have the money or credit
to crafty their wishes, and, lastly, the
foreign manufacturer, American or Eng
fish. who finds his orders to silver coun-
tries decreased because of the high rate
Of exchange and the unwillingness OF
many to buy at what are really excessive
prices.
HOME MANUFACTURE.
And there YOU are Mexico. India,
China, and Japan are graveyards Tor
trade in many lines Of manufactured com
modities from gold-standard countries
where formerly large business was done.
In many Of these lines OF business the
wants of the people are being supplied by
home makes. and in others the demand
has been changed to some commodity or
similar nature or else the people have
dropped their use and are no worse off in
consequence.
No one but an advocate OF gold mono
metallism would have the temerity to
compare the coolie labor OF India with
the enlightened. energetic. and faithful
American wage-earner; and When the
Times put the two in the same cate
CORY. or intimates that their conditions
will be the same in the event of bimetal-
ism In the United States, IT insults the
intelligence Of a free people. Al this
point it may be pertinent TO call atten-
ton TO the fact that. in gold monome-
tallic Portugal, the standard gold coin
of which country is the boosted English
sovereign, the wages of agricultural labor
are very little more per diem than those
of the coole on the wheat, cotton, and
tea plantations of India. and the coolie
has the advantage of the Portuguese in
that his wants are fewer. his employment
more regular (being generally by the
year,. while the Portuguese is often out
OF work; and, further. the Portuguese
pays doubly as much for what he buys
as does the Indian.
SILVER INDIA AND GOLD PORTU-
GAL.
1t would be a fairer comparison to put
India, with its free trade and free sill
yer. and increasing agricultural and man.
ufacuring interests, against Portugal,
with it's gold monometallism, excessive
tariff, and almost no manufacturing,
than It is to compare India with this
country; but gold monometallists will not
tell you of the condition OF the gold
countries, Portugal and Turkey. The few
white mechanics and white men who do
manual labor i'm India are not placed on
the same level of compensation as the
Indian workman. but receive even better
compensation than they would for like
work in England, and many times bet
ter wages than the native gets. for the
reason that he does better work, and
more work, and has larger requirements
for living.
While it is a fact no fair and informed
writer will deny. that in silver-using
countries the purchasing power OF silver
for home products OF all kinds has not
decreased despite the decline in its gold
price in gold monometallic countries. and
has thus made rich the agriculturists,
and not impoverished and laid a burden
on the labOrer. there is also another
great feature. one of equal Importance,
which is Just as true-namely, that the
decreased gold price of silver has drawn
silver-using countries into a closer COM
mercial relation than they would have
occupied had silver not been demonetized
and. in thus drawing them into close de-
lations. has stimulated industries, brought
into them large quantities of capt.
tal from abroad. and encouraged local
capital TO larger investments I'm channels
which 90 10 develop country's resources
instead of investing money In bonds
MORTGAGES. and government loans. OF
which tncte Is Always DOIHtiiui NiOl
I'm gold monometallic countries, with q
contracting currency.
Thus we see that the decline in the
gold price of silver hurts us both ways
enabling the grower of wheat and cot
ton in India to undersell US in the mar
kets of Europe. and still earn good
profit. and enabling the cotton manufac-
turer of India 10 dispose of his products
IN the siIvcr-using countries of China and
Japan at a price at which our manu-
facturers and English manufacturers
find IL hard work TO compete.
WHEAT AND SILVER.
Now as TO the great question, HAS
the demonstration OF silver increased the
production of wheat i'm lndiag Unhesi-
ND Of cntlnn a Well anl