The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-10-29

some weighty comments. He reviewed
the position strictly from the point of
view Of accomplished facts, or facts in
the course Of accomplishment. The ex-
clusion of silver from monetary use
.Ces on from year to year. There Is;
OF course, & .'oirt at which 1t must
cease. Whe, those silver countries
which. are in y backward state of de- n
velopment bring their natural re-
sources into full play, and add enough
to their exports to relieve the existing
pressure on their exchanges, the fall on
silver must stop. and the inclination TO
dispense with the metal will disappear.
Such q remedy would be final; but
it would not be satisfactory-least OF.
all to the gold countries. 1t implies an
enormous addition to the worlds sup
plies of food and other natural prod
ucts, not to speak of manufactured ar
ticles, II that points to a further de-
ciiEe in prices. Silver-using countries.
with large reserves of virgin resources,
could lock forward to a further fall
in prices with much more equanimity
than this country, for instance, where
already falling prices, concurrent with
increasing cost of labor, have reduced
the margin Of profit On capital en-
ptos Su III IllauSllldl SIitNIp ~ iSS, oiIo
nave almost wholly obliterated the
margin in the case of agriculture. To
let silver work out it's own salvation by
provoking an enormous increase Of
production at the expense of the gold
using countries is not a solution that
can be entertained, though as the gold
monometallists PROFOUND no serious
remedy, they must be presumed to be
blind to the dangers which Turk in lais-
seq fafre. The only suggestion that Is
put Onward by the anti-silver men is
tha gold should be the standard in
rich countries and silver that Of poorer
ones. AS Sir David BarbOur points out,
there is a primary difference in CLASH
flying countries on this singular princi-
e. AS a matter Of fact, many silver
countries are rich. We should not be
prepared to releGate India to the cate
CORY of poor countries, though the av-
erage wealth of the inhabitants is
meager and the sources OF revenues
few and not prolific. A COUNTRY IS
NOT POOR WHICH HAS, BY IN
CREASED PRODUCTION. BORNE
WITHOUT BREAKING THE HEAVY
BURDEN THROWN ON IT'S REEVE
NUE. THROUGH THE VIRTUAL
DOUBLING OF TIE COST OF ITS
GOLD DEBT.
MEXICO MIGHT HAVE RE-
MANNED poor IN EVERY SENSE
OF THE TERN HAD NOT THE FALL
IN EXCHANGE COMPELLED HER
TO TEST HER RESERVE WEALTH
AND STRIVE TO REALIZE 1T. O
CANNOT FORCE SOLVENT COUN-
TRYTO PLEAD GUILTYTO POWER
ny, AND SUBMIT TO BE PERMA-
NENTLY CLASSED AS A MERE
STEP CHILD IN THE FAMILY OF
NATIONS.
1T is not only that a country might
justly object to be stigmatiZed as
poor. but even these which do not deny
the soft Impeachment might properly
decline to pick chestnuts out of the fire
for their wealthy brethren. We take
1t that nobody now denies that a de-
prcciated currency gives a productive
country an advantage in competing In
free markets with nations whose grow
ers and manufacturers have TO pay
| their working expenses in hard money
! at par. For a number OF years India
gained ground in China at the expense
OF CUR manufacturers. as Japan is Z
ing row at the expense OF both India
ard the United Kingdom. India has
lbl St~IS plSitdpiy iNh "'Hr "NN
In tne London market infinitely cheap
CT thar our farmers could, and the Ar
CENTRE Republic, having currencies
still more depre ciated, has carried ag-
ricultural prices to a point which is
trying alike to India and the United
States, ard quite ruinous to wheat
growing areas, such as those which
have gone into pasture, or entirely out
Of cultivation, in Essex. Some silver
countries are not ignorant Of their
r0Wer-nOt Indifferent to the effect OF
Their development on the
and prosperity of the gCld-using ma
tiOns-and SO they would naturally
stick to their desp!sed currency. 9th
ers do not understand the trade ad-
vantage they possess, ard see only the
financial disability under which they
suffer. They are rot likely to st.fic
the yecrning they feel for a gold stand
ard at the suggestion OF those gold
bugs who perceive that their own in
~terests must ultimately suffer If silver
he wholly demonetiZed. Sir David
Barbour admits the possibility OF Sec
ing the world divided fairly, equally.
between gold ard silver. but only
through the influence Of at least one
rich country, which might be prepared
to declare boldly for silver. and unite
with it the existing silver countries in
a bond Of mutual interest. Such a
| division OF the world cannot be brought
| about at the dictation of the gold ma
tons, which naturally desire to secure
| themselves from the inevitable effects
of their present policy OF selfshness.
When it was in their power to help
the silver countries they refused. Why,
then, should the latter be expected to
assist the gold countries, which see
their industries languishing, and their
trade passing to poor rivals? :
with THE MARKETS OF THE
AvOWED SILVER COUNTRIES
| GRADUALLY CLOSING AGAINSI =
US, THE TRADE OUTLOOK IS MOI
BRIGHT, AND IF WE WE'RE TO BIZ
PUT TO FURTHER DISADVANT-
AGE IN THE UNITED STATES, AS
| COMPARED WITH OTHER CON-
| PETITORS, THE PROSPECTS
| WOULD BE GRAVE INDEED. AS
A NATTER OF FACT. WE DO NOT
| NEED TO TAKE POSSIBLE ACTION
OF THIS NATURE INTO CONSID-
| GRAFTON IN PRESSING ON THE