The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-18
rrRMrRs AvD rRnr sI1ygR.
An Unlimited Free Coinage Law Would
Only Add to Their Unhappy state,

Editor OF The Times:
slr.-Ihc backbone of the silver party Is
the agricultural interest. mol only IA
this country, Dut IN Europe also, the
prices Of farm pl 2ducts have fallen more
lhan anything else. Compared win ine
prices OF Ihl, general prices have declin-
al 10 per cent. but the average Iaii ln tnc
prices of the various kinds OF dbilc1llui-
al product has been 40 per cent. Lie ue-
cline iu tne prices of products other IMAM
AGRICULTURAL. has been about 4 per cent.
iu the general average. Ihe FARMER,
therefore, with his gross income olIlllN-
ishcd. by 40 per cent, and MS expenses
reduced only ~ per cent, finds hlInselt
to-day with net income Of - per cent.
less than IL was twenty-five years ago.
IL other occupations have suffered IN the
same degree tlc right OF complaint would
not bee the special and peculiar prefo6a-
tive of the former.
"Chcapuess. il should be remembered,
is a relative term. There is no such thing
as positive cneapncss. N the price OF
everything falls. YOU may call IL cheap
ness ID you Will. but no one Is Denehtled.
II the fan were uniform ana simultaneous
including au commodities ana services,
i'm the same proportion, and at the same
time-rcnts on the one hand, and labor
on the other previous obligations as wen
as new onos--thon no one would be injur-
ed. IL Is only a matter OF more or leWct
counties But when the proportion DC
things measurably by money or the other
hand is changed. no matter from what
cause. the fail OF prices, which must ana
does occur. Is unfortunately not unlloiA IA
and not simultaneous. though no ueuH1
IL ultimately over 81 long space OF Time,
,cift La general Hence comes the iuIus-
tice and the evils of an unstable standard
OF value The returns ot the hdusuili
classes are diminished without those ST.
multaueous adjustments OF liked charges,
which could alone make sich change
harmless. Speech OF sir Whilhih
Houldsworth. Proceedings of lnternauon-
al Monetary Conference at brussels, page
20
Tho gross incomes derived from pro-
| du.tfye capital invested in other occuph-
lions than farming have fallen, on an
average. about - per cent; but 50 lar
as the expense attendant upon the lse
of such capital depends upon me con-
sumption OF grain meat. hay provisions
Of all kinds. cotton, wool, hlies' ci''.
there haas been an average saving OK
| aH,..l 90 per cent. so that the not Ia
come OF the manufactured has been in-
| creased about 70 per cent, minus MA1l-
ever share iu this additional pfout ne
may have assigned TO his WorAmen iH inc
| shape of increased wages.
According TO calculations made by Nr.
Edward Atkinson and others, taking lNe
| wages paid iA the year l,tJ as q lta'' ana
! c4Uius them 100. with q pIrch tsIlg power
n
wage had risen TO lti, aud that a. ir
purchasing power Was 1922, and thlt in
| i>gl. wages were JOS, with a purchasing
| power Of Us.
1. appears. then, that the m1ll''n1nce
| OF the gold standard ~ tnis country haas
/ rot directly injured anybody except tlc
farmer. 20 is impossible. however ior any
class OF producers 10 prosper p@rmlA Mt
/ Is 40 the expense OF another class. ine
| time comes when the starved goose -
| unabl % lav any more golden eggs.
With u LaupcriZed rural population,
manufacturers find their marAet circnm-
| scrlbei. and the volume OF their sales re-
! duced by one-haf. Factories close or
ann on half-timc. WOrkmen are dis
| charged and honest men are transformed
| into tramps. In gloomy sarrets women
! and children moisten their bread with
! tears. The gaunt spectre OF hunger
| stalks through the land. Discomfort
| giares with angry eye upon the hrautIui
| homes Of wealth and luxury. The ar
| begins 20 smell Of dynamite. The open
! ing OF our minis 10 Tree SILVER VIII ohIy
| hasten the explosion. , e.,
! this country depends upon the giving or
| n fair and adequate remuneration 10 tie
! Labor and capltal employed in agriculture.
| No manipu,atior OF the American dollar.
no Juggling with our silver coins. Will ac-
| coniplish this result IL viii be necessary
! 10 restore the bullion value or the silver
ruDec Of British lhiia 10 what II WAS
! twenty-five years ago. The objective
! points Of Mr. Rryan's crusade should be
| The slopes that wave with wheat at the
| soot of IN. Himalayas. and the plains that
| bloom with cotton in the Deccan.
The Indian rupee contains l65 grains OF
pure silver The standard silver ounce OF
! Great Britain contains tii grains OF pure
| silver Therefore. when the London price
| of silver bullion was 81 pence per standard
] ounce. the bullion value Of the rupee was
/ q pence. London bankers charged a
| pence. or two shillIngs to the rupee, for
| Exchange on Bombay.
Previous 10 1873. the average price OF
british wheat in the home market was Il
| shiilincs per quarter equivalent 10
nearly Sl31 a busheL I'm India. the price
| OF wheat has never varied much fr Jm u
rupees per quarter" or rupees per
| bushcl with the rupee exchanging for
| two sLipiqgs. this was q sh:lings per