West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-11-05

| - 1880 hIN AhNN AUtl
have that much less to spend for
manufactured goods. In many in
stances they do not receive sufIi-
cient for the products Of their labor
to pay the cost Of production. Now.
why is this ? We find that about
three fourths of our exports are the
products Of the farm, and the
amount received for 1t is taken to
settle the interest, etc., on our for
eign debt.
The farmer has absolutely no
protection on anything he pro-
ducesy but is forced to compete
with silver using countries and the
pauper labor of tho world, aud
bear in mind that in silver using
countries silver to day will buy as
much merchandise or products of
the farm as it ever did. We will
use wheat for an illustration. We
find that Great Britain paid CT
cents per bushel for her foreign
wheat In 1894, against S1.25 per
bushel in 1880. The result, of
course, was that all wheat growers
In gold standard countries received
in 1894 but 81 cents in gold per
bushel for their wheat, less freight
charges to Liverpool, in place of
S1.25 in 1880. The farmer in the
United States sold his wheat for SO
cents per bushel less in 1894 than
in 1880, the price which farmers in
all gold standard countries realized
for their wheat, being thus greatly
cut into. Obviously they had much
less to fecompense them for the
cost of production, and as they
have found it impossible to reduce
the cost of production in any such
degree, this great fall in prices has
greatly poverished them. But
while the prices realized by the pro.
ducers In gold standard countries
has been thus reduced, the case
with the wheat grower in those
countries In which gold has gone
to premium as measured by silver
or paper currencies, has been very |
different. In 1880 gold, as meas
ured by silver, commanded slight |
premium; in 1894 the premium was
very much largar. In fact, gold as
measured by silver was worth so |
per cent more IN 1894 than in 1880, |
consequently the wheat raiser in q
silver standard country selling to
England could sell for very much |
lower price in gold in 1894 than he
could in 1880 and still realize the
same amount Of silver, for the gold |
received in 1894 he could buy 80 |
per cent more silver than he could |
for the gold received in 1880. So |
to the producer on a silver basis.
SIxty-seven cents in gold in 1894 |
was equivalent, that is. represented |
just as much silver as 81 RI in 1880. |
There fore, while the wheat grover
in gold standard countries received
SO cents less for his wheat in 1894
than in 1880, the producer in silver
standard countries received but A
cents less. to the silver using wheat
grower the appreciation of gold
made up for the fall in the gold
price.
So 1t is quite evident that no
tariff will remedy this evil, and
further, had our imports fallen in
price in proportion to our exports,
we would not have Jared so badly.
But VIC find that the value OF our
exports Tor 1894 has declined GO
per cent. as measured by our i'm.
ports for the year 1894 as compared
with prices received in 1893, or IN
other words, we are paying for our
foreign goods about the same
prices we did in 1873, while we are
selling our products to them for
about 60 per cent. less, We have
been travelling a downward road for
o number Of years, until we have
created foreign debt that is simp-
ly appalling and every year in
creasing, amounting now to over
five billions Of dollars, with an an
nual interest Of over two thousand
millions. During 1895 our for.
oign debt was increased over one
hundred and eighty millions,
making another interest charge Of
over seven millions Of dollars, an
nually, and IN face Of all Of these
facts, We are told by some 30 called