The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-13

worlds wheat crop is annually from 23oo.-
100000 to 400. 0oo.100 bushels. Russia alone
easb ner wens proa9sSn 55o bns6es
in 1885, These facts are ample in their ex-
PLANTATION of the decrease of prices down to
cessive annual crops in this country aver
aging nearly 600 900 bushels each prices
went down to o. cents a bushel. 1870,
But there was another cause entering
into the extremely low prices OF 80 10 %
cents hushei for wheat during the years ears
lions Of people are out OF work. as then.
the innuence of first threatened and then
actual reversal OF our economic system
err consumption. Trade in every section
showed that fact
AS TO THE SILVER QUESTION
The te1nition of bimetallism is. THE con-
currea, use of 18th gold and silver as money!
rot un United coinage. and the driving of the
Cheaper out Of circulation. That is mono
mesallsra. which Mexico and several other
Imp overished countries have done There is
ABUNDANT historical data for the limitation OF
silver coinage by commercial nation
sione. a New England Senator recently
sfated insthe United States Senate that there
cotsW who Wer cent sod but
that practically all were in favor Of MAIN
i tsin.lig the Two metals in circulation. That
u round numbers we have over $3.50 000. 900
Ii silve- coinage, and about the same In gold.
inn of b a5 eias as shn MONEY rs The
point OF dispute Is not the '.ase" Of both
metals. but whether one commercial nation
w,t1out limit at 16 to /, while Ii is tabooed by
all the others. 1t is the firm belief Of great
numbers that such unlimited coinage would
be ruinous. They know by historical data
that such a course would take the $500. 000. eco
OF gold out of circulation and bring on ire
mendous contraction, for IL would go TO a
becOmQ a commodity
lation. Il would reduce the purchasing power
of the 900 900 of greenbacks and s15 900 900
would be additional contraction in the sum
or the premium on gold These things. how
ever, would be trifiing evils compared With
the tremendous disturbance OF other values
that of real estate and all other kinds OF
property but gold. and that is only as one to
mfnions OF other property The historical
data sustaining this view are found in the
present condition of the free-silver coinage
nations, viz: The Central American states.
South American states. Japan, India, China.
Mexico. They all went to silver monometal-
ism on the free-coinage road. The nations
holding gold and silver in use al a parity
are incomparaoly more prosperous. France
because France is a commercial nation. and
has foreign obligations to meet, as We do
And so the dispute Is not as TO the use
of both metals. but the inevitable disaster
that has overtaken the nations which went
too far In silver coinage and brought ruin
that so far as this country is concerned with
silver coinage alone. among great CONNER
cial nations, II has reached the limit OF
safety. 1t has ended with hope for better
things In two directions. First. The grow
ing desire abroad for larger of silver,
and, second. the great increase in the gold
mine productions Of the word, which may
alone in a few years solve the question OF
desirability for the use more generally OF
both metals.
One more thing: The assertion that silver
was ever demonetized ought TO cease, since
1t Is not true. 1t was never largely coined
till after 1878. as up to that time only
little over $S000.0O0 had been coined. and
including subsidiary silver, dollars and all.
only A46000.0e0 had been coined from the
foundation of the government down to 1873.
1t has always been a legal tender. and
never was demonetized. 1t never became a
large factor as q currency, nor as a basis
for paper circulation till after 1874, when
greatly increased coinage was authorized by
Congress, and which went on to the danger
limit and was stopped. 1t was then that
the millionaire mine owners began their
clamor. From 1872 down to 1894 only $780,
457 9S7 silver dollars were coined by this
government, whereas during the same period
81, 732 552,3 23 Of gold was coined. These are
the facts in brief about the coinage by this
country since its foundation as found in
the official reports of the government.
JOHN B. CONNER.
Indianapolis. April 10.