The Camden chronicle. (Camden, Tenn.) 1890-current, 1896-08-21

##NhA -" must NHMNNNHH I'D NINNHIN AN
favor 81 one side aud araingi the other
as long aa tboso conditions exist. Nor
wall iho aduniafe altogether stop
whsnTrlces iu eoal standard countries
have fallen. as they must under such
competition, 600 good imported into
them from silver using countrioa
yield no moro So silver than before.
But 40 this poiui whera Tho produa.
ers on q gold basis have been com.
PEELED 70 give mp half In wages and
profits, tho producers on silver
basis are only where they we're twenty
years ago. They have really lost
nothing, bat, on the othor hand, have
acquired new markets and learned 20
manufacture for themselves, and for
tho worlds markets besides. Aud
even then, as long az silver remains
worth but MALI It's former value 10
gold che gold obtained for goods sold
IN gold standard countries, although
lees Ia amount, aa psices fall, still
yields twice It's nominal value ia yons,
taola- rnnnns- 90 dnilars- and unva
twice the dobt and taxes that the
money received bY bis competitor in
gold standard countries will pay for
him. That is, the man from silver
countries, relling in gold markets,
/ continues to get money that doubles in
bis hands Tor oh uses a. home, whilo
his competitor, producing on a gold
basis, pays wages, interest, debts ana
taxes in the same money he receives
aud not only that, but the debt and
taxes no hsa to pay, and many orlin-
airy expenses, are not reduced, even
though wages may have gone down,
and although prices Of his products
may have fallen one-haif. And this
advantage to the producer in silver
countries will continue as long as the
divergence in the value OF gold and sill.
yer exists, and to the extent Il exists.
To take a specific caso for illustra-
ton: Until the mInt5 of India were
closed-and practically so yot-an
ounce of silver would buy q bushol
of wheat in India and pay trans
portation on it to Liverpool
Therefore, with SILVER at S1.29 an
ounce, pound sterling would buy,
say, four ounces of silver, which, in
turn would buy in India aud lay down
In Liverpool four bushels of wheat.
But with silver at Go cents an ounce q
pound sterling will buy nearly eight
ounces of silver and eight bushels of
wheat. Four bushels of wheat for a
pound sterling is equal to S1.25 a
bushel, while eight bushels for pound
sterling is but G2s cents q bushel.
The American farmer, therefore, in
order to sell wheat in the Liverpool
market must 60 down to the price the
farmer in India sells for; but the
farmer In India gets just as much in
bis own money as he ever did, while
the American farmer gets but half as
much in his money. What is true oil
wheat is true OF cotton and OF al
other products sold in Europea4
markets in competition with AsiatiC
producers.
Tells COMPETITION MOST HURTFUA TC
DEBTOR NATIONS,
While this advantage to silver-usInp
Nations applies TO trade with all gold
standard countries, it is far more dis
astrous to debtor Nations, like the
/ United States, than TO creditor Nations,
, like England, France or Germany
For a debtor Nation is compelled tC
sell its products in order to pay it,
debts, and it must sell in competition
with silver.using countries; and thil
fact makes competition under the con
/ ditions above stated a matter of deeper
7 concern for us than for any Other
country.
s We come next to the second ques
s tion-namely, the stimulus given by
the advantage to producers in silvei
4 using countries. 1t could not be ex
: pected tnat such an advantage would
3 long go unused. Even if Orienta
. employers of labor did net quick,
1 seize upon it and turn it to thei
l profit, Europeans would not be SLOW
4 to take it up, and they have not been
, as will be seen a little further on.
K In the first place, here is vas
$ population OF hardy people, Injured t,
t toll and content to live on the scanties
r fare. They are patient md initiative
d and can readily be made to learn t
+ manipulate all kinds of machinery
s Food and raw material are produce,
n OF low cost. Coal and iron abound il
i China and japan, and India is becom
q lug great cotton-producing country
+ Such are the conditions that have le
: to tho new development in Easter
v industries and which are destined t
change the course of the trade of tn
v world. They may DO summed up i
0 a wwords--laborc cheap and abundan
8 raw material easily supplied, anc
f above all, a gold market to sell IL
J. Offering, as before shown, bount
l. on exports equal to the difference bt
tween the value of gold and silver