Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-05-15
M.clgARYs SPEECH.


Inc congressional Record of March
81 contains II speech by J. Il. McClea-y,
of Minnesota, against unrestricted
coinage of silver" which is the most
thorough, entertaining and convincing
discussion of the silver question we
have seen. Every aspect of the question
is presented. Every argument of the
honest believer in free coinage IL pa-
tiently examined and demolished The
vice of the free coinage advocate, il is
shown, is that he picks his facts, ig-
noring such us do not favor his argu-
ment. lie does not see the whole truth,
but only SO much of il as suits his pur-
pose. The silvcritc begins usually with
the statement that there has been II
ruinous fall of prices, beginning with
1873, when silver dollars were excluded
from free coinage, and That the decline
of prices was due to the exclusion of
silver. But If he would consider the his
tory Of prices before 1873 he would find
that the recent decline began in 1860.
The fall between 1866 and 1873 was
larger than between 1873 and the pres
cnt time, though the mint was then
open TO silver. But this was not the first
period of low prices during the present
century. In the period from 1918 to
1852. while the mint was open to sill
yer, there was II fall in average prices
practically the same as that which has
taken place since 1879.
The price of silver before 1873 did
not decline along with that of other
commodities, rs il has done since 1915.
Silver was not then their faithful COM
panion, but held Itself aloof from the
general tumble. Between 1909 and 1868
there was tremendous fall, followed
by tremendous rise of prices of com
moditics, but silver hardly varied. And
there rs not now-morc than before
lS73-any connection between the
price of silver and the price of other
things.
The decline of prices has not, how
ever. been universal. 1t has been large
in articles worked by machinery. us
textiles. minerals. manufactures, etc,
but il has not been large, as Il rule. in
products of agriculture, tropical prod
ucts, animal and fish products, etc. The
reduction of transportation rates has
lowered the price of wheat rhcnoni-
cnally at the points of consum ption, as
in the east and in England, but the
price obtained by the farmer of the
northwest has not bccu materially
changed. Reef, butter. eggs and SINH
lar articles have not followed the down.
ward course Of silver. even at points of
consumption. There is one commodity
which is dealt in, bought and sold, more
universally and in greater volume, 1t
may lie said, than all others put togeth-.
cr--labor- If il has not fallen in ps,,I.',
n rs TGrf,--s@@sS that there ..llSss been "a
general fall of priccS@duc TO the de-
monetization of silver" And il has not
fallen. On the contrary, wages have adj
vnnccd, and the wages of 1880, with sill
yer drmonctizcd, exceeded by IS Der
cent. the ''bimctallc" wages of 1850. In
purchasing power the wages of to-day
exceed those of the earlier period by ~
per cent.
Much is made by silvcrites of French
himctnllism, but Mr.. McClcary shows
that France did not, ny her Inv of 1903.
as matter of fact. Sustain for 20
years her legal ratio of fifteen and one
half to one" as the commercial ratio of
the world The price fluctuatcd, not
withstanding the law. Nor did France
ever have the concurrent circulation of
silver and gold. From lS20 10 1850
France had only silver, and from 1850
to 1863 only gold coin in circulation /.
was not the French legal ratio that kept
the commercial ratio near fifteen and
one-half 10 one from 1903 to 1879.
In concluding his telling speech Mr..
McCicary, himself II protcctionist, de-
nounccd the Pennsylvania protection
lists who are going in for the free coin
age OF silver because they may thus re-
ducc American wages 10 the level in
Mexico, Japan and other countries on
the silver basis.-Baltimorc Sun.