The herald., 1896-09-01

of the world"
inference sought to be given is that any
other money is dishonest. We hope.
however, to show that it is the gold
standard dollar that is dishonest, al
though many of its supporters are hon.
est intentioned. The majority of gold
standard advocates are not sufficiently
logical to see that in demonetizing sill
yer, the oldest money known in history,
they are doubling the debts Of the world,
already too heavy. by destroying the
debt-paying efficiency Of one-half of the
worlds money-the silver half-and
thus dealing dishonesty with the debt.
or class.
co. The very public distress now be-
ing experienced was foreseen by some of
the ablest statesmen. Hon. James G..
Blaine, in speech in the United States
senate sixteen years ago QSS0) said:
Il believe the struggle now going on
in this country and in other countries for
single gold standard would if success
full, produce widespread disaster in and
throughout the commercial world The
destruction of silver as money, and the
establishment of gold as the sole unit of
value, must have ruinous effect on all
forms of property except those invest
ments which yield fixed return in mon
ey. These would be enormously en-
HANGED in value, and would gain a dis
proportionate and unfair advantage
over every other species of property.
If. as the most reliable statistics affirm,
there are nearly $1,000, 900, 600 of coin or
bullion in the world, very equally di-
vided between gold and silver, it is i'm
possible to strike silver out of existence
as money without results that will prove
distressing to millions and utterly dis
astrous to tens of thousands. I be-
lieve gold and silver coin to be the mon
ey of the constitution; indeed, the mon
ey of the American people anterior to
the constitution, which the great organ
ic law recognized as quite independent
of it's own existence. No power was con-
ferred on congress to declare either met
al should not be money; congress has,
therefore. in my judgment no power to
demoretize either. If, therefore, silver
has been demonetized, I am in favor of
remonetizing it. If it's coinage has been
prohibited. I am in favor of ordering it
to be resumed. I am in favor of having
it enlarged"
The farming element is the backbone
of every civilized nation except Great
Britain. whose tillable area is limited,
and worth more for game preserves"
for the mobility" The condition of the
farmers of the whole civilized world has
been gradually growing worse for some
years back, and although it has been
noticed by few that the price of silver
and the price of farm produce rise or
fall together. few understand why this
is SO. The answer to this question
is the philosophy of the silver question
and tells the whole secret
1t is this: The United States demone-
tized silver on February II. 1878. Ger
many followed July 9. 1873, and so
quickly as 1874 the effect upon silver was
SO great that France, Italy, Belgium.
Switzerland and Greece were Obliged to
restrict it's coinage. Holland did the
same in 1875 and Russia in 1876; and in
1878 Austria and Spain did the same.
The effect of such a rejection of silver
could not be otherwise than to decrease
its value. and increase the value of
gold until now silver is worth only
about one half what it was worth in
1873, compared with gold, or gold is
worth double what 1t was worth in 1873
compared with silver.
But what has this to do with the
prices of wheat. oats, corn, rice, petro-
leum and cotton?
Much every way. Farm products are
the chief articles of export of the United
States; the basis therefore of our ma
tional prosperity. Our purchasers are
the gold standard countries-Great Brit
ain, Germany and France Our COM
petitors are silver standard countries
Russia. India, and Argentina. The gold
countries take their gold and exchange
it for silver-one gold dollar for two
silver dollars-then buy cotton, wheat
and oil, etc, from the silver countries
for about half the price they would pay
if gold and silver were on a parity.
The United States is the only nation
Except Canada), which produces wheat
and general farm products extensively
for export that is not on silver basis;
and hence the producers here suffer
more than elsewhere; although the
farmers of Germany, France and Great
Britain are complaining bitterly, and
applying for tariff protection, and get
ting it, But no protection can be given
to American farmers who produce
vastly more than sufficient for home
consumption AS a consequence of
Icing obliged to purchase their sup
plies on a. gold basis, and being Obliged
TO sell their farm produce in competi-
tion with silver countries on the silver
basis, the farmers of the whole civilized
world are suffering. The effect upon
the people of the United States is most
serious because from Is to IS per cent
of the United States exports annually
are farm products. The exports of farm
products from the United States are
about s750,0C0000 in gold; but in silver
(at the present price, it would show
nearly double this sum, and nearly the