The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-02-25

Iii 4COOs l. LEV OLO,OOO Ala AOSOf Wv
COS SIS, 5S7." From 1860 to 1870 both
metals were admitted TO the mints on
the same terms, at the ratio OF 16 to 1.
During these ten years the properly
of the country only lacked about two
billion dollars of doubling iii value.
Here are your figures for ten years
witnoub free coinage: I'm 1880, valua-
tions. $43 Gag 600 600; in 1899, valua
tions $65 337, 600 600. D Iring this pc
riod of ten years free coinage for gold
orly, and the mints closed against sill
yer the wealth OF the country laced
$21 395 600, 600 Of doubling.
See how your edltice trembles before
the truth and facts, as given by you,
when honestly applied and under
$1,000!
II l had the time and the space to
turn on the search light of truth and
the torch light of reason, it would be
an easy 10 TO tear down your mag
nifcent building and scatter the frag-
ments to the four corners of the globe,
Ga page eight the same writer, with d
fl ,urish of trumpets eays: will not
Senator Butler please tell u5 what
caused the decline between 1864 and
1873 IN cott0n9" l will tell you. In
1864 gold and aiiv-r was at a premium,
from 50 SO to IS 90, and continued at a
very high premium until 1878, and the
prices during all these years were in
deprecated Currency and the nearer
we arrived at the period of specie pay
ment In January, 1879 the less the
premiums on gold and the nearer
greenbacks and coin came together, or
the less the premium on gold. and, OF
course, the decline in the price Of cot
ton and everything elsa We're in the
same ratio as the decline in the price Of
coin, all things else being eQIal.
This one cause of the rapid decline
in prices, another CAUSE for the high
price of cotton from "a TO 70, was the
shortage Of the crop in comparison to
the demands of world for cotton. In
"a, this country was in the throes of
8 revolution, the greatest in modern
history.
This country was the greatest cot
ton producing country, and produced
very little from 1860 up to and inciud
ing 1865, at which time the world vas
starving and needed cotton, and IL
could not be had for love or m )ney,
aud it r. hired q1ite ten years for the
supply OF cotton to catch up with the
demand for the same.
| think the reasons will account for
the rise and fall in prices from "a to
'73, and fully ans yer the question put
to Senator BItler, to the Satisfaction OF
all reasonable people. Il may not be
satisfactory to a one,eyed goldouS.
Ga page eight the writer says:
From 1913 60 1913 we had the free
coinage OF both metals, and cotton
soid FOR only five cents a New York"
This, he thinks, settles the SILVER qIes
ton.
Ii the years named, we had under
valued 81 ,er aCcJidlng 10 the French
ratio, and other nations. Oar RATIO
WAS Is 10 /; the French ratio vas 154
TO l. and the ratio Of other nations WAS
sJlll less. We u~nderva!ued silver and
II went to a premium ald was bought
up by SPECTATORS AID shipped to for
eIgn for pref, the little We
had. But in truth we had neither sil-
veS nor gold, and never did have, untiI
after the discovery of the gold and
s yer mines IN the West II 1889 and
1850.
From 1910 until 1919 there was G
money famine throughout the civIl'z q
wOrl1 50 there Is to day where nolh-
ing buC gold IS moEey) Qu1 n1J only
Coffin, bu5 every oJner commodity
wa low IL vajU9.
During soma Of these years bacon
s3ld IN this State for three cents q
pound, wheat for tcr.y cents a bushel,
and 0rn C uid hardly be sold as any
p5ic3. In addition TO this, IN 1913, the
world dl1 not depend upon coaJon to
C Otlo Ene human family. Machinery
for apinnlng AID Weaving cotton goods
had not been perfected. Bu5 th8 real
cause OF 10 prices then az nov is be
cause Of q money famine throughout
ths world.
The discovery OF the sold end silver
mines in the West II 1919 aud IA Aus
traha IN 1852 -unp:ie4 ohe world with
an ~ablndance OF money. From 1850
to 1915. while the minis vera open to
D0on metals, was the most prosperous
nA-i, of rEo world