The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-09-11

Vi tnls C)uutEy VA "LiCns ou euo oNoAuSos
fifteen percent have been exported year
by year for the last ten years, is
fixed by thsir valuation for export on the
gold basis. By that fact the domestic
commerce OF this country is bound to
the single gold standard or unit Of value,
whether we will OF no."
That is pretty strong language to use
for the people Of the United States who
send eighty-three per cent Of their total
exports to gold countries which are
buying these exports at less than half
they paid for them in 1873, because OF
the demonstration Of silver by those and
our own country. When they can take
the gold dollar they might pay us for
our export produce and with it purchase
two dollars worth of our silver with
which they go into silver using coun-
tries and buy at half price. they have re-
duced US to competition with silver
using countries and cheapened or lost to
us, our market. For example, in 1880 the
gold standard countries, the United
States included, exported to the United
Kingdom 80 million bushels of wheat
and in 1894 only 60 millions; while silver
using countries in 1880 exported only
IA million bushels but In 1894, 70
millions. MIR. Crawford did not
specifically raise the old saw OF over.
production though he got as near to 1t
as he dared without saying SO. But the
fact that the people Of the U. 8. are con-
Stunning one bushel per capita less and
are finding a market abroad for all they
have to sell, disposes Of that fatuous
idea.
Referring again to Mr.. Crawford's
authorities, the Economist and United
States Senate Report, the former quotes
40 important commodities, the latter 223,
we find that the average price Of all has
fallen 50 per cent since 1873. But how
was it previous to 73? These same
authorities show that from 1849 to 1872
prices rose in England AZ per cent and in
INC SIIlSu obutCS - pei CcDty uiu ycC
the great improvements in labor saving
machinery and cost of production Of
manufactures and agricultural products,
the selfbinder and improved milling pro-
cess excepted, were nearly all in opera.
ton previous to 1873. Why then did We
have rising prices in the former period
and pnf IN tho lnttarS rEhn n,tx, ,r,rp-u
that will meet this general condition IL
all countries is the increase in the
volume OF money in the former period
and the scarcity Of 1t in the latter. From
40 tC 70 we had an enormous increase
OF gold production in America and Aus
t~ralia, nearly two billions Of dollars OF
which was coined into money. Since
1895, according to our Director of the
Mint, about one-tifth of the amount
of gold has been produced and one hall
OF that coined into money. Further
more, OF the total money in the world in
lS1O-3-four billions Of gold-foul
billions Of s%ilver-the latter hal
was ~demonetized by the gold stand
ard nations OF Europe and the United
States, and stricken out as a basic
money. AS prices are determined by the
volume Of money, is it any wonder thai
prices have fallen fifty per ceat or il
there any question of its proof? We rel.
upon Mr.. Crawford's own authorities
they are the best in the world.
We believe in a protective tariff, tn,
building up OF home industries, ant
a home market just as much as MI
Crawford does, though the American
people will not stand q Mckinley TART
again. They sat down on that mos
effectually in 1892. But a REASONABLE,
protective tariff will not and can no
raise and keep up prices for any length
OF time as long as we have single gol'
standard pulling them down. The tw'
l principles are inconsistent because dia
metrically opposed to each other an
when the prices of agricultural product
. which constitute three-fourths Of on
export trade and debt paying power ar
kept down to the actual cost Of pro
duction, when they, the source of all GU
wealth, are robbed of a living ingram
, let alone a debt paying power, by