Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-05-07
M,cLEARYs SPEECH.
Demolishes Free Coinage FalIacies-Faet
About Prices.

Demolishes Free Coinage FalIacies-Faet
About Prices.
The Congressional Record of March
% contains a speech by j. /. AlcCleary,
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 is pa
tiently examined and demolished. The
vice of the free coinage advocate, 1t is
shown, is that he picks his facts, ig-
noring such as do not favor his argu-
ment. He does not see the whole truth,
but only so much of it as suits his pur-
pose. The silverite begins usually with
the statement that there has been
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 1868.
The fall between 1865 and 1873 was
larger than between 1873 and the pres
ent 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 a fall in average prices
practically the same as that which has
taken place since 1878.
The price of silver before 1878 did
not decline along with that of other
commodities, as it has done since 1879
Silver was not then their faithful COM
panion, but held itself aloof from the
general tumble. Between 1909 and 1865
there was a tremendous fall, followed
by tremendous rise of prices of COM
modities, but silver hardly varied. And
there is not now-more than before
1S73-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, as
textiles, minerals, manufactures, etc.
but it has not been large, as a rule, II
products of agriculture, tropical prod
pcts, animal and fish products, etc. The
reduction of transportation rates has
lowered the price Of wheat phenori-
enaiiy at the points of consumption, as
in the east and in England, but the
price obtained by the farmer of the
northwest has not been materially
changed. Beef, 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, it
may be said, than all others put togeth-
er-labor. If it has not fallen in price,
it is folly to say that there has been "a
general fall OF prices-tlue to the de-
monetization of silver" And it has not
fallen. On the contrary, wages have adj
vanced, and the wages of 1890, with sill
yer demonetized, exceeded by So per
cent. the "bimetallic" wages of 1860. In
purchasing power the wages of to-day
exceed those of the earlier period by 70
per cent.
Much is made by silverites of French
bimetallism, but Mr.. McCleary shows
that France did not, by her law of 1903.
as a 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 fiuctuated. not
withstanding the law. Nor did France
ever have the concurrent circulation of
silver and gold. From 1920 to 1850
France had only silver, and from 1850
to 1865 only gold coin in circulation. 1t
was not the French LEGAL ratio AZ kent
the commercial ratio near fifteen and
one-half to one from 1903 to 1873.
In concluding his telling speech Mr..
McCleary, himself protectionist, de-
nounced Che Pennsylvania protection
lists who are going in for the free coin
age of silver because they may thus re-
duce American wages TO the level in
Mexico, japan and other countries on
the silver basis.-Baltimore Sun.