The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-03

silver than the entire world production ~
silver for siXty-eight years before 1919.
Verify. that does not seem like a cutting
down Of the primary metalsi
Despite the tremendous fail in the price
of silver. its production is increasing, with
every year. In 1895 the world produced
5 per cent. more silver than in 1884, so per
cent. more than in 1888. and nearly coo per
cent. more than in 1873. The increase of
gold production is now proceeding even
more rapidly; and in 1898 the g3ld output
exceeded by 1 per cent. the combined gold
and silver production of 1873.
THE FARMER.
They tell us that the gold standard has
been crushing the farmer and the wage
Garner. From 1850 to 1890 our population
increased q per cent. but the values of our
farms in those ten years increased three
thousand million dollars. or 80 per cent;
and the value of live stock on
farms, which is one of the tests
of agricultural prosperity, had risen
from one and a half billions TO two
and one-ifth billions. or AZ per cent. III
farming has been so utterly Improbable
it is exceedingly strange that in the twen-
ty years from 1870 to 1890 the improved
acreage of farms in the United States has
risen from 1SS, 900, 00O to 357, 900. 900, nearly
90 per cent. From 1880 to 1890 the number
of dwellings in the United States increased
Y per cent, or 8 per cent more than popu-
ldlIoD. but, say THESE cdldlIllty HoWIeIS.
see how tremendously. the mortgages
have increased" That is indiSputable. Yet
it might astound some Western economists
TO De informed that mortgages increase IN
times of prosperity and decrease in times
of adversely. In the decade from 1880 to
1880 the mortgage Indebtedness OF COLORADO
increased nearly 500 per cent, whereas that
of Nevada decreased 10 per cent: That
would be proof that in those years COLORADO
was making giant strides in prosperity,
and that Nevada was going down hill.
SiXty-SlX per cent of our farmers own their
farms. and OF these ~ npr cent nave no
mortgage debt. In fact, the mortgage
debtor for whom the silver men have shed
so many tears does not seem to live prin-
cipally in the West or South. The statis-
tics of 1880 show that the mortgage indebt-
is three times as large as the mortgage
debt of the entire South, four times as
mountain and Pacific coast regions, and
nearly one and three-quarter times as
large as the combined mortgage indebted
ness of the entire South, the entire Rocky
mountain region and the entire Pacific
MORE MONEY.
It is true that the decline in prices of
farm products since 1890 has been very
marked. Let any farmer talk to the mer-
chant in the nearest city ana he will learn
that there has been an equivalent decline
in the prices of all other goods. The i'm
mediate influence has been the distrustful
financial policy since 1890, eliminating in
the panic of 1898. The home market, both
of the farmer and the manufacturer, has
been stricken with palsy. The cause will
be. found the same for all. The silver men
state as one cause that we need more
money is circulation. On the LIST of July
of this year we had in circulation $22.55 per
capita, which is within ten cents per capita
of the circulation of 1884, which, as you re-
member. Mr.. Bland said was one of the
most prosperous years in the history of the
Nation; and it is $S.70, or So per cent. per
capita more than the circulation of 1860,
And yet money is tight, very tight. Why
so? If we compare the national bank
of July, 1886, with July, 1892,
We see that although the deposits have in
C1eased $l04, 000, 900 the loans have decreased
SAG, coo, 600; and if We add to this the show
ing as presented even in 1895 by the State
banks, loan and trust companies, and saw
irgs banks, we find that although the COM
bined deposits increased 500, 900. 900 the total
loans have decreased $l15,0 0O. 900. That is
why money is tight and why times are
bad. 1t is not caused by the gold standard,
but by dread of the silver standard. FL
nancial distrust produces a contraction of
duces a condition which %justifies increasing
financial distrust. If these SITS, 000, 900 and
country have been contracted, had been
put in circulation they would in
the cumulative reciprocity of exchanges
have added billions to the total business
of the country. The clearing houses of
our sixty-two principal cities showed a
volume of exchanges for 1892 approximate
houses, plus those of sixteen additional
cities, for 1895 show a decrease in ex-
changes of $40. 900, 600. 900. If now we add a
proportionate reduction for the exchanges
of the smaller cities and for all the inter-
nal exchanges of each bank, we are far
within the mark in stating that the lack
of financial trust and confidence, caused
as compared with 1892, effected a reduc-
ton of exchanges between man and man
in our country for the year 1895 of &c.
600, 600, 900, or over $50, 900. COO for every work.
ing. day in the year. How, truly Daniel
Webster said: Credit is the vital air of
the system of modern commerce.. 1t has
done mere, a thousand times more, to en-
rich nations than all the mines of all the
world"
Within this very week two prominent
bankers of Colorado have assured me that
more of their deposits if they were abso-
luteiy sure of Bryan'S defeat. The same
feeling pervades the whole country. A
loosening of credit of even 10 per cent. of
the combined banking deposits would at
once throw over $3.50. 900, 900 into circulation.
suffers from the paralysis of credit. The
patient stricken with pneumonia has
sufficient oxygen. Credit is the oxygen
necessary for the life blood of monetary
circulation; In the last five years my
my own State of Colorado, man after man,
of the most energetic, the most enterprise
ing, the most public-spirited of our citi-
zens, driven into bankruptcy, simply be-
cause with limited vision they have, with
economic policy which has destroyed public
confidence and credit. and has swept them
to financial ruin.
This silver poison has affected our
business relations externally as well
as internally. The nations look upon
us with suspicion. Our securities are
thrown back on us and our gold drained
from the country. Our foreign trade is
diminishing. The world hesitates to do
business with a nation which threatens to
depreciate its money standard. Compared
with 1892. our exports for 1895 had de-
creased 1929. 000, 900. or over 271a per cent.
These are the malign influences which are
operating against the farmer, the manu-
facturer, the merchant and every Ameri-
can citizen.
MAINTENANCE OF THE RATIO.
The silver prophets predicted that the
Bland bill would advance the price of sill
yer. 1t did not. Then they told us that
the Sherman law would bring silver to a
par with gold. 1t did not. Now they tell
us that unlimited silver coinage would
make Silver bullion worth S1.29 per
ounce in gold throughout the world Let
us reason. In 1892 the United States said.
1--WE will, by law. put the ratio of silver
at 10 to l, or at nearly $1.3S per ounce.
That was approximately what silver bull
lion was worth. Every mint in the whole
world was open to the free and Infinite
cOino oa Of SiIy-pr and vet fhn+ -; -,