The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-24

The year or highest prices is 1866, not
1873. Indeed prices in this country had
fallen before 1873; for it is seen that
prices were lower in 1869 and 1870 than
in 1873. Taking the year 1860 before
the exceptional event of the civil war
as starting point, gold prices during
the 81 years to 1861 f1uctuate. but in
the latter year they were only 78
per cent less than in 1860. And yet sill
yer fell from 1880 !: 1 in 1860 to 20.92
in 1891, or a fall of over Sc per cent
(And since 1891 silver has gone down to
32.57 1 in 1894, which is fall of over
112 per cent, as compared with 1862
What is the outcome Of the facts? By
comparing both goods and silver with
the same standard, we find that goods
fell in 81 years only 7.S per cent, while
silver fell over 36 per cent, (Which in
1894 had grown to over LIP per cent?
Therefore, if we wish the debtor to re-
turn to the creditor that kind of dollar
which at the maturity of the loan
would present the same purchasing
power over goods that he borrowed
there is not only no justice, but down
right reputation, In saying that the
debtor should pay in silver. By pay
ing in gold in 1891, he comes within
about rs per cent of what he borrowed;
but by paying in silver he comes only
within 36 per cent According to the
EN- still more, the injustice of paying in
silver is still greater. Consequently,
the man who knowing the facts yet
urges free coinage of silver as a means
of paying off debts, is favoring cheat
ing and reputation; if he is ignorant
of the facts, he has no business to
speak.
have compared 1891 with 1860 in or
der to cover the case Of long mortgages,
1oI, ilxzyo g nj n
debtedness; but even in such cases
they have been frequently refunded,
and they very seldom run for so long
a time. The case of western farmers.
however, is the one in which hardship
is constantly emphasized. Let us ex-
anime the facts regarding them. The
average life OF a mortgage on acres
Excluding lots and all town or city
mortgages) by the United States cen
sus of. 1890 was asa years. Briefly
stated, If our mortgages run on the
average less than years, at the end
of that time they are either paid off
or renewed. Then let us regard all
mortgages in force in 1891 as entered
into years before in 1886. Have goods
fallen in prices during these 5 years =?
No; in 1891 for 1920 one could buy the
same goods as with $3.50 in 1887. On
the gold standard, taking the last year
which the Aldrich table gives us, mort
cages would be paid off in gold by ex-
actly the same average purchasing
power as was given when the mort
cages were made 5 years before. As
contrasted with 1885 and 1886, when the
farming speculation began to wane.
the result is nearly the same. To re-
pay In silver, however, would be to re-
turn only 81 per cent of the goods re-
ceived five years before.
Not all of the farmers products have
fallen seriously in price. Wheat, as
well as cotton, has fallen for world
causes; but corn, oats and pork have
held their own. AS compared with In
diyiduai articles, even with wheat, SIT
yer has fallen far more. Hence, III no
sense whatever, or any grounds of fact
or Justice would 1t be anything but re-
pudiation, more or less, to pay off DEBTS
In silver dollars worth but 81 cents
each.
And vet farmers have had a very Sc
rious problem to solve While the boom
was on they borrowed heavily, and ncw
the reaction has come, repayment is
doubly hard That is all true; but IL
fortune has taken away from one, there
is no reason why one should steal from
another. If man is manly and hon
orable, he will grin and bear it." IL
I am cast away on a raft at sea with
companion, hunger may lead me to
see that by killing him / can keep my
self alive until rescued; but any honest
man would refuse to live at the ex-
pense of another's life and his own self
respect Likewise debtor may help
himself by repudiating one-half his
debit but he thereby takes just so much
from the savings of another. Free coin
age Of silver in order to free debtors
from a part of their obligations, is the
barest kind of class legislation ever
tried It was the trick of profiigate ard
extravagant monarchs in the old world.
when their loans from subjects grew
large, and repayment onerous, to lower
the standard Of the coin, and repay II
in the cheapest money. Mr. Bryan
has borrowed from the worst despots or
hated Europe the device for dishonora-
bly, escaping from just obligations when
he proposes to give US a cheap silver
dollar (And yet, in his New York
speech of acceptance, he argues at
length to show that the silver dollar
will go up to par with gold; thereby
not serving the debtor at alp
But If mortgages are paid off in sill
yer, SO that the debtor escapes half his
burden, who is injured? The rich man?
Far from it; he is always able to look
out for himself. The trust companies,
holding funds for widows and orphans,
the life insurance companies. who have
received all their means from persons