Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1896-11-21

Of gold, or the fslr Of silver, whichever
you term 10, has, therefore. had the effect
Of doubling the efficiency Of silver coun-
tries in competition with our own; and
we have felt this in the Liverpool mark
cts as to all our farm products.
"The same cause is immensely stimu-
lsting the manufacturing production Of
silver countries, notably Japan, India and
China. They are beginning to export.
and their products will drift inevitably
to the country in which the highest labor
cost prevails, that lie the United States.
No tariff wall short Of absolute exclusion
can shut out their products. and exclu-
sion is impossible. The protective meas
ure which will guard us against the cheap
labor Of gold standard countries must be
the tariff. The protective measure that
| will protect US against the existing sgri-
cultural competition and the threatened
manufacturing competition Of silver coun.
tries must be the legislation which will
restore the old relative value Of silver
and gold. Such a law would be equivs-
lent to q tariff Of 100 per cent upon the
| products Of silver countries, for it would
increase to that extent the gold cost Of
such products. The competition of Eu-
rope is Insignificant as compared with
the existing and threatened competition
Of Asia. l believe that the true policy
Of the country is combined tariff and
silver legislation-the one protecting us
against Europe, the other against Asia.
HAS not the recent rise in wheat ex-
ploded the theory that the price Of wheat
depends upon the price of silver :"
"On the contrary, it proves it. just as
an exception proves the rule. Dor wheat
has suffered in the Liverpool market
from the competitive wheat Of India.
There prices for domestic property and
labor have been for twenty years or more
stable in silver. The Liverpool merchant
has bought our silver from our discred-
tied mines at half it's old value and has
used il at its old purchasing power in
India for wheat. This forced our wheat
down as the gold price for silver fell.
This year the competition Of India is re-
moved by reason Of the failure Of the In
dian crop. So up goes the American
wheat. Meanwhile the demand Of the
Liverpool merchant for our American sill
yer with which to buy Indian wheat has
fallen off, because there is no Indian
wheat to buy. So down goes the price
Of silver. Restore the normal crop in
India and the old competition will be re.
newed and the gold price Of silver will
again regulate the value Of American
wheat"
"How do you account for the defeat
of the Democratic party?"
"Well, l think that many silver men
who are also protectionists decided in
favor of settling the protective question
6rst. 1t is true the Democratic party in
their platform gave certain assurances
against further attacks on the tariff, but
the language was not very clear aud the
abandonment of free trade tendencies
was not clearly indicated in the canvass.
believe that this country is fully de-
termined upon q protective policy. Then
again. there were too many issues in the
Democratic platform. The silver ques-
ton was the crucial issue. II was .
mistake to add other issues which would
divide the friends Of silver. Multiplio-
ity OF Issues results only in . division OF
strength. Mr.. Bryan made . mastery
campaign, and. in my judgment, be would
have won had il not been for these IN
necessary issues. which handicapped his
candidacy, furnished pretext for misrep-
ressnsasion and abuse, and really divi-
ded the friends OF silver. I believe that
this country 10 for bimesallism, by inde-
pendent action IL necessary"
do you think there is any chance Of
an International arrangement I"
"Not much. il ID Is confined, as the
Republican platform declares, to the
leading commercial acknowledged,
France and Germsny-which also are
creditor nations. The gold Of the world
is estimated at $4,000. 900. 900, all of
which can be put in q solid cube OF %
feet. Our mint reports show that ons.
half Of this gold is actually located in
England, France and Germany. 1t seems
to be absolutely essential for their local
exchanges, for whenever a few million
dollars extra are exported they raise
their rates Of discount in order to keep
the gold in. So the other one-half is all
that is left for the vast areas and vast
populations Of the rest Of the world; and
that half is effectually tied to these cred.