Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-05-15
M.clEARY,s SPEECH.
DemoIishes Free Coinage FaIIacles-Faet
About Prices.

Demolishes Free Coinage rnIlacles-FaSe
About Prices.
The Congressional Record Of March
% contains a speech by =. +. McClea-y,
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 i'm free coinage is pa
tiently examined and demolished. The
vice of the free coinage advocate, IL is
shown, is that he picks his facts, ig-
noring such rs do not favor his argu-
ment. lie docs not see the whole truth,
but only SO much Of il as suits his pur-
pose. The silvcrite begins usually with
the statement that there has been a
ruinous fall Of prices, beginning with
1913, 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 1865.
The fall between 1868 and 1873 was
larger than between 1873 and the pres
ent time, though the mint was then
open to silver. But thisw 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 fall in average prices
practically the same rs that which has
taken place since 1873.
The price of silver before 1873 did
not decline along with that of other
commodities, as il has done since 1870
Silver was not then their faithful com
panion, but held itself aloof from the
general tumble. Between 1909 and 1865
there was Il tremendous fall, followed
10y "A tremendous rise OF prices of com
modities, but silver hardly varied. Aud
there is not now more than before
ls73-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 IL hes not been large. rs a rule. in
products of agriculture, tropical prod
ucts, animal and fish products, etc The
reduction of transportation rates has
lowered the price of wheat phcnoni-
enaily ut 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. Reef, 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 i'm. bought and sold. more
universally and ian greater volume. il
may lie said, than all others put togeth-I
or-labor. If il has not fallen in Dr.,
ff-rc TTGrr~-~%>Sy that there " bccn n
general fall O: pricSS~-duc 10 the de-
monetization OF silver" And il has not
fallen. On the contrary. wages have adj
vanccd, and the wages OF 1890, with sill
yer drmonctizcd. exceeded by - pcr
cent. the "bimctallic" wages OF 1850. In
purchasing power the wages Of to-day
exceed those Of the earlier period by az
per cent.
Much is made by silvcrites OF French
bimctallism, hut Mr.. McClcary shows
that France did rot, 10y her law of 1909,
as matter of fact. Sustain for 20
years her legal ratio OF fifteen and one
half % one" rs the commercial ratio OF
the world. The price iluctuatcd. 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 1903 only gold coin i'm circulation. /:
was not the French legal ratio that kept
the commercial ratio near fifteen and
one-half TO one from 1909 to 1873.
In concluding his telling speech Mr..
McCicary, himself 4 protectionist. de
nonnced the Pennsylvania protection
lists who are going i'm for the free coin
age of silver because they may thus re-
duce American wages 10 the level in
Mexico. Japan and other countries on
the silver basis.-Baltimore Sun.