The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-09-10
THE FARMER

The supposed farmer who gave his
opinions in last weeks issue of the
Pilot on free coinage might continue
his reasning as follows:
Il can see that if the price Of every
thing advances because of free coinage
of silver my gain in what / sell will be
just balanced by my loss in what pur-
chase, and the purchasing power of
the proceeds of my surplus will not
be increased. | may pay debts in de
preclated currency, because the face
value of debt cannot be changed.
But should there be return to the
standard of all the enlightened nations
of the world, gold, and [ should con
| tract debt while free coinage rules,
the shoe would DO on the other foot
and | would then be compelled to pay
gold dollars for the silver dollars Dor
rOwed. The law which would compel
me to do this would certainly be a
most Inequitable one, but no more so
than that which | am now asked to
support. There is almost certainly
that Il return to the gold standard
will be demanded after experimenting
with free silver With all Europe on
the gold standard it would be as sen
sible for the United States, with its
large foreign commerce, to have diff
ferent standard as it would be for me
to use sleigh of a gauge different
from that used by my neighbors and
thus be compelled to break track of
my own. | would be compelled for
my own convenience to use a sleigh of
similar gauge to those i'll general use.
Sowlll the United States be compelled
for its own convenience to use the
standard of civilized nations. No
country can "go it alone" in interna-
tlonal trade, and my surplus products
are largely sold in England. SO that
L am interested in international trade.
But times are hard, majority of
us, farmers are not making much more
than living. If free coinage of sill
yer will better our condition we should
favor 1t. But as | said before, we
must be certain of this before making
the change. There is no use of lump
my out of the frying pan into the fire.
IF free coinage will make an ounce
of silver worth about 81 80, its pre-
sent value being 70 cents, the owner
of silver certainly makes nice thing
out of it. The commercial value of
the silver now annually mined in the
United States is about S35.O0OOOO.
Ii this advance takes place the owner
OF silver is left in no doubt as to the
nice profit in the transaction for him.
But where do | come in? In advanc-
ed prices he tells me- How do knor
prices will advance? He has per
sonal interest in making me believe
that but before L help him to carry
out his scheme, he should offer me
an assurance that the price of my
products will advance, which is as
good as he has that his will. He SAYS
money will be more plenty and hence
times will be good. Now am ! sure
hat money will be more plenty under |
free coinage than it is now? Am j |
sure whether it is scarcity of money !
in fact, or scarcity of money in circu- |
ldtiOn which is causing the hard times. |
Let me give some thought to this
question.
''Ihere was no scarcity of money in |
1872 nor for years preceding when the
volume of business was much larger
han now and times were good. There
5 just as much money in the United
States now as there was then. True.
business was oyerdOne in these years.
'ut even with this excess there was
money enough in the country to carry
N the business. | could borrow
money then on good security at from
to 8 per cent. where | find it diff
ult to get 1t now at from 6 to 7.
While there is fully as much money
n the country now as there was then.
With slight fluctuations, it is not in
REGULATION. This, then, seems bet
er reason for hard times than scarcity.
v by Is not money in circulation? Part
y because the experience Of 1898 has {
made it timid, partly because business {
depressed and largely because it
ears the future. 1t seems to me it Is |
lot to coin more money we want as ]
much as 1T is to bring into circulation |
he money We now have. | an certain $
hat good times will come if means be '
ound for the remunerative investment !
# the money we now have. 1t is the
anne money that made times lively in
S92 and opened up the markets then