Birmingham state herald., 1896-07-19
BUSINESS MAN OF THE EAST l. One Whose Efforts Have Been
 Crowned by Success <. IS A FRIEND OF SILVER Mr. ]. | Chalifoux of Lowell, Mass, Gives Unanswerabe Reasons for the Faith
 That Is in Him.

lowing are gwen by MT. J. l.. ChaltOuX as his reasons for advocating the free coinage of silver:
 'I am an earnest advocate of the free coinage of silver at the ratio of IS to by the United States irrespective of the ac- ton of any other nation. When began to consider this question some three years ago I confess that I was wholly prejudiced against the free coinage of sil- yer, and probably if I still possessed the $125000 worth of government bonds, which l have since invested in real es- tate in Lowell, I might still be so, since any man, however honest and sincere he may be, is and must be influenced some what by his own personal interests. But after three years study of the question l am convinced that for my own interests, as merchant and real estate owner, the adoption of the free coinage of silver is advisable, and the interests of mer- chant and real estate owner cannot be advanced unless the nation and commu- nity in which he lives are also prosper ous.
 'The mills of Lowell must have a mar ket for their goods If this city is to grow and prosper, and the buying power of the west has been diminished in the last twenty years three-fifths. If this is a paternal government 1t should furnish protection not only to the eastern manu- facturers, but the farmers of the west should have equality
 All the Other Countries Producing an excess of farm products are on a sil- yer basis In other words, they have 100 per cent protection over our farmers Take the south for example. It was ruined by the war. It had just begun to get on its feet again when it was ruined by the trade changes which began in 1885 and reached their height in 1889, when cotton went down to 5 cents a pound. The prices of the agricultural products of the south were brought down by the appreciation of gold. The demonetization of silver occurred in 1873, but it was 1879 before it went into effect, and any such action takes years before its full effects are felt. In 1890 the mer- chants of New York began to feel that 1t was unsafe to sell to the south. Tn the west wheat had been steadily going downward until the elimination was reached in 1892, and in the spring of 1893 the wholesale merchants, while selling goods freely to manufacturing centers, refused longer to give credit to the west, and the panic of 1893 was en- gendered. That panic began in the west and did not reach New England for four or five months after, which should be proof enough that it was the deprecia- ton of farm products which produced it. "The immediate effects of free silver would be, in my opinion, boom throughout the country. l do not dis pute that many complications would arise over existing contracts, which were made on gold basis, but a country or 7O,OOO,0OO ought not to suffer for the ben eft of the few. One thousand or 5000 people
 May Be Ruined by the Change
 in monetry standard, but that does not furnish a sufficient excuse for not cater ing to the well established demands of the masses. After the readjustment of values there would be a boom through out the whole country. A boom which would be lasting and permanent It would be interrupted by periods of tenn porary depression, since statistics show us that out of every 100 men who engage necessary that periods should come when the unsuccessful should be wiped out and other younger and more enterprising aspirants for fortune take their places, but 1t would be boom such as is inn possible under existing circumstances.
 America occupies position such as mo other country enjoys. It must look after it's own interests. It cannot afford to follow Great Britain's lead because Great Britain is a competing country and has long start of us. The price Of breadstuffs Is regulated in London, and by the law of supply and demand. All other countries furnishing extra supplies of breadstuffs being on silver basis have an advantage of 100 per cent over our farmers Wheat that sells in Lon don at $1 a bushel-to use an arbitrary unit of value-brings $2 to the Argentine and other silver-using farmers and only $1 to our farmer here, who is thereby placed at once at a IrenenuOuS ulS1u- vantage. In my opinion
 Silver Must Advance.
 as soon as our hints are opened to its coinage, and the prices of our products must advance accordingly. Should 1t not advance we should still reap an advant- age, since it would necessarily open market for our manufactured products in all silver using countries and increase our export trade, and the increase Of eX- port trade by stimulating our manufac- cfi d. stuffs.
 "I believe that silver must appreciate, because, since its demonetization 1t has depreciated more than its production warranted. and this can be readily seen when the production of gold Is considered in comparison. Wages would go up rath- CT than down under free silver coinage, because of the increased demand for manufactures both at home and abroad which would produce an increased de- mand for labor, which demand regulates the wages.
 Tn conclusion, let me say that while we consume three -fourths of our farm products, the price is wholly regulated by the one-fourth which we export. The increase in the price, which the 100 per cent protection which free silver will give will cause, will be of advantage to the farmer especially, and the farmers compose half our population, because the farmer is practically self-supporting. He only has to buy few household necessi- ties, farming implements and clothing, and the prices of these. while they will increase, will not increase proportion ately with those of the products of the farm.
 Finally the adoption of free silver coinage by this country will
 Force England to Bimetallisni.
 France Is willing to have international bimetalsm, Germany Is willing, only England says no. But the 100 per cent protective duty imposed on imports by the adoption of free silver coinage in case silver fails to appreciate, on top of the duties already existing, will practically prohibit the importation of England made goods to this country. England will find her greatest market closed. Now the Bank of England rules that country, and the Bank Of England is con- trolled by the manufacturing and com merciaI interests of Great Britain, As a naia senuanna that country would have