Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-01-22


cheap and plentiful or not.
at is evident ii is not the State that
gains by the fall In the value of produce.
Who is II, then, you mean when you talk
of England gaining: You mean certain
individual lenders of money resident in
this country. And have they gained?
/ On the whole, | should doubt it. So
many governments, municipalities aud
/ individuals in foreign countries have
either gone bankrupt, repudiatcd or re-
duced the interest on their debts and so
many more seem likely to do 80 if the
fall in silver continues, that | should
doubt if the general body Of individual
lenders of money in this country has
really benefited by the divergence in
value between gold and silver and the
consequent fall of prices.
1--WE may admit at once that those who
are receiving their interest IN full are
benetitng very largely and in way they
never expected when they lent the
money; every 100 sovereigns they re-
ceive in interest now commanding
double as much wheat, wool, tea, silver,
iron, lead. tin and many other things as
it did formerly.
Then there is another class lcho al ann
rate think they benefit by the present state
OF things, and that is the class Of London
bankers and fndncierS. They say that the
fact Hdt London is the only market in the
lC0rld lchere gold can ARRAYS be obtained IN
large quantities and ,cith ease is an ddUaR-
tdge TO them, and has helped to make Lon
don the financial centre Of the lcorld. II is
possible that they are rtght, and that the
present system enricbeS lenders Of, and deaf
ers In, money
And now | will say to anyone who
has followed me thus far, that hope nv
giving this prize has fulfilled one of its
objects, that is to say, to induce him to
take an interest in the subject; and L
hope he will not leave it until he has
thoroughly made up his mind how en-
ployment in England is likely to be
affected by the fact that 100 ounces of
silver Will now buy as much labOur in
China as it did prior to 1873.
That during the fifty years before
1873 it took f25 to buy 100 ounces of
silver.
That in 1895 it takes little over Ell to
buy 100 ounces of silver.
That in consequence of this, labOur
in a cotton mill in the East now costs
less than half as much in English SOW
ereigns as 1t did for fifty years before
1873, and if the reader is convinced, as
am, that a continued fall in the price of
silver means the Punishment of the
great manufacturing il dustries of the
world from the soil of the United King
dom to the soil of India, China, Japan
and Mexico, to be carried on by Indian,
Chinese, japanese and Mexican work.
men instead of the workmen of Eng
land, Ireland, Scotland and Wales, then
| hope he VIII recognize his obligation,
MS genuine lover of his country, to do
all IN his power to promote speedy re-
form OF the present most unsatisfactory
monetary conditions of the world.
For further Information on this sub
iect we refer to above pamphlet, which
can be obtained at the REGISTER office
The result that has followed and
which is intensifyng now with great
rapidly and becoming permanent was
just as sure to follow the demonetiza-
ton of silver in the then great manu-
featuring countries of the world as night
is to follow day. The nations that had
been accustomed to buy their supplies
of Europe and America became unable
to do so because of the great discount
between their money and that of gold
standard nations, in other words be-
NRN1N VI lhN l'iNllilNill vi 1blN. WIFI III
cessity, the mother of invention, forced
them to manufacture the goods them
selves. And here, too, the very cause
that led them to begin this manufac-
ture aided them and now aids them inn
mensely in carrying it on,-their cheap
silver money.
The universal testimony is that in sill
yer using countries the silver buys as
much or very near as much of things
raised or manufactured within those
countries as it ever did, and it will COM
mend the same amount of labor. The
result is that they start on this account
with a 100 per cent advantage IN the
manufacture, and if the results of that
manufacture upon the manufacturing
interests of our country are to be pre-
vented, 100 per cent duty must be laid
at the start, to neutraize this difference
in money, and the hitherto usual amount
of duties added after this.
Surely the way of the transgressor is
hard. Our congressman at Washington
allowed themselves to be induced by a
few interested parties, undoubtedly
dictated to by the great banking houses Of
England, to attack and change the
measure of value that had always eX-
listed since the nation began, and which
Daniel Webster and others of our most
learned iurists said could NOT be changed
under the constitution. The result Is
the industries of a nation Frustrated,
the homes of hundreds of thousands of
our citizens lost to them; the property
of nearly all farmers. all excepting pos
siby few who have more interest In
money than agriculture, reduced nearly
or quite one-half, their net income much
more than that; the manufacturing in
terest of the country sadly crippled and
tbair aNiatanna thraa tapoI. rho bnsft,aes