Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-03
MONEY QUESTION IN RUSSIA.

Boutmv Says Gold standard Means
the Ruin of Agriculture.
A great impression has been pro
dused by an address On the monetary
question recently delivered in ST. fet
ersburg by M. G. Boutmy, Rnssiar
economist who has specially devoted
himself to the demonstration Of the
blightiAginfuence whichthes suspension
Of the free coinage of silver roubhe,
has had upon agriculture in Russia
he is the author of several valuable
essays, among which may be particular
ly mentioned 1.-The Monetary Crisis
presented to the international agricul
tural congress of Buda-Pesth, Septem
Der, 1896, and Gold and Silver: the Re
fectionsof an Agriculturisto of SoutherE
Russia"
M. Boutmy began his address with
reference to the part formerly played
by French bimetallism, the reasons tina,
induced France to suspend the free
coinage of silver in 1873, the divergency
which then arose between the two pre-
cious metals, and the economic conse
quences, that is to say, monetary con.
traction, resulting from the new state
Of affairs.
Going back to the beginning Of The
century, the speaker showed how peri
DDS of prosperity corresponded with
times when the metallic currency, gold
OF silver, was abundant, and how, on
the other hand, economic crises, brought
about by the general fall in the price
of commodities, were produced by the
rarity and consequent dearness of
metallic money. The chief cause of
the present economic crisis, from which
Russia suffers more than any other
country, inasmuch us the decline in
prices has been especially felt in the
case Of cereals, is the appreciation of
gold that has obtained throughout the
world since 1873. In accommodating, by
means of foreign loans, the gold stock
now possessed by the Imperial bank
and treasury, NJ. White has largely con-
tributed to this calamitous appreciation
Of gold and the concomitant deprecia-
ton in the price of cereals, and the
consequent distress among, Russian ag-
riculturists. His monetary reform will
mean ruin for Russia.
In regard TO this REFORM, nj. bouumy
dwelt upon the efforts being made in
France, England, Germany and the
United States to get rid of the ruinous
single gold standard, and accused the
semiofficial Russian press, in particu-
lar the Gazette du Commerce ct de
rIndustrie-the special organ of the
minister of finance, of having misled
public opinion in Russia by circulating
false statements as to monetary events
in various parts of the world.
The election of Mckinley was repre-
scented as the definitive defeat of bimet-
allism, whereas the St. Louis monetary
programme was pure international BIZ
netallism, as clearly appears from the
message of the new president of the
United States and his regent political
acts. Moreover, false statistics have
been published concerning the worlds
production of silver, in order to make
It appear that this metal has aepreei.
ated because Of its over-production,
whereas II has preserved an almost alb
soiute stability as regards the value of
commodities, while gold, which has
now become the sole medium Of inter
national exchange, has appreciated
The speaker next considered the
question of the Russian Eonetary7legi
lation, WHICH If. wite seeks te; mod
ift, and showed thatthe existing legis-
lation is favoaabie to Russia from the
economic point of view, its provisions
being perfectly clear; and he declared
that all the attempts to distort it's
meaning made by the partisans of the
gold standard deserved to be publicly
denounced as dishonest toward the
creditors of the state, and contrary to
the true interests of the Russian nation.
N. Boutmy spoke for nearly 2A hours,
and was enthusiastically applauded.
He concluded his discourse as follows:
II do not know whether the united
efforts of France, the United States,
England and Germany will shortly rid
the world of the tyranny OF gold, the
effects of which are becoming more
serious daily are tending to the ruin of
producers; but I hope and trust that
they will Succeed, in the interests of the
commerce, progress and prosperity Of
the whole world, and of Russia in par
ticular. But SO long as the monetary
sehism exists which divides the world
into two camps-the yellow camp,
where agriculture is ruined, and the
white camp, where the farmers are
protected from the crises that occur In
the yellow camp-I fail to understand
how any Russian patriot can desire to
see his country go over from the white
camp to the yellow camp, or how Rus
sian minister can pursue such reform
with SO much tenacity, without regard
to the consequences, and in spite Of the
law and the legislature.
"The gold standard will mean the
ruin Of agriculture, manufactures and
commerce-the ruin of Russia as ma
ton. Moreover, the reform that pro-
poses to bring 1t about would be dis
grace to our country. Instead of main
tanning the par of our credit rouble at
one silver rouble equal four silver
francs, in accordance with the law and
she obligations entered into by the
state, 1t is proposed to ruin Russian ag-
riculture, in order to make one credit
rouble equal to 2 2-3 francs in gold. Tits
combination Of prodigality and bank
ruptcy. Very well, but we neither wish
to deceive others nor be deceived our.
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