The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1897-07-23
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Eoutmy Says Cold ssaEaard zeGns
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question recently delivered IN st. Pet
ersbuFg By N. G. Boutmy. Russian
eesuomist Who has specially devoted
himself TO the demonstration Of the
bligbtlug ilhueneeWhiehfh the suspension
Of the free coinage Of silver ronbles
has had upon agriculture IN Russia.
He IS the author Of several valuable
essays, among which may be particular
~ mentioned ;gThe Monetary Crisis.
presented to the international agficul-
tuTa1 congress Of Buda-Pesth, Septem-
Der, 1896, and "GoId and Silver: the Re
Elections Of an Agriculturist Of Southern
Russia.a
N. Boutmy began his address with
a reference to the part formerly played
by French bimetaiiism, the reasons that
induced France to suspend the free
coinage of silver in 1873. the divergeney
which then arose between the two pre-
cious metals. and the economic eonse-
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
eotherhand, 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 as 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. Ia accommodating, by
means OF foreign loans, the gold stock
now possessed by the Imperial bank
and treasury, NJ. Witte has largely con-
tributed to this calamitOus appreciation
of gold and the eoncomitant depreeia-
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. Boutmy
dwell 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
semioficial Russian press, in particu-
lar the Gazette du Commerce ct de
TIndustFie-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 defnitive defeat of bimet-
aHism, whereas the St. Louis monetary
programme was pure international BIZ
metallism, as clearly appears from the
message Of the new president Of the
United States and his recent political
acts. Moreover, false statistics have
been published concerning the worlds
production OF silver, in order to make
it appear that this metal has depreci
lRted because of its over-production
/ whereas it has preserved an almost alb.
solute stability as regards the value Of
commodities, while gold, which ha.
now become the sole medium of inter
national exchange, has appreciated.
The speaker next considered ths
question Of the Russian monetary Iegis
lation, which N. Witte seeks to mod
| fly, and showed that the existing Iegis
| lation is favorable to Russia from the
economic point Of view, its provisions
being perfectly clear: and he declared
that all the attempts to distort it,
meaning made by the partisans of tn,
gold standard deserved to be publicly
denounced as dishonest toward tn;
creditors of the state, and contrary tt
the true interests of the Russian nation
NJ. BOutmy spoke for neatly 21s hours
and was enthusiastically applauded
He concluded mis- discourse as follows
Il do not know whether the unitet
.. efforts Of France, the United States
England and Germany viii shortly ri,
lac world of the tyranny Of gold, tn,
; effects Of which are becoming NOR,
serious daily are tending TO the ruin O
producers; but I hope and trust tina
. they viii succeed, in the interests of tn
commerce, progress and prosperity o
the whole world. and of Russia in par
!. tieular. But SO long as the monetar,
sehism exists which divides the worl,
into two eamps-the yellow camp
q where agriculture is ruined, and tn
!, white camp, where the farmers ar
: protected from the crises that occur il
the yellow camp-I fail to understand
D how any Russian patriot can desire t,
) see his country go over from the whit
camp to the yellow camp, or how Rus
! sian minister can pursue such a reform
with so much tenacity, without regar,
to the consequences, and in spite of tn
law and the legislature.
''The gold standard will mean tn
ruin Of agriculture, manufactures an,
z commeree-the ruin Of Russia as a ma
ton Moreover, the reform that pre-
poses to bring it about would be a dis
grace toour country. Instead of main
tanning the par Of our credit rOuble a
one silver rouble equal four silve
= francs. In accordance with the law an
the obligations entered into by tn
: state, it is proposed to ruin Russian az
/, Ficulture, in order TO make one credi
rouble equal to > 2-3 francs IN gcld. til
a combination Of prodigality and bank
) ruPtcy. Very well, but we neither wis
Ito deceive others nor be deceived out
seives; we simply desire to maintain
! the law in its present state, and this "
can and ought to do.
; 1.-THE gold standard, while ruinin
debtor countries like Russia, is a seurc
Of profit to none save the internafiOna
bankersan spectators. Idonos know
rVhaf motive the minister of fuano