The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-09-09

new money must be made OF Rold. Inc
demand for gold increased, or its value,
its purchasing power increased. 1t took
less and less gold to buy an ounce Of
silver. But the Russian or East Iudiau
could still have his ounce Of silver
coined into the money Of his country, free
of charge, and that money would buy
just as much of all native pro iucts whe Q
silver sold for 80 cents an ounce in gold
as when 1t scld for s1.as in geld. 1t wa:
and East Indian and they made just as
much profit on their wheat In one case
as In the other. In reality they still sold
their wheat for S1.29 in their money. II
other wheat was offered for on ounce OF
silver, even when silver was worth
only so cents in gold, our farmers must
offer theirs for 80 csnts bushel al.
though almost all of the difference be.
tween s1.29 and 80 cents must come
out of their profit for all their debts,
interest, taxes, labor and fixed charges
cost them as much as before and the
ouly reduction in cost Of production
comes from improved methods and better
machinery.
1t has been asked why the American
farmer did not also take an ounce Of
silver for his wheat. What could he do
with itY He could not have it coined
into money to pay his men, his debts, nor
his taxes as the Russian or East Indian
could. He must sill it again as bullion
ana gain nothing because our money is
as good as goli-it will buy as much as
gold-thAt is prices in our money ate as
low as they are in gold. Under this
competition the Indian or Russian wheat
acreage increased enormously while that
of the United States diminished.
In 1898 both the Russian ard the In
dian mints were closed to silver on pri-
vats account. This decreased demand
for silver bullion reduced its price. AT
ter ILdia's nints clos d tie price fell 10
cents in three days, but the gold price Of
India siyer money fell only three ce ats
a rupe and soon returned to the price
that silver bnllion had brought bafore
the mints were closed. That is, the
premiums on gold in Indian money has
not incre ,sed sinCJ 1S93-it remains prao-
tlc3lly fixed whils TIE increase in the de-
mand for gold is still increasing its value
still making prices in gold go down
and tia premiums on It continue to go
mp in all countries like China, Mexico,
Argentine, etc, that still have free coin-
age Of silver or use only paper money.
Consequently these oountri les can ssll
for less and less gold and still get back
the same amount OF their money for their
goods as before.
Ia this way since 1898 Argentine has
been able to undersell even India and
Russia in the European wheat markets.
To recapitul ,te-The Argentine far
mers continue to make the same profit
as ever on their wheat because their
money is growing cheap In gold just as
fast as their goods are growing cheap
in gold.
The profits Of the Russian and East
Indian farmers were uuimpaired until
1898. Since then their profits have de-
creased because in order to compete
against Argentine they have had to sell
for lower and lower prices in gold,
which brought them lass and less in
their money, because the gold value of
their money has remained unchanged.
The profits of the American farmers
have decreased ever since 1878 when the
premium on gold in silver countries
was established Their profits have de.
creased just as this premium has in
c eased because our money has been
all the time "as good as gold" This
year Russia and Argentine had prac-
tioally no wheat to export, and in India
8, 800, 600 people have starved to death
and as many more must die. Our far
mers arc prosfering because Of the dis
tress If their rivals, but with normal
crops abroad this competition will be re-
newed with even iHcre Ising severity as
gold cones more and more valuable.
1t Is for the benefit of ere 1itOrs to
make the vGlue-the purchasing power
of gold-as large as possible because
4 means lowest possible prices for what
they buy. England is the great credit
nation. We are the great debtor nation.
We owe England enormous amounts of
money. We pay her m ore than a mil
lion dollars every day as interest. We
pay this interest By felliug wheat and
cotton in London for gold. AS geld in
creases in purchasing power the prices of
all our products fall, and we must give
more and more Of them to get dollar
to pay that debt with. 1t is sometimes
said that gold has not risen in value,
that gold never varies in value, but the
London Economist, gold paper, has
tabul ted the international prices of 22
Loading staples for 25 years and proves
that prices have fallen from 40 to 80
per cent
The gold men of England claim that
npon this very fact depends all Of the
enormous advantages of the gold stand
lr1 to Engaud, because England has
thereby received twice as many products
IN payment of her loans and interest as
she would otherwise have done-that is,
ne have had to give her twice as many
products as before to nav the same