Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1897-08-25

stranded three or four times within the past
three years because of the deficiency OF gold.
The Barring Bros. failed in England in 1890.
They invested too heavily in the Argentine
securities. Credit was shaken in England he
bank reserves of gold had fallen too low. Ihey
had loaned out too much to the r.st OF tne
world aud they commenced to call 1t in. They
fastened ron America. commenced 10 sell
their securities ana to withdraw the GOLD I'M
mediately a wave of contraction swept fiom
New York to San Francisco, embracing every
occupation, every industry, and every section.
Again, when England differed with us upon the
Venezuelan question, distrusted our foreign
policy, and was disposed to show her lack OF
confidence in us by the withdrawal OF gold,
selling OF securities took place when imme-
diately caused the greatest alarm In all the
commercial centers of the.Eastern States, and
changea what had been patriotic sentiment
with reference to the time-honored Monroe doc
trine into miserable time-serving tory sentl-
ment, such as that which existed during the
Revolutionary war
WILL THE STRUGGLE FOR GOLD CONTINUE?
Now, have the countries got through with
their struggle for gold? All we are told that thi
country must retire all its paper money, all its
green backs, all it's silver certificates and Treas
ury notes, which are construed by the Depart
meut to be demand notes for gold, and that we
are to have bank currency substituted, with
gold as redemption money. Did You ever think
what n large reserve of gold would be required
for this purpose, and do you realize that there
is not debtor nation in the world to-day, with
the exception of the United States, that has any
large amount of uncovered paper money out
that has been able to maintain gold redemption?
The United States has only been able to do it by
issuing gold bonds. which constitute really the
premium for gold that this country has paid for
the maintenance Of the gold standard. That is
true of Russia, struggling tn get upon the gold
Standard OF Austria, struggling to get upon the
gold Standard of Italy, Portugal. Spain, Brazil,
Chile, all those ma ions which have got upon
thegold standard or have sgnifed their desire
to do 50, and are endeavoring to-day to secure
gold with which to make gold redemption. In
none of these countries are they able to redeem
their paper money with gold. You have here,
gradual discontinuance OF the use OF silver,
gradual substitution of gold as the only pri-
mary money, the only money of redemption,
the only money constituting solid basis for
the credit system of the various nations of the
world. Can you wonder that every unit OF that
gold has gone up, and that every unit of prod
ucts and property has gone down?
COMPETITION OF SILVER COUNTRIES.
Now, this has had another effect and that is,
the depreciation of silver has stimulated the
competitive production of silver countries.
Here come to the most disastrous cause of the
low prices of our cotton and of our wheat. 1t
is easy enough to account for the prostration of
our mining States. Silver has gone down, and
so the basic industry of those States has been
seriously impaired; but the cause of the lower
ing of the price OF wheat and cotton is n little
more remote, and you will find that its source
is in the competitive production of countries
that are not upon the gold standard
Now, what are those countries? First and
notably, Argentina and India. This Is the
statement of all statisicans and of all c>nsuls
in foreign countries, and of travellers, that sill
yer has maintained stable purchasing power
in the countries in which it is the money. In
India silver will purchase as much of labor and
of domestic products and domestic property as
1t ever would. Wages remained stable in silver
countries They are hardly conscious that gold
exists; and 50, whilst the gold price OF silver
conscious of it, and have been willing to accept
the same old price for their wheat, their cotton,
and their labor.
We have, then, these countries competing
with us in The Liverpool m .rket for the sale OF
their farm products. The old price of silver
was sl.29 in gold That ounce, of silver for
| years would buy bushel of wheat in India.
| The Liverpool merchant was accustomed, until
the recent famine in India, to buy silver from
our. discre lifted, mines ounces for $.29 in
gold, and with 1t to get bushels of wheat where
he once got l. The result is that the Anne lean
farmer is compelled to compete with the Indian
farmer in the Liverpool market and must come
down to the same relative price i'll gold, and he
has been compelled to accept 90 cents bushel,
or less, for his wheat and SO it has been with
cotton and other farm products.
But we were told during the last election the
price of wheat went up whilst the price of sill
yer went down. This only proves the conten-
ton as the exception proves the rule. Recollect
of silver countries. The wheat famine In India
destroyed the competition of that country, so
that our wheat went up. This competitive
| cause being removed, the English merchants
could not buy Indian wheat and had no occa-
sion 10 buy American bullion with which to
pay for 1t; and so the market for our bullion
was diminished and our silver temporarily went
| down. Should the wheat crop Of Argentina
fail, similar results would follow, wheat would
go up, lr silver would go down. But restore
| the old conditions, restore the normal product
of the silver countries and YOU have the old
competitive force still at work, and the price of
wheat, cotton and other farm products sympa-
thetic with the price of silver, and gold abso-
lutely dominating the price of the farm prod
uets in this country.
MANUFACTURING COMPETITION
l wish to a you what hope is there if we
continue in this line? Reeollect that we have
thus lar met only the agricultural competition
OF silver countries. The manufacturing com
petition OF these countries is now being slim
ulatet by the maintenance of the low value of
silver. 1t i easi, y accounted for England was
supplying the entire Orient with manufactured
| goods. The people of the Orient were accus-
TONED 10 change their silver into gold at the
Old ratio Of 15l5 or l6 to l. They now find that
they are compelled to surrender twice as much
silver as they did for gold in order to pay for
| foreign products imported into those countries
They have been reluctant to tura their silver
into gold at this great loss; and so domestic
| structlon OF cotton mills, wooden mills and
SIX mills has been going on in these silver
standard eountries-in India, in China. in
Japan, in Mexico-and all of them show the
most startling evidences of prospt rity as com
| countries.
| "'h SNhticihcu, N1lul country Will the man.
uiactured product of the cheap labor of the sill
| ver-standard countries, made doubly cheap by
the depreciation of silver, fist attack The
country of the highest wages You are TODAY
| erecting tariff wall around the United States
Tor the purpose of protection us against The
cheaper European labor, whose countries are
upon a gold standard. What tariff wall can Won
erect short OF absolute exclusion-and that Ia.
OF course, mpossible-againstt the man uf actured
products OF the cheaper abar of silver countries
price of silver? VIZ eoi'
For my. part, believe that the daily wage
rests at the foundation of all values in this
country. believe that all values of ali proper.
tes depend for value ON the maintenanee Of
the dally wage; 1t is the daily wage that enters
INTO every product and property Products and
property simply represents stored labor and
when You lower wages, you lower every value
you lower the price of every product and the
price OF every class of property in the country.
because oher products and other property can
De produced or constructed under the lower
wage system at a great advantage and for less
price Hence stability of values depends mon
the maintenance of the daily wage Nf0-
10 Is for that reason that am a nroteotion,st
!, realize the fact that the only way to protect
this country against the competition Of the
cheap labor of Europe is TO place a tariff wall
around the country which will partially ex.
olude that competition. That is how we secnre
protection for the factory put o.k 49, -.