The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1897-09-24
5ss % the Elects 81 Unrestricted
Coinage Of Two Metals.
The following question was asked OF

parity with gold or destroy the pre-
MUM on gold as measured by that cur
reneB which premium now stands at
1870 per cent. But the restoration of BIZ
metallism would cut this premium
down, for it woHld cheaper gold. OF
course, prices are fixed in Argentine
by the volume Of her paper currency.
Now, the restoration Of bimetallism
would in no way affect the volume of
that paper currency, and therefore
prices in Argentine would not be dis
turbed. But in the gold standard ma
tiOns there would come, with the res
tOration of bimetallism, an increased
supply Of money and rising prices. In
other words, prices for Argentine prod
ucs, though rising in terms Of gold,
would remain unchanged in terms of
paper. Thus would the premium on
gold in Argentine be cut down, as gold
was cheapeRed her currency would rise
in terms Of gold, though remaining I'M
changed in terms of Argentine prod
uce The purchasing power Of that cur
rency would only change with changes
in its volume, Thus would the bounty
on exports to gold-using countries, and
the whole of the effective bounty be
cut away and the Argentine producer
put on the same footing-that is, left
with no artificial advantage over our
people.
True, a premium on gold in Argen-
tine would still remain, but this pre-,
MUM, if it represented not an appre
citation of gold but was the result Of e
depreciation in her own currency
that is, a depreciation in purchasing
power-would give to the ArgentiniaI
no advantage over our producers. L
must be remembered that it is the ap
probation Of gold that gives our com
petitOrs the advantages they enjoy, mo-
the depreciation in their own curren
cies. Argentine enjoys an advantage al
this time, for she sells her wheat fol
money that has appreciated, but thu
whole of the premium on gold is not al
effective bounty, for the reason tina
part of it is built up through the de
probation of her own currency, no
from the appreciation of the currency
of gold-using countries to which sh
sells. The premium on her currenc,
that results from this appreciation
profits her; the part of the premium
that results from actual depression il
her own currency profits her nothing
! A currency deprecated as measure,
/ in commodities or by productive powe
| would confer no advantage On produC
ters in Argentine or any other country
for what they gained as a premium O.
| gold OF silver they would lose in in
creased cost of production. Argentin
has at present an advantage, becaus
the premium received in gold for VIVA
she sells in England is much create
than the increased cost Of productio
that has come with the depreciation i
her currency. The currency cost c
producing wheat in Argentine ha
greatly increased, perhaps increase
by 100 per cent, during the last Is years
but the premium on gold has increase
by nearly 200 per cent. It is this eXtT
100 per cent, premium over and abOv
the increased costs of production tina
SO encourages wheat exports from Al
gentine TO England. Take away tn
part of the premium which is due to tn
appreciation Of gold, and Argentin
would have no advantage over US, an
she could not keep down the price {
wheat, as the increased cost Of pr
duction would offset the premium II
ceived in gold or silver.
As to cotton there is no competitio
with Australia, which raises none, an
little with the cotton of the steppes
Asia, though it is true that Russia no
> raises in her Asiatic empire a large pal
of the cotton she needs, and to that e
tent has our cotton been displaced, Ru
STA formerly buying the cotton 81
= used, about 100000 bales, from US. TIL
market we can never hope to regah
AS to Egypt, a superior staple of cottO
is raised in that country, and until v
are prepared to supply the demands fl
such fine staple cotton, those havin
need Of it will continue to buy cOtto
from Egypt, and in increasing quaint
ties, as their needs increase. tits tn
} kind of cotton she sells now.
The serious competition our planter
: have to fear in the future, and whiC
2 vii. grow until it becomes crushing
E We cling to the gold standard, is Chimes
? There is as yet little cotton raised
! China and exported. But China is e.
lending her cotton manufactures, 81
S selling to Japan and driving ont Il
f Indian cotton, and she will soon be e
\ porting raw cotton to Europe unles
, Indeed, she exports her cotton in Il
+ shape of manufactured products. as 81
/. probably win, which viii have about Il
p same effect, so far as our planters
Z / concerned. The demand for our cottC
will be curtailed in either event. It
Chinese competition more than India
composition that we have 10 fear
cotton, and which We should prOte
. ourselves against by restoring bimet;
: ism. not invite by clingiHg TO go
recommendation.
Now, as to competition With Al
tralian and Egyptian grown whe
keeping down the price Of wheat in t
event of the restoration of bimetallisl
K we would say that this competi@0n
2 net and never has been serious. Bo
4 Australia and Egypt are gold sit nda
S countries, and they have suffered fro
e the appreciation Of gold just as we ha1
y Tt is not competition with them that b
depressed the price of wheat. They a
not the ones that have cut the price
g wheat. The cuts in the price of whe
O have rather cut them. Thus, in Isl
e W ind Australasia exporting 5,5145
) hundred weigAt Of wheat 10 the Unit
q kingdom: IT, 1895. 3,5S8, 1872; last year