Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-07-23


Mr.. Bayard is man of great learning,
but little wisdom. If the foregoing ex-
tract fairly represents his Views, he
must think that the sole cause of the
present business depression is the fear
of capitalists that currency changes will
be made that will have the effect of
making money cheaper than it is now.
In other words, that the "silver agita-
ton" is the responsible cause. 1t is al
most incredible that a man of Mr.. Bay
ards erudition and supposed ability,
can believe such thing. is it possible
that he does not know that about the
c,ose of 1873. blight struck the indus
tries of Europe and America, and that
they were almost paralyzed until 1919?
If he does not, his studies as a public
man have been sadly misdrected, and
we would very respectfully advise him
to devote little of his spare time (and
he has plenty Of it now that he is out of
Office. to a study of the worlds indus
trial conditions during the last twenty.
four years.
Assuming that he does know, we VEN
ture to inquire what caused that depres-
sion? Was it the "silver agitation:"
He certainly must know that is was not,
and if he is an honest man he will adj
nit it.
He must also know that the distin-
gushing feature of that depression was
a continuous and heavy fall of prices.
viii he very kindly indicate the cause
of that fall? Why was it that prices
which had steadily risen for more than
twenty years, suddenly turned the other
way and went down more rapidly than
they had previously gone up: What
happened at that time to cause so eX.
traordinary a phenomenon: Did the
world suddenly begin to build railroads
and ocean steamers, and make all sorts
of mechanical improvements, thereby
increasing production and filling the
civilized nations of Europe and Ameri
ca with distress: He surely cannot be-
lieve anything so absurd as that. He
must know that the year 1873 marks no
revolution either in methods of produc-
ton or transportation. and he must also
know that there was no relative increase
of production after 1873 compared with
the Increase of the previous twenty
years. but rather a decrease.
Even if there had been a larger in
crease of production, will he seriously
claim that the more wealth the world
produces the poorer the people become
and the more suffering they must en-
dure? There are very few things that a
gold advocate will not say if he thinks
they will benefit the cause which he has
espoused, but for Mr.. Bayards own
sake we hope he will not make tie
claim that the progress of which we
have so loudly boosted has been our I'M
doing.
Still the fact is that a most unnatural
disturbance of business took place about
that time, and again we ask what caused
it? If Mr.. Bayard can name anything
having a general tendency to lower
prices and depress trade. except the de-
monetization of one of the precious
metals, we should like to have him rise
up and do so.
Two things are certain. First, there
was depression. aud second. there was
no "silver agitation" to cause it. 1t
was in fact, the depression which led
to'the silver agitation in this country
This agitation eliminated in the passage
of the Bland-Alison act in ISIS. The
gold men declared that the act in ques
ton would ruin the country. but instead
of doing so. times were decidedly better
not good" by any means. but bet
ter''-for about four years.
In the meantime there had beer
further disuse of silver in Europe and ;
large contraction of the paper money Of
the United States. In 1882 depression
sat in again. and prices began to fal
more rapidly than ever. Was thi,
caused by the "silver agitation ?" We
do not believe that Mr.. Bayard has the
hardihOOd to either deny the bushes;
troubles of that year, or to assert tha
they were caused by any "silver agita
ton"
There was "silver agitation" in 1890
but it produced no distrust, no depres
sion. no business troubles of any kind
That agitation resulted in the passage
of the sherman Law, greatly enlarg
ing the use of silver. For two years anC
a half after the enactment of that law
the United States moved along smoothly
and with no serious financial difficulties
while Europe, which had been absolute
ly free from "silver agitations, wa:
literally shaken from centre to circum
ference by monetary commissions.
= When the great panic of 1898 came i
was the result of "sIlver agitation,