Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1897-08-21

sime-serving tory sentiment, such as that
which existed during the Revolutionary
war.
WILL THE FOR GOLD CONTINUE 2
Now. have the countries got through
with their struggle for gold All, We are
told that this country must retire all lie
paper money, all its green backs, ell its sil-
yer certificates and Treasury notes, which
are construed BY the Department to be de-
mand notes for gold, and that we are 70
have bank currency substituted, with gold
as redemption money. Did you ever ihink
what q large reserve Of gold would be re-
quired for this purpose, and do you real
ize that there 10 not 3 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 1. by issuing gold bonds. which constr
tuse really the premium for gold that this
country has paid for the maintenance OF
The gold standard. That is true Of Russia,
struggling to get upon the gold standard ;
Of Austria. struggling 10 get upon the gold
standard CT Italy, Portugal, Spain, Bra
zil, Chile. all those nations which have
got upon the gold standard or have signi-
fed their desire ts do so, and are endeav'
oring so-day to secure gold with which TO
Il m aGa nolI radamntfnn In NINA nf these
countries are they able to redeem their
paper money with gold. You have here.
then, this extraordinary famine for gold,
q gradual discontinusnce OF the use ef sill
yer. a gradual substitution Of gold as the
only primary money, the only money Of
redemption, the only money constituting
q 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, aud that every unit OF products
and property has gone down?
COMPETITION OF SILVER COUNTRIES.
Now, this has had another effect, and
that is, the depreciation Of silver has slim.
, ulated the competitive production of sill
yer countries. Here l come to the most
disastrous cause OF the low prices Of our
cotton and OF our wheat. II is easy enough
, TO account for the prostration OF our min
, ing States. Silver has gone down, and 30
the basic industry Of those States has been
seriously impaired but the cause Of the
a the lowering OF the price OF wheA, and cot.
ton is q little more remote, and you will
q find that its source 10 in the competitive
production OF countries that are not upon
the gold standard.
Now, what are those countries Fret
4. and notably, Argentina and India. This
Is the statement Of ell statisticisns and oil
. all consuls in foreign countries, and oil
travellers, that silver has maintained q sta
BILE purchasing power in the countries in
which II 10 the money. In India silver will
purchase as much Of labor and OF domestic
products and domestic property as ID ever
a countries. They are hardly conscious thai
gold exists I; and so, whilst the geld price
OF silver has been stesdily declining, they
have not been conscious Of II. and have
been willing to accept the same old price
A for their wheat. their cotton, and their
A labor.
AL We have, then, these countries Compel
d ing with us In the Liverpool market for the
Il sale OF their farm products. The old price
q Of silver was 81. 20 10 gold. That ounce oil
silver for years would buy . bushel OF
wheat in India. The Liverpool merchant
was accustomed. until the recent famine
: In India. to boy silver from our disered-
tied mines. 2 ounces for 81 90 In gold. and
with IL to get Q bushels OF wheat where be
q once got /. The result ia tina, the Amsri.
osn farmer 10 compelled to compete with
the Indian farmer in the Liverpool mArke,
and must come down to the same relative
price In gold, and be has been compelled
to accept 65 cents q bushel, or less, for bis
wheat and 80 II has been with cotton and
other farm products.
Bat we were told during the last cleo
L tion the price Of wheat went up whilst the
a price Of silver went down. This only
r proves the contention as the exception
b proves the rule. Recolleot that We had
been suffering from the competition OF sill.
r YER countries. The wheat famine in India
destroyed the competition Of that coun.
try. so that our wheat went up. This com.
u pstitive cause being removed. the English
h merchants could not buy Indian wheat.
and had nc occasion to buy American bul.
lion with which TO pay for II and so the
market for our bullion was diminished
and our silver temporarily went down.
a Should the wheat crop OF Argentina TALL,
similar results would follow. wheat would
90 up. our silver would go down. but
4 restore the old conditions, restore the nor
Q NAL product of the silver countries, and
8 you have the old competitive force still at
work. and the price OF wheat, cotton, and
. other farm products sympathetic with The
price Of silver. and gold absolutely domin.
IL -