People's voice., 1899-04-27

Ohl. laLtlt w +tet WIN Ilooe ~ stitLtltl
which required its appliance were always
on the increase"
A contraction or currency, as every
one knows by experience, and the facts
Of history, is always most disastrous to
business, which is as dependent OH
plentiful supply of money as the human
race on all abundant grain harvest. |
When we consider that up to the period |
of the demonstration of silver there
had always been about an equal pro-
portion of gold and silver in circulation,
we can readily perceive what a frightful |
contraction of the currency took place
when one-half the basic money of the
world was stricken down at a single |
blow. If it were necessary that such a
contraction should be made-a PROPOSE |
ton that every sane business man and
friend Of humanity must strenuously
deny-it would have been far less disas-
trous to destroy gold, for the reason that
on account of its larger denomination
it cannot circulate among the people
with that facility which is characteristic
of silver. 1t was well said by your SEN
ator Sherman that silver was the money
of the poor and gold the money OF
the rich; and the fact that the poor
mans money was destroyed instead of
the rich mans, shows very clearly who
brought the result about.
The only countries where farmers have
done well as a class, during the long
period of depression, have been coun-
tries on a silver basis, using silver, not
gold, as their standard Of value-like
Mexico, China, Argentine, India and
Japan until the gold standard was IN
troduced into the two latter, when their
agricultural and laboring classes imme-
diately came under the same evil spell
that haunts all the gold standard coun-
tries. In India, previous 1898, when the
non-coinage act was enforced, the
acreage of wheat had enormously IN
creased and in Argentina the acreage,
which in 1880 was 4Go, COO, had increased to
2,Soo, in 1890, and 10 5,Ioo, 600 in 1898.
Land is there steadily rising invalue, while
i'll England it is declining; yet there, farm
ers are exposed to the attacks of locusts
and to periods of drouth and have not
our excellent systems, of roads and rail-
ways. Meanwhile, i'll England, we have
seen during the years 1885, 10000
acres under wheat 90 out of cultivation,
or As per cent of the acreage of 1873,
and comparing the returns of the years
1885, we see a decrease in wheat area
of 81 per cent, and in price a fall Of
63h per cent, and this in spite of the
fact that here we grow far more wheat
per acre than in auy other country in
the world. This is heavy decrease, but
it would have been greater still if far
ers had not been forced to grow
for the sake of the straw. w
that thirty years ago wn'
and straw given av e may S
say that straw "heat was SC
away. "ay; To-Day we MI
The IS sold and, wheat CIV
Of
only explanation of the prosper
the countries with the silver basis
the facility with which silver circula
fall and thereby stimulates industry a
IN commerce, and the variations of
or change which first transferred from {
nm gold United States to silver India
40. command of the wheat trade a
but allowed her prices to govern the worl
hat market, then Argentina, reduced tc
uev currency of inconvertible paper, fl
the worlds prices. In brief, the fall
y ,, the gold value of silver has given
nm counties on silver basis an advanti
inc in selling their goods over countl
div using gold only.
are But have extended my letter t.
,or- much greater length than l intend
be The subject is Of such vital importa
ions to the agricultural and laboring cla'
lber and so profoundly interesting that VI
ntly one begins to write he scarcely KIN
tity where or when to stop. In my mex
eels will give you some instances among