The Winslow mail., 1900-12-20
The Currency Question.
OBSERVATION-DISCLOSURES sssassssssssssssssss
PRODUCERS TESTIMONY.
Effect on Farmers of Contracting tn e
Redemption Money of the Coun-
try to Gold Basis.

The Journal continues to publish
conversions from democracy to Nc
Kinleyism. Recently it spoke of sew
eral prominent farmers in this state,
whom it alleges will support Mckinley
because of the improvement in the busl-
ness of farming since 1896.
If any farmer has actually been IN
huenced he has indeed taken very
narrow view of the situation, has over
looked the principle of cause and et-
feet, as we'll as the sinister action of the
republican managers, says producer,
in the Illinois State Register.
The extremely low prices of farm
staples in 1896 were the climax of the
influence of the republican policies un-
der Presidents Harrison and Cleve-
land administrations. The latter de-
Serting democracy and applying these
policies in even an aggravated form
for which trust magnates made him
rich. I refer particularly to their in
terpretation of our coin laws to mean
gold, thus contracting the redemption
money of the country certainly by the
amount of silver formerly used.
This had the effect of squeezing the
value of everything except a gold dol
lar and established line of prices
on farm products far below the normal,
and as any intelligent farmer can tes-
tify, below the cost of production.
In some instances other influences
contributed, of course, to this depres-
sion, as in the instance of horses,
which one of the Journals complain
ants mention particularly. Horses had
been greatly overproduced, especially
on western ranges. Electricity, bicy-
cles, etc, displaced many in market
and horse raisers with accustomed
American impatience, stampeded out of
the business, offered their whole stocks
at once, and the market went to moth
ing.
This line of low values, however,
applied to everything, even to manu-
factured goods, which could not be sold
to farmers who had no money. Now
condition like this is always followed
by a reaction, even without the aid
of any unusual stimulus, values would
|
ton to this natural ebb and flow in
fuence there has been an unprece-
dented line of favorable conditions to
assist our republican friends to this so
called wave of prosperity.
First the accident of discovery and
development of the African, Klondike
and Cape Nome gold fields have added
greatly to the worlds production of
gold. This fact in connection with
other favorable conditions has re-
suited in increasing our stock of gold
36,000,000 since 1896.
Two good crops at home accompa-
MED by corresponding failures, even
famines, abroad created a great foreign
demand for our farm products. Two
foreign wars, not yet concluded, added
additional strength to the situation.
The result was a balance of trade in
our favor of $615, 100000 in 1898, $780,
100000 in 1899, and $544, ,000,0 ,00O in 1900,
while our own Spanish and Filipino war
| has distributed over $3.50, 1000, 900, and is
still distributing.
Again, factories were started and
wage-earners reemployed, not be-
cause of anything President Mckinley
or the republican party had done, but
because a shortage in nearly all lines
had developed during this period of
stagnation, and legitimate demand
existed in consequence. This move
ment was farther stimulated by the
"trust" and "boom" elements which
grasped everything, overcapitalized
every enterprise, marked up prices to
a prohibitive point and forced their
goods to move for time to enable
them TO pay. dividends and sell their
stocks. This imitation, of course, could
have but one result, overproduction in
| these specialties, and a marked reac-
tion in demand and prices.
incidentally the interest which such
institutions have in the general pub
lie, in their. la bors, or in anything but
their own selfish gain, is we'll illus
trated by the action of John w. Gates,
the Chicago steel magnate, recently in
closing seven or eight iron mills and
mercilessly discharging some 10000
workmen without notice.
But, still another element has con-
tributed largely to whatever of
strength there may be in the situation
we are discussing. l refer to the alb
| surd manipulation of the finances OF
the country by republican legislators.
True, they went on and established
the gold standard, inserting it in our
statutes. arranged to retire our non
interest bearing greenbacks, substi-
| tuting national bank currency based
on interest bearing government bonds
| in their stead. enlarged the privileges
of national banks beyond any reason
able limit, virtually placing the con-
troll OF all the currency of the country
| in the hands of these interested un-
| scrupulous parties.
But to lead the unsuspecting to
| think that q gold standard is not bad.
| that good prices can prevail under it,
and for effect upon the coming elec-
| ton they have refrained from apply
ing one single factor of this unjust,
unscrupulous financial legislation
| pending the election. They have re-
tanned the 358,OC0,O00 greenbacks in
circulation: they have issued over S0,-
| 000O0C additional national bank cur
rercy (tne ten per cent. CT govern
ment bonds formerly withheld): they
! have. coined all the gold coming to the
mint and they have also coined over
| 44,CC0,00O OIL these so-called by rePub-
licans vicious sixteen to one silver dol
| lars.
", -, =, ~ I;-+o,.,- Of 1hiS conn