The advocate and Topeka tribune. [volume], October 19, 1892, Page 9, Image 9

About The advocate and Topeka tribune. [volume] (Topeka, Kan.) 1892-1894

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AN EXPOSITION OF THE BILVEB
QUESTION.
Speech of Walter N. Allen, People's Party
Candidate for Elector-at-Large, Deliv
ered at Sampson, Zas., October 14,
1892.
The unfriendly legislation of congress
against silver has cost the farmers of this
country more than $10,000,000,000.
This is the balance of trade against us
caused by an unequal exchange of pro
ducts )n the markets of the world and
has been settled by mortgages on our
farms. The silver states have lost within
the past ten years from depreciation In
the value of silver bullion 1150,000,000
and are now losing $15,000,000 annually;
the cotton states are losing from $10 to
$12 on every bale of cotton, and the
wheat growing states from 25 cents to 30
cents on every bushelof wheat raised. Say
ing nothing about the loss from low prices
In other products of our farms, We are
losing annually on our cotton and wheat
crops from $300,000,000 to $400,000,000
by reason of the demonetization of sil
ver and the consequent fall in the price
of silver, which compels the the Ameri
can farmer to compete with India cotton
and India wheat In the Liverpool mar
ket with an advantage in favor of India
of from 40 to 50 per cent.
India Is a province of England. India
has rich gold mines but, has no silver
mines. England for commercial reasons
has forced upon India the silver stand
ard, and it Is said that her influence de
monetized silver In this country. Eng
land is now able to purchase our silver
bullion at about 85 cents per ounce, and
It is coined in London Into India rupees
at $1.39 per ounce, and cotton and wheat
purchased In India at a discount of 40
to 50 per cent, which has brought down
the price of cotton and wheat In this
country below the cost of production.
We have the richest silver mines In the
world, and many of them are now being
closed up because they cannot produce
silver at 85 cents per ounce. We have
the finest cotton lands in the world,
and the south has the cheapest labor
In the world, but the south cannot pro
duce cotton at 6 cents per pound. The
soils of the Mississippi valley are equal
to the soils of the Nile, and in the pro
duction of wheat cannot be excelled by
any country In the world; yet the farm
ers of the Mississippi valley cannot pro
duce wheat at 60 cents per bushel and
continue a free and prosperous people.
The extent of the fall of prices as a di
rect result of the legislation on silver can
not exactly be stated; but tables made
by Soutbeer, Saurbeck and Palgrave
brought down to 1890 show an aver
age fall In prices from 29 to 34 per
cent, which Is equivalent to a rise In the
purchasing power of gold of 40 to 50 per
cent
Now then,unless the free coinage of sil
ver Is restored and other substantial relief
afforded, such as loaning of money by
the government at 2 per cent tax to take
up the mortgage Indebtedness of the
people, our silver mines will be closed;
there will be no cotton or wheat ex
ported, and a general paralysis will set
tle down on the farming Interest of this
country, to be followed by general fore
closure of mortgages, land monopoly,
large estates and syndicate farming, ten
antry and serfdom; and when our lands
shall have been centralized Into the
hands of the few, then will come syndi
cate trusts and farmer baron combines,
to raise the price of food and other farm
products. Then will our boasted Ameri
can civilization fall below European
conditions.
This silver Issue la not a question of
politics. It is one of good faith, justice
and morality.
The right to the use of silver as a
money Is a natural right that may be
delegated but cannot be alienated. The
right to the free and unlimited coinage
of 3714 grains of pure silver Into stand
ard dollars was a colonial right that de
scended to the peoole of the states. And
congress, to whom this power was dele
gated, having refused to admit to free
coinage silver dollars with the same
weight and fineness that was recognized
by the laws of the colonies, has violated
the compact The agent thus refusing
to perform the duty, the power to coin
money and regulate the value thereof
reverts to the states or people. And we
are to be congratulated upon the fact
that some of the states have already taken
steps looking to the resumption of this
power, notably Pennsylvania; and unless
we prove to be degenerate sons of noble
sires, Kansas will likewise assert her
rights.
But why all these assaults upon silver
and the liberties of the people? Has the
farmer or any other Industrial class ever
asked congress to stop the ooinage of sil
ver, or to limit its coinage, or to demon
etize it? Has any interest of this country
asked such legislation, except the money
power? Has there been an overproduc
tion In silver or has its production been
greater than that of gold? No; the very
reverse is a statistical fact, as will appear
from the following table, to-wit: The
world's average production of gold from
1851 to 1890 was $120,000,000 annually;
total for ,the thirty-eight years, $4,500,
000,000. .The average produot of silver
during this same period (1851 to 1890)
was $74,000,000 annually; total for the
thirty eight years,' $2,840,000,000. An
Increase in gold over that of silver of
$1,712,000,000, which shows conclusively
that the fall in the price of silver and the
corresponding rise In the price of gold Is
the direct result of hostile legislation
iagalnst silver. -
We now propose to Introduce the facts
to prove that this government Is solely
responsible for discontinuing the free
coinage of silver in the bi-metal states of
Europe, for the distress in the price of
silver and the evil results that have
flown from Its demonetization.
Congress stopped the free coinage of
silver February 12, 1873. The first action
taken on the subject of silver by France
and the Latin Union was In June, 1874,
and then they only limited the coinage
of silver, and free coinage was not stopped
in the Latin Union until July, 1876, over
three years after free coinage had been
stopped In this country. But, .mark you,
the Latin Union, which has a population
of nearly 200,000,000, has not demonetized
silver. These states are the friends of
silver now and have always been. There
is now in circulation in France and other
states of the Latin Union $1,000,000,000
which Is a full legal tender and at par
with gold. Germany stopped free coin
age of silver and threw $150,000,000 of
her silver on the market in order to de
press the price of silver to enrich her
bondholders and distress France, of
whom she had exacted a payment of
$1,000,000,000 war Indemnity. Germany is
not a member of the Latin Union, and
was never practically a bl-metal country;
but even Germany did not demonetize
silver until J une, 1874, one year and four
months after coinage had been stopped
in this country.
I will now endeavor to explain why the
bl-metalic states of Europe were forced
to stop free coinage of silver, which we
claim was caused wholly by the action of
this country. The chapter is a little long,
but I think the facts will interest you.
The natural ratio between silver and
gold La 15 to 1. This iafound to obtain in
both hemispheres determined by the law
of average. Wherever this ratio has
been changed or silver demonetized, It
has proven to be vicious legislation and
attended with evil results.
England, In the Interest of her bond
holders and creditor class, demonetized
silver in 1816. It lessened her stock of
money one half, paralyzed the industrial
energies of her people, and brought ruin
to her debtor class.
From the dawn of civilization down to
the nineteenth century this natural ratio
of 15 to 1 between gold and silve. was the
standard In all the countries of the known
world. But France, in 1803, changed this
natural ratio to 15j to 1, and this action
was followed by all the bl-metalic states
of Europe. This change In the natural
ratio enabled Europe to make a profitable
exchange of her silver for the gold of
Asia and North and South America. In
order to cheok this drain that was being
made on our stock of gold in exchange
for European silver, congress passed a
law in 1834 changing the natural ratio
from 15 Jo 1 to 16 to 1; then o.r silver
went to Europe to be exchanged for Eu
ropean gold at a profit of about 4 or 5
per cent. But as we had no rich silver
mines then and were not very much
overstocked with silver coin, this change
of ratio did not have any appreciable
effect on the countries of Europe, but the
Nevada and Colorado silver mines were
discovered and the annual "yield tff our
sliver became to be about equal to one
half the world's product, and no silver
coined In this country, but all of It
dumped upon the countries of Europe to
be coined under her free coinage laws
and exchanged for European gold. Then
the bl-metallc nations of Europe were
forced to stop the free coinage of silver,
for they could not afford to exchange
annually about $60,000,000 of gold for
American silver and pay about 4 or 5 per
cent for making the exchange.
It is to be remembered that we were
under suspension from 18C1 to 1879,
caus'-d by our civil war, and during the
whle of this period there was no silver
coined at our mints. But when congress
took positive action upon the subject In
1873, stopping by law the coinage of sil
ver, and then followed up this act by the
law of 1874, which absolutely demone
tized silver although these acts were
clandestinely passed and attracted but
little attention here, the effects of them
were felt and well understood In Europe.
And It was this monstrous action of the
United States demonetizing silver aid
depreciating the value of its own pro
duct, of which she was the largest pro
ducer In the world, that alarmed the
bl-metallc countries of Europe and forced
them to the alternative either to adopt
monometalism or discontinue the free
coinage of silver.
The conclusion is unavoidable that If
this country would adopt the European
ratio of 15) 2, to 1 and open our mints to
the free and unlimited coinage of full
legal tender silver dollars, it would
restore the equilibrium and the bl-
metallc states of Europe would resume
the free coinage of silver. Our gold and
silver would then stay at home, and so
would the gold and silver of Europe stay
at home, and silver bullion would soon
be at par with gold.
Justice demands this action of con
gress; financial necessity demands It;
and comity between nations demands It.
Badges! Badges!
Aluminum watch oharm. Fine portrait
of L. D. Lewelling, next governor of Kan
sas. Send at onoe. Only limited number.
Twenty-five cents each; $L80 per dozen.
Jso. W. BbxidihthaZp, Topeka, Kaa.
Youn? America.
Resolutions of the Sallna Normal Uni
versity Reform club:
Whvbvas, We believe the legislation of oar
country has been directed to vlclom ends, tend
ing to the establishing of a moneyed aristocracy
and the reducing of tne masses to a state of serf
dom. Whereas, We believe the present financial
distress prevalent among the laborers to be
Justly charged to the two old parties, and In
thorn we believe there Is no redress.
Whibkas, We believe the evils of the put
legislation should be exposed, that the rUlng
generation may direct their efforts Into purer
and boiler channels.
Remlved, That we pledge ourselves Individu
ally and collectively as members or the Sallna
Normal University Reform club to give our ear
nest and undivided support to the Omaha plat
form, believing that in the principles and
demands as set forth In that platform and In the
earning out of the same the perpetuity of our
Institutions and the hope of the nation depend
and we earnestly recommend to every honest
voter to sustain by his voice and vote the de
mands and principles as let forth In that plat
form In the coming election.
Resolved, That we denounce the administra
tion of L. U. Humphrey.
Retolvtd, That we have abiding faith In the
justice of our cause and demands, and to this
end pledge ourselves to use all honorable means
to elect our state and national tickets In the com-ins-
election.
Ruolved, That the utter failure of the repre
senttUves of the democratic and republican
parties in the last congress to meet the expecta
tions of the people snows a lack of statesman
ship which renders it all the more Important to
place every branch of the government under the
control of the People's party.
Iktolved, That we denounce J. R. Burton as a
man morally unlit to represent the people of the
Fifth congressional district in the national house
of representatives.
RewAved, That we heartily endorse the action
of the the People's party representatives and the
two senators in the fast congress; and be it
further
Resolved, That we are in favor of prohibition
and woman suffrage.
Resolved, That a copy of these resolutions be
furnished the adocats and Tonic a Trib
une, the Sallna Union and the Kanwt Com
moner for publication. F. L. Ward,
K. D. Giorgi. President.
Secretary.
That Monetary Conference Fake.
Rocky Mountain News. -
The London Statist, the standard au
thority on finance In England, in Its issue
of September 17, opens with an article on
the International monetary conference'
with this: "It Is to be hoped that the
new government will have the courage
even now to withdraw from the Interna
tional monetary conference." The writer
says that neither Mr. Gladstone, as pre
mler,northechanoellor of the exohequer,
have any sympathy with the object of the
conference. They know England will
not tamper with Its monetary system, and
they must feel, therefore, that they will
be in a false position in going into the
conference. They must be aware, too,
that it was proposed only as a means of
tiding over the elections in the United
States, and that it was accepted by the
European governments simply out of
courtesy to that of the United States. It
is also contended by the writer that In
the United States Itself there la evidence
of a very considerable change of feeling
In recent months on the silver question,
both in congress and among the people,
and that the signs point to a probable re
peal of the sliver law of 1890.
The immense business in watches which
is done by the National Manufacturing and
Importing company, of Chicago, can hardly
be realized. Their advertisements have ap
peared liberally in our oolamns during the
past three years, and many of our readers
have taken advantage of their low prices.
From 600 to 1,000 watches are shipped daily
to all parts of the United States. A number
far exceeding the sales of any two firms in
the country. "Watches on Trial" shows
their confidence in these grades. Their new
catalogue contains engravings of over 256
styles of all grades of watches, and will be
sent you free if you want one.
Fine Playing Cards.
Send 10 cents in stamps to John Sebas
tian, General Ticket and Passenger Agent,
C. R. I. A P. R'y, Chicago, for a pack of the'
"Book Island" playing cards. They are ac
knowledged the beat, and worth five times
the eoet. Send money order or postal note
for 60o, and will send five paoks by express,
prepaid.
The Advooatb ajtd Tbibuhb and the
Kansas Farmer can still be had at $1.75
for ft year. Every farmer needs them
both.