People's Pilot, Volume 4, Number 18, Rensselaer, Jasper County, 19 October 1894 — THE QUESTION OF SILVER. [ARTICLE]

THE QUESTION OF SILVER.

It Is Not Sensible to Maintain That an International Agreement Is Necessary to Restore Silver. It is not undemocratic to favor international bimetallism, but it is neither democratic nor sensible to maintain that an international agreement is absolutely necessary before silver can be restored as a part of the primary money of the United States. But what becomes of the arguments in favor of international bimetallism when we see njen who called themselves bimetallists claiming that gold has not increased in value, and that there is no need of any further expansion of the volume of our standard money? If all this be true—if there is plenty of gold on hand—if falling prices tend to prosperity —then there is no necessity for international or any other kind of bimetallism. But let us see how near we are to international bimetallism. It is admitted by all the continental nations that if England will take the initial step an international agreement can be arrived at without further delay. But how long will it be before England will take tne initiative? What incentive have her business men to restore silver

as a part of the primary money of the world? In other words, what interest has Great Britain in increasing the value of silver and thereby increasing the prices of the staple commodities of the world, the larger portion Qf which she is compelled to buy? Let us examine into the matter a little. Let us sec what interest England has in remonetizing silver and making it more valuable. The trouble began in 1873, when silver was demonetized in the United States, but as that seems to be a date remote, we need go no further back than 1890 l To bring the matter home to the comprehension of all, we will take the cotton crop of that year. It weighed out when brought to market 3,628,000.000 pounds.and sold for 8402,000,000, the average price being 11.07 cents a pound. The cotton crop of 1894 weighed out 3,748.000,000 pounds and sold for 8288,000,000, the average price being 7.70 cents a pound. Look at the figures’ The cotton crop of 1890 was 120,000,000 pounds less than that of 1894, but it sold for 8114.000,000 more. What is the result of this slump in cotton, apart from the loss that the farmers and business men of the- south sustained? Simply this, that the country has been compelled to send much more cotton to Europe—and mainly to England—to pay the same amount of debt. Now is this a good thing for England or is it a bad thing? Is it a bad thing for the people of this country or a good thing? It is a question of plain figuring. Is England hurt by the fact that she receives a constantly increasing amount of cotton for the same debt? If she is helped, rather than hurt by it, what motive have her rulers for entering into an international agreement the first result of which would be to utterly destroy the advantages and profits that are now hers? As with cotton, so with wheat — so with all the staple products on which our foreign trade is based. . Our business men seem to look at this matter askance. They appear to have an idea that a little small talk about “sound money” and “parity” is all that is needed to set things even. They do not appear to realize the fact that cheap cotton in the south makes poor business in the south. The price of cotton here is the basis of business because cotton is our staple product.

There is one fact that both the farmers and business men should take into consideration—namely, that although this country has established the single gold standard, we continue to sell our crops and our staple commodities for silver prices. In other words, an ounce of silver will buy no less cotton now than it bought in 1873 —no less wheat, no less calico, no less iron. But it will buy only half as much gold. This ought to open the eyes of sensible business men as to the’ increase in the value of gold, but they do not seem to regard it in that light. But there are other facts to which they can hadly close their eyes. As the vallue of silver is increased, Great Britain and Europe will have to pay an increased price for our staple commodities. An ounce of silver would buy a bushel of wheat and ten pounds of cotton in 1873. It will buy a bushel of wheat and ten pounds of cotton now. The price of these commodities is fixed in London or Liverpool. In whatever proportion the value of silver is raised, in that proportion .the price of our commodities is raised. If silver is 90 cents an ounce, England will have to pay 90 cents for a bushel of wheat and 9 cents a pound for cotton. If silver is worth 8129 an ounce, Europe will have to pay 81.29 a bushel for wheat and 12.09 cents a pound for cotton. This is the interest the people of this country have in the silver question. It is special and important—it is pressing! —Atlanta Constitution.