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VOL. XXVIII. INDIANAPOLIS, IND. SEPT, 23, 1893. NO. 38. t First prize paper, by D. County, Indiana, Fair. The Silver Question and the Money Standard. I*. Thomas, at the Kush Pri_9|50.] English capitalists lost heavily by the financial repheaval in the Argentine Confederation in 1890. They had to exchange their American securities for gold. Later came the unprecedented failures in Australia. India ceased the coinage of silver. Then all Europe, fearing a general war, hoarded gold for emergencies. All these complications abroad caused a drain upon our yellow metal. At home were nntoward iniluences. John Sherman says, "for the first time in years the balance of trade turned against us last year and had to be paid in gold." Then the compulsory purchase of silver under the Sherman act caused a universal distrust among financiers. Its tendency is to place our government upon a single silver basis. Foreign holders of our bonds sent tbem home and exchanged them for gold lest later they might have to accept silver. These influences resulted in general stagnation of business. Boards of Trade prevailed on the president to call a special session of Congress to repeal the Sherman law. Angust 19th the officers of the American Bankers' Association stated in their circular that the continued stringency was due to.that act. In view of this and that the leading nations are financially on a gold basis, it behoves our government to call a halt and take its bearings. It cannot pursue free silver coinago at tbis time as against those nations. Such an attempt would drive away gold and insure a silver standard to the detriment of all our business and commercial relations. THE GO_,D SITUATION. Since gold has cut such a figure in monetary affairs it f hould receive due consideration. The repeal of the Sherman law would remove the friction between silver and gold. The pressing demand for gold shows that it does not exist in sufficient quantity to form a basis for the world's business. Then is the supply increasing so that it may soon meet that requirement? Or, is it diminishing? The world's production of gold for 20 years—1873 to 1893 inclusive—showed *an annual average of $107,854,450. And the last calender year showed an increase over previous years of only a little over $10,- 000,000. In 1892, in the "United States alone, there were used in manufactures and industrial arts $19,329,000 in gold, as shown by sales at the assay offices and 43 firms engaged in the manufacture of gold and silver bars. And 1891 shows a like sum nearly as large. Besides there are many other sources of consumption not reported. But this data indicates that the annual consumption of gold in the United States greatly exceeds $20,000,000, or one-fifth of the en tire production of the world. Taking this as a basis for computation the world's consumption far exceeds its prodnction. From such data it is easy to forecast the future. It is only a question of time when gold will, on account of insufficiency, cease to be used as money. As the consumption will increase the time will come speedily (unless there should be uuexpected discoveries of new and rich fields) when it will be regarded like precious jewels. Under present conditions its value is steadily advancing. The present disparity between gold and silver is due largely to the increase in the value of gold. Destroy its unit of value and make it a commodity, as has been done with silver, and this distinction will become quite apparent. Now shall the value of our staple products continue to be measured by this variable enhancing standard? We are already suffering from this very cause. Some may think this visionary. But here are statistics. What will you do with them? Have we any other criterion? Financiers study and act upon this data. Shall we ignore the logic of events? From 1793 to 1893 we coined $1,59.,009,183 in gold. August llth, last, there were $504,000,000 of it in circulation in the United States—about 41 per cent. What has become ot the remainder? With it as our standard we need every dollar of it. We are in a strait from which we can extricate ourselves only through wise statesmanship. We will have no precedent to follow. We must make one. A new financial policy must be evolved suitable to the condition of the times. Statistics show that to look upon gold as a single standard of value is a dissolving view. While, like leading nations, we are on a gold basis we must be looking for a re-adjustment of the standard. A great nation like ours should take the initiatory. If our country could get along for nearly 20 years without either gold or silver, fight the greatest war in history and prosper at the same time, we need have no fears of the final outcome in this emergency. ABOUT SILVER. Silver has been very properly designated the "poor man's money." For it has more tion and silver will quickly take its place as a necessity. Such a measure would have a two-fold benefit. First, that part of our circulation would remain largely in the hands of the people where it should be instead of being so persistently deposited. Then money stringency would not be so frequent, if it occurred at all, because of so much money constantly passing from hand to hand. Secondly, it would benefit the banks. For while their deposits would not be so large they would not be so liable to "runs," as they now are, which compels them to hoard and hold in expectancy of such events. While this mode of relief is being pursued we can invite international action. If England and Germany still stand aloof then form an alliance with the American nations and the Latin Union and let said alliance fix an international silver standard and adjust trade relations accordingly. . Then England and Germany would soon knock for admission. The events of 1893 have prepared the nations for such action. In this manner our nation would successfully maintain its parity of gold, Rilver and paper currency. And with the improved methods of obtaining Information the alliance could keep posted upon the variations in the nearly subserved his wants along with quantities of the precious metals and other classes, than any other money. The prices of staple commodities have, kept closer to silver than any other standard. For nearly two hundred years there was very slight variation of the ratio between gold and silver. From 1687 to 1873 it ranged from 14.80 to 15.90, excepting fifteen years. Then, in each* case silverap- preciated, reaching 14.14 in 1700. Since 1873 when our government demonitised silver and made it a commodity, and the consumption has exceeded the production of gold, the ratio has fluctuated more than in all the world's history. In one hundred years we have coined $604 000,470 in silver. Up to 1853 over one- half of it was used by silversmiths because was it worth more than bullion by 3 per cent. That year Congress parsed the Hunter act, so as to lessen the value of silver in subsidiary coin, in order to keep small change in the country. During those sixty years the Government coined $S4,- 000,000 in silver. June 30th, there were only $122,429,011 of silver in actual circulation, with §326,489,105 in silver certificates. If the silversmiths used nearly $50,000,- 000 from 1792 to 1853 how much greater must have been the rate of consumption since that time. This showing will help offset tho increasing production. If we would obtain even approximate data of the increasing consumption, coupled with the increasing wants of an increasing population, as compared with the production, it would show a closer range than is supposed to exist. It is also noteworthy that gold standard nations recognize the value of silver as money. Else their large circulation of it would not exist. The recent Brussels conference failed to make a silver standard because England and Germany were not favorable and because the representatives of our nation which called the conference, had nothing definite to offer. But now there is a growing sentiment in England in favor of bi- metalism. So, in a short time, with the Sherman Act out ofthe way, so that silver may resume its normal condition, international bi-metalism will become a possibility. In the interval our government should provide silver money for domestic use by increasing our coinage to $10,000,- 000. Then the per capita circulation would fall far below that of France. So far the devices tried have failed to get our coinage into circulation. But let Con- gress withdraw all other money below the when necessity jequires it, can re-adjust the standard. ABSTRACT OF PAPER BY HON. ARCHIE KENNEDY. Thirteen or fourteen nations make gold the standard, but all of these use silver as subsidiary- Mulhall says that silver is 24 to one of gold in amount produced in the last 290 years. Gold and silver are the standards, and must continue to be so The owners of the silver mines say they cannot mine silver at the present prices. Then let them mine less, until it is in better demand, as we farmers raise less wheat until there is a better market for it. Secretary Carlisle says it would cost $112,000,- 000 to change from the ratio of 16 to 1 to that of 20 to 1 for recoinage, and 10 years to do it. When a man buys a farm and agrees to give 5,000 bushels of wheat, 60 pounds to the bushel, he should not bo compelled to give 70 pounds, neither should the seller be compelled to take 50 pounds, but all debts should be paid in the ratio at which they were contracted While it would not do to havo free coinage, it would be a great injustice to the debtor class for us to adopt the single gold standard, and such policy would be followed by such a panic as was never seen in tbis country. There is no danger of losing our gold if we keep the balance of trade in our favor. If we keep our gold we can increase our silver until we become tho richest nation on the globe. France with less population and on a ratio of 15 to 1 has §800,000,000 of silver, while we with 16 to 1 have less than §500,000,000. We must keep both metals, and both on a parity. Editohs Indiana Farmer: I see in your issue for September 2nd, on the first page in tbe report from Decatur Co., that clover seed is making a fair yield per acre, as high as 3. ** bushel; one machine threshing 'JH'A bushels in one day. Huntington county can beat them all on clover seed and is entitled to the first premium. On the farm of Jacob Fundorburg, a field of 22 acres yielded 90 bushels and Nicholas Zeiglar, with a Birdsell Huller threshed 88 bushels and 7 pounds in one day. On the farm ofthe writer, from a field of 10 acres he hulled 37 Y* bushels in one day. Up to this date September 1st, he has threshed 400 bushels. We challenge any county in the State and any Irrigation .in Idaho. Editobs Indiana Fabueb: I have not the time for a lengthy article on irrigation, and as I a woman it is hardly probable my ideas on such a subject would meet with approval, or at least would be favored to the extent of those of a man would. I live in a country where both level and rolling land is irrigated. Where rich people go to quite an expense in order to properly irrigate and where poor farmers, or rather farmers who are poor, irrigate at small expence. Every morning during the vegetable and fruit season four fruit and vegetable wagons pass our door. An Italian, a Frenchman, a Chinaman and an American and part of the time a German are the proprietors. A vegetarian with a half dollar (four bits . we say here) can buy a dinner fit for a king. For instance, this morning, the 6th of September, I could purchase for 5 cents a large head of cabbage; for the same amount, enough large, luscious tomatoes for one meal; for 10 cents a mess of young green beans, and we have been having them since June; 10 cents for a Hubbard squash; 25 cents buys a musk melon large enough for a family of six for two meals, and the finest I ever tasted in any State or territory. They are sweet, fine grained, mealy and golden yellow. Corn, egg plants and all kinds of fruit are in market. Now tbis is all due to irrigation. Do not undestand me we depend on irrigation for our gain crops. We hope to see the day when our farmers can afford to irrigate their immense farms or ranched. The American fruit and vegetable vender I mentioned lives quite a distance from water ditches and other modes of irrigation and is a poor man, so has to ditch his fruit farm from a creek flowing through his ranch. If poor men in this country can irrigate large fruit and vegetable gard-' ens by ditching, also carrying water quite a distance from a water wheel in troughs, raised high above fences on props.it seems to me that if irrigation is desired in Indiana it could be secured and made a success as easily as here. We cannot raise lawn grass, flowers or good fruits and vegetables without irrigating in this part of the Northwest. ... A man with an acre of ground, a hydrant and hose can raiso more fruit and vegetables and far superior to what we remember in Indiana, raised on several times that amount of land. Irrigation is some trouble and expense, but it certainly pays. It is rather amusing to a new comer to this section to watch the different modes of irrigation and to go into a town with water works, as nearly all have, and see men, women and children deluging fruit, vegetables, flowers and grass with water. A water ditch may perhaps run through the town and some of the residents keep up the old way of irrigating with their wheel, simply because it will save the expense of having pipes and hydrants put on the premises. There are other and more expensive ways of irrigating, such as the Pulsometer pump, etc., but my idea is that if all of these vegetable and fruit men can irrigate acres upon acres, taking them altogether (and a number are situated near each other) just with a water ditch and common water wheels, any ordinary carpenter can construct, that a small farm in Indiana could be irrigated with as little trouble and expense. A Woman. thresherman to beat us. J. C. F. denomination of §10 dollars from circul**.- j Huntington Co. The Knox. * Editobs Indiana Farmkk: We visitod the Knox Hotel five .nights, and desire to say in the Farmer that the Knox Hotel proprietors showed us the best favors possible, and their rooms and accommodations are good. Saml. Ii. Moffett, Wat. homas,
Object Description
Title | Indiana farmer, 1893, v. 28, no. 38 (Sept. 23) |
Purdue Identification Number | INFA2838 |
Date of Original | 1893 |
Subjects (LCSH) |
Agriculture Farm management Horticulture Agricultural machinery |
Subjects (NALT) |
agriculture farm management horticulture agricultural machinery and equipment |
Genre | Periodical |
Call Number of Original | 630.5 In2 |
Location of Original | Hicks Repository |
Coverage | United States - Indiana |
Type | text |
Format | JP2 |
Language | eng |
Collection Title | Indiana Farmer |
Rights Statement | Content in the Indiana Farmer Collection is in the public domain (published before 1923) or lacks a known copyright holder. Digital images in the collection may be used for educational, non-commercial, or not-for-profit purposes. |
Repository | Purdue University Libraries |
Date Digitized | 2011-01-24 |
Digitization Information | Original scanned at 300 ppi on a Bookeye 3 scanner using internal software. Display images generated in CONTENTdm as JP2000s; file format for archival copy is uncompressed TIF format. |
Description
Title | Page 1 |
Subjects (LCSH) |
Agriculture Farm management Horticulture Agricultural machinery |
Subjects (NALT) |
agriculture farm management horticulture agricultural machinery and equipment |
Genre | Periodical |
Call Number of Original | 630.5 In2 |
Location of Original | Hicks Repository |
Coverage | Indiana |
Type | text |
Format | JP2 |
Language | eng |
Collection Title | Indiana Farmer |
Rights Statement | Content in the Indiana Farmer Collection is in the public domain (published before 1923) or lacks a known copyright holder. Digital images in the collection may be used for educational, non-commercial, or non-for-profit purposes. |
Repository | Purdue University Libraries |
Digitization Information | Orignal scanned at 300 ppi on a Bookeye 3 scanner using internal software. Display images generated in CONTENTdm as JP2000s; file format for archival copy is uncompressed TIF format. |
Transcript | VOL. XXVIII. INDIANAPOLIS, IND. SEPT, 23, 1893. NO. 38. t First prize paper, by D. County, Indiana, Fair. The Silver Question and the Money Standard. I*. Thomas, at the Kush Pri_9|50.] English capitalists lost heavily by the financial repheaval in the Argentine Confederation in 1890. They had to exchange their American securities for gold. Later came the unprecedented failures in Australia. India ceased the coinage of silver. Then all Europe, fearing a general war, hoarded gold for emergencies. All these complications abroad caused a drain upon our yellow metal. At home were nntoward iniluences. John Sherman says, "for the first time in years the balance of trade turned against us last year and had to be paid in gold." Then the compulsory purchase of silver under the Sherman act caused a universal distrust among financiers. Its tendency is to place our government upon a single silver basis. Foreign holders of our bonds sent tbem home and exchanged them for gold lest later they might have to accept silver. These influences resulted in general stagnation of business. Boards of Trade prevailed on the president to call a special session of Congress to repeal the Sherman law. Angust 19th the officers of the American Bankers' Association stated in their circular that the continued stringency was due to.that act. In view of this and that the leading nations are financially on a gold basis, it behoves our government to call a halt and take its bearings. It cannot pursue free silver coinago at tbis time as against those nations. Such an attempt would drive away gold and insure a silver standard to the detriment of all our business and commercial relations. THE GO_,D SITUATION. Since gold has cut such a figure in monetary affairs it f hould receive due consideration. The repeal of the Sherman law would remove the friction between silver and gold. The pressing demand for gold shows that it does not exist in sufficient quantity to form a basis for the world's business. Then is the supply increasing so that it may soon meet that requirement? Or, is it diminishing? The world's production of gold for 20 years—1873 to 1893 inclusive—showed *an annual average of $107,854,450. And the last calender year showed an increase over previous years of only a little over $10,- 000,000. In 1892, in the "United States alone, there were used in manufactures and industrial arts $19,329,000 in gold, as shown by sales at the assay offices and 43 firms engaged in the manufacture of gold and silver bars. And 1891 shows a like sum nearly as large. Besides there are many other sources of consumption not reported. But this data indicates that the annual consumption of gold in the United States greatly exceeds $20,000,000, or one-fifth of the en tire production of the world. Taking this as a basis for computation the world's consumption far exceeds its prodnction. From such data it is easy to forecast the future. It is only a question of time when gold will, on account of insufficiency, cease to be used as money. As the consumption will increase the time will come speedily (unless there should be uuexpected discoveries of new and rich fields) when it will be regarded like precious jewels. Under present conditions its value is steadily advancing. The present disparity between gold and silver is due largely to the increase in the value of gold. Destroy its unit of value and make it a commodity, as has been done with silver, and this distinction will become quite apparent. Now shall the value of our staple products continue to be measured by this variable enhancing standard? We are already suffering from this very cause. Some may think this visionary. But here are statistics. What will you do with them? Have we any other criterion? Financiers study and act upon this data. Shall we ignore the logic of events? From 1793 to 1893 we coined $1,59.,009,183 in gold. August llth, last, there were $504,000,000 of it in circulation in the United States—about 41 per cent. What has become ot the remainder? With it as our standard we need every dollar of it. We are in a strait from which we can extricate ourselves only through wise statesmanship. We will have no precedent to follow. We must make one. A new financial policy must be evolved suitable to the condition of the times. Statistics show that to look upon gold as a single standard of value is a dissolving view. While, like leading nations, we are on a gold basis we must be looking for a re-adjustment of the standard. A great nation like ours should take the initiatory. If our country could get along for nearly 20 years without either gold or silver, fight the greatest war in history and prosper at the same time, we need have no fears of the final outcome in this emergency. ABOUT SILVER. Silver has been very properly designated the "poor man's money." For it has more tion and silver will quickly take its place as a necessity. Such a measure would have a two-fold benefit. First, that part of our circulation would remain largely in the hands of the people where it should be instead of being so persistently deposited. Then money stringency would not be so frequent, if it occurred at all, because of so much money constantly passing from hand to hand. Secondly, it would benefit the banks. For while their deposits would not be so large they would not be so liable to "runs," as they now are, which compels them to hoard and hold in expectancy of such events. While this mode of relief is being pursued we can invite international action. If England and Germany still stand aloof then form an alliance with the American nations and the Latin Union and let said alliance fix an international silver standard and adjust trade relations accordingly. . Then England and Germany would soon knock for admission. The events of 1893 have prepared the nations for such action. In this manner our nation would successfully maintain its parity of gold, Rilver and paper currency. And with the improved methods of obtaining Information the alliance could keep posted upon the variations in the nearly subserved his wants along with quantities of the precious metals and other classes, than any other money. The prices of staple commodities have, kept closer to silver than any other standard. For nearly two hundred years there was very slight variation of the ratio between gold and silver. From 1687 to 1873 it ranged from 14.80 to 15.90, excepting fifteen years. Then, in each* case silverap- preciated, reaching 14.14 in 1700. Since 1873 when our government demonitised silver and made it a commodity, and the consumption has exceeded the production of gold, the ratio has fluctuated more than in all the world's history. In one hundred years we have coined $604 000,470 in silver. Up to 1853 over one- half of it was used by silversmiths because was it worth more than bullion by 3 per cent. That year Congress parsed the Hunter act, so as to lessen the value of silver in subsidiary coin, in order to keep small change in the country. During those sixty years the Government coined $S4,- 000,000 in silver. June 30th, there were only $122,429,011 of silver in actual circulation, with §326,489,105 in silver certificates. If the silversmiths used nearly $50,000,- 000 from 1792 to 1853 how much greater must have been the rate of consumption since that time. This showing will help offset tho increasing production. If we would obtain even approximate data of the increasing consumption, coupled with the increasing wants of an increasing population, as compared with the production, it would show a closer range than is supposed to exist. It is also noteworthy that gold standard nations recognize the value of silver as money. Else their large circulation of it would not exist. The recent Brussels conference failed to make a silver standard because England and Germany were not favorable and because the representatives of our nation which called the conference, had nothing definite to offer. But now there is a growing sentiment in England in favor of bi- metalism. So, in a short time, with the Sherman Act out ofthe way, so that silver may resume its normal condition, international bi-metalism will become a possibility. In the interval our government should provide silver money for domestic use by increasing our coinage to $10,000,- 000. Then the per capita circulation would fall far below that of France. So far the devices tried have failed to get our coinage into circulation. But let Con- gress withdraw all other money below the when necessity jequires it, can re-adjust the standard. ABSTRACT OF PAPER BY HON. ARCHIE KENNEDY. Thirteen or fourteen nations make gold the standard, but all of these use silver as subsidiary- Mulhall says that silver is 24 to one of gold in amount produced in the last 290 years. Gold and silver are the standards, and must continue to be so The owners of the silver mines say they cannot mine silver at the present prices. Then let them mine less, until it is in better demand, as we farmers raise less wheat until there is a better market for it. Secretary Carlisle says it would cost $112,000,- 000 to change from the ratio of 16 to 1 to that of 20 to 1 for recoinage, and 10 years to do it. When a man buys a farm and agrees to give 5,000 bushels of wheat, 60 pounds to the bushel, he should not bo compelled to give 70 pounds, neither should the seller be compelled to take 50 pounds, but all debts should be paid in the ratio at which they were contracted While it would not do to havo free coinage, it would be a great injustice to the debtor class for us to adopt the single gold standard, and such policy would be followed by such a panic as was never seen in tbis country. There is no danger of losing our gold if we keep the balance of trade in our favor. If we keep our gold we can increase our silver until we become tho richest nation on the globe. France with less population and on a ratio of 15 to 1 has §800,000,000 of silver, while we with 16 to 1 have less than §500,000,000. We must keep both metals, and both on a parity. Editohs Indiana Farmer: I see in your issue for September 2nd, on the first page in tbe report from Decatur Co., that clover seed is making a fair yield per acre, as high as 3. ** bushel; one machine threshing 'JH'A bushels in one day. Huntington county can beat them all on clover seed and is entitled to the first premium. On the farm of Jacob Fundorburg, a field of 22 acres yielded 90 bushels and Nicholas Zeiglar, with a Birdsell Huller threshed 88 bushels and 7 pounds in one day. On the farm ofthe writer, from a field of 10 acres he hulled 37 Y* bushels in one day. Up to this date September 1st, he has threshed 400 bushels. We challenge any county in the State and any Irrigation .in Idaho. Editobs Indiana Fabueb: I have not the time for a lengthy article on irrigation, and as I a woman it is hardly probable my ideas on such a subject would meet with approval, or at least would be favored to the extent of those of a man would. I live in a country where both level and rolling land is irrigated. Where rich people go to quite an expense in order to properly irrigate and where poor farmers, or rather farmers who are poor, irrigate at small expence. Every morning during the vegetable and fruit season four fruit and vegetable wagons pass our door. An Italian, a Frenchman, a Chinaman and an American and part of the time a German are the proprietors. A vegetarian with a half dollar (four bits . we say here) can buy a dinner fit for a king. For instance, this morning, the 6th of September, I could purchase for 5 cents a large head of cabbage; for the same amount, enough large, luscious tomatoes for one meal; for 10 cents a mess of young green beans, and we have been having them since June; 10 cents for a Hubbard squash; 25 cents buys a musk melon large enough for a family of six for two meals, and the finest I ever tasted in any State or territory. They are sweet, fine grained, mealy and golden yellow. Corn, egg plants and all kinds of fruit are in market. Now tbis is all due to irrigation. Do not undestand me we depend on irrigation for our gain crops. We hope to see the day when our farmers can afford to irrigate their immense farms or ranched. The American fruit and vegetable vender I mentioned lives quite a distance from water ditches and other modes of irrigation and is a poor man, so has to ditch his fruit farm from a creek flowing through his ranch. If poor men in this country can irrigate large fruit and vegetable gard-' ens by ditching, also carrying water quite a distance from a water wheel in troughs, raised high above fences on props.it seems to me that if irrigation is desired in Indiana it could be secured and made a success as easily as here. We cannot raise lawn grass, flowers or good fruits and vegetables without irrigating in this part of the Northwest. ... A man with an acre of ground, a hydrant and hose can raiso more fruit and vegetables and far superior to what we remember in Indiana, raised on several times that amount of land. Irrigation is some trouble and expense, but it certainly pays. It is rather amusing to a new comer to this section to watch the different modes of irrigation and to go into a town with water works, as nearly all have, and see men, women and children deluging fruit, vegetables, flowers and grass with water. A water ditch may perhaps run through the town and some of the residents keep up the old way of irrigating with their wheel, simply because it will save the expense of having pipes and hydrants put on the premises. There are other and more expensive ways of irrigating, such as the Pulsometer pump, etc., but my idea is that if all of these vegetable and fruit men can irrigate acres upon acres, taking them altogether (and a number are situated near each other) just with a water ditch and common water wheels, any ordinary carpenter can construct, that a small farm in Indiana could be irrigated with as little trouble and expense. A Woman. thresherman to beat us. J. C. F. denomination of §10 dollars from circul**.- j Huntington Co. The Knox. * Editobs Indiana Farmkk: We visitod the Knox Hotel five .nights, and desire to say in the Farmer that the Knox Hotel proprietors showed us the best favors possible, and their rooms and accommodations are good. Saml. Ii. Moffett, Wat. homas, |
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