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,