Show ana n harpere Har peri or of alty 27 th contains on an article on bimetallism wh which c 1 a headed A western view of S silver 1 av rr 11 from tb the pon pen ot of senator E B 0 wolcott WOI COTT ot of colorado and an editorial review of 0 the ibo same came the arciclo ot of tho the senator Is nn an ablo able ono to reduce tho tb 0 subject to the limits of a newspaper tho the senator had bad to simply state tho the facts find and drew draw his in tho the tersest possible language lie he traced the decline in prices which succeeded and from it reached the natural conclusion 3 noticing not being gold enough in tun the world to do tho the worlds business bl bi must her ba accepted at last if 11 not by tho the nations fit at largo thoa then by the stains ilono the review 0 tho article Is simply a repetition of 01 th the M all street bankers opinions opinion and Is 13 no especial credit to the paper in which 1 IS Is published it combats assertion that the fall in prices during tho the last twenty years has been attributable to 10 tho the of 0 silver and rays any well informed and unprejudiced person knows that it Is not true irue that la Is merely a question iloa of opinion to strong thon its assertion ilar harpers pers but it says A good many commodities have hare indeed become cheaper mostly through tho the production of what has boon baon cheapened not by the scarcity of gold or the ot of sliver silver but by recent inventions discoveries and now contrivances rendering production losa less costly in othor words by the progress ogress ir ildza too loii wo lye log bog respectfully to ty say that harpers neelly cannot substantiate that statement to kavo avo its life and wo we need but quote a tow few articles to establish that faal can cotton bo be raised 40 par or cent cheaper than it could twenty years ago can tho the products of the tha dairy be produced 40 per cent cheaper than they could twenty yeara ago can coal bo be dug from tho the mines and delivered to the be factories rectories rec tories 10 40 per cent cheaper thin than it could twenty years ago finally lias has the ho increase in n population of 0 00 60 per cent with all the wants of those increased millions had tho the effect of reducing the value valno of agricultural land between the atlantic and the prairies 40 per coin cent that last question shows in a moment that the editor of harpers weday Is talking through ills his hit hat when we in this connection go over the whole range of staples on which men depend lor for existence atenco and on the production of 0 which men depend tor for tho the profits necessary to pay their debts wo we see in a moment that bat Hap harpers cys editor Is at least misguided because the decline has been general it applies to the product of tho the loom as much as to the product of tho the field cold in short it ii strikes a blinding blow at every producing industry in the abo country beyond that it goes to c 1 itself with that decline mortgages have bavo increased in the same game ratio as is marked by the decline and that shows how widespread must bo be the distress there Is increased crime increased ignorance increased suf ferng throughout all tho the again tho the says and there are te still other commodities which since the ot of sliver have steadily tied considerably advanced la in value the abo very important com modify of beraun labor to la almost every form and stid degree and mental that Is just fast halt half true tho the othor other halt la is shamefully false rot for instance professional men in tho the cities and skilled mechanics are drawing as much wages and aad as high fees aa they did twenty years ago but bat the wages of common laborers larm farm laborers which constitute tho the greatest groa number of laborers are reduced to the level of ISO when they wore were lower than ever before in the united states and the holding up of wages in the ettles tho the wages of mechanics and the salaries of professional roco men can likewise bo be accounted tor for when carao came and property began to tall fall the tha country was deeply in debt the interest on those debts was payable in tho the cities principally on the eastern seaboard As the holders bolders of there theio obligations collect collected od their interest they could not reinvest it if in the tha country and as people from the country were not waking making anything from tho the tilling of the soil there begin began to bo be a rush to the cities cl lies that necessitated the of more houses and thus 7 we a have seen one city after another boom in the last twenty years L labor aher in tho the cities was quick to organize into labor unions end and between the demand tor for labor in building up abnormally fast I 1 tho the cities and the labor unions prices havo been but out in the country where the tha millions work thoro there has boon been a steady decline just exactly corresponding with tho the seeming decline ile clino in tho the price of silver in his article senator wolcott defends lids the sherman Shor maii law and says its results remits havo have been good this la in the review the editor refers to and asserts that it is very difficult to I 1 restrain tho the natural indignation which such a statement aw am akocs alcons then lie ha proceeds oda to state that under the tha law what tho the united states has practically done has bofty to buy ounces ol of annually for gold and insists that the abo moro more there la ot of this work tho the more inora matters will become and that the inevitable ro suit ault must bo be that gold will go to a premium disappear from circulation and then our country will have to fall al I 1 down upon a sliver silver standard probably the tha horizon of the editor ol of harpers Ilar lers Is s limited mostly to now york city it if it wore not ho he would see feu that gold has disappeared now from circulation throughout the tha old west and tho the south at tho the hama earna time wo we do not believe boll iivo la in tho the sherman bherman law wo we do not endorse all that Stio senator ator ivor coar says aboul tho the sherman layr law bringing about such prosperity rity the increased prosperity camo only tor for one ona year rud and that was duo due to a lamina across the aea but we do agree lrea senator when abon he bo expresses the tha belief that if our country worn were allyer tho the effect bo bd good and pone of abo byll effects predicted by tho the gold item would follow I 1 1 I ou on this I 1 tho ol 01 old t broad bare argument which bei b lg dp londt a a to now yorki york and in lull Is as follows I 1 I 1 there to not cot ti clearheaded clear headed man 1111 in D lb country who doos not know that bit tb be restoration ot of silver to the pedestal poda otal by in beam of 0 at A free rao coinage law wilt will acco VII r h in it moment what tho the free silver 4 s 0 aut bus beba gold field will lostak lr ibo ISO 90 to a there will bo be it ruth rush for or abo gold rooert to in the Troa ory toro lii is the government to suspend kold gold payment ot gold will as a matter of course cour at from circulation there will la in be 60 a sudden and od contraction at 0 the currency oot not only bochaus thero there wt will be less to point of volume but that walh remains will bo be loss less in point of 0 purchasing power then it WAS when hold up to the iho hold gold standard aun durd that values will pro bontly adjust to the silver basis Is trun true but tho the losses and disasters disaster 40 nod it sacrifices w with ith the contusion confusion blo bin from a sweeping ensile change lo in the standard of values always brings with it ata table it must bo be remembered in considering the iho foregoing that the editor simply states ills his opinion it la it hii opinion which ho he never yet lias has soon seen a reason tor for he has hoard board it reiterated rait orated la a now york over anil and over aud and always by ono ODO class ot of people no la is willing to elk bit in his big arlica orlica la in now york and discount tho the power ot of hla his own cou country atry while ho he would instantly resist any interference with any ol of cur ur affairs by any foreign power find and while he ha would with ft a clarion call announce to tills this country and the world that wo we under any emergency could take earn care ol of ourselves when it comes to finances tho the terror of the tha bankers Is upon him and ho he falls down in holzle hol pleos it s impotency before the possibility of doing anything to offend that class of gentlemen gen clomon in ID answer to him it la Is only necessary to state two or i three things first firs the status of 0 gold and silver liver as money la Is not regulated by the old law of demand and supply that Is it la Is not directly regulated that way but it Is by the th legislation of the nations up to 1873 england had bad boon been for fifty seven inars a gold standard country france had bad boon a bimetallic country germany and russia wore silvor silver ver standard itan dard countries the united states was a bimetallic country but whilo while some wore were gold some silver aud and some both gold and sliver silver countries LIM relative value between gold bold and silver bad remained exactly the abc same or practically the same for two hundred yeara thoro there was never but ono one thing that affected tho the value of either metal and that thai was legislation in gormany germany mr oy and the united states de silver that WM was followed fall owed later by the netherlands and by several more of the smaller allor nations of 0 europe when this legislation took place in the united states sliver silver was exactly on a partly parity with gold in europe it was worth a little premium over gold to in abo united states stales in the twenty years since the business especially the international business of the world has increased with more momentum momon tum in any other twenty years since the beginning of time this being the caio to say that it was a natural law caused gold and silver liver to draw apart Is ricilly the very height of the Tha demand tor for sliver silver was taken away by legislation and the taking away of that demand by legislation greatly increased the demand for gold and hence naturally the two metals drew apart and to 10 say now that our nation kallon with its tons of millions of free people all at work with its uncounted resources yet to be developed waiting tor for the tha touch of money to say it if such a nation should dare in the face of the tha world to declare that 8 a r ertain certain number of grains of silver should bo be worth as aa much as a certain number of grains of gold for the uses of money tor for the purpose of meeting meo ing obligations that such a decision by our govern in mont ant crystallized into a statute would precipitate untold misfortune upon us Is ii in our judgment simply contesting tor for a prize for imbecility when tho the sherman law was passed wo we all remember that the gravo grave end and reversed reverend senators la in tho the senate and that the learned and c cla chod editors in the tha eastern cities all filled the land with their forebodings of the ruin that would certainly come but with the passage of the law stiver sliver began becan to advance in value in a lew few days it jumped from per par ounce to and it was only by an extraordinary struggle that the men who were determined that silver should not bo be used as money wore were able to obtain ounces from europe europa and ounces from mexico and thereby closed the doors against silver bat the important part of that advance was this wo did riot not rat got our quotations from now kow york we got them directly f from roto london every morning the advance an co was not only in our own country but it circled tho the world again ask the editor of harpas carpers what silver Is worth and ho he will say 6 fc an ounce ask lim him how bow that price Is regulated and he bo probably would say by the demand of the world 11 that would show that he be did not ito know ow a thing in the world about the subject last year silver rapidly fell from a little over soc an ounce to 83 c the price was regulated by tho the sale of india dia council bills all to in london As ll is known that india council sells every mouth month to in london worth ot of rupees one morning when it was expected that the whole bottom would tall fall out of silver and wh when a n there was in london be causo ol of that expectation before tho the I 1 silas sales were opened la in lareo letters ilter over the luo desk deal of the seller sailor wea was posted a no an tico that DO sil ver be sold salil lot for loss less than pence per ounce the price which Is equivalent to 83 cents cent of our money now for or the ilia editor of harpers weekly to say fay that thal thai india council la IQ london was tola able to arrest the downword downward lull felt ot of allver but that the tha government 0 of tho the united states to ie not dot Is such a discount of this country that it makes people ashamed to road it we presume pro sumo too thai were it told old to the tha edito carpers that the luo Rora jn in their various houses la in europe lu ropo I 1 la it london in amsterdam la in paris I 1 in n borlin and in vicuna had mal made a combination bloat ion with the bank of england and tho the bank of franco and that in tho the OP opinion of all these thea gentleman it had bad that sliver must be ba restored wo we presume that the editor in now york would gravely state la in his big next lisas issue of harpers weddy that the tha kroat great financiers of the world had bad itialia finally decided that there tharo was wai not gold enough that silver direr must be ba and aad consequently it should e bo be loo that la his bl judgment fifty bankers bio kori across the sea are ol of greater creater DO power or than lit ill his own country with its sistr liy five ro illions of people lye W toll tell him the tha men of the west aro are cirod of all that rot they do not bellevo believe it they have adopted in another WAY ay HORACE theory when ho he said ald tho the way to resume was to resume ho he told the honest truth and the men of 0 the west and tho the south are now saying I 1 the way to restore values to stop tho the accursed declining id in prices and tho the awful depression that la is on the be iness of the country Is to glie give lull full recognition to silver |