The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
T h e D e c l i n e i n t h e P r i c e of S i l v e r , and i t s R e l a t i o n t o t h e P r i c e of W h e a t , Cotton, and o t h e r F a r m P r o d u c t s . S P E E C H OP HON. E. F. PETTIGREW, OF S O U T H DAKOTA. IN THE SENATE OP THE UNITED Thursday, March STATES, 15,189 The Senate having under consideration the bill (H R. 4956) directing the coinage of the silver bullion held in the Treasury, and for other purposesM r . P E T T I G R E W said: M r . PRESIDENT; I do n o t i n t e n d to discuss t h e s i l v e r q u e s t i o n a t t h i s t i m e , b u t a s t h e r e h a s b e e n so m u c h c o n t r o v e r s y o v e r t h e q u e s t i o n a s t o w h e t h e r t h e r e m a r k a b l y l o w p r i c e of w h e a t a n d c o t t o n w a s i n a n y w a y r e l a t e d t o t h e d e c l i n e a n d l o w p r i c e of s i l v e r , I d e s i r e t o p u t a f e w f a c t s i n t o t h e RECORD o n t h i s occasion. T h e f o l l o w i n g - t a b l e , t a k e n f r o m t h e s p e e c h of S e n a t o r H A N S BROUGH of N o r t h D a k o t a , s h o w i n g - t h e w o r l d ' s p r o d u c t i o n of w h e a t , w a s c o m p i l e d b y t h e D e p a r t m e n t of A g r i c u l t u r e : Approximate statement of the world's wheat crop from 1885 to 1892, inclusive. Countries. Bushels. 357,112,000 United States 31,572,931 Ontario 7,209, 479 Manitoba _ Argentine Republic and *25,000,000 Chile 48,281,992 Austria 113,805,460 PHingary 18, 516,935 Belgium 5, 533,355 Denmark 311,733.033 France 95,505,881 Germany Great Britain and Ire82,071,332 land *4, y6">, 625 Greece 117,027,013 Italy 6,325,545 Netherlands #7,661,250 Portugal *22, 629,063 Roumania 178. 084, 400 Russia +14,110,000 Poland • Unofficial. 1181 Bushels. 457,218. 000 28,459,322 6,922,723 Bushels. 453,329. 000 20,705,452 12,741,050 #28,800,625 44, 644,090 102,846,419 18, 219,412 5,201,640 304, 427,095 97,973,269 *28, 000,000 52,351,733 145,906,514 19, 887,110 6, 024, 672 319, 094, 204 104,013,175 65,285,353 78,567, 593 *4,9?7,250 *5,000,000 119. 793, 575 126,223,350 5,194,702 6,889,532 *8,228,750 *6,000,000 *22, 629,063 *24,000,000 163,455. 273 278, 697,917 +13,100,000 +15,600,000 +Estimated. 2 Approximate statement of the world's wheat crop, etc.—Continued. 1885. Countries. Bushels. Bushels. #4,525,813 •4,681,875 *113,500,000 •131,660,000 3,867,487 3,974,773 Servia Spain Sweden Norway Switzerland Turkey in Europe India.. Asia Minor Persia : Syria Japan Algeria Cape Colony Egypt Australasia Total +280,000 •2,057.188 •45,400,000 299,155,584 •43,200 938 *26,743,438 •16, 457,500 12,362,906 •22,700,000 +3,600,000 •14,187,500 38,412,447 Denmark France Germany Great Britain and Ireland Greece Italy Netherlands Portugal Roumania Russia Poland Servia Spain Sweden Norway Switzerland Turkey in Europe India Asia Minor Persia... Syria Japan Algeria Cape Colony Egypt Australasia Total +280,000 1887. Bushels. •5,000,000 •95,000,000 4,370,485 •230,000 •1,645,750 •41,143,750 258, 317,622 +37,000,000 •42,000,000 238,585,947 +37,000,000 +14,000,000 16,453,383 •32,915,000 •3,666,022 •16,457,500 $32,681,648 +14,000,000 15,571,400 21,215,718 3,692,555 •13,700,000 $45,932,961 +22,000,000 •2,000, 000 +22,000,000 2.093,859,443 2,113,950,536 2,266,331,368 I Countries. United States Ontario Manitoba Argentine Republic and Chile Austria Hungary Belgium 1886. 1890. 1891. Bushels. 490,560,000 19,288,983 7,428,511 Bushels. 399,262,000 22,643,193 15,128,034 Bushels. 611,780,000 33,611,074 23.922.598 •24,118,750 38,376,705 93,520, 530 19,339,038 4,977,875 307,357,350 87,170, 362 •60,271,043 44,059,962 148,017,904 19,409,505 4,062,599 331,748,810 104,020,781 •47,256,500 41.070.599 126,268,750 •14,187,500 4,666,445 219,241,787 85,750,011 78,149,523 •5,000,000 108,934, 463 6,473,217 •8, 512,500 •44,784,883 197,883,931 10,052,537 •5,000,000 75,622,213 3,809,037 •283,750 •2,270,000 •39,725,000 237, 522.133 •36,887; 500 •22,500,000 •12,768,750 16, 491,845 •22, 500,000 3,776,137 •7, 945,000 $35,996,836[ 78, 306,016 •5,675,000 131,433, GOO •6,189,120 •8,252,160 53, 607, 639 213,031,826 12,629,698 •10,315, 200 •70,143,360 4,048,962 236,602 •2,475,648 •37,134,720 228,592,000 •37,134,720 •22,693, 440 •12,378, 240 12,567, 996 •22,693,440 2,045,616 •8,252,160 43,861,853 77,016,151 •5,675,000 141,455,050 •3,713,472 •8,252,160 45,672,264 169,108,708 12,680,920 •7,945,000 71,349,094 §4,551,350 •412,608 4,041,766 •33,008,640 255,434,667 •37,029,375 •20,630,400 •12, 343,125 18,131,295 •21,281,250 2,748,749 •11,140,416 33,874,000 2,075,027,329 2,172,372,246 2,205,251,330 •Unofficial +Estimated. $No official figures for South Australia were published for 1886,1887,1888, or 1889, and the figures for that colony incorporated in the totals for Australasia for three years were consequently unofficial. §Preliminary. 1181 3 I will also insert a statement of the average export price of wheat and cotton for the past twenty-two years and of the price of silver. The figures are from the Statistical Abstract: Year. Wheat. Cotton. Silver. $1.49 1.31 1.43 1.12 1.24 1.17 1.34 1.07 1.25 1.11 1.19 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 Cents. 19.3 18.8 15.4 15.0 12.9 11.8 11.1 9.9 11.5 11.4 11.4 $1.32 1.20 1.27 1.24 1.15 1.20 1.15 1.12 1.14 1.13 1.13 Year. 1883 1884 1885 1886 1887 1888 |1 1889 J| 1890 ; 1891 jj 1892 1893 Wheat. Cotton. $1.13 1.07 .86 .87 .89 .85 .90 .83 .85 .80 .60 Cents. 10.8 10.5 10.6 9.9 9.5 9.8 9.9 10.1 10.4 8.7 7.2 These statements show that the world's production of wheat was 45,000,000 bushels less in 1888 than in 1887, yet the price was 85 cents, a decline of 4 cents per bushel. In 1889 the world's product was 190,000,000 bushels less than in 1887, and 18,000,000 bushels less than the crop of 1885. and t h e price was 90 cents per bushel as compared with 89 cents in 1887, a rise of but 1 cent per bushel. The crop of 1890 was 94,000,000 less than the crop of 1887, and the price fell to 83 cents per bushel, or a decline of 6 cents per bushel. The crop of 1891 was 61,000,000 bushels less than the crop of 1887, and the price was 85 cents per bushel, or adecline of 4 cents per bushel as compared with the price in 1887. The price of this crop was maintained above what it would have been by the passage of the Sherman law in 1890, and the consequent rise in the price of silver. The crop of 1892 was 49,000,000 bushels less than the crop of 1887, and the price fell to 80 cents per bushel, a loss of 9 cents. The crop of 1893 was 81,000,000 bushels less than the crop of 1887, and w h ; a t fell with silver to 60 cents per bushel. Since 1887 the population of the countries which use wheat have increased over forty millions of people, while the production of wheat in the world has steadily declined, and the price per bushel has decreased 29 cents. Certainly the statement that overproduction has caused the decline in the price of wheat is overcome by these figures. W h a t , then, is the cause of this great decline? W e contend that it is the appreciation of gold and the bounty resulting to the people of India by the decline in the value of silver bullion, as shown by the statement from the Treasury Department, which I will not read but wish to have inserted as part of my remarks: 1181 4 Statement showing the exports and average export price of cotton, raw, and wheat from British fndia during the years ending March 31,1870 to 1891, and eleven months, ending February, 1892, inclusive. [From official sources.] Cotton, raw. Year ending March 31— 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892, 11 months Pounds. Value. 524,834,448 $91,579,862 577,600,800 93,412,315 809, 246,032 102,107, 664 494, 214, 448 67,309,718 503,966,176 63,418.757 627,209, 632 73,235,242 561,207, 920 63.748,603 510,486,368 56,381,683 387, 583,616 45,059,299 332,255,728 37,987,637 442,229,312 53,498,174 508,653, 376 63,560,371 630, 508, 928 71,718, 830 691,059,376 77,067,638 670,575,136 69,129,130 567,807, 856 63,816,595 469,159, 648 51.753,701 608,816,544 64,684, 618 601,983,872 69,186.011 597,137,072 72,219, 216 707,878,304 89, 608, 340 662, 359,376 79, 213,321 418,538,512 44,018,186 Wheat. Price per Bushels. pound. Cents. 16.51 16.18 12.62 13. 62 14.59 11.68 11.36 10. 86 11.69 11.44 12.09 12. 50 11.37 11.15 10.31 11.25 11.94 10. 62 11.49 12. 09 12. 66 11.95 10.52 Value. 145,988 $158,035 463,908 498,398 1,189,252 1,131,096 735,486 804,912 3. 277,781 3,972,509 2,004,156 2,358,965 4,686,767 4,350, 389 10,428,'328 9,396,672 11,896,563 13,713,552 1,972.546 2,496, 662 4,109,495 5, 396,482 13,896,167j 15,734,122 37,148,543 42,573,898 26, 495,024 29,226,307 39,202,635 42, 699,893 29,421,645! 30, 316,886 39,328, 658| 38,425,589 41,558,765: 41,404,733 25,271,249! 26,699, 390 32.874, 628 36,111,744 25; 764,1241 27,804, 552 26,731,592 49,003,645 53,371,9831 64,843,522 Price per bushel. $1.10 1.07 .96 1.09 1.21 1.18 .93 .90 1.15 1.27 1.31 1.14 1.15 1.10 1.09 1.02 .98 1.00 1.05 1.10 1.08 1.09 1.21 NOTE.—At the request of Mr. George O. Jones the rupee has been reduced to United States money at the rate of 48 cents per rupee. S. G. BROCK, Chief of Bureau. T R E A S U R Y DEPARTMENT, Bureau of Statis tics, April 16, 1892. These tables show t h a t while India did not increase h e r prod u c t i o n of w h e a t , t h e a m o u n t t h a t w a s e x p o r t e d e n o r m o u s l y i n c r e a s e d a n d t h e p e o p l e of t h a t c o u n t r y s u b s t i t u t e d s o m e t h i n g else f o r food, p r o b a b l y m i l l e t . T h e e x p o r t p r i c e of w h e a t f r o m I n d i a h a s i n c r e a s e d r a t h e r t h a n d e c r e a s e d , so t h a t w h i l e w h e a t b r o u g h t b u t $1.10 p e r b u s h e l i n 1870. i t w a s w o r t h $1.21 f o r t h e e l e v e n m o n t h s e n d i n g F e b r u a r y , 1892. D u r i n g t h e m o n t h of F e b r u a r y , 1892, I n d i a e x p o r t e d 2,737,000 b u s h e l s of w h e a t , v a l u e d a t $3,601,000, a t t h e a v e r a g e e x p o r t p r i c e of $1.32 p e r b u s h e l . A s silver continues to decline I n d i a will c o n t i n u e to r e c e i v e an increased price per bushel for h e r wheat, and the quantity s h e e x p o r t s will also increase. All a u t h o r i t i e s a g r e e t h a t t h e r e h a s b e e n n o d e c l i n e i n t h e p u r c h a s i n g p o w e r of t h e r u p e e i n I n d i a , b u t t h a t i t w i l l p u r c h a s e a s m u c h of l a b o r a n d of e v e r y t h i n g else in I n d i a to-day as it e v e r would, a l t h o u g h its bullion v a l u e is b u t 23 c e n t s . In t h i s connection I i n s e r t t h e following e x t r a c t f r o m t h e s p j e c h of t h e S e n a t o r f r o m N e v a d a [ M r . JONES]: Let us endeavor to reach an approximate estimate of the losses sustained, by our agricultural population since 1885, when President Cleveland first ad1181 5 vised Congress to repeal the silver-purchase act of 1878 and to stop the coinage of silver dollars: WHEAT. Average export price per bushel— 1875 to 1885 1893 $1.17 73 Difference 44 According to the report of the Agricultural Department for December, 1892, the wheat crop of this country for the year then closed amounted to 516,000,000 bushels. On this quantity a loss of 44 cents per bushel, caused by the decline in the price of silver bullion, amounts to an annual sum of $226,600,000 of debt and tax-paying power, which amount apportioned among the principal wheat-producing States shows the loss of each of such States to be as follows (I give the figures in round numbers): Wheat crop of 1892 in— Indiana Minnesota California Kansas South Dakota North Dakota Ohio Missouri Illinois Michigan Pennsylvania. Nebraska Kentucky Oregon Washington.. Bushels. 40, 000,000 41, 000,000 39, 000,000 70, 000,000 32, 000,000 35, 000,000 38, 000,000 25, 000,000 28, 000,000 24, 000,000 19, 000,000 16, 000,000 12, 000,000 10, 000,000 10 000,000 Loss. $17, 600, 000 18, 040,000 17, 160,000 30, 800, 000 14, 080,000 15, 400,000 16, 720,000 11, 000,000 12, 320,000 10, 560,000 360,000 040,000 280,000 400,000 400,000 There may be added to these figures five to ten million bushels each for the States of New York, Maryland, Virginia, North Carolina, Texas, Tennessee, West Virginia, Wisconsin, and Iowa. The loss on wheat, therefore, suffered by the farmers of this country must be estimated at $200,000,000 annually. COTTON. Average price per pound in New York— 1879 to 1885 1879 to 1893 Cents. lU 8 Difference 3J Taking the crop year 1888-'89 as an average year, and, for convenience of calculation, computing the loss at 3 cents per pound, we find that the total annual loss of the planters of the United States amounts to over $100,000,000, distributed among the States as follows: Cotton raised i n North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Tennessee Total Pounds. Loss per year. 230,000,000 275,000,000 480, 000. 000 32,000: OOC 422,000,000 532, 000,000 240,000,000 719,000, 000 350,000.000 162,000, 000 $6.900,000 8, 250.000 14,400,000 960,000 12,675,000 15, 960,000 7,200,000 21,570,000 10,500,000 4,860,000 3,422,000,000 102, 660,000 This makes a total loss to the agriculturists of this country, in wheat and cotton, by reason of the demonetization of silver, of over $325,000,000 a year. 1181 6 T h e s e figures a r e s t a r t l i n g , a n d c e r t a i n l y w a r r a n t a n e a r n e s t e f f o r t t o r e s t o r e s i l v e r to i t s old p l a c e a n d p r i c e . I t is n o l o n g e r a q u e s t i o n of t h e s i l v e r b a r o n s , f o r t h e i r loss is a s n o t h i n g c o m p a r e d w i t h t h e loss of t h e t i l l e r of t h e soil. T h i s d e c l i n e i n t h e p r i c e of s i l v e r a n d i t s e f f e c t w a s p r e d i c t e d i n 1886 b y o n e of E n g l a n d ' s s h r e w d e s t m e n . A t a m e e t i n g of t h e B r i t i s h a n d C o l o n i a l C h a m b e r s of C o m m e r c e , h e l d i n L o n d o n i n 1886, S i r R o b e r t N . F o w l e r , a m e m b e r of P a r l i a m e n t , a b a n k e r , a n d e x - m a y o r of L o n d o n , s a i d t h a t " t h e e f f e c t of t h e d e p r e c i a t i o n of s i l v e r m u s t finally b e t h e r u i n of t h e w h e a t a n d c o t t o n i n d u s t r i e s of A m e r i c a a n d b e t h e dev e l o p m e n t of I n d i a a s t h e chief w h e a t a n d c o t t o n e x p o r t e r of t h e world." I will also i n s e r t t h e f o l l o w i n g f r o m t h e N e w Y o r k J o u r n a l of C o m m e r c e , of F e b r u a r y 9, 1894. T h i s e x t r a c t s h o w s t h a t e v e n N e w Y o r k , w i t h i t s J e w i s h i n s t i n c t s a n d E u r o p e a n s e n t i m e n t s , is a w a k e n i n g to t h e t r u t h . [New York Journal of Commerce, February 9,1894.] WHY WHEAT CAN NOT ADVANCE. A careful student of the wheat problem gives the following explanation of the present unprecedented depression in this trade: "A great many commercial writers in the Eastern cities are trying to explain the low prices our farmers are compelled to take for their grain, especially wheat, of which a large proportion is surplus, therefore more governed by foreign prices. These writers try to explain it by every conceivable theory except the more than apparent fact that our farmers' surplus has to be sold in competition in gold countries (which alone are importers, their farmers being driven out of business gradually for the last twenty-three years, or since England and Germany demonetized silver). We say in competion in these markets with the surplus of the great agricultural countries outside of our own, and they all silver-currency countries, viz, Russia, India, and Argentina; for instance, the prices of the wheat of three countries in London are to-day practically as follows: '' India Club, 72i cents; Russian spring, 71£ cents; Argentina best, 68| cents. The India rupee is worth about 44 cents to the farmer and about 28 cents in London; therefore he is getting about $1.10 per bushel for his wheat in the money that pays for everything he wants, and certainly can not be at prices higher than our own, for all authorities agree how cheap they all can live. The Russian peasant gets about the same, and the exchange on London which the Argentine gets for his wheat the last quotation I saw being 156; so the returns in his own money are about $1.07 per bushel; while our wheat is bringing 73i cents in London, the result to our farmer is only that price in our money. With these figures before us it seems there is but one recourse for the American farmer's present relief, viz: he has to sell his surplus (and that makes the price for all) on a gold basis in gold markets when his competitors are all selling on a silver basis. No hope has he for anything better but a famine in silver countries or gauge his crops only to home requirements; letting one-third of his farm lie idle, which will bring him more money than using the whole, and at much less expense." One of our oldest exporters confirms the above diagnosis of the case. T h e b i m e t a l l i s t s c o n t e n d t h a t t h e r e m e d y is t o a t o n c e e n a c t a l a w o p e n i n g o u r m i n t s t o t h e f r e e a n d u n l i m i t e d c o i n a g e of silver, and to m a k e an international bimetallic a g r e e m e n t with t h o s e n a t i o n s t h a t will j o i n us. I b e l i e v e t h a t if t h i s w e r e a c c o m p l i s h e d i t w o u l d h a v e t h e s a m e a f f e c t u p o n t h e p r o s p e r i t y of t h e w o r l d as t h e d i s c o v e r y of g r e a t d e p o s i t s of g o l d a m o u n t i n g t o t h o u s a n d s of m i l l i o n s of doll a r s . I t w o u l d c a u s e a r i s e i n t h e p r i c e of e v e r y t h i n g t h a t is t h e p r o d u c t of h u m a n e f f o r t . I t w o u l d l i f t t h e b u r d e n f r o m e n t e r p r i s e e v e r y w h e r e a n d f u r n i s h e m p l o y m e n t "for e v e r y o n e w h o chose to work. 1181 7 O u r o p p o n e n t s a d m i t t h e a p p r e c i a t i o n of g o l d a n d i t s c o n s e q u e n t a f f e c t u p o n t h e i n d u s t r i e s of t h e w o r l d . T h i s f a r t h e y have gone, a l t h o u g h they have taken this position but recently. B u t t h e y s a y t h a t t h e r e m e d y w e o f f e r is n o t t h e p r o p e r r e m e d y . T h a t w e m u s t w a i t u n t i l E n g l a n d is w i l l i n g t o m a k e a b i m e t a l l i c a g r e e m e n t a n d a d o p t t h e u s e of s i l v e r a s m o n e y . M r . P r e s i dent^ I d o u b t t h e h o n e s t y of t h e s e p e o p l e . I d o n o t b e l i e v e t h e i r p o s i t i o n is t a k e n i n g o o d f a i t h . For twenty years they have proposed a b*netallic a g r e e m e n t with Great Britain whenever t h e r e was any prospect t h a t the d e m a n d f o r t h e f r e e c o i n a g e of s i l v e r i n t h i s c o u n t r y w o u l d become too u r g e n t . I believe they have done it in bad faith. I believe t h e y h a v e k n o w n all t h e time t h a t no such a g r e e m e n t could be m a d e and t h a t E n g l a n d would n e v e r a d o p t t h e bimetallic standard. I i m p e a c h t h e h o n e s t y a n d i n t e g r i t y of t h e m e m b e r s of t h i s Senate who for twenty years have m a i n t a i n e d this position, and I do n o t believe t h e y a r e m a k i n g t h e p r o p o s i t i o n now in good f a i t h o r w i t h a n y h o p e t h a t E n g l a n d will a c c e p t i t . G l a d s t o n e i n h i s s p e e c h i n t h e H o u s e of C o m m o n s o n e y e a r a g o used t h e following language: Mr. Gladstone said: I suppose there is not a year which passes over our heads which does not largely add to the mass of British investments abroad. I am almost afraid to estimate the total amount of the property which the United Kingdom holds beyond the limits of the United Kingdom, but of this I am well convinced, that it is not to be counted by tens or hundreds of millions. One thousand millions ($5,000,000,000) probably would be an extremely low and inadequate estimate. Two thousand millions ($10,000,000,000), oF'Something even more than that, is very likely to be nearer the mark. ["Hear!" "Hear!1'] I think under these circumstances it is rather a serious matter to ask this country to consider whether we are going to perform this supreme act of self-sacrifice. I have a profound admiration for cosmopolitan principles. I can go a great length in moderation [laughter], in recommending their recognition and establishment, but if there are these two thousand millions ($10,000,000,000) or fifteen hundred millions ($7,500,000,000) of money which we have got abroad, it is a very serious matter as between this country and other countries. We have nothing to pay them; we are not debtors at all: we should get no comfort, no consolation out of the substitution of an inferior material, of a cheaper money, which we could obtain for less and part with for more. We should get no consolation, but the consolation throughout the world would be great. [Loud laughter.] This splendid spirit of philanthropy, which we can not too highly praise—because I have no doubt all this is foreseen—would result in our making a present of fifty or a hundred millions ($500,000,000) to the world. It would be thankfully accepted, but I think the gratitude for your benevolence would be mixed with very grave misgivings as to your wisdom. I have shown why we should pause and consider for ourselves once, twice, and thrice before departing from the solid ground on which you have within the last half century erected a commercial fabric unknown in the whole history of the world—before departing from the solid ground you should well consult and well consider and take no step except such as you can well justify to your own understanding, to your fellowcountrymen, and to those who come after us. [Cheers.]—The Times, London, March 1, 1893. E n g l a n d ' s position and t h e conditions w h i c h exist t h e r e to-day a r e t h e s a m e a s t h e y w e r e t h e n . I t is t r u e t h a t a f e w s p i n n e r s of c o t t o n a r e i n d i s t r e s s o w i n g t o I n d i a c o m p e t i t i o n , b u t t h e y h a v e n o v o i c e i n t h e G o v e r n m e n t of E n g l a n d . In the Brussels conference Rothschild, representing England, used t h e following language: Advocates of bimetallism maintain that the fall in the price of silver has brought about a corresponding fall in the prices of various commodities. 1181 8 This may not be the case; but, supposing the former hypothesis to be correct, I am not prepared to say that it would be a misfortune for England or the world in general; nor do I share the opinion of certain distinguished exponents of that theory who deplore the fact of the Indian exporter being able to send wheat remuneratively to England, thus interfering seriously with the interests of the British farmer; but I hold that wheat at 30s. a quarter instead of 45s., is rather a blessing than otherwise. Therefore, I say it is folly to expect England will join us in any bimetallic agreement; but the opportunity is offered us now to make an international agreement with the silver-using countries of the world and thereby transfer to this country the financial center for most of the people of the earth, and gain financial and commercial supremacy over an unscrupulous, grasping, and dishonest rival. The means are all within our own grasp to deal England a blow from which she can never recover. This great nation is able to shape a financial policy for itself; is able to go forward in the future furnishing every facility for the employment of her people without waiting for the consent of England, or any other nation. No nation in ancient times was ever presented with such an opportunity to destroy h e r rival as is presented by the dishonesty of England to us, and it is our duty to take advantage of and, while we punish her, bless mankind. Our agreement should be with the silver-using countries alone, as they are the only countries in the world which produce the things we can not produce, and are therefore the nations with whom we should trade. W e build a tariff wall against the gold-using countries to shut out their products. W h y should we desire financial unity while we carry on industrial war with these nations? Mr. President, I can not but express my contempt for the statesmanship of the men now in this body who have been its leaders for the past twenty years. They demonetized silver and then sat here with folded hands and saw our industries perish; saw panics come and go, and as a result the property of the producers absorbed by the creditors; saw the price of our wheat and cotton and other farm products decline as a result of their acts until the loss to t h e farmers of this country was more than the cost of the war: saw England reaping a harvest in the everincreasing amount of farm products it took to pay the interest we owe her on two thousand millions of borrowed money, and when remedy was offered said we are powerless; we can do nothing until England is ready: we must wait until she is satiated with plunder and is tired of taking our products at a low and lower price, and is ready to consent; we will then make an international agreement. Do you wonder t h a t the people no longer trust these men? The proposition made by them is humiliating to our pride and is unp itriotic, is unworthy of an American citizen and unworthy of American statesmen, and the terrible consequences brought about by their acts in this connection as members of this body must earn in the future for them the contempt of t h e citizens of the Republic, and as time rolls around no monument will ever be built to their memory.
@FedFRASER