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FREE COINAGE OF SILVER. SPEECH OF HON. H. TOW NSEND, O F COLORADO, IN THE H O U SE O FREPRESEN TATIVES, JUN E 6, 1890. W ASH IN G TO N . 1890. SPEECH OF HON. H. TOWNSEND. The Honse having under consideration the bill (H. R. 5381) authorizing the issue of Treasury notes on deposits of silver bullion— Mr. TOWNSEND, of Colorado, said: Mr. S p e a k e r : I would not attempt to enter into the discussion of the silver question were it not one of such vital importance to the peo* pie whom I represent on this floor, and were there not, as I believe, much misapprehension existing as to the position occupied by the peo ple engaged in mining, and especially in the production of silver. I can not expect to present to this House or to the country hardly any new phase of a subject that has received so much consideration at the hands of those who have spent years in its investigation. Should I be able, however, to add anything that shall enlist the attention and in terest of this House for the favorable consideration of free coinage, I believe I shall have rendered a service to millions of the people of this country. It is'a matter of history that from the foundation of this Government until 1873 there existed free coinage of both gold and silver at the ratio, with little exception, of 16 to 1.* It is a matter of history that the ratio in France and the Latin Union was 15J to 1, and that" free coin age had existed in France at that ratio from 1803 until the limitation by France in 1874. It is a matter of history that for two hundred years the ratio between gold and silver upon the continent of Europe had been substantially unchanged, and it is also a matter of history that 4 silver had been a money metal from the earliest dawn of history and a measure by which the value of all propepfcy had been determined. The fluctuations or variations in the ratio between silver and gold had been nominal until 1873, but very great since that time; and that these fluctuations did not arise by reason of the relative production of gold and silver at different periods is conclusively shown by a state ment of the ratio of production, taken from the report of the Royal Commission. They say: In the history of the production of the precious metals the two principal feat ures are the large discoveries of silver in South America and Mexico which marked the middle of the sixteenth century, and the large discoveries of gold in California and Australia which marked the middle of the nineteenth century. Prior to 1545 the average annual production of gold appears to have been (in weight) about one-ienth of the production of silver. Prom the date of the dis covery of the Potosi mines there was a rapid increase in the production of silver, so that by the beginning of the seventeenth century the relative proportions were about 98 per cent, of silver and 2 per cent, of gold. This proportion grad ually altered'during the seventeenth and earlier part of the eighteenth century until in 1750 it became 95.5 per cent, of silver to 4.5 per cent, of gold. For the next fifty years the production of gold fell off relatively to silver, and towards the beginning of this century the proportion reverted to about 98 per cent, of silver t> 2 per cent, of gold. The output of gold then began to increase; at first slowly, and after 1848 more rapidly, until the proportion in 1850-’55 was 81.5 per cent, of silver to 18.5 per cent, of gold; but owing to the alterations in the sup ply since that date, the. proportion is now about 95.5 per cent, silver to 4.5 per cent. gold. Notwithstanding tl\ese variations in the production, the relative value of the two metals, as represented by the gold price of silver, has, at least during the last two hundred years, been subject to much less fluctuation. At the begin ning of the sixteenth century the relative value of silver to gold was 11 to 1. During that century silver depreciated slowly, and during the first half of the seventeenth century more rapidly, until in 1670 the ratio was about 15 to 1, near which point it remained till shortly after the middle of the eighteenth century. About this time there was a considerable discovery of gold in Brazil, and the ratio became about 14* to 1. Silver then again became slightly depreciated, and from the beginning ot the present century down to 1873 the ratio did not ma terially vary from 15* to 1. It will thus be seen that from the middle of the seventeenth century the rela tive value of the two metals did not vary much more- than 3 per cent, in either direction until the recent divergence began to manifest itself in 1873. And Mr. Pixley, in his testimony before the commission, says: It will be observed that from 1833 to 1872 the annual average price of bar sil ver on the London market was never lower than 59&d. per ounce, nor higher than 62^(2., showing a range of 2%d. during the forty years in question, and that in the years from 1873 to 1887, both inclusive, the highest annual average was 59£d. (in the first year of the period) and the lowest 44fd. (in the last year), show ing a variation of 14$<J. The highest actual quotation between 1833 and 1873 was 6 2 in July, 1859; and the lowest 58fd. in February and March, 1833, showing a variation of 4d, TOW 5 In the later period the highest actual quotation was 59l§d. in February, 1873, and the lowest 42d. in July and August, 1886, showing a variation of l7ifcZ. During the current year the price has undergone a further decline, dating from about the end of February. On the 19th of May the quotation was 41fd., the lowest yet recorded, and for some weeks afterwards it scarcely rose above 42d. As will be seen from the dates given the general tendency of the silver market since 1873 has been downwards, there being oiily three years (1877,1880, and 1884) in which the average price for the whole year was higher than in the year pre ceding. The commission, after hearing testimony and setting forth the argu ments pro and con why silver has depreciated in its relations to gold, state that: 192. These considerations seem to suggest the existence of some steadying in fluence in former periods, which has now been removed, and which has left the silver market subject to the free influence of causes, the full effect of which was previously kept in check. The question therefore forces itself upon us: Is there any other circumstance calculated to affect the relation of silver to gold which distinguishes the later period from the earlier? Now, undoubtedly the date which forms the dividing line between an epoch of approximate fixity in the relative value of gold and silver and one of marked instability is the year when the bimetallic system which had previously been in force in the Latin Union ceased to be in full operation; and we are irresist ibly led to the conclusion that the operation of that system, established as tb was in countries the population and commerce of which were considerable, ex* erted a material influence upon the relative value of the two metals. So long as that system was in force we think that, notwithstanding the changes in the production and use of the precious metals, it kept the market price of silver approximately steady at the ratio fixed by law between.them, namely, 15£ to 1. When once the conclusion is arrived at that this was the case,the circumstances on which we have dwelt i^s characterizing the period since 1873 appear amply sufficient to account for the fall in the price of silver, tending as they all do in that direction; and the fact that on any particular day the supply of silver and of council bills may be large while the need for remittances is small, and vice versa, would explain the constant fluctuations in the price of silver which have manifested themselves in recent years. 193. Nor does it appear to us a priori unreasonable to suppose that the exist ence in the Latin Union of a bimetallic system with a ratio of 15£ to 1 fixed be tween the two metals should have been capable of keeping the market price of silver steady at approximately that ratio. The view that it could only affect the market price to the extent to which there was a demand for it for currency purposes in the Latin Union, or to which it was actually taken to the mints of those countries is, we think, fallacious?' The fact that the owner of silver could, in the last resort, take it to those minis and have it converted into coin, which would purchase commodities at the ratio of 15} of silver to 1 of gold, would, in our opinion, be likely to affect the price of silver in the market generally, whoever the purchaser and for whatever country it was destined. It would enable the seller to stand out for a price ap proximating to the legal ratio, and would tend to keep the market steady at about that point. TOW 6 And while the commission think m^ny causes may have operated, the entire commission join in the statement that— That action of the Latin Union in 1873 broke the link between silver and gold, which had kept the price of the former, as measured by the latter, constant at abo^t the legal ratio; and when this link was broken the silver market was open to the influence of all the factors which go to'affect the price of fl commod ity. These factors happen since 1873 to have operated in the direction of a fall in the gold price of that metal, and the frequent fluctuations in its value are ac counted for by the fact that the market has become fully sensitive to the other influences to which we have called attention above. Thus far the commission were unanimous in their report, but when they,come to a consideration of the evils resulting from a fall in gold prices of commodities the commission divide, six of theip holding one view and six of them holding opposite views. The six members of the commission who hold that the fall in gold prices of commodities is at tributable to the demonetization of silver state their views as follows. They say: In the first place, we find no proof that the supply of commodities generally has increased, or that the cost of production has diminished at a greater rate in the years which have elapsed since the rupture of the bimetallic par than was the case in periods of like duration antecedent to that date. On the contrary, it would seem to be the case that it was immediately after, and no doubt in consequence of, the great discoveries of science, such as the inventions of steam, of electricity, the telegraph, etc., that the most marked advances in production were apparent. The cost of production was lessened and the facilities were increased at that time by the introduction and the aid of machinery in a greater degree than they have ever been since then, and yet there is.no record of any permanent or general fall in prices similar to that which is the subject of investigation now. Secondly, if gold prices have fallen solely owing to increased supply of com modities, silver prices should have fallen to the same extent, which is hot the case. And the possible contention that a similar fall in silver prices has been averted by increased supplies of silver seems to us to be inconsistent with the figures given in sections 27 and 36 of Part I of the report, which show that, as regards countries outside of the United States, while the supply of gold has fallen off by £15,000,000 yearly since 1866-’70, the annual supply of silver has increased by less than £4,500,000. For these reasons we are unable to attach as much importance as our col leagues to the operation of causes affecting commodities in producing a general fall of prices, which is estimated to average about 30 per cent.; and we think it is incumbent upon those who take that view to explain why prices did not fall in a similar degree at the earlier periods to which we have referred. 12. There appears to us to be sufficient evidence (to which we shall refer later on when we deal in detail with the several questions contained in our order of reference) to show that the fall of prices and its resulting evils have affected all classes of the population (with the exception of those in the enjoyment of fixed incomes payable in gold), from the manufacture rs and. producers down to the wage-earners; but, in our opinion, it is the latter class which have the most direct and immediate interest in the adoption of any measure which will reTOW 7 establish the comparative stability of the standard of value, such as it was be fore the recent divergence in the relative value of the precious metals. 14. As regards “ payments under old or fixed contracts,” it is manifest that such contracts, if dating from a period antecedent to the fall in the gold prices of silver, become more onerous at each successive stage of the fall, and that the burden of “ new or current contracts” will increase in the same manner if the fall proceeds further. Summing up their conclusions, they say: We are strongly of opinion that both metals must continue to be used as standard money; the results of using them separately and independently since 1873 have been most unsatisfactory, and may be positively disastrous in the fut ure. It can not be questioned that until 1873 gold and silver were always effectively linked by a legal ratio in one or more countries. It is equally indisputable that the relative value of the two metals has been subject to greater divergence since 1874 than during the whole of the two hun dred years preceding that date, notwithstanding the occurrence ef variations In their relative production more intense and more prolonged than those which have been experienced in recent years. 29. In 1873 and 1874 the connecting link disappeared, and for the first time the system of rating the two metals ceased to form a subject of legislation in any country in the world. The law of supply and demand was for the first time left to operate inde pendently upon the value of each metal; and simultaneously the ratio which had b^en maintained, with scarcely any perceptible variation, for two hundred years gave pl&ce to a marked and rapid divergence in the relative value of gold and silver, which has culminated in a change from 15% to 1 to 22 to 1. And discussing the remedy for the evils, they say: PROPOSED R E M E D Y . 30, It appears to us impossible to attribute the concurrence of these two events to a merely fortuitous coincidence. They must, in our opinion, be regarded as standing to each other in the relation of cause and effect. We can not, therefore, doubt that if the system which prevailed before 1873 were replaced in its integrity most of the evils which we have abpve described would be removed; and the remedy which we have to suggest is simply the reversion to a system which existed before the changes above referred to were brought about—a system, namely, under which both metals were freely coined into legal-tender money at a fixed ratio over a sufficiently large area. I have quoted thus largely from the report, as it bears the evidence of having been a most thorough and exhaustive investigation of the subject, and by a commission of a Government which has held to the single gold standard since 1816. In the opinion of the whole commis sion the divergence between gold and silver was caused by the legisla tive act of demonetizing silver, and in the opinion of one-half of the same commission the evil of the fall in gold prices of commodities would find a remedy by a “ reversion to a system which existed before the changes above referred to were brought about.” TOW 8 This is the position taken by those who advocate the free coinage of silver by our Government. We say, first, that it was the law until 1873 from the foundation of the Government, and that no matter how wide the divergence in the production of the precious metal3; at one time great increase in the production of gold and at another great in crease in the production of silver; yet with all these, changes, while the bimetallic standard obtained and was preserved by legislation, the ratio of variation between the two metals had not been over 3 per cent. £or two hundred years. We say that this bimetallic standard gave stability to the measure of value. We say that the departure from this standard has been the cause of untold misery to the producers of the world and the wage-workers, and has benefited, as the royal commission very truly says, only “ those in the enjoyment of fixed incomes payable in gold.” It is a strange and incomprehensible condition when a nation of pro ducers, as we are, should join in a crusade against the prices of our own commodities, let alone the fact that we produce nearly one-half of the silver of the world. It would seem that we would, as a matter of self- interest, desire to protect that, yet the losses to the silver producer has been merely nominal compared with the depreciation of values of com modities. Let us examine this in the light of the statistics. I have here the average value of certain commodities for different periods, with the percentage of decrease, showing the actual loss that has been suf fered by the producer. This is official, taken from our own Bureau of Statistics and certified to by the chief of that bureau. There can be absolutely no escape from these results, and while we may differ as to the causes, the result to the producer is a fact which can not be gain said or questioned. The first period is the average value of the dif ferent commodities lor the five years preceding the demonetization of silver by this Government. TOW , Average prices of certain domestic commodities and silver bullion in the United States daring the periods indicated below from to inclusive 1868 1888, Unit of .quantity. Articles. . First pe riod, 1868 to 1872, inclu sive. Second period', 1873 to 1877, inclusive. Third period, 1878 to 1882, inclusive. Increase (+) or Aver Increase (-}-) or Average Aver age decrease (—) decrease (—) age price. price. since first period. price. from first peridd. Pound Wheat.................................................................................................. Bushel Ton .......... Bacon and hams................................................................................ Pound .... Pork, salted........................................................................................ Beef, salted........................................................................................ Wool: Fine............................................................................................... Medium........................................................................................ Coarse........................................................................................... Pig-iron............................................................ ................................. Steel rails..................................................................................... . standard sheeting............................................................................. Standard prints................................................................................. Printing cloths, 64 by 64..................................................................... Silver bullion...................................... ,............................................. Gold value of the silver doilar *....................................................... Gold (currency price)........................................................................ ..... do........ ......do...... ..... do.. Ton.......... Yard Ounce #1......... $0,204 $0,148 —$0,056 1.473 1.255 — 0.218 0.904 0.689 — 0.215 0.641 0.452 — 0.189 21.734 19.282 — 2.452 0.127 0.105 — 0.022 0.113 0.091 — 0.022 0.145 0.113 — 0.032 0.088 0.082 — 0.006 0.544 0.513 — 0.031 0.534 0.497 — 0.037 0.502 0.430 — 0.072 39.425 27.925 —11.500 122.400 77.650 —44.750 0.150 0.105 — 0.045 0.124 0.087 — 0.037 0.078 0.052 — 0.026 1.361 1.238 — 0.123 1.025 0.956 — 0.069 1.225 1.152 — 0.073 * At the annual average price of silver bullion. Per cl. 27.46 $0,111 —$0,093 14.80 1.190 — 0.283 23.78 0.559 — 0.345 29.48 0.397 — 0.244 11.28 16.274 — 5.460 J7.32 0.081 «- 0.046 19.47 o.m — 0.042 22.07 0.088 — 0.057 6.81 0.071 — 0.017 5.70 0.420 6.93 0.443 14.34 0.379 29.17 23.700 36.56 53.525 30.00 0.082 29.84 0.067 33.33 0.039 1.143 9.04 6.38 0.881 1.002 6.00 — 0.124 — 0.091 — 0.123 —15.725 —68.875 — 0.068 — 0.057 — 0.039 — 0.218 — 0.144 — 0.223 Per ct. 45.59 19.21 38.16 38.07 25.12 36.22 37.17 39.31 19.32 22.79 17.04 24.50 39.89 56.27 45.33 45.97 50.00 16.02 14.05 18.20 Average prices of certain domestic commodities and silver bullion in the United States during the periods indicated below, from to inclusive 1868 1888, Articles. —Continued. Unit of quantity. Cotton..... .............................................................................................. Pound... Wheat..................................................................................................... Bushel. i ..do.. Corn .... do .... Oats................................................. T on .... Hay................................................. Pound.. Bacon and hams........................... .... do ... Pork, salted.................................. .... do.... Lard............................................... .... do.... Beef, salted.................................... Wool: ......do.... Fine.......................................... ..... do.... Medium.................................... ..... do. . . Coarse..................................... T o n ..... Pig-iron......................................... ......do .... Steel rails....................................... Yard.... Standard sheeting......................... .... do.... Standard prints............................. ......do.. . Printing cloths, 64 by 64.............. Silver bullion................................ Ounce.. Gold value of the silver dollar*.. Gold (currency price).................... 81- Fifth Sixth period, Fourth period, 1883 to period, 1879 to 1884 to 1887, inclusive. 1883, in 1888, in Increase (-f) or clusive. clusive. decrease (—) since the fifth period. Aver Increase (-f) or Aver Aver decrease (—) age age age price. from first period. price. price. $0.103 0.963 0.562 0.407 17.966 0.092 0.D75 0.087 0.071 —$0.101 — 0.510 — 0.342 — 0.234 — 3.768 — 0.035 — 0.038 — 0.058 — 0.017 0.355 — 0.189 0.368 — 0.166 0.321 — 0.181 20.000 —19.425 33.725 —88.675 0.073 — 0.077 0.060 — 0.064 0.033 — 0.045 1.068 — 0.293 0.814 0.21L 1.000 — 0.225 ♦ At the annual a verage price of silver bullion. Per ct. 49.51 #0.110 34.62 1.147 37.83 0.584 36.51 0.430 17.34 17.234 27.56 0.086 33.63 0.077 40.00 0.094 19.32 0.075 34.74 31.09 36.06 49.27 72.45 51.33 51.61 57.69 21.53 20.59 18.37 Per ct. #0.101 —$0,009 — 8.18 0.908 0.536 0.392 17.649 0.087 0.065 0.078 0.063 0.424 0.446 0.374 0.335 0.351 0.317 0.084 0.066 0.040 0.129 0.874 1.000 0.071 0.061 0.0M4 1.037 0.787 1.000 — — — + 0.239 0.048 0.038 0.415 —20.84 — 8.22 — 8.84 -I- 2.41 + 0.001 - f 1.16 — 0.012 —15.59 — 0.016 —17.02 — 0.012 16.00 — 0.089 —20.99 — 0.095 —21.30 — 0.057 —15.24 - 0.013 - 0.005 - 0.006 - 0.092 - 0.087 —15.48 — 7.58 —15.00 — 8.15 9.95 11 The prices of the above commodities as stated in the table represent the av erage export prices of domestic merchandise, with the exception of the prices of wools, furnished by Messrs. Mauger & Avery, of New York; of iron and steel, furnished by Mr. James M. Swank, of Philadelphia; of cottons, furnished by Mr. Joshua Reece, of New York, and of silver bullion, obtained from the an nual report of the Director of the Mint. S. G. BROCK, Chief of Bureau. T reasury Department, -Bureau of Statistics, Washington, D. C., AprU 8,1890. It shows that cotton for that period was 20.4 cents per pound, The sec ond period is the average value for the succeeding five years after the de monetization of silver, And it shows the price of cotton to be 14.8 cents per pound. The third period is the average value for the next suc ceeding five years, and it shows the price of cotton to*be 11.1 cents per pound. The fourth period is the average value for the next succeed ing five years, which brings it down and includes the year 1887, and it shows the price of cotton to be 10.3 cents per pound. Now, the cotton planter engaged in raising cotton during the four periods, consisting of twenty consecutive years, has found that the price has depreciated 49.51 per cent.; that substantially it is worth only one-half as much in the last period as it was during the first, and that the fall in prices has been continuous. It may be interesting to see what is the result from this as affecting the cotton crop. Take the cotton crop for the year 1887. to 6,505,087 bales, and its total value was $291,045,346. It amounted Could that crop have sold for the average price for the five years preceding the de monetization of silver, its value would have been $576,441,564. That the loss by depreciation in the price on the product for one year was the sum of $285,396,218. In other words, instead of 6,505,087 bales that was produced, it was necessary to produce 6,378,994 bales addi tional, or a total of 12,884,081 bales to realize what 6,505,087 bales would have realized during the first period. If the planter commenced his operations in debt, it would require almost double the product to discharge the indebtedness that was required when the debt was con tracted. The same rule holds as to wheat, oats, and corn, though the percent age of decrease was not quite so large. The percentage of decrease in the price of wheat was 34.62, in the price of corn 37.83, and in the I TOW 12 price of oats 36*. 51. The same percentage of decrease in price to a greater or less degree obtains universally with all products of the farm and the manufactures. The Bureau of Statistics has furnished me with the prices and percentage of decrease on fifteen different articles which appear in their table. But for the purposes of illustration I have had prepared a statement showing the total value of the cotton, wheat, oats, and corn crop for the one year 1887. Loss in crop Value of crop Loss in 1887 if val from 1887at price value Value of crop of ued at prices of fifth to first sixth of 1887. per during first during period. period. iod. Corn.............................. $291,045,346 310,612,960 200,699,790 664,106,770 $285,396,218 164,475,690 112,076,312 393,151,344 Total................... 1,463,464,866 955,059,564 Cotton........................... Wheat............................ $576,441,564 $25,928,457 475,088,650 81,773,294 312,776,102' 19,462,331 1,057,258,114 57,866,612 2,421,564,430 Their value was $1,466,464,866 for that year. 185,030,694 Had that year’s crop of cotton, wheat, oats, and corn sold for the average price during the five years preceding the demonetization of silver their total value would have been $2,421,564,430. Hence the loss on one year’s crop by reason of the depreciation in price was the sum of $955,059,564, nearly enough to pay the balance of the national debt. No one ever heard of any debt, national, State, county, municipal, or individual, de creasing any during that time, except as the same was paid. This will give some idea of the difference between the position occupied by a creditor and a debtor during this period. It will also illustrate the difference between a producer of these articles and one whose good for tune it was to be a holder of securities and the beneficiary of a fixed income, so far as a depreciation of values is concerned. But I have heard over and over again the statement that this silver legislation would only benefit the bullion producer, that he would derive fcll the benefit. Now, let us see what this table shows in regard to silver during the twenty years included in the four periods of this table mentioned. The silver dollar during the first period was worth $1,025 as compared with gold. TOW The average bullion price of that dollar during the last 13 period was $0*814, showing a depreciation as, compared with gold of 20.59 per cent., less than half the depreciation of cotton and not much over half the depreciation in wheat, corn, and oats. The production .of silver in this country at its commercial value in gold for 1887, was $40,410,000, hence the loss to the bullion holder or producer on that years product compared with the price before its demonetization was only $10,477,797. It will thus be seen that while the bullion owners only lost on the product for one year $10,477,797, the producers of cottos, wheat, corn, and oats lost for that same year the enormous sum of $955,059,564. The loss to the bullion owner is a mere bagatelle com pared with the losses to the agriculturist. The demonetization of silver has reduced the volume of our currency by redncing silver from a money metal to a mere commodity, and thereby increased the purchasing power of gold one-half, and all exist ing indebtedness in the same proportion. What more infamous crime could be committed against the producers of this nation than was com mitted by this jugglery with the coinage in 1873, and yet in an effort to right that wrong we are met with every conceivable sophistry, sug gestion of danger, and predictions of political destruction by those who desire to increase the appreciation of gold and lower the prices of prop erty. While the foregoing statistics represent the actual experience that the producers'have endured, the gold advocates will say that those sta tistics are not fair for the reason that the prices first quoted were upon a currency basis and before we had resumed specie payment; and in order to show that under our present syste m of contraction of the cur rency by the limitation to a single gold standard and the consequent ap preciation of that metal in its relation to commodities, I have had the Bureau of Statistics add two periods of five years each, commencing with 1879, the 1st of January of that year being the date of specie re sumption. The average price of cotton for the period of five years commencing with 1879 and ending with 1883 was 11 cents per pound. ^The aver age price for the next succeeding five years was 10.1 cents per pound, showing a decrease of 8.18 per cent. The decrease in the price of wheat between these two periods was 20.84 per cent., of corn 8.82 per cent., TOW 14 and oats 8.84 per cent., while silver bullion decreased 8.15 per cent. These figures are since we arrived at a specie basis, and bring the date down to the close of 1888, and they show the same continuous depre ciation of commodities as measui$d by gold, which is simply another name for the rise or increased purchasing power of gold, an increase in the value of the mortgage and a decrease in the value of the product of the farm. All indebtedness increases and the value of all property decreases. It will be noted that silver bullion stays with the commodities, and to every one, except creditors and those having fixed incomes, it is evi dent that the prosperity of the country will not return and the down ward course of prices will not be arrested until silver is restored to its money power, and the bimetallic standard shall bring a steady meas ure of value instead of the present constantly appreciating standard of gold. The loss on the cotton crop for the year 1887, measured by the de crease in the average price between the two periods of five years each since we were on a specie basis, shows the enormous sum of $25,928,457; on wheat for the same year measured the same way, $81,773,294; on oats $19,462,331, and on corn $57,866,612, making a grand total of loss on one year’s crop, on four products only, of $185,030,694. Can it be made plainer that the purchasing power of gold is increas ing? Is there any wonder that complaint comes from the producing classes ? I herewith present a statement of the amount of the value of the wheat and corn crops in each of thirteen W estem and Middle States for the year 1887, and show the loss that has resulted by the .decrease in the gold price of those articles in each of those thirteen States, taking the percentage of decrease between the average price of the two periods of five years each since we resumed specie payment. It is appalling, and gentlemen who represent those States may study the figures with some profit if their purpose is to vote against silver as money. TOW 15 States.. California........ Dakota ............ Illinois............. Indiana........... Iowa................. Kansas............. Michigan ....... Minnesota....... Nebraska........ New York....... Ohio................. Pennsylvania.. Wisconsin...... Value of crop of 1887. Loss from Total loss fifth to from fifth sixth to sixth period. period. $22,517,460 $5,928,042 2,868,830 ,256,840 27,251,120 7,174,246 7,347,200 658,029 25.802.700 6,792,929 57,842,800 f 5,180,516 27,236,160 7,170,307 32.130.000 2,877,626 16,370,570 4,309,786 64.225.700 5,752,181 4,640,270 1,221,617 2,536,609 28,322,390 16,037,280 4,222,042 9,087,400 813,793 21,416,410 5,638,175 6,689,970 599,167 8,790,050 2,314,106 27.945.000 2,501,731 8,312,340 2,188,342 13.343.700 1,173,515 26,921,250 7,087,403 35,422,560 3,172,733 11,165,850 2,939,569 22.452.500 2,010,890 8,360,320 2,200,973 10.825.500 969,553 $6,184,882 ” 7,‘832,275 11,972,445 10,047,933 10,061,967 3,758,226 5,035,835 6,237,342 4,815,837 3,361,857 10,250,136 ’’’ 4,’940,”459 3,170,526 Can California with a loss of over $6,000,000 on those two crops in one year, and Dakota with a loss of over $7,800,000, and Illinois with a loss of nearly $12,000,000, and Indiana with a loss of over $10,000,000, and Iowa with a loss of over $10,000,000, and Kansas with a loss of over $3,750,000, and Michigan with a loss of over $5,000,000, and Min nesota with a loss of over $6,000,000, and Nebraska with a loss of over $4,800,000, and New York with a loss of over $3,300,000, and Ohio with a loss of over $10,250,000, and Pennsylvania with a loss of nearly $5,000,000, and Wisconsin with a loss of over $3,000,000, continue a monetary policy Which has shown a steady and continuous average de crease in the prices of commodities for over fifteen years and ever since silver was demonetized, covering a continuous period both before and after the resumption of specie payment ? To reverse the present monetary policy and by creating a demand for silver raise its price, as compared with gold, is of the highest im portance. Whenever you raise the gold price of silver you raise the gold price of Indian wheat. Whenever there is a rise in the gold price of sjlver there is a concurrent rise in the gold price of all commodities, TOW 16 and the only complete and perfect remedy, in my judgment, is to re verse the action of 1873 and go back to the free and unlimited coinage of silver. And I can but consider it, to use a mild term, a great in justice to refuse, under the rule adopted by the majority of those vot ing, to allow an opportunity, in the consideration of this bill, to vote for the proposition of free and unlimited coinage, and I warn those who are refusing to allow an amendment for free coinage to be offered and voted upon that their action will not be sustained in my section of the country and will be resented whenever opportunity presents. plause.] TOW O [Ap
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