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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, G O
O
•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.
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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:
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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: O C
O
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.
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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.
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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.