Hemingford herald. (Hemingford, Box Butte County, Neb.) 1895-190?, October 11, 1895, SUPPLEMENT, Image 5

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Silvcritcs claim tbnt tlio adoption
I thoir sohomo would "mako mora
work," In tho senso that mon would
havo to work harder to got tho things
thoy neod, froo silver would certainly
make raoro work. So would burning
down housos mako moro work for car
pontcrs. But that is no reason for
abolishing firo departments in our
towns and cities.
The progress of civilization in any
country is best shown by tho uso of
Euporior tools and labor saving inven
tions. Thero is no doubt that if tho
skilled Amorioan mochanio woro com
polled to work with tho crudo tools
Hsed in China and India, it would
t&ko him far longer to mako an arti
olo, and ho would thus havo to work
hardor than ho does now. Does ho
want that kind of "moro work?"
In the same way tho adoption of an
inferior metal liko silvor for a stand
ard of vftlao would mako tho proooss
of production and oxohango of com
modities more diffloult, and thus tho
working classes would havo "moro
work." But sinco it is not merely
work in itself, but tho products of
labor, whioh workingmon really want,
their best Interests aro sorvod by tho
two of that standard of valuo under
whioh prodnotion and oxohango aro
greatest and eosiost.
Thoro can bo no question that it is
in tho oountrios whioh havo deliber
ately adopted tho gold standard that
tho intelligenco of tho people1, as
shown through their superiority in
methods of produotion, arts, soioncos,
literaturo, etc, has roaohed its high
est level. Sinco this is tho caso it is
reasonable to infor that their uso of a
particular metal for a moasuro of
valuo was guided by tho samo wisdom
whioh they havo shown in othor direc
tions. Tho silverito idea, that all tho
civilized Nations aro inforior to tho
Bomi-oivilizod countries on the ono
point of their monetary standard,
whilo excelling in all othor rcspeots, is
too absurd for serious argument.
All attempts to show how freo coin
ago would inorea3o tho demand for
goods, and, therefore, oroato a buui
ncss boom, have dismally failed, and
tho Bilver causa is rapidly losing tho
supporters who woro attraotod by tho
promise of better timos under tho sil
ver standard. Tho proof that cheap
monoy does not oncourago consump
tion, and thereforo would not inoroaso
tho volumo of exchanges of goods, is
found in tho undeniablo fact that in
all oountries using only silver monoy
tho average consumption is much
umaller than in tho gold standard coun
tries. As tho produotion of goods
must bo limited by their consumption,
it is evident that a schemo which
merely looks to an artificial stimula
tion of produotion could not bring
any inoroaso in industrial prosperity.
In tho silverito argumonts intended
to show tho farmer that ho would bo
xichor if ho received moro "dollars"
for his produots, it is taken for
granted that tho dollars ho would get
tindor free coinago would be worth
just as much as those ho gets to-day.
it tho farmers onco understood that
'tno "valuo of the money they are paid
for tboir crop depends ontirely on tho
onantitv of Roods whioh it will buy,
dad that with free silver a dollar 1
would only purohaso half o Wnat it
will now, they woulduiokly oeaso tboir
.SKtfitieii fcr oneap. money. When tho
Bitverites claim that freo coinage will
double prices of all produots, they
practically admit that their silver dol
lar would bo worth but fifty cents.
What the farmers neod is moro 100
cent dollars, and not a lower measure
of values.
It will now bo in order for some of
eur "16 tor ones" to kiok on the gold
en streets because they are not paved
with silver, and swear that tho whole
plan of salvation is a schemo of tho
old bugs to put heaven on a gold
Crocxx Y, prices aro
Waqx Elans But my
Our Debts Abroad Need Not Worry I
Anybody Advantages of an In
flux of Foreign Money.
Our foroign dohts aro a groat sonrco
of worriment to tho froo coinago
people. Every instanoo of bonds sold
abroad is taken up by them to provo
that our proporty is passing into tba
hands of foreigners, that Gormany
Franco and England will soon own
this country, and that wo cannot
possibly pay our interest to thorn in
Strangoly enough it novor scorns to
ooour to them that tho Americans who
aro soiling this property may bo got
ting full valuo for it. And yot whon
you mcot ono of thoso Americans who
has just complotod a salo to a foroign
syndicato ho novor scorns dojeotod.
If anybody in Amorioa has lost any
thing by tho salo ho must bo tho man,
but who over saw an Amorioan strug
gling to osoapo from tho olntohcs of
an English syndioato who woro trying
to buy his property. Tho loot is thoso
political economists act upon
t hnnrv that, tlila nrnnnrtv nuKOB to
the foroignors without consideration,
whereas tho question of.considoration
is well looked after by tho Amorioans
immodiatoly interested. That is not
a matter requiring Qovernment super
vision. Tho United States has been-gatly
benefited in tho past by tho flow of
European capital hithor for invest
ment. It has hastonod tho develop
ment of tho country, reduced tho cost
of transportation, increaBod tho valuo
of Western farms and lowered tho
rates of intorost. Money has como to
this country from abroad for tho samo
reasons that millions of sturdy work
ing mon havo come, viz. : Bocauso it
oould earn moro horo than thero, and
tho Governments or syndicates of
Europe can no moro draw it away
from us whilo that condition romains
than thoy can draw back tho mon who
havo bottorod their condition hero.
"You can't draw all tho monoy of
tho worll into ono country any moro
than you can partition tho Atlantio
and pump ono sido dry. England
- J - - M C I I
loaks gold at evory poro after enough
is piled up thero to depress interest
ratos." Goorgo E. Boborts.
Tlio "Dollar ot Oar Daddies."
It looks as though tho pooplo did
not want tho "dollar of our daddies. "
Wo havo ooined hundreds of millions
of them, and for twenty years tho
Troasury has tried by ovory concoiva
blo means to get them into circula
tion, and yot the roport of tho Direo
tor of tho Mint last fall shows that
thero wero only $56,000,000 in circu
lation. Oar pooplo refuse to rooeivo
thorn as change in .any amounts, and
they accumulate in tho banks. whioh in
turn dump them into tho TJnitod
States Treasury. Hundreds of mil
lions of thorn lio thoro in nseloss
heaps, which wo cannot disposo of in
any mannor whatsoever. If our peo
ple rofaso to uso and carry around
these dollarB now when they aro really
worth 16 to 1 with gold, will thoy
havo moro respect for thorn whon wo
cease to hold their valuo up to tho
present standard, and they will only
be worth one-half as much? Does it
no$ look liko sheer folly for us to coin
m)ions moro of thoso dollars whon
we already havo hundreds Oi millions
that wo cannot dispose of? From Dr.
W. P. Hill
Disaster With Dishonor.
National dishonor is the dishonor
ot evory citizen : and any change in
tho etandord of value, or anything
done which shall doprivo any creditor
of tho United States of payment in full
in money recognized as valid by tho
loading commercial Nations of the
world, will not only bo dishonorable,
but will result in tho pecuniary loss
to evory citizen in the United States.
B, Weissinger, in "What Is Monoy?"
A (Jncsllon.
Querious "What do tho silvor peo
ple mean by 16 to 1 ?"
Jollicus "Thoso are tho odds
against their winning."
jtut about double.
wages are Just about the same.
lie Finds Itlmposslblo Longer to Re
lieve In tho Freo Coltmgo Delusion
Ho Gives Most Kxcellout Kon
Oons for Ills Change of Front.
Sonator Mills, of Toras, liko many
othors, has during tho past six months
ronowod his Btudy of tho monoy ques
tion aud, liko many othor distin
guished mon, has oorao to tho conclu
sion that froo coinago of silvor at a
ratio of 1G to 1 with gold is a delusion
and a snaro. His rocout letter to tho
Chairman of tho Domooratio Stato
Oommittoo of Toxas has croatod con
sternation in tho camp of tho silver
itos. Why it should do so will bo un
derstood aftor roading tho following
extracts from his lottor :
"Tho proposition is not to bo dis
putod that tho inoroaso of ourronoy,
all othor thincs boing oqual, raisos
prioos whorovor the monoy clronlatos.
lint priOOS aro not
affootcd in
country whoro tho monoy does not
circulate. Tho opening of our mints
to tho unlimited coinago of silver will
inoroaso prioos in tho Unitod 8tates,
but not in Europo. As tho prioos of
commodities riso horo, tho valuo of tho
dollar falls horo in preoisoly tho samo
proportion. Tho prioo of the gold
dollar, whioh is tho oommon moasuro
of value, romainlng tho samo in Eu
rope, it would go to Europo, bocauso
it would buy moro commodities thoro
than horo.
"I object to tho silver standard bo
ing adopted in lieu of tho oxisting
standard bocauso it will defraud all
oreditors out of ono-half tho valuo of
thoir debts. Every debt contracted
sinco January 1, 1879, was contraotod
on tho gold standard. Tho dobtor
honoBtly owes tho ialuo of 23.22
grains of gold for ovory dollar prom
ised, and thooreditor is honestly en
titled to recoivo it.
"No persons would recoivo tho
least benefit from tho ohango of stand
ard to silver oxcept tho man who
owes 100 cents and wishes to pay it
with 50. Ho would under tho silver
standard bo ablo to disohargo his dobt
by paying ono-half of what ho prom
ised. This would bo a schemo to on
rioh ono-half of a community by
despoiling tho othor half. Whorovor
thero is a dobtor there is a creditor,
and ho is entitled to tho same protec
tion as tho dobtor. Congross has tho
power to dischargo insolvent dobtorB
by a bankrupt law, but tho adoption
of tho silver standard now would dis
chargo all solvent debtors from ono
half tho obligation of their coutraots,
oven though as a class thoy might bo
tho wealthier part of tho community.
"I object to tho silver standard
again, booauso it is not tho standard
of tho country "with whioh wo conduct
our largest commerce. Mr. Jefferson
saye, 'To trado on equal terms tho
common moasuro of valuo should bo
as nearly as possible on a par with
Mint nt Ha nnrrptmciwiWna Nation.
whoso medium is in a sound state. i
Tho reason lor it is, as ho says, 'being
of universal valuo, it will keop itself
on a aonoral lovol. flowing out from
whoro it is too high into parts whero
it is lower.' Gold is tho common
measure of valuo of tho pooplo with
whom wo carry on nino-tentha of oar
Ibfoiga tr3uG, and, aOOoTdlUg to the
principles enunciated by him, gold
should bo our standard, as it has boon
sinco tho days of Jaokson, Van Buron,
Polk, Piorco and Buohanan, except
during tho war period from 1861 to
1879. when paper was the stanuara.
If wo Bupplant gold with silver, then
wo havo two standards of value for all
tho articloa that wo oxport, Cotton
and wheat will bo bought in this
country by tho silver standard and
sold in Europe by tho gold standard.
Thoro must be betweon these standards
nnntanfc fluctuations. Two-thirds of
all our cotton must bo oxportod and
sold by gold valuo. Tho prico of tho
wholo crop at homo and abroad will
bo fixed by tho gold standard, but
every pound ot it will bo sold by
American farmers by tno Biiver
standard. Whon tho Ainerioan far
mer Bees cotton quoted at so many
cents or ponce per pound in Liver
pool, ho knows that it U bo muoh in
gold, hut ho aoes not jsuow uuw umuu
tho silver will bo worth with whioh ho
will bo paid for his cotton, Instoad
of logitimato business exchange, whero
every ono knows with what valuo ho
ports and what ho recoives, our prod
uots will bo sold by a system of com
mercial gambling with a fluctuating
standard by which tho producer must
in every instance be defrauded.
"Behoving that tho silver standard
would provo injurious to the pooplo
of tho Unitod States, and especially to
that part of them engagod in growing
cotton, I am unwilling to take any
stops in legislation calculated to im
peril that groat industry upon whioh
tho welfaro of my constituency so
greatly depends.
"Tho vast army of wago-workors will
bo injured, aud seriously "injured, by
tho expulsion of tho present standard
and the adoption of any depreciated
standard of values. Tho paper stand
ard, as I havo said, is the worst, bo
causo tho paper has no appreciable in
trinsic valuo to check its expansion.
The silver standard is tho noxt in or
der, but its mischief is hmitod by thft
market valuo of the metal in the dol
lar. The most stable, invariablo and
the best of all monoys is that oca of
tho precious metals which is recog
nized as 'tho con: mon moasuro of
value' of the commercial world. Wo
have that stable, invariable standard
of value now a currency destitute of
flexibility or elasticity aud thoro is
nothing wanting for its improvement
but tho substitution of halves, quar
ters and dimes in tho place of National
banknotes and a continuod coinago of
silver so limited in its amount as to
keep it at par with gold."
That or tho Watco-Karnor With De
preciated Currciioy During Our
Greenback Period.
Perhaps thoro is no bottor or oloaror
domonstratiou of tho oflcot of a do
prooiatod ourronoy upon wages than
that offorod by tho oxporionoo of tho
Unitod Statos during tho Civil War.
Prices advanaod as soon as tho Gov
ernment bogan to issuo legal tondor
notes. Wages advnsood a littlo later
but loss rapidly. At uo timo during
tho period from 1801 to 1807 had
wages adrancod suQloiontly so that tho
wagooarnor oould purohaso as muoh
for his day's labor as in 1861.
In spito ot tho faot that about ono
fourth of tho host workers woro serv
ing as soldiors and withdrawn from
competition with thoir follow wago
earnors, so great was tho doolino in
the purohasing powor ot wages that,
in 1805, tkoworkingman found him
solf working for four-fifths of what ho
had roooivod in 1861. Sinoo 1865, and
cspooially sinoo tho resumption of
Bpooio payments in 1879, the purchas
ing powor of a day's labor has beon
Btoadily inoroasing.
In tho following tablo (takon from
"Qnalityof Monoy and Wages," by
Prank Ii. MoVoy) tho avorago nom
inal wagoB paid in loading oooupations
in 1860 was takon as a normal 100
per cent. ; tho prioos for tho loading
necessaries of lifo in 1860 woro takon
as tho normil for prioos ; tho amount
of thoso neoossarios that oould bo pur
chased by a day's labor in 1800 wa
takon as tho normal for tho purchas
ing powor of wages.
Aldrich's SonatoBoport, Tart I., pp. 13, 03.
Currcncr Ciirrenoy l'urchaV
Yew. Wage. lrtoo. l"ower.
1BG0 100.0 100.0 100.0
1801 100.7 05.9 105.0
1803 103.7 102.8 100.8
1803 118.8 122.1 97.3
1864 134.0 140.4 80.7
1865 148.0 100.7 77.0
I860 105.0 , 1G0.2 07.1
1807 104.0 145.2 112.0
1808 104.9 150.7 100.4
1869 107.4 135.9 123.2
1870 107.1 130.4 128.1
1871 100.4 124.8 183.3
1872 107.1 122.2 130.7
1873 100.1 110.0 183.5
1871 162.5 120.5 134.8
1875 153.0 110.8 131.0
1870 151.4 115.5 131.0
1877 X43.8 100.4 131.4
1878 140.9 103.1 130.0
1879 139.4 90.0 144.3
1880 143.0 103.4 137.0
1881 150,7 105.8 142.4
1882 152.9 100.3 143.8
1883 159.2 101.5 152.3
1881 165.1 101.8 102.3
1895 155.9 05.4 103.4
1830 155.8 05.5 1C3.2
1887 1C0.0 00.2 102.7
1838 157.9 07.4 102.1
1889 102.9 09.O 161.5
1800 103.2 05.7 175.7
1891 108.0 00.2 175.4
Tho wago-oarnor's loss ia shown in a
moro striking form in tho accompany
ing diagram, also takon from Mr. Mo
Yoy'a pamphlet:
S9 en
It seems strange, with suoh a history
and Buoh an experience boforo him,
that any wago-oarnor would bo foolish
enough to agitato for doprooiated sil
ver ox any othor kind of ohoap dollars.
Sound Money; Low Interest.
By a misuse of tho words "choap"
and "dear" tho freo ooiuago advocates
pretend that tho boliovers in tho gold
standard want monoy scarce ana inter
est high. Pointing to tho Bound
curroqoy objections against "ohoap
money," a loading silvor organs asks:
"What dooB this mean, if not that tho
mon opposed to cheap monoy want
money soaroo and dear?"
This triok of words should dooeivo
no one. What tho gold standard ad
vocates moan by "ohoap money" is
not monoy whioh is plentiful or whioh
can bo had at low rates of intorost, but
monoy which is made of motal of low
commercial value. It is in this senso
that thoy rofor to tho silver monoy of
China orJMexico as "ohoap." Neither
do believers in tho gold standard want
monoy soarco and interest high. Ono
of thoir chief reasons for opposing free
coinago is their belief that by driving
out gold and causing investors to
withdraw their loans tho rates of in
terest would bo raisod.
That poor monoy decs not moan low
interes'oau bo soon by thoso coun
tries vnioh have tho silver standard.
In evo 'y caso tho rate of lutorest is
higher than in tho Nations which havo
the gola standard. Euglnnd is repre
sented by the silvoriiwa as a robber
gold-bug country, yit in England
monoy is loaned out at lower intorost
than in any othor part of tho world,
whilo in Mexico and the silvor-nsing
countries of Central tad SouthAmon
ca, not to ppoak of eemi-civihzod
China and Japan, tho rates of interest
aro ranch higher than in tho United
Advaaiiw of ou? present standard
beliove in having monoy as plentiful
as tk business of the country ro
quire, but they inoist that it must all
, be good money.
m m 'c e,g l9,69 ' B,71 en K7S B77 l879 m 6P ee5 ft.87 -13.39 B.a'
; i L. - f urren cv W ices , V . I
;m .- -r i . ; . ' I - .. , i ..f. -iTT fflfl
1,-1 TCurrercyTneeo i, . i
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J l ' Tn Iran t ibU twi id uo irti lnnyc iw
K 'A J -. - r- t4 rt -4 --4 &- T ' It?
r I - i li t i ' 'i
I V , , I' i lJt : i k : I
W ( "-"1 -r-- -- ' I ' -i " "" 'li"iiu jj-Vt "3" " vHc' " Iss "5" WG
' ' X1 I I I !:
i JL. t w -s jbr trH "" "" ' ' '4 i
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Hoy, diddlo, diddlo,
Tho mino ownor's fiddle.
Tho plain truth is that this aot of
1878, whioh has boon tho subjoot of so
muoh misapprokonsion and donunoia
tion, was Bimply a logal recognition
of a monotary condition whioh had ex
isted in faot in this country for about
thirty-flvo yoars, or ovor sinoo a short
timo aftor tho passago of tho coinago
aot of 1834. Prom about tho year
1838 until aftor tho passago of tho
Bland-Allison aot in 1878, no silver
dollars woro in oireulation in thiB
country, and our wholo ourronoy con
sisted of gold coins and bank notos,
oxcept from 1802 to 1878, whon our
aotivo circulation outsido of Califor
nia and its neighboring torritory, was
all paper. Thoro was during tho lat
tor period about $25,000,000 in gold
in circulation on tho Paoiflo Coast,
and tho Unitod Statos was collooting
customs dues in gold and using it in
tho paymont of intorost on tho publio
dobt, but thoro waa no silvor in circu
lation anywhoro in this country, not
ovon tho light-weight subsidiary coins.
Tho valuo of tho Unitod Statos
note or groonbaok was always
moasurod by gold and not by
silvor, and commodities had a
gold prioo aud a paper prico, but novor
a silver prioo, because silvor, oxoopt
tho half-dollars, quartors and dimes
ooined under tho aot ot 1853, had boon
out of uso horo for moro than twonty
years boforo tho oommonoomont of tho
war, and ovon thoso subsidiary coins
had not boen in use for eleven years
prior to 1878. Our own monotary
history haa airoaay iurnisnoa wo
most striking illustrations of tho
oporation of tho natural law under
whioh tho coins whioh aro ovor-valued
by statute always drive out of circula
tion the coins which aro under-valued.
Our own experience had again demon
strated what tho history of tho world
alroady showed that whonovor tho
coinago laws of any couutry pormit tho
froo ooinago of both motals with full
legal-tender qualities at a ratio of
value whioh doeB not oonform sub
stantially to their intrinBio or com
mercial ratio in tho markota of tho
world, both kinds of coin cannot be
kept in oiroulation at tho same timo.
Tho roason ia that, both boing full
legal tondor, tho least valuablo ooin
will always bo usod in making pay
ments, and will become tho solo meas
ure of valuo, and tho most valuablo
will bo hoarded or sent out of the
country into tho markota whoro its
real valuo can bo obtained. Hon.
John G. Carlisle.
Toaoher "Now, Dick, yon may re
peat tho goldon text."
Diok Ilioks "I don't dat ; me fad
dor is a silvor man."
Colorado Ammunition.
"Now," said ono of the campaign
managers to tho candidate, "to start
with you aro a bimotalist."
"Excuse me. I'm a trimotallist,"
"What do you mean?"
"I propose to run this campaign on
gold, silvor and brass." -Washington
Too Busy to Talk SilTer.
The free silver sentiment grows
smaller as the rovival of businosa gives
men less time to stand around and
argue. This iudioatcs that tho agitation
was ono of 'tho iuoidental symptoms of
a financial stringency and not a cool
headed demand for a radical change
t of polioy. Washington Star.
i . . ii a ' '
Disputed Points Definitely Settledt
During tho Past Six Months.
During tho past six months tho
country has boon tnrnod into a vast
dobating socioty, and tho proposition
for tho froo ooinago of silver at a ra
tio of 16 to 1 has beon eagerly dis
cussed in tho magazines and nowspa
pors, on tho platform and in political
conventions. At tho outset tho advo
cates of freo silvor appoarod to bo in
tho majority, and as I tboir movomont
waB woll organized it seemed as though
tho 10 to 1 issuo would swoop tho
But tho ad vantago of tho choap monoy
shoutors was shortlived. Through tho
sound monoy press, and in a largo num
bor of books and pamphlets, tho folly
and dishonesty of freo silver was dear
ly shown, and by faots and statistics,
whioh loft no room for controversy,
tho fatso olaims of tho silverito agita
tors woro overwhelmingly rofutod.
Now that publio sontimont is Btrongly
inolinod in favor of maintaining our
prosont sound financial systom, abriof
roviow will ehow tho main points
which havo boon dofinitoly settled
during tho froo ooinago 'discussion.
1. It was assortod by tho silvor
itos that by "tho orimo of 1878" sil
vor was soorotly domonotizod. It has
boon provod beyond disputo, so that
tho ohargo has been genorally
droppod, that tho coinago laws of
1878 woro adoptod aftor boing throo
yoars boforo Co'ngroBs,and with tho full
knowledge of tho mombers of both
2. It was claimed that tho freo coin
ago of silvor at 16 to 1 would establish
a bimotallio standard of values, where
by both gold and silvor would bo usod
as standard monoy. It has boon
provod that in roality freo coinago at
16 to 1 would mean Bilver monomet
allism, and this is now admitted -by
suoh eminent advocates of bimetallism
as Prosidont Andrews and Gonoral
Francis A. Walker.
8. It was urged that thoro was a
soaroity of money and that freo silver
would give a largor volumo of our
ronoy. It has beon proved that there
is now more money per capita than at
any timo in the history of the oountry,
and that tho adoption of the Bilver
standard would lead to currenoy con
traction by driving out all our gold.
4. It was said that sinco 1878 one
half of tho money of the country bad
boen Btruok down. It has been shown
that while in 1873 thoro was less than
8100,000,000 of silvor money of all
kinds in tho country, tnore is now-
over $500,000,000.
5. It was charged that tho gold
standard was adopted and maintained,
at tho instigation of a small creditor
class, against the interosts of a largo
dobtor class. It haa beon proved that
the number of oroditors far oxcooda
that of the debtors, and that the only
way in whioh freo silver oould benefit
dobtors would be by aiding them to
ropudiate part of their debts.
6. It was said that tho passago of a
free coinage law would raise tho com
mercial valuo of silver from 80 to 1 to
tho ratio of 16 to 1. It has been
provod that it would be impossible for
tho Government's stamp on silver
coins to inoroaso their real value,
whioh, as in the caso of all othor com
modities, depends on supply and
7. It was claimed that freo ooinago
would bonefit workingmen by giving
them higher wages. It has been
proved that under tho silver atandard
the prices of everything tho working
man buys would at onoe be doublod,
whilo any increase in wages would bo
slow'and muoh smaller in proportion.
8. Tho cotton planters and wheat
growers wero told that the doolino in
tho prioe of tboir produots was caused
by the gold standard. It has beon shown
that during the past eix months cot
ton has advanced 50 per cent., and
that wheat ro30 from 55 to 81 cents
per bushel, without any ohango in tho
standard or volume of money. It has
also been shown that prices ot corn
(our greatest staple), oats, butter and
eggs, and of many other farm pro
duots, as well as of tho piico of labor
(wage), are higher now than in 1873.
9. The business depression of 1893-i
wad asserted to bo due to tho alleged
demonetization of silver. The present
widespread industrial revival, with
factories running on full time, now
mills boing built, and gonoral evidenoa
of prosperity, is a complete answer to
the calamity howl whioh was the Hftio-
reliauoe of the silvontes.