The Southern Mercury. (Dallas, Tex.), Vol. 15, No. 13, Ed. 1 Thursday, March 26, 1896 Page: 2 of 16
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SOU'
¡N MEBCUBY,
WHY POPULISTS FAVOR FREE COINAGE
James Fitzgerald.
A casual glan«e at a recent Issue of
the National Bimetalist has furnished
the writer with a new idea or two on
the silver question to which he begs
the Mercury to give a space.
It is always well 'to understand a
question thoroughly as you go along,
so that when you are called upon to
take sides upon it a reason may be
given for your action. But before en-
tering specifically into the merits of the
question as It now presents itself, I de-
sire to say that anyone who has given
any reflection to the matter whatever,
must have seen where the position of
the democratic party on 'the tariff ques-
tion must ultimately land it. Any one
with half an eye can readily under-
stand why the gold standard man, who
believes in cheap prices and cheap la-
bor, should be a tariff reformer. But
it is not so readily understood, how-
ever, how a tariff-for-revenue-only
man can logically be for free silver at
16 to 1. Free silver at 16 to 1 is like
free trade with a 50 per cent duty at-
tached. It is implied protection and
the ratio is an arbitrary one, and as
such cannot appeal with any degree oí
force to the genuine free trader who
understands that we have traveled be-
yond the limits when a tariff for pro
tection can protect us; that we have
reached that degree of progress in the
arts and in trade and in the sciences
as to render tariffs impotent as a
means of fostering home thrift and
trade enterprise; that greater force is
added to the contention when the evil
effects of machinery on prices are tak-
en into consideration; and that when
to destroy the evil effects oí machinery
on trade and prices, trusts and combi-
nations are formed to limit the output
of products and to stay their downward
what shall be kept out" of a har-
vester than to say what shall "go
into" it. It is so easy to do the
wrong thing—and the wrong thing
has such an inviting appearance—
that less experienced-manufacturers
than the McCormick Co. frequent-
ly find themselves "putting their
foot in it" and building a machine
one season which they are obliged
to abandon a season or two later.
Because a good thing is a good
thing in its place, it doesn't neces-
sarily follow that it is a good thing
in a harvester or mower.
Fight shy of the machine whose
best recommend is that "it seems
to have a bright idea" in its make-
up. Remember this every day in
tfie year:—McCormick Machines
will work where others fail.
The makers of McCormick Ma-
chines have been at it for sixty-five
ears. By long experience they
ave found out how to build the
best binders and mowers.
The new McCormick Light-Running
Open Elevator Harvester and Binder,
the McCormick No. 4 Steel Mower and
the McCormick Corn Harvester are
unequalled for capacity, light draft,
efficiency of service and Tong Ufe.
Built, sold and guaranteed by the
McCormick Harvesting Machine Co.,
_ Chicago.
Aconte Bverywbor*.
C
174
108.10
148.05
195.6V
334.50
273.22
269.43
166.43
189.78
190.56
tendency In the markets, and this de-
spite tariff legislation, greater force
and emphasis Is added to it But being
to some extent a protectionist, in fact,
though a free trader in principle, I am
going to tell the readers of the Mercury
how protection can be had without a
tariff and through the free coinage of
silver at 16 to 1.
In the National Bimetalist of Febru-
ary 19 there is a communication from
M. Alphonse Allard, honorary director
of the Belgian mint. The communica-
tion first appeared In the Economist
European, of Paris, November 25, 1895.
In lt M. Allard says:
"Week by week in your interesting
and noteworthy Journal you give us
the parity of exchange from Paris and
the other cities of the world. As I am
sore afraid that a portion of your read-
ers do not fully realize the value of
this information, perhaps I might be
allowed to briefly explain its impor-
tance.
"It is shown in your issue of yester-
day (page 642) that a French 100-franc
bank-note (that is to say, 5 twenty-
franc gold pieces or 20 five-franc silver
pieces) was worth on the 24 of Novem-
1)01° *
In Spain Fr. 118.57
Greece
Italy
Russia
Mexico
Argentine
Chili
Brazil
India
Japan
China
"Let us suppose for a moment that
an Indian desires to purchase an ar-
ticle worth 100 francs in Paris. He
must give 166 francs 43 centimes of his
good money to buy 100 franca or
French money, which will enable him
to pay for the article he covets in
Paris.
"But stop a moment." he wil! say,
'before sacrificing 60 per cent, in this
way, let us first see what the purchase
would cost if made in India."
"Investigation soon shows him that
the average of prices has not risen in
India.
(Authority is here glen for the state-
ment in a foat-note at the bottom of the
page and which runs as follows;
♦As a matter of fact, we know that,
contrary to the statements of many
French economists, the investigations
made by the various European cosuls,
with the resultant evidence reported,
go to show that the prices of goods
have not risen in the For East, al-
though the silver used in the manu-
facture of their coin has fallen 50 per
cent, in Europe as compared with the
gold currency. So he unhesitantly de.
cides to purchase there, Instead of go-
ing to Paris to buy; and should the
article required be one only made in
France, he will even send for machin-
ery and manufacture it himself in In-
dia, to the detriment of European in
dustry, which will languish to that
etxent.
"What is true in respect in India is
also true as to the ten other countries
mentioned above; and what occurs in
France likewise occurs in all those
European countries where payments
are made in gold; that is, a currency
whose value has risen artificially.
"Consequently, Europe exports a
gradually decreasing quantity of pro-
duce to those countries; and the fact
that it continues to export at all is
only due to the tremenduous effort it
makes in order to sell at low prices.
Meanwhile the demand for labor de-
creases from day to day, and the so
cial crisis 'becomes more accentuated
among us."
Continuing, M. Allard says:
"All the consuls in Europe in silver
standard countries are unanimous in
their view of the evil, as we describe it,
resulting directly from the state of the
exchangee and general monetary con*
ditions throughout the world.
"Only the other day you published in
your columns a report by Mr. Jamie-
son, English Cónsul-General in China,
and another by Mr. Klobukwskl,
French Consul at Tokio, apprising
their respeotte governments of the se^
rious fact that, while Europe is being
worked out, the Far But devele
the former'e detriment. But When
officials raised a warning cry, in neither
case was it heeded by «he governments
concerned.
"So much for European exports
which are diminishing. If now we con-
aider the colonial exports Into Europe,
these are, on the contrary, increasing
enormously, and your moBt eloquent
figures show the reason.
"It is the same calculation as that
given above, only the figures are ex-
pressed in the converse way:
"You say that 100 francs in for-
eign bank-notes or coin worth in
France ( and in Europe) on the 24th
of Npvember:
In Spanish bank-notes Fr. 84.33
(French money.)
In Greek bank-notes 57.47 (French
money.)
In Italian bank-notes 92.40 (French
money.)
In Russian bank-notes 67.54 (French
money.)
In Mexican coin 51.10 (French
money.)
In Argentine bank-notes 20.88
(French money.)
In Chilian bank-notes 30.60 (French
money.)
In Brazillian bank-notes 37.11
(French money.)
In Indian coin 60.08 (French money.)
In Japanese coin 52.70 Frenoh
money.)
In Chinese coin 52.47 (French
money.)
"Which means that, as regards In-
dia, anybody can, by an expenditure in
Europe of 60 francs 8 centimes, pur-
chase a draft for 100 francs, payable in
India in good legal Indian money.
"In these circumstances every one
makes a point of purchasing all such
Indian produce as is sui table for the Eu-
ropean market; wheat, for instance,
whlich, can consequently be sold cheap-
er than when produced by the Euro-
pean farmer. Here we have the cause
of the agricultural crisis with wihich we
are afflicted.
"But not content with purchasing
Indian agricultural goods at low prices
Europe also buys as much industrial
produce as possible In India. New fac-
tories are arising there daily, and al-
ready bid fair to supply even England
with cotton goods spun in these new
eastern mills. This means a manufac-
turing and social crisis in Europe.
"The case of India is only given
here as one Instance; the other ten
countries mentioned in our table are in
the same position. They are deluging
our markets with their low-priced
gioods, the result being the present pro-
tectionist craze which has taken pos-
session of Europe, and for which the
only remedy is the bimetallic settle-
ment of the monetary question."
Here we have the issue presented in
a nut shell. As Mr. Allard has pointed
out. bimetallism to the country which
adopts it, means the surest kind of
protection; the 'building up of Its in-
dustries at the expense of its neighbor
nations which have adopted the single
gold standard, and a continual pros-
perity for its people. To offset the
trade advantages which silver using
countries now enjoy over their gold
standard competitors, nothing short of
a tariff prohibitory in its scope would
answer the purpose. And what applies
in the case of Europe which is brought
face to face with business and trade
disaster, applies with equal force to
ourselves. And such a tariff could
only be disastrous in its results—an
abridgment of personal liberty and the
natural right to trade. And I ask the
friends of the single gold standard
whether they are prepared in their at-
tempts to torce upon the people of the
United States an unqualified accep-
tation of their principles upon the
question, to inite this disaster which
an infringment of the rights of trade
and international intercourse involves?
Texas is all ablaze with political
reform. Silver democrats and Cleve-
land democrats have a death-grip on
each other's throats. Lilly-white re-
publicans (anti-negro) and stalwart
republicans are making a hopeless ef-
fort to get together. All the real re-
form elements are being arrayed in
solid phalanx under the populist ban-
ner. It is the most phenomenal polit-
ical change that has ever been wit-
nessed outside of Kansas, and old poli-
ticians are amased at the spectacle.
Barnett iGbbs. a democrat of stats rep-
utation, says he would not be surprised
to see the populists carry Tern with
50,000 majority.—JLdvooMta.
LR. 26, 1896. 2
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 15, No. 13, Ed. 1 Thursday, March 26, 1896, newspaper, March 26, 1896; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185652/m1/2/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .