AGRICl LTl KAL DISCONTENT 737 



Whether or not this view be accepted as sound, it will be well 

 to bear in mind that fully 75 per cent of the mortgage debt in 

 force January I, 1890, was incurred within five years, and but 

 8.02 per cent before 1880. Consequently, at any given time 

 the increased burden from outstanding indebtedness because of 

 the gold standard cannot be very considerable. These facts also 

 render untenable the position of those who hold the gold stand- 

 ard accountable in part for the- frequency and severity of panics 

 and commercial depressions. 



If the appreciation of gold is responsible for the present low 

 ebb of agricultural prosperity, we should naturally expect the 

 farmers of Canada, separated from those of the United States 

 only by an imaginary line, to share in that opinion. That they 

 feel quite keenly the stress of the present era of low prices does 

 not admit of doubt ; yet it is perfectly clear that they do not 

 find the cause of their difficulties in the gold standard. A plat- 

 form adopted at London, Ontario, September 22, 1891, by the 

 rations of Industry of that province, contains declarations upon 

 the public lands, civil-service reform, economy in the administra- 

 tion of the government, railways, etc., but has not a word to say 

 about the currency. The editor of the Fun?!, 

 Home Magazine of London, Ontario, wrote me May 2, 1896: 



There has been no demand here for more currency, and beyond an 



in the Atlvoiate and some correspondence and editorial discus v 

 the Globe newspaper of Toronto, very liitlc is said about bimetallism ; it is not 

 a live subject here at all. 



John W. Coppinger, United States Consul at Toronto, 

 on .April 2, 1896: "There is no agitation here concerning the 

 finances ; people seem to be satisfied with their banking and air- 

 rency system." Professor (inldwin Smith, in a personal let 1 

 May 20, 1896, said: "No man of sense can ima; tiling 



but mischief could be done by a <! :ent of the 



:nly the com . the farmer 



and those of Canada in their views upon the subject of CUi: 

 could hardly be more striking. And the is emph.i 



when we consider th.t difficulties surround): -.ilturc 



are precisely the same in Canada as they are in ti 



