i89o 
FOR ANt> AGAINST SILVER. 
The main arguments of the opponents of 
the remonetization of silver may be briefly 
summarized as follows: 
The chief promoters and beneficiaries of 
the movement are the great silver mine 
owners of the Far West. The law of 1878 
providing for the monthly purchase of 
$2,000,000 to $4,000,000 worth of silver bul¬ 
lion failed to satisfy the desires of these 
plutocrats. They expected to find some 
way under it by which the government 
might be compelled to exchange with the 
owners of silver bullion 23.22 grains of pure 
gold, the quantity in the standard gold 
dollar, for 371% grains of pure silver, the 
quantity in the standard silver dollar. If 
this had been accomplished there would 
have been an enormous profit to the pro¬ 
ducers of silver bullion, and the United 
States would commercially have been put 
on a silver basis. But the Treasury has so 
managed that whatever profit there may 
have been in the manufacture of 70 to 80 
cents’ worth of silver into legal-tender dol¬ 
lars passing in trade as equivalent to 100 
cents, has accrued to the government. The 
attempt is now being made in Congress to 
change this. It is designed to so modify 
the law that the owners of silver bullion 
may receive at the U. S. mints for every 
371% grains of pure silver 23.22 grains of 
pure gold. In this exchange there is a 
profit of about 28 per cent, at the average 
prices which have prevailed for the last 
year. 
The free coinage of silver would mean 
that any one having silver bullion, could 
have it coined free of expense at the 
United States mint, into legal-tender silver 
dollars containing 412% grains of standard 
silver, which' dollars would be exchange¬ 
able for gold dollars containing 25.8 
grains of standard gold. In other words, 
the United States would give for 16 
ounces of silver one ounce of gold, now 
worth more than 20 ounces of silver! 
Moreover, it is alleged that the people of 
the United States absolutely refuse to use 
the “dollar of the fathers” in their daily 
business transactions. From the passage 
of the Bland Law, in 1878, to the date of 
the last report of the Secretary of the 
Treasury, on October 1, 1889, 299,889,416 
standard ounces of silver had been bought 
at a cost of $286,936,933, and had been 
coined into 343,636,000 standard silver dol¬ 
lars, and every attempt on the part of the 
Treasury Department to force these coins 
into circulation had been defeated. They 
had been shipped on demand, free of trans¬ 
portation charges, to any part of the coun¬ 
try, but were invariably returned in pay¬ 
ment of taxes, to accumulate in the vaults 
of the Treasury. At the above date, out of 
the $340,636,000 coined, only $57,554,100 were 
outstanding. Silver certificates, however, 
to the amount of $276,000,000, had gone in¬ 
to circulation and these represented the 
same amount in silver coin : but the anti¬ 
bimetallists maintain that these certificates 
should have been represented by silver 
bullion rather than silver coin in the Treas¬ 
ury. 
It can hardly be doubted that if such a 
measure becomes law, all the spare silver 
of the world will come to the United States 
to be exchanged for gold, and until this 
country suspended gold payments, all the 
gold coin in the Treasury would be drawn 
out and exported. Should this occur there 
.would be a financial revolution. All busi¬ 
ness transactions would be modified, and 
all contracts greatly changed. Those in 
receipt of fixed incomes from investments, 
salaries and such forms of wages as are not 
easily varied, would suffer a discount of 
about 25 per cent, in the purchasing power 
of their incomes. The prices ol all com¬ 
modities would have to be readjusted, to 
the gain of some and the heavy loss of 
others. Then would come an era of uncer¬ 
tainty, distrust and wild speculation. 
Trade would at first receive an enormous 
impetus, but would ultimately be cur¬ 
tailed. The producer would receive less for 
his produce, the consumer pay more for 
what he consumed. The middlemen, the 
brokers, bankers, and bright fellows gener r 
ally, who take prompt advantage of all 
changes, would be the chief gainers. As 
gold is the only standard of value in all the 
great commercial countries, the United 
States would be isolated, and not only lose 
all chance of increasing her trade, but suf¬ 
fer a serious diminution of what she al¬ 
ready enjoys. Moreover, if in the next 
eight or 10 years $500,000,000 to $600,000,000 
in silver certificates should be added to the 
existing volume of silver currency, it is 
hardly to be doubted that gold would dis¬ 
appear from circulation and rise to a 
premium in the money market, and this 
THE RURAL NEW-YORKER. 
premium would rise little by little with 
every fresh issue of silver certificates. Con¬ 
tracts made on the basis of payments in 
gold or its equivalent, would then be pay¬ 
able in silver or paper money of a lower 
value, and the creditors throughout the 
country would be cheated. Indeed, in the 
opinion of the extreme anti-bimetallists, 
all forms of individual dishonesty and 
national disaster would be likely to occur 
from a law enacting the free coinage of 
silver. 
On the other hand, the main arguments 
of the bimetallists may be briefly con¬ 
densed as follows: 
Demonetization of silver is equivalent to 
contraction of the currency, and it has al¬ 
ways been the policy of the creditor class to 
enhance the value of money by reducing 
its volume. By doing this they force the 
debtor class to pay more in value than the 
original contract called for, and any device 
or system which makes the dollars of a 
debt more valuable at the date of payment 
than at the date of borrowing is a device or 
system of robbery. Why should the creditor 
class cry out now at the mere possibility of 
having to accept a trifle less in value than 
their bond may call for ? Have they not 
pocketed in silent satisfaction much more 
than it ever called for ? During the war 
and long afterwards, until the nation’s re¬ 
turn to specie payment in 1879, was not 
money borrowed in greenbacks on bond 
and mortgage and other forms of security, 
at a discount ol from 40 to 90 per cent, on 
the dollar specie, and had not all this which 
remained unpaid until 1879, to be paid,with 
interest, on a specie basis? And before that 
time, as the premium on gold diminished, 
was the amount of indebtedness incurred 
when the premium was high cut down 
proportionately ? England is the great¬ 
est money lender in all history, and 
flushed with her victory in 1818, demone¬ 
tized silver four years later in order to ap¬ 
preciate the value of gold, and exact more 
from her debtors all the world over. But 
she did not escape the punishment that has 
inevitably followed the demonetization of 
the white metal in every country. Within 
seven years after she had been guilty of her 
blunder, in 1819, the number of her land- 
owners had shrunk from 160,000 to 30,000, 
owing to the forced sales, and one in seven 
of her population lived wholly or in part 
on charity, and it was years before the de¬ 
pression due to tne curtailment of the 
currency ceased to be a fruitful source of 
destitution and tumult. Glorying in her 
victory in 1870, Germany, relying on the 
enormous amount of gold received from 
the stupendous French indemnity, wished 
to contest with England the commercial 
supremacy of the world ; and hence demon¬ 
etized silver ; but it is certain that she lost 
more by the period of financial disaster and 
industrial depression that followed than 
she had gained from French spoliation. 
Indeed, creditor nations do not care which 
metal is demonetized, provided money is 
made scarce and dear, so that they can 
exact from their creditors more than the 
bond originally called for. 
Are the dire prophecies of the anti-bimet¬ 
allic croakers likely to prove true ? Well, 
in 1887, with no uncertain voice, they all 
predicted no end of evils that must follow 
the coinage of at least 2,000,000 silver dollars 
per month; but not even the most timid or 
greedy among them can now see any cause 
for alarm on this account. Moreover, many 
of the mono-metallists have been induced to 
look more kindly on the white metal because 
even the cumbrous dollars have been 
brought substantially into circulation 
through the notes issued against them, and 
because none of the disasters have occurred 
which a few years ago were declared to be 
inevitable if silver coinage were continued. 
Then again, it is argued, that the country 
needs and is determined to have more 
mouey. Population is increasing; wealth 
is augmenting in a greater ratio than pop¬ 
ulation; industries of all kinds are multi¬ 
plying, and there isn’t enough currency in 
the country to facilitate the exchange of 
commodities. Moreover, the national bank 
circulation is gradually but steadily dis¬ 
appearing and making room for money of 
another kind. Silver is, and for thousands 
of years has been the money of the people. 
The farmer, the mechanic, clerk and laborer 
make their daily purchases of necessaries 
with silver coins and seldom have occasion 
for gold. This is the mouey of the capitalist 
and of the creditor; but why should he be 
favored above the debtor ? Who are the 
debtors in this country ? They are the as¬ 
piring, the hopeful, the energetic, the 
audacious—they are the upbuilders, the de¬ 
signers, the men of executive power and 
achievement. They are the constructive 
force in every community, and probably 
nine-tenths of the business of the country 
depends on credit in one form or another. 
Again, it is not at all improbable that the 
adoption of the double standard of value 
in this country, may so strengthen the in¬ 
fluence and arguments of bimetallists 
abroad, that the same system may soon be 
adopted in most, if not all, the other na¬ 
tions also. In any event, the United 
States is a debtor nation, and should not 
follow the policy of creditor nations. It is 
said that as gold will go up, and foreign bills 
will have to be paid in that metal, im¬ 
ports will decrease. Well, the less we get 
from abroad the better. But tourists 
abroad will have to pay a big premium on 
the millions of gold they spend there every 
year 1 Well, let them stay at home and 
visit our unparalleled home scenery. 
But what is likely to be the immediate 
effect of the increased coinage of silver and 
the consequent increase in the volume of 
the currency ? Well, money is a com¬ 
modity as much as the commodities for 
which it is given in exchange, and 
an increase in the supply of it cannot fail 
to lower its exchangeable value. Every 
sale of goods for money is at the same time 
a sale of money for goods, and the more 
money there is in the market, the less it 
will bring. But as silver is sure to rise in 
price the prices of other kinds of merchan¬ 
dise will rise with it, though not to the 
same extent, because they will not be made 
artificially scarce, as silver is sure to be by 
speculators. They will only profit by the 
increase in the volume of the currency, re¬ 
sulting from the issue of government notes 
against the silver purchased, and this 
cause will work slowly. Still, in the end, it 
is sure to tell. The wheat-growers of the 
country are likely to be among the first 
benefited by the proposed legislation. Not 
only will their wheat ultimately briDg 
an increased price, but the imme¬ 
diate rise in silver will probably 
discourage the growth of the cereal in India 
and thus improve their own European 
market. Silver is the only standard of 
value in India, and the more the rupee is 
worth in gold, the fewer rupees per bushel 
will the European consumer pay for Indian 
wheat, and since all debts and taxes in 
India are payable in rupees, the wheat- 
growers of that country will, doubtless, 
like so many farmers in the United States 
at present, find wheat less profitab’e than 
it was, and take to raising other crops. 
Thus the European market is lively to be 
freed from a certain amount of competition 
which now interferes with the sale of 
American wheat, and our farmers will get 
higher prices for their product. 
If at any time experience proves that 
whatever silver legislation may be enacted 
is likely to entail serious injury on the 
country, why should it not be promptly re¬ 
pealed, since this can be at once done by a 
simple act of Congress ? But may not 
great national disasters be inevitable by 
the time the people have realized the evils 
of the bimetallic system sufficiently to 
cause a change in the laws ? Ah! that is 
the question. 
“ A ROCKY CONNECTICUT FARM.” 
I have been much interested in the ac¬ 
counts of some of our young Western 
brother farmers. I think they would smile 
if they could see my Eastern farm in rocky 
Connecticut; theirs are so level and free 
from stones; mine, hill and dale and then 
the stones—yes, rocks. Well, if I have 
rocks the land around them is very good, 
and if possible I shall improve it by using 
manure and fertilizers. When 1 bought 
70 acres of it 32 years ago for $3,000, paying 
$1,000 cash and giving a mortgage for the 
remainder, I was called foolish. People 
said it was so run down that I could not 
raise bonny beans; but I did, and bush 
Limas too, last year. The house was out- 
of repair, and the only out building was a 
very ancient barn. I was a young man 
then of 37 years, and by hard work I now 
own 160 acres, free from debt, with dwell¬ 
ing-house, carriage-house, barn and other 
out-buildings, second to none owned by any 
farmer in town. For years it was hard 
work, and if we were then plagued with as 
many bugs and beetles as we are now, I 
am afraid I should have been glad of those 
bonny beans. Until late years, hay, corn, 
apples and potatoes were my main crops; 
now I raise more fruits, large and small; 
the latter for local markets. I have also 
three acres of asparagus, but the markets 
are so low,-the weather so cool, and beetles 
so plentiful, that I fear this back-breaking 
work will be very poor pay. This spring I 
bought a Breed’s weeder. I feel sorry for 
the poor weeds, but they must scold the 
3 79 
R. N.-Y. for what has overtaken them; for 
it was the Rural that told me to buy the 
weeder. I have two corn-planters that do 
excellent work. I would not part with my 
Acme harrow, if I could not get another, 
for 10 times the sum I paid for it. I have 
two, the one I bought this year I find much 
improved. I am sure my horses ieel as if 
Sherwood’s steel harness ought to be men¬ 
tioned, it is so comfortable for working. I 
have two mowing machines, one the 
Champion, the other the Deering; if one 
meets with a mishap, the other is 
ready for the field. I put a Star hay-fork in 
my barn this year. Now if we have one of 
the RURAL’s dry (?) summers, I can unload 
quickly when a shower is coming. I have 
a hay tedder and horse rake, also a power 
for thrashing grain, and a hay cutter, and 
this autumn I shall get a circular saw to cut 
my wood. Eight plows and two Planet Jr. 
horse cultivators help the Acme to keep the 
ground well worked. I like level culture 
so well that I have adopted it too ; we are 
never too old to learn and every week I find 
something in that farmers’ guide-book, the 
R. N.-Y., to help me make my farm pay. 
How I wish farmers and consumers could 
come so close together that we could com¬ 
press Mr. Middleman so that he would re¬ 
semble us a little; his pockets are so full 
that he takes up more than his due share 
of room. If I can, I deal with firms, not 
agents, especially when buying fertilizers; 
what manure my six horses, 19 cows and 
two yoke of oxen do not make I buy in 
town, and get fertilizers directly from the 
different manufacturers. 
I, too, think hens more profitable than 
cows. Last year my 120 hens laid 14,904 
eggs that sold at an average of 30 cents per 
dozen. The hens were my incubators and 
raised 300 chicks. This year I have 150 hens, 
and they are doing well. They lay all win¬ 
ter; their house is large and warm, and 
they run at large except when snow is on 
the ground, when we clear the snow from 
their large yard and confine them tfiere. 
I hope for a good crop of apples: half my 
trees bear one year, the other the next. I 
have seen but one potato beetle this season, 
and hope he will be the only one. One 
thing farmers are certain of—if they cannot 
grow rich in one year, neither can they en¬ 
tirely fail in a year; but it requires a brave 
heart and strong, willing hands to start as 
I did when a boy, without a cent, to fight 
and win. Until I was 26 years old I worked 
on farms by the month or day, then I 
worked two farms on shares for 10 years 
then I bought my home. It looked dark 
many times; but the blessed sun soon shone 
again. H. DENTON. 
Advertisers treat all correspondents 
well if they mention the Rural New- 
Yorker. 
HOW DOLLARS ARE MADE! 
Fortunes are made everyday in the booming towns 
along THE QUEEN & CRESCENT ROUTE. 
Cheap Lands and Homes in Kentucky 
Tennessee, Alabama, Mississippi 
and Louisiana. 
2.000.000 acres splendid bottom upland timber and 
stock lands. Also the finest fruit and mineral lands 
on the continent for sale on favorable terms. 
KAHMERSI with all thy getting get a home in 
the sunuv South where blizzards ana ice clad plains 
are unknown. THE QUEEN & CRESCENT ROUTE IS 
mill Quickest Line CINCINNATI to NEW ORLEANS 
eit and Quickest Cincinnati to Jacksonville, Fla. 
For Correct County Maps, Lowest Rates and full par¬ 
ticulars, address D U. Edwards, Gen. Pass. &Tkt.Agt., 
Queen t& Crescent Route Cincinnati, O. 
DO YOU WANT & WASHER? 
DO YOU WANT A CLOTHES-WRINGER ? 
\\T E have on hand several of the well known 
Yt Keystone Washers and Clothes-Wringers, 
in perteet order and entirely new, which will be sold 
at less than manufacturer’s prices. The Keystone 
Washer, sold by the manufacturer to, §6.00; our 
price #3.50. Keystone Clothes-\A ringer, man 
ufaeiurer's price Si 50; our price ouly $4.00. Both 
for Si.UO; less than the manufacturer’s price on the 
Wringer alone. By express or freight. 
Speak Quick If You Want Them 
N. E. FELLOWS, Tenafly, N. J, 
