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From A Farmer's Standpoint

From A Farmer's Standpoint image
Parent Issue
Day
2
Month
September
Year
1896
Copyright
Public Domain
OCR Text

Benton Harbor, Mich., Aug. 14. - [Special.] - Oue of the closest students of the BÜ ver question, especially from the f armer 's position, is Thomas Mars of Berrien County, who for six years has been Master of the State Grange, and who during that time was on a special cornmittee ordered to investígate and report anuually on monetary legislation. Mr. Mars, as a result of his studies and as a farmer, is decidedly opposed to free coinage of silver except under absolute guaranty that the silver dollar so coined will be worth intrinsically the same as gold. That such would be the result of free coinage Mr. Mars does not believe possible unless provided for by au international agreement. "The proposal of the followers of Bryan amounts simpl}' to this," said Mr. Mars, ''that we shall go to the silver basis and let our gold leave us, and that is a follv too great to be considered patiently. What advantage to any one can there possibly be in simply a change from one basis to the other? There results from it no increase in inoney in circulation. On the eontrary, until the gap caused by disappearing gold is filled by silver there would be severe contraction of actual inoney as well as of credits, which is iniinitely worse. And once we were on a silver basis, silver naturally would appreciate in valué so that again we would be doing business on a rising rnoney basis, the very thing now coinplained of. "Yes, I know many farmers have a hope that free silver would increase the value of farm products. But my investigation leads me directly to opposite conclusions. History tells me that the putting forth of cheaper money in a country drives out of that country its standard gold money, for the obvious reason that gold, like any other commodity, goes where it can earn its owners the most steady and sure profit. If it stays here the ouly profit it can earn is the uncertain profit of fluctuation as acommodity, while abroad in gold standard lands it would earn safely and surely of interest. "The threat of cheaper money has already caused nearly $300,000,000 of gold to leave us, and herein is an explanation of the very low prices we obtain for our export farm products. When gold is induced to leave the country importers of foreign goods find it easier to pay for such imports by shipping gold instead of sending wheat, cotton, and meats, as before. In other words, the prices for these products have to be reduced to the point that discounts the preference for gold. And not only this, but the withdrawal of gold to that extent reduces the amount of money available for moving ciops, and so also canses low prices. So I claim that free coinage will cause gold to continue to be exported for several years and as fast as mined, and while so going it will displace exports of industrial products and cause a stagnant market for them. For these reasons I am justified in believing that free coiuage would further depress the price of farm products. "Yes, there are some farmers who have an idea that free silver would help them out of their debts, but they are of a class who can't think long enough on any one subject to measure a fraction of the result of free coinage. It doesn't seem to occur to them that the debt would demand the property held in security, or else an increase in the rate of interest to compénsate for the decrease in the value of the money paid as interest. Suppose I am mortgaged for $1,000 at 7 per cent and am obliged to renew it at 10 per cent, what have I done but virtually added one-half to my debt, as 10 per centón $1,000 is equal to nearly 7 per cent an $1,500. And there are no assurance what ever that free coinage will add one dollar to the farmer's ability to pay his debts. "No, sir. Free silver is not gaining the upper hand among us. The same man advocate it that prescribed free trade, and the result of that experiment renders forever ridiculous their advice where they are known. "If you are to print this, cali particular attention to the fact free silver does not mean better prices for farm products. Better prices will come when Europe wants our farm products instead of our gold. That will be when gold can find profitable use here; when the opportun-. ties for investment are multiplied and protected by reasonable protection of our - industries. The enlargement of markets for farmers by reciprocity lias more good promise in it then all free silver expectations. "Say for me that I shall vote for McKinley, preferring to ally myself with those who like myself have property at stake, and trusting that a party controlled by captains of finance and industry will of necessity legislate for the best interest of the industrious, among whoin farmers are the largest in nurnber and in property." Say ! If you had a financial problem to solve which was of vital interest to you, whose opinión would you prefer, that of John Sherman, orthat of Mrs. Mary Elizabeth Lease? Be serious with yourself and answer this question for your country. Instead of opening our markets to the free use of the world, we need a law that will compel somesort of reciprocity from the nations of the world. South America sells us her wool, her sugar, her coffee and other producís aud we pay her cash with which cash she goes to Enghmd and buys what she needa. The McKiníey bill said to South America: "Here, if we buy your products you must pay a duty to help carry on our government, or else you must buy our flour, and grain, and meats and breadstuffs." IVas not that riglit? AVas not that good business sense? And vet the Wilson bill repealed those provisions, and it did more and even worse. It changed speciflc duties on hundreds of important articlesto ad valorem duties, making it possible for fureigners to really flx the price of tlieir goods theniselves. Thus cheating Uncle Sam out of what houestly belongs to him. The reason the gold reserve goes down is because of these unbusiness like provisions of the Wilson bill. We are paying out all the time, and not receiving anything for our products. Foreigners are playing it on us. Tliey have a soft snap. ïhey have no duty to pay ; they are not even asUed to buy anything of us; and they take cash for eyery cent we buy of them. Could any nation be more foolish ?

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Subjects
Old News
Ann Arbor Courier