the farms themselves constantly enhance in value? And if-as bas been stated by the highest authority of Populistic candidature"the dollar which rises in purchasing power is a dishonest dollar," why is not an acre of farm land with which one can to-day buy $50, and with which one could thirty years ago buy only $5, also dishonest? And is an acre which in New England was capable thirty years ago of purchasing $50 and will now buy only $10 an honest acre of land because less dollars and therefore poorer people can buy it now than then? If dollars grow better for the plain people as they diminish in purchasing power of land, is not land better as it declines in the purchasing power of dollars? * * * But a good gold dollar has never anything but a relative value. This day 1,000 bushels of wheat sell for $700 in gold. And this sale fixes, for the time being, between that buyer and that seller the wheat value of gold and the gold value of wheat. But tomorrow morning cablegrams report failure of wheat crop in Russia, India, Australia, and the Argentine Republic, and before night wheat sells at $1 a bushel. Gold has not depreciated, but the relation of the world's supply of wheat to the world's demand for wheat has changed. Demand remains undiminished, supply is lessened, and, therefore, prices advance. The relation of supply to demand is the sole regulator of value. And neither gold nor the unlimited and free coinage of silver at 16 to 1 can repeal or mitigate the eternal truth. From 1870 to 1896, both years included, the agricultural exports of the United States have amounted to more than fourteen billions of dollars, being an average annually of more than 75 per cent of the value of all the exports of the United States during that period of time, and bringing in from foreign ports a billion of dollars more than the estimated value of all our farms at the census of 1890. That enormous and almost incomprehensible number of dollars have been paid into this country for farm products in gold. * * * Has it cursed the farmers? Would they be in better condition if that amount had been paid to them in silver? When the annual exports of agriculture go abroad, can they buy and bring back to the United States money with too much purchasing power? And yet we have self-appointed guardians of "the common people," who are uncommonly active and vehement in urging a general strike for lower wages among Americans. Some of these peripa tetic elocutionists are so zealous and fervid in urging the revolt for lower wages that they speak sixteen hours, where they study or think one hour, in behalf of cheaper money. They proclaim 16 to 1 as the political panacea. That is, they would have the farmers and other producers, to whom foreigners owe ounces of gold, declare that for each ounce of that metal due them they will be satisfied to take 16 ounces of silver. These profound and mature economists and statesmen know, of course, that the commercial ratio among the bullion brokers is about 31 ounces of silver to 1 ounce of gold. They see 31 ounces of silver required for 1 ounce of gold in New York, London, Paris, Berlin, Vienna, and all other bullion markets. And yet they solemnly instruct their deluded disciples to reject all in excess of 16 ounces of silver, which may be offered for 1 ounce of gold. The creditor, the wage-earner, the farmer, anybody and everybody, is admonished to strike for only 16 to 1, and that more than that will be dangerous, and that to accept 30 ounces of silver where 1 ounce of gold is due would be commercial and financial annihilation. THE FIFTY-FIFTH CONGRESS. Important Measures that have become Laws. The Fifty-fifth Congress will go down in history as one of the most important in our national affairs. Like every Republican Congress, when that party is in power in every branch of the Government, it is decidedly a do-something body, and those who attempt to characterize its work by cheap phrases simply show that they have no capacity to estimate its great importance to the life of the nation. It inaugurated its notable work at the extra session by the passage of the Dingley tariff law. Elsewhere is shown that this act has fully vindicated Republican predictions by the results obtained under its operation; and has proved the falsity of the predictions of its opponents that it would restrict opportunities to reach foreign markets. Treasury figures prove to the contrary that our foreign commerce for 1897 and 1898 exceeded that of any other yearly period in the history of the country. While the Dingley act initiated the great work of the Fiftyfifth Congress and inaugurated a new era of prosperity, the second session dealt with questions no less momentous and in some respects even more important to the future welfare of the United States. Foremost among these must be named: The war with Spain. The annexation of Hawaii. These subjects are discussed in greater detail elsewhere. Among the numerous bills passed by the Fifty-fifth Congress which have become a law some had been pending in Congress for years, A uniform bankruptcy bill, approved July 1, This measure had engaged the attention of both branches of the National Legislature for fifteen or twenty years. It was formally taken up by the Fifty-second and Fifty-third Congresses, both Democratie; but though it passed one branch or the other at various times, no bankruptcy legislation was had until the Republicans in the present Congress took the matter in hand. Other important acts of this session were: An act to provide for temporarily increasing the military establishment of the United States in time of war.-Approved April ??. An act for the better organization of the line of the Army of the United States.-Approved April 26. An act making appropriations to supply deficiencies in the appropriations for the support of the army for the fiscal year 1898.— Approved May 4. An act making appropriations for fortifications and other works of defense, for the armanent thereof, and for the procurement of heavy ordnance for trial and service.-Approved May 7. An act to provide for a volunteer brigade of engineers and an additional force of 10,000 enlisted men especially accustomed to tropical climates.-Approved May 12. An act to increase the number of surgeons in the United States Army. Approved May 12. An act to organize a volunteer signal corps.-Approved May 18. An act to provide assistance to the inhabitants of Cuba, and arms, ammunitions, and military stores to the people of the Island of Cuba.-Approved May 18. An amendatory act allowing officers in the Regular Army to staff appointments in the volunteer service without forfeiting their ranks in the Regular Army and enabling governors of States with the consent of the President to appoint officers of the Regular Army in the grades of field officers in volunteer organizations.-Approved May 28. An act suspending the operation of certain provisions of law relating to the War Department.-Approved June 7. An act to provide ways and means to meet war expenditures.— Approved June 13. An act to enable the President to pay the English Government the Bering Sea awards fixed by the American and English Commission.-Approved June 15. An act authorizing the appointment of a non-partisan commission to collate information and recommend legislation to meet the problems presented by labor, agriculture, and capital. The importance of this measure is apparent from its title. The commission will comprise nineteen members-five members of the Senate, five of the House, and nine other persons to be appointed by the President, who shall fairly represent the different industries and employments. The commission is charged with the investigation of questions pertaining to labor, immigration, agriculture, manufacturing, and business; is to furnish such information and suggest such laws as may be made a basis for uniform legislation by the various States, in order to harmonize conflicting interests, and to be equitable to the laborer, the employer, the producer, and the consumer.-Approved June 18. An act for the protection of the people of the Indian Territory, known as "the Curtis bill."-Approved June 28. Joint resolution to provide for recovering the remains of officers and men and property from the wrecked United States ship Maine, and making an appropriation therefor.-Approved February 23. Joint resolution for the recognition of the independence of the people of Cuba, demanding that the Government of Spain relinquish its authority and government in the Island of Cuba, and to withdraw its land and naval forces from Cuba and Cuban waters, and directing the President of the United States to use the land and naval forces of the United States to carry these resolutions into effect.-Approved April 20. Joint resolution tendering the thanks of Congress to Commodore George Dewey, United States Navy, and to the officers and men of the squadron under his command.-Approved May 10. Joint resolution providing for the organization and enrollment of the United States Auxiliary Naval Force.-Approved May 26. Joint resolution authorizing the Secretary of the Navy to present a sword of honor to Commodore George Dewey, and to cause to be struck bronze medals commemorating the battle of Manila Bay, and to distribute such medals to the officers and men of the ships of the Asiatic Squadron of the United States.-Approved June 3. Joint resolution authorizing the President in his discretion to waive the one-year suspension from promotion and to order reexamination of officers of the Army in certain cases.--Approved May 26. An act to relieve owners of mining claims who enlist in the military or naval service of the United States for duty in the war with Spain from performing assessment work during such term of service.-Approved July 2. An act relative to the Corps of Engineers of the Army.-Approved July 5. An act to increase the efficiency of the Quartermaster's Department of the Army.-Approved July 7. An act to increase the efficiency of the Subsistence Department of the Army.-Approved July 7. An act to protect the harbor defenses and fortifications constructed or used by the United States from malicious injury, and for other purposes.-Approved July 7. EXTRA SESSION OF FIFTY-FIFTH CONGRESS. The extra session of the Fifty-fifth Congress convened March 15, 1897, by President McKinley has proved to be another of the wise steps taken in the inauguration of his administration. The history of the past few months has shown the wisdom of early legislation touching the revenues of the country and the settlement of fiscal questions affecting our trade and commerce. The enactment of the tariff law commonly called the Dingley law, which went into operation June 14, 1897, had at least six months of experiment which otherwise could not have come to any law passed at the regular session of the Fifty-fifth Congress; and now, looking as we do at the necessities incident to the war with Spain, we can clearly see the wisdom displayed by the President in convening Congress and in securing the legislation incident to the session. FINANCE AND COMMERCE. Important Statistics, 1873 and 1897. Following is a comprehensive summary of financial and commercial statistics of the United State for the years 1873 and 1897, from the Statistical Abstract of the Bureau of Statistics: Coin value of paper money July 1, 1886....... 86.4 100 15.92 34.28 |