Jo.—That may be the case, but, please tell me, William, why the greater circulation of silver will change such conditions.
W.—Well, for the reasons that silver will circulate more freely among the working classes, and also in the country among the small villages and farmers.
Jo.—Can you give good reasons why silver would circulate more freely, and to a much greater extent in the agricultural districts than gold?
Wm.—Certainly, certainly I can; for the reason why gold concentrates into the great centers of population is because it can be used to much better advantage by the bankers, brokers and our larger business houses in the cities; it is easier to handle in large sums, requires less space for its storage, and its value being more uniform than silver there is therefore less risk in hoarding it up; these are the principal reasons why a single gold standard is more to the interest of the business community, and to us bankers in particular.
Jo.—Now please explain the effects which will be produced upon the country generally, and how such changed conditions will be created by the circulation of a greater proportion of silver, for even granting, as you maintain, that silver will circulate more freely among the farmers, why will this fact create a change for the better?
W.—Well, it is plain, Jo, that the less is the gold in circulation to the ratio of silver the less will be the facilities for acquiring it, for since the bankers, etc., will have little desire to hoard up the latter, the greater will be its circulation, and for this reason will circulate more freely among the working men, as well as among the farming community.
Jo.—Well, granting that it will, as you say, give to the agricultural districts an increased circulation of money, what good effects are to result?
W.—Now, here is just the point, Jo, for is it not plain that our single standard gold circulation has caused very injurious effects upon such remote portions of the country, and which proves that the great prosperity is not general, by any means. That it has built up large cities is very true, as well as transportation facilities, by building thousands of miles of railroads, but how about the farming industry of the country? Should not that also receive its proper share of prosperity enjoyed by the thicker settled portions of the country? I should think so, shouldn’t you, Jo?
Jo.—Why, yes, I should certainly think so.
W.—Well, but how does the case stand? Whilst a few persons have been enabled to acquire immense wealth in our large cities, the greater portion of our farming lands from Maine to Iowa are heavily mortgaged, and here in the New England States an entire new order of things has been inaugurated, for the sons and daughters of the farmers have gone into the cities in order to acquire wealth by an easier method than farming, and the farming lands, which were almost entirely deserted by the younger ones, are falling into the hands of foreigners, and in some portions of the country at the West it is impossible to procure labor sufficient to harvest the crops. Havn’t you observed this in your traveling about the country, Jo?