| Show BRYAN ON WHEAT AND SILVER New York YOlk Sept 5 5 In In an article published published pub put here today William J J. J Bryan discusses discusses discusses dis dis- cusses the rise in wheat the fall in silver silve and their relations to politics Following Follow ing are the principal o of Bryans Bryan's analysis of 01 the situation He says Wheat has risen because the foreign crop has been exceedingly short Bimetallists Bimetallists contend that the law o of supply and demand is universal They apply i inot it not only to money but to bullion to tc gold and silver to wheat and to ever every other article of value They contend that the exchangeable value of money and merchandise will will be affected by anything which affects either the demand or the supply The American wheat grower is just now profiting by the almost unprecedented unprecedented unprecedented dented disaster which has overtaken the wheat growers of India Europe and South America If the R Republicans publicans d desire sire to claim credit credit credit cre cre- dit for or the high price o of wheat they must assume responsibility for the famine amine in India Will any Republican conven- conven with pride to the famine amine as an evidence that the Republican party parly is redeeming campaign pledges Will the Republican party pled pledge e itself to use its best efforts to continue the famine abroad as it pledged itself last year to promote international bimetallism bimetallism bimetallism We were told last fall all that an appreciating appreciating dollar was a national blessing end and andye yet within a year the entire Republican can att preSs press is in ecstacy ecstasy because the purchasing power of a dollar has been beets to some extent decreased The wage earners were told last fall all that hat a rise in the price pric of c com nodules would be them and yet happy the Republican spellbinders spellbinders spell spell- binders inders are because one gl great staple staple- has four lour has risen While the Republic in seem to have come ome over to our position there is this essential difference between them and and end th the bimetallists The latter desire desireo to o raise all prices to the leveland level leveland and then keep them there by a financial financial finan finan- cial ial system system which will furnish a standard money nuney sufficient in volume to keep pace lace with the demand The former praise a dear but grow happy over ver the of th the di larin its s fel relations to a 1 few lew W at ai I tides A general rise rie quickens enterprise for lor the he time being and the maintaining of lie level when reached protect busies busi- busi iti in es iu general and the prod producers of wealth in iu particular front from the disastrous effects eff ft of falling prices a rise in its a Jew few articles may bring advantage to those who W ate ale engaged eu iii in the production of articles which do du not enjoy ly a corres corresponding rise A few instances may be given If wool voul rises the wool grower will be benefited bene- bene but the manufacturer of woolen goods will suffer unless there is a corresponding corres cones advance in the price o of woolen But an advance in the price of woolen goods roods is an injury to those who wear woolen they enjoy a corresponding corres corres- increase in their incomes I If sugar rises the Sugar Trust reaps the he profit but it must be at the expense of f those who consume sugar unless ess the consumers of sugar can make enough more Clore to cover the i increased creased price So when then wheat rises the wheat heat grower is benefited at the expense of oCt those who use flour unless the latter in some someway someway way vay secure a corresponding increase in their heir incomes s. s A general rise in prices should b be fol- fol fol followed lowed owed by a rise in wages Mr 1 Carlisle in his us speech in 1878 commented upon the advantages to be secured the Bland act said aid Instead of constant and relentless of constant appreciation tion ion of money and depreciation of property w we will have expansion to the amount mount least two two o million dollars per month and under its influence the ex- ex value of commodities including In ing og labor will wll soon begin t to rise thus inviting investment infusing life liCe into the dead lead industries of the country and quickening quickening quick quick- ening ning the pulsations of trade in all its departments If it is said that the rising of price do doan doan don an n injustice to the owners of money and those hose enjoying fixed incomes let it be remembered that the r restoration of bi bimetallism bimetallism ht- ht can only take away the thead an ad van vantage tage age which the gold standard gave It is isa isa a choice between falling ailing prices nate lately y continued and a return to o the bimetallic level The gold old standard gives rives a j perpetual t advantage to the money coney owning class and works a perpetual ual ial injustice to th the producers of wealth while chile bimetallism m gives a temporary advantage to the producers producer of wealth atthe at athe atthe the he expense ol of the money owners and andi i hen establishes justice between en all classes lasses by preserving stability in the purchasing power of the dollar Those who understand the cause of the he recent rise in wheat know that the price trice in in wheat will fall when foreign n crops raps again become normal in fat fast wheat t has a already Ire dy seceded receded twi twice o. o owing in o the fear tl that t the first reports of foreign crop failure were exaggerated Th The export price of wheat for or the year ending June 30 1892 was for the year yea following olio wing it was 80 cents by the first c of November 1893 the price had fallen below below be low 70 cents What will be the political effect ct of this thi I temporary advance That it must be adverse to the Republican lican party is certain If any are foolish enough to credit the rise to the new tariff taril law to the gold standard or confidence the he spell will be broken when wheat returns to the level of the past few ew years The disappointment will then be the more intense b because caus of oi he tie temporary delusion and the ican papers which are to-day to calling attention to the price of wheat are simply simple laying up for or themselves additional trouble The advocates of bimetallism can re rejoice reO joice oice in the rise while it lasts and when I it is over they can contrast its advantages advantages i of higher prices due to a an n increased increased increased in in- in- in creased volume of money with the short lived ived benefits o of a spasmodic rise due toa to toa toa a famine so distressing as to appeal to sympathy and charity of the American people The law of supply and demand explains ex explains explains ex- ex plains the fall in silver as well as the rise risen in n wheat To what extent the fall Call in silver may have been bv by speculation tion in silver bullion cannot say It t would be impossible for or the bears to torun torun torun run the price ot of silver sHyer down to some extent just as they sometimes lower the price of grain and it would be much easier to manipulate the silver market because Because both the demand and supply are more limited than the demand or supply of grain But without considering consider consider- ing ng the effect of speculation both legislation legis- legis lation and circumstances have tended to to lesen essen the price of silver The action of ot Japan has the lessened demand lemand for silver and the United States hates has not yet et made sufficient progress prop progress ress ess toward international bimetallism to strengthen the market to this lu th short wheat crop in using silver-using countries has lessened the demand for fur silver ilver for the purchase of wheat heat For many years the price of wheat kept company wilh with the price of silver I Ido Ido Ito do to not mean to say that the fluctuations vere vere al always al simultaneous OUS but they were were- Measurably bly so This rel relation t on b between tween silver and wheat was 1 upon by ty y Mr Air Rusk Secretary of or Agriculture In n Ii his report of 1890 page 8 he said The Tile recent legislation looking to the restoration of bimetallic standard of our currency and the con consequent enhancement enhancement enhance enhance- ment nent of the value of silver has unquestionably advanced the price c of wheat in India odia ant an i in the same degree reduced educed their power of competition competition- inglish English gold was formerly exchangeable or fOI or cheap silver and wheat purchased with the cheaper metal was sold to Great rest Britian for gold Much of this thus advantage is 13 lost by the appreciation of silver ilver in those countries It is reasonable therefore to expect much higher prices for lor or wheat than have been received in recent years The 1 be above quotation explains why wheat and silver kept together and also supports the proposition that legislation can an raise the price of silver by increasing hd demand for lor it When Mr Rusk made nade this comment India had free coinage coin coin- age and the wheat growers of the United States had to meet the competition tion ion by reducing the price of wheat as ashe the he price of silver fell ell In 1893 free coinage was suspended in iii India so that British purchasers could no nolon lon over longer er nave their silver converted into rupees The Indian Government t. t however how ever ver according to the report issued by bythe bythe the he D Director lector of the United States Mint ih in 1894 undertook to furnish 15 as tupe lupee s in exchange for gold Tuis fixed the ratio at about 24 to i I. I and gives ives the radian Indian n farmer advantage of about 51 50 o. o per percent percent cent ent over over the American farmer The fact that silver and wheat have p parted farted company will cause no dismay dismay- to those hose who understand and that Ithe the law o of sup supply pI and demand regulates the price of f both It is the contention of bimetallists bimetallists that the opening of our mints to the he free and unlimited coina coinage e of silver at Lt the ratio of 16 to tol 1 fix a n mint price rice for or as a mint price is ii islow now low fixed for or gold They further contend contend con con- tend end that the demand thus thus' created by byaw bylaw bylaw law aw will be sufficient t to all the sil silver ver presented and thus the bullion value will be raised to the coinage value Some af of our opponents have insisted that hat silver at an ounce would make the he silver dollar as hard to obtain as the theold theold old dollar dollaris is now but they ignore the fact act that an increased volume of standard money honey will lessen the purchasing power of f a it be of silver or gold and end thus thins restore restore the prices of bimetallic level eve |
