The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1889-08-10
snvsr,s In1luenes ON American whea,

ing able and truthful article on the re-
lations that exist between the depre-
ciated prices of American silver and
American wheat:
Before entering further into the
silver question from its intrinsic stand
point as leading industry in this
country aud therefore calling for pro-
lection, it is best to explain more in
detail why England is opposed to its
being remonetized.
"0reat Britain sees in tfS->fndian
rupee and the Russian silver rouble
the means by which cheap food can
be secured for her toilers in the man.
ufacturing centers, and at the same
give employment in its carriage to her
merchant marine. In the London
Standard of May 10. 1888, the follow
ing appeared: India has no longer the
commanding position in the wheat
trade which her monopoly, it might
be called, of currency depreciating
10 value gave her. Russia has entered
the lists against her, and, thanks to
the much greater fall in the exchange
value of her paper currency, is now
outstripping her. In the first four
months of this year the value of Rus
sian wheat imported into the United
Kingdom has been 27O per cent more
than il was for the same period year
ago. At the same time the value of
our wheat imports from India has de-
clined rs per cent. Much of this
extraordinary turn in the wheat trade
is no doubt due to the excellency of
last years Russian harvest, but that
merely provided the commodity. 1t
is the fall in the value of the rouble
which makes it possible for Russia to
beat India this year in the British
grain markets.
las there are many-far too many
for the good of the silver mining and
wheat industry of this country-who
do not fully understand the workings
of the price of silver on the market
value of wheat, we present the fol-
lowing: In 1873, when the United
States joined England and Germany
in demonctizing silver, the latter sold
in the London market at 81 .29l an
ounce fine. The export value of wheat
at Calcutta was at that time Sill per
bushel in our money, or IS. I'd. ster-
ling in English money. The expense
incidental TO getting the wheat to
Liverpool brought the price to 52s.
I'd. per quarter or eight Winchester
bushels. 1t was quoted about SOS per
quarter in London, and American
wheat sold at 63s. for the better grades.
midas export of wheat is given Off
cially at 735,485 bushels for the year
1878. Fifteen years after, or in 1888,
the exports of wheat from India were
81, 4OO, $3.50 bushels, valued at 8s,827,-
$50 rupees. The export values of the
same at the port of shipment aver
aged 81 II "A per bushel in our money
and in English money IS. I'd. sterling
per bushel. But silver having de-
clined frem $1.294 per ounce fine in
1873 to 924 cents in 1888, made the
actual cost to the export buyers of the
wheat "A cents bushel instead of
$1.1115 per bushel, as the following
illustrates. Silver at par, or $780,,
the rupee In England is valued at 2s !,
but silver at 021a per ounce fine, the
rupee in England is valued only at
Is. 4d. At the latter value, Is. Al. per
rupee, il only required e5, 596,S52 to
cover S2,827,S50 rupees, and as the
rupee in India is fully worth 482s
cents, and buys its full value in wheat
in that country, the profit to England
is the difference between Is. Id. and
2s., which is 3d., or little over 16
cents in our money, or a total of 3d.
ITO, 1855. When silver was at par, or
$1.2s4 per ounce fine in London,
wheat at the port of New York aver
aged from 1870 to 1878 $1.32 per
bushel, and Indian wheat in 1873, at
Calcutta, averaged Sill per bushel,
with silver down to 924 cents per
ounce fine in London. midas wheat,
worth $f.1i1a in Calcutta, is paid for
in rupees purchasable with gold a:
Is. 4d., bringing the cost on a gold
basis down to ID cents, against a sill