Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1889-01-30
Silver and Wheat.

Silver and Wheat.
Economists are now discussing the re-
suits which followed the demonstration OF
silver and the benefits which will arise
with it's restoration as an element OF stand
ard currency.
In the first place, the act of depreciation
was a proceeding chiefly in the interest OF
comparatively few capitalists, and was
part of the scheme Of legislation by Con-
gress which made certain portion of the
war debt redeemable in gold, and that was
subsee uent to the purchase of the bonds OF
the Government which possessed no such
condition at the time they were sold.
AS legal tender, silver should possess
the same value given to gold. Justice,
right, and the interest of the country will
accord that to it, and every step made ID
that direction, as the increased coinage OF
it as a standard currency now going Cd, Is
promoting these ends
The assertion is now made that the de-
monetization of silver was the prime cause
of the fall in the price Of wheat some years
ago, and from which that staple product OF
our country is now slowly recovering The
recovery is attributed to the increased value
silver is to have in the currency of the
country. The depreciation of silver may
have had some effect on wheat, just as the
contraction of the currency generally has
upon trade and commerce, and as the en-
largement of the. circulating medium will
have in increasing the prosperity, so cause
and effect will not debar wheat from its
share in the reversed order of things 1t
was not the status of silver one way or the
other which gave wheat production its
drawbacks Or placed it upon rising ground
again. 1t was unwarranted speculation,
gambling in and corbering tie markets,
and breaking down the only true stand
ards as demand ard supply conti oiled, that
caused confusion, resulting in disaster to
the wheat-growing interests of our country
British craftsmanship and British COM
MERGE are ever On the alert TO maintain
contentment in the minds as we'll as to
open the way by which the people of the
realm shall not suffer for the necessarles OF
life. A scarcity of breadstufTs is the most
harassing situation which can befall com
munities, except famine These powers in
the Government Of Great Britain did not
intend that the supply Of breadstuffs for
their people, to satisfy the wants OF many
millions, should be dependent further upon
the United States where they were &C
customed to look Cor their annual album
dance; for there the laws Of regular trade
had been set at defiance and gamblers
could check its natural flow. For weeks
and months they could stop the exports,
and following that, they could gut markets
with an over quantity, SO that the natural
laws of demand and supply had nothing to
do with controlling our commerce in bread
stufs.
British India, Australia, and the Argen-
tine States we've imploring capitalists for "a
trial Of the expansion Of wheat-cnlture in
those countries. Money, men, and ener-
gies were sent to them through British re-
sources for that purpose. To become inde-
pendent of the United States for breadstuf-
supplies, was more than pleasing purpose
to crafty the authorities at the home seat
of power. Aud what has been the result
To-day the United Kingdom has larger
stocks in her storehouses than the future
will demand. Os passage to that country
are many moro ships with cargoes OF wheat
than there were at this time for years pievi-
GUS. The export from the United States
is not one-tenth of the quantity which
British steamers are now carrying from the
surplus producing countries that the power
and craftsmanship of Britain were iDstrd-
mental in creating by the progressive Gull
ture of wheat.
We will refer TO recent illustration OF
the damaging effects upon the expectation
of our surplus breadstufs which must
surely strike the thoughtful with great
orce.
It is unnecessary to recte the natural
causes which gave to our last wheat-crop
the assurance OF increased value. To meet
the demand which it was known would
exist in Europe, we held the key, and that
with a diminished yield. The prices we're
gradually going up, when they would reach
standard Of equality between foreign and
home demand. Hutchinson came on the
arena with his gambling deal and cut off
the export trade and forced European do.
nand to look to other surplus producing
countries. New we have a great part Of
our surplus on hand, and large suspension
of business by the mills Of our country to
add 10 the difficulties Of the situation. 1t
was the gam bleIs, first and last, and not
the depreciation Of silver which did the
harm to wheat production. The recog-
ntioD Of silver again as its value deserves
is right, and we hope it may have the
power claimed for it.
we hope for enlarged foreign commerce
for our country. That will do more than
all else to keep up the values of our prod
ucts. But that will not secure anything
like its reasonable assurance so long as
these gigantic deals continue. The good
of the people and the power of the ration
are at stake in the methods Of our CONNER
cial transactions. There ought to be
strength enough in commercial associa-
tions, according to the standard Of morals
laid down for their government, to do
away with gambling and trusts and every
thing which interfeeFs with the natural
channels of trade, that should know but
the simple, the greatest and the best gov
erniDg principle-that Of supply and de-
mand.
There are millions Of people upon the
face OF the earth who could soon be taught
and Induced to improve their situations as
that progress would come about to the de-
gree We pergevered in opening trade re-