The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-09-13
The Santa Cruz Sentinel says {:
STEWARDS CHEsTNUTs.

Nobody objects to a repetition in this city
of Senator Stewards whimseys on silver.
To be sure, the subject is getting a trife
threadbare, and people who talk about it
are generally voted bores. But it would be
unkind to deprive a representative from
Nevada of his stock in trade. The public,
however, have a right to expect that silver
orators shall acquaint themselves with the
facts before they open their mouths, and
shall not draw upon their imaginations for
the statistics which they adduee.
Senator Stewart says he has discovered
that American producers have to take IS or
30 per cent less for their vi heat than growers
in Russia or India, because the former use
a dearer money than the latter. There is no
foundation for any such assertion. The
Odessa merchant who ships wheat to Liver
pool draws against ii in sterling bills, just
as the San Francisco merchant draws
against his shipments to the same point
Both sell their exchange for money current
at the place of shipment; for rubles in the
one case, for dollars in the other. If we
could assume that freight and insurance
were the same in both cases, the two would
receive precisely tile same sum pei bushel,
and would pay the same sum TO the grower.
Mr.. Stewart evidently imagines that Russia
is working with a currency that is depreci-
ated. He has not heard that the issue
OF paper rubles in that empire is Sc
cured BY a deposit of gold TO one
third its amount. In India the wheat
grower sells his crop for silver rupees, which
are worth about sixteen pence instead eff
two shllngs-their face value. If, as Mr.
Stewart says, he gets the same number of
rupees as he used to get, he receives just
two-tAirds as much real money as he re-
ceived when rupees were at par with gold
mohurs. The fact is that the depreciation
of silver as compared with gold cuts no
figure in the shipments of cereals from the
countri es which have a surplus to the coun-
tries which have a deficit.
Mr.. Stewart ought to consult some book
on the commerce of the day, and not make
himself ridiculous by asserting that for
want Of free coinage every year the ex-
ports of wheat and cotton from India and
Russia increase, and the exports from the
United States decrease" All three coun-
tries export their surplus without regard to
the currency. India reached its maximum
export several years ago; it has not in
creased its shipments since then, ana prob
ably will not hereafter. Russia seems inca
pable Of producing over 22O.OOO0OO bushels.
All that it can spare out of this. beyond its
own requirements for seed and consumption,
is exported TO France and England. But as
the Russian wheat-helds are growing less
fruitful, its export is rather declining than
increasing. This year it will be very light.
The cereal exports of the United States de-
pend on the crop and on the growth OF pop
ulation and consumption in this country.
When we had a crop Of only 4l5 600
bushels. as in 1898, We could spare little 10
the foreigner; this year, if the predicted
| crop of 53O,OO0,OOO bushels is realized, we
may be able to let Europe have over 20O,-
100000 bushels, But silver will have moth
ing to do with the volume of our export.
Mr.. Stewart thinks meanly of the inteIli-
gence of the farmers when he says that
they must have free coinage in order to
get more money and better prices for their
exports" 1t is very long time since any
class of persons in the United States enter
talned the delusiOn that prices were gov
eIned by c0iDage-unless the coinage were
| deprecated. In the class for which the
! Senator speaks, the school-master seems to
be abroad; but outside Of that class every
| body understands that the price of food
| like everything else, is governed by supply
and demand. 1t is possible, of course, fol
the farmers TO get more money for their
products. if they are content that the
money shall be deprecated, and that il
! shall have less purchasing power than
honest money; but if the Senator couples
| his offer with this condition he will not gel
many takers among the farmers. 1t would
be grand thing, no doubt for Senator
| Stewards constituents TO be ab!e-as he de-
mands-to take 412h grains Of silver to the
| Mint and to obtain standard dollar in ex.
change, so as to make the difference be.
tween the dollar and the market price of the
412h grains; but the American people are
not just now engaged bestowing aims on
Senator Stewart and his associates, and the
more they hear from him, the less inclined
they grow to make that disposition of theiI
| surplus revenue.