The advocate and Topeka tribune., 1893-08-23
THE PRICE OF WHEAT.
Some Suggestions as to Prospects, by
President LOucks.

~~N~N N'@NN ~N~@
eulstsd on with reasonable accuracy.
First, a contraction of currency will
cause general reduction Of prices. Sec
ond, an imitation Of currency will cause a
general rise of prices. These are Gd-
mitted propositions and will not be dis
puted by any student Of political
economy. The present situation con-
firms the first proposition. The yield Of
wheat, according to the official report,
will be from 125,UOO,OOO to 1500O0,0O0
bushels short in the United States. In
addition to this the shortage in Europe
is very heavy. Were it not for the de-
moralizsd condition Of business, wheat
should sell for 81 per bushel at the home
market this year. Two months ago
wheat had reached it's lowest market
price on the Chicago market. Week
after week since then it has gone lower
and lower in the face Of the certainty Of q
great deficiency. Parallel with it there
has been a violent contraction Of the
currency. The eighth financial con-
spiracy is being attempted which, il sue
ceasful, will utterly destroy the use Of
silver for money purposes. To assist in
carrying out this infamous robbery q
panic must be precipitated, causing a
wild rush for savings in banks and the
boarding of money in private vaults or
secreted at home, so that at the present
time there cannot be more than $500 per
capita in active circulation. Hence the
very low prices now prevalent. In my
judgment we have reached pretty near
hard-pan now. Not that the panic is
over-it has only fairly begun, but that
the volume Of money in circulation from
now on will increase, and with the in
crease must come higher prices. First,
all the capital that can be made out of
the silver scare has been made. 1t can
not be pounded much lower. With 80
many Of our mines closed down silver
will probably advance soon. Second, we
are underbidding the world on wheat
and the other products Of the farm,
hence gold will return to us. Already
800, 100000 has arrived or is on the way.
More is sure to follow. In the next three
months We should receive $5O,OOO,OOO to
$600O0O0O. This increase Of money
alone should increase prices 20 per cent.
The money power have, by contraction,
accomplished one-half their plan, viz,
reduced prices as long as they dare with
safety. 1t is estimated that values have
shrunk $2,0)0,000,00O. They have taken |
advantage Of the down market and
MIXED it freely. Now they are prepsr-
ing to boom prices and make another
pile on the upturn. Fisk & Sons, the
great bond brokers, assure them that
there is room for $4OO,O00,OOO more money |
and urges national bankers to rush in |
the bonds and take out circulation to
the full limit allowed by law; that there
is q chance for great profit in doing 30.
The New York clearing house has already
issued $36,0OO,0OO of clearing house cer-
ti6cates which take the place Of so much
money, and the orders are already in to
the secretary Of the treasury for large
of national bank bills. Messrs.
Fisk say there are bonds enough avail
able for a further issue as stated, Of $780,
100000. AS the bonds out are only $751;
100000 and the present circulation is