The farmers' union. (Memphis, Mo.) 1891-1895, 1893-06-15
GOD AND WHEAT.

in operation to bull the price Of gold
is n,ce,ing with a ssssess~ that is in
,si<a,ed By the decline in wheat, IN
securities, in aIl values measured by
gold and bv the contraction Of credit
w the basis OF final settlement in
gold.
An increase in the price Of gold
means decrease in the price VI grain
~ we'll ~ Of all speculative securities,
II these commodities arc measured
NJ they are now, in HOid.
II IL easy to see the connection
between the increase Vt gold aud the
decrease in the price Of other cum.
mOdlsies incident 10 them. 1t may
not always be appearcnt IN the average
for single year, but in n decade II
forces itself Old attention.
With q famine IL Europe tile lie
maid for wheat may be 50 great AS ~
overcome the effect If the contraction
Of the money supply, but rs soon as
the cause for high prices is removed
wheat falls ut once " the price fixe,l
by contraction. Or course there are
many other causes which enter INTO
grain prices, but in u per.nI Of ten
years It CAN he seen that rs gold II
forced up wheat is forced down. We
can get u, this by comparing both
golA and wheat with silver during the
period since 1880, taking the figures
from tue Statistical Abstract issued
by the treasury.
In 1890, when an ounce Of gold
could bc bought for 1895 ounces of
silver average annual price,, wheat
MAS worth $l26 busiel as the
average for the year. In 1881 the
price vi gold had been bulled u Is IL
in silver, but wheat nevertheless
increased 5 cents bushel ON the
average for the year, and it was not
until the next year that wheat showed
Us distinctly AS it had oeen showing
it every since that "hIllii.g" gold is
bearing" The p,ice of our agricultural
staples.
In 1884 the price of an ounc, of
gold had Increased fir iii 1915 ounces
Of silver to 1887, while wheat had
fallen to $l.17 u bus,Iel The next
year the gold manipulators gave y
sudden twist to the market and sent
that metal up to 1S.4l in silver
gain Of over an ounce in the price
Of gold in five years as measured by
silver. In the same time wheat had
fallen fIom $l.26 to So cents. With
various fluctuations this increase in
the price Of gold has increased until
the present, ard with the related
fluctuations wheat has gone down as
gold has been forced uD. In 1892
the bushel of wheat had lost over 36
cents So compared with the price Of
1880, while tue ounce Of gold had
been tuiled to a price amounting to
over Ave ounces OF silver more than
could he got for it in 1880.
1t will he said that though wheat
goes down as gold goes up, the all
vance in gold Of rccen: years has
been more rapid than the decline in
, wheat. This is because extreme
pressure is being brought to bear
through Government. policy here anfl
in Europe to Increase c.'prlco Of gold
and that this pressure affects silver
more than it does any other article.
though all arc affected by il. Silver
10 the first to show the succe, s of the
attempt to bull gold, but every thing
else necc-sarially shows it in greater
Or less degree as tile supply Of the
commodities in question is greater or
less than the demand.
In general way, the causes which
have governed prices in this count y
since 1873 may he stated rs supply
Lapd Jsnand, the effect Of the pro
;, Tie 1.-THE movement to
daruo Gemonetizing silver.
cd 'oh .1ScS o. tile protective tariff is to
! increase the demand f'r gold, and
thus increase ITS price as measured
u, wheat and other agricultural ex
ports. and this effect is cOmplenentetl
by the financial policy Of demone.
tizing silver and making gold the sole
money of final account in settle
mcnts which call for coin. This pol
icy completes what has been begun
by the protective tariff in its effect.
Oh our agricultural expors, while on
such commodities IRE speculative
securities it is most marked ut times
when thoee who control the GOLD
supply make q sudden bull moye
ment, a. they have been doing this
year. This contracts credit with
great violence, and the result Is the
demonstration of the entire iDalquac,
of the gold supply to resist the mani
pulation which suddenly forces vas
amounts Of private paper out of nst
rs medium of exchange as the
holders of gold withdrawn coin Of thai
metal or allow it to be used withoa
inorslinate restrictions.
! The Treasury policy of the Hari
son administration precipitated the
present stringency, and there is NJ
remedy for it except in change o
this policy. If the policy OF usin:
the Treasury 10 bull gold by using j
to redeem silver, or, what is the SANE
thing, the note issued ON silver, coul'
. be continued until the end of the II
r years, We would have wheat ut lcas
: 10 cents lower than the abnormal,
price at which it is selling now.-St
Louis Republic.
An English Boy on National Banks.
The following letter WAS re<.entl,