The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1893-07-12
Why Is Wheat So Low'l

confidently that over-production is the
trouble. He chimes in with the bear
grain gambler and talks about the "enor-
mons surplus ON hand" The option
gamblers who largely fix the price point
away from their nefarious methods to the
financial situation" or anything else
that will serve as an excuse Tor low prices.
Another class believes that the demone-
thing of silver, and the discrimination
against that metal by the government are
responsible for the ruinously low prices
OF wheat; that as silver goes lower Eng
land turns to India for wheat thus leav-
ing our surplus OF wheat to accumulate.
The farmers who have raised the wheat
and are compelled TO sell for less than
cost Of production believe that some UNI
Just causes are operating somewhere, and
as a rule, charge it to the combined i'm
iuence Of the Wall street ring and the
board of trade gamblers. "
We believe, however, that a number OF
causes have conspred to ruin the wheat
raiser. While il is a fact il estimates are
correct that there is a considerable visi-
bile supply, this does not provethat there
is an over-production, for there are thous-
ands of hungry people in this country
who need the wheat but can't get it. 1t
would be more reasonable TO charge the
trouble to under-distributio than to over
production. Those who constantly ham
inpr prices down are not only exagger-
ating the surplus, but they speak in un-
reasonably rosy terms of the growing
crop.
The last government crop report esti-
mates that the 1898 crop will fall at least
l00,0O0,0O0 bushels short of the last crop,
which was 5l6,0O0,OOO. This would give
us III, 100000 bushels, which, with the
enormous visible supply" of 65,0OOOO0
bushels, would still be less than 100000
900. OF this amount 3D0,000,000 bushels
will be required at home, leaving no.
100000 for export-much less than the
amount exported during each OF the last
two years II st lE ~, 81
In addition to this, since the last gov
eminent crop report was issued, unfavor-
able weatherin Europe has injured wheat
in many places, and South Dakota re-
ports much damage from unfavorable
weather.
The Nebraska Farmers special cropre-
port says one of the more open facts in
the crop situation of Nebraska is the shor-
tage in wheat, in both acreage and prob
able yield, whether fall or spring sowing.
With Kansas, Nebraska, Missouri and H.
linois, four OF the principal winter wheat
surplus-producing States short, and South
Dakota short on spring wheat, and a
smaller amount in farmers hands than
usual, 1t may be that the visible supply
will not continue so large.
Europe wants about 100000 bushels
of our wheat every week, but as long as
Z the bears are hammering the price down
she is apt to wait till she thinks il has
touched the bottom. Europe could al
ford from money point OF view to hire
the Chicago bears to hammer wheat
down. Who knows but what she does
it?
It-has occurred to us since the Illinois
Grain shippers Association has threat |
ened toprosecute the railroads for hold |
ing cars back, keeping their grain off the |
market thus preventing them from TAX
ing advantages of sudden rise in prices,
that the railroads, millers and bear gam
blers were in collision, and that the pres
ent ruinous prices of wheat are partly due |
TO a conspiracy.
Nobody doubts that the financial strih- |
gency has something to do with wheat
prices; but if that is the trouble why |
doesn't il bring farm machinery, trans
portation, clothing, etc., down? Again,
if the financalsituation or even over-pro-
duction are the only causes, why is it |
that the price of wheat can be made to
huctuate several cents in fifteen minutes |
without any change in the financial stu
alton or the enormous surplus?" Does
not that look little like the gamblers |
have something to do with market prices? |
Wheat and cotton are the principal |
speculative products. They are both low.
Europe wants annually $50, 000, 900 bush |
-els OF our wheat and 8, 800, 900 bales OF our
cotton. We wonder il Europe and the
Chicago wheat bears and the New York |
cotton bears are in collision in hammer
ing prices DOWN. But if the United |
States had free coinage Of silver and sill
yer was to rise TO 1919 cents an ounce in
stead of SIS cents England would then buy |
a great deal OF wheat and cotton from the |
United States which she now buys from
free silver nations like India. AS long as
England can buy silver at SO cents an
ounce and send to free silver India and |
buy wheat with il at 1875 cents an ounce |
she will buy from India while India can
spare or till her required amount is Sc
cured.
A combination of causes evidently eff
fects wheat prices. AS the farmer does |
not fix the price of his own products, it is
plain that those interested in getting
wheat cheap have manipulated the ma
chinery OF commerce TO that end. Evil |
IDENTIFY the bear methods of the grain |
gamblers which is in the interest of Eu-
rope and the attitude OF this Govern
ment towards silver, which is also at the |
dictation of Europe as well as American |
money lords, are responsible for the pres |
ent prices OF both wheat and cotton.
The grain gamblers keep the prices |
fixed for several months ahead, but the |