The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-31

CURED in payment for his importa-
lions.
EviGen e of the correctness Of these
points can be multiplied without END
One of our CITY papers lately quoted
"a New York financier as say ing:
There can be little doubt that silver
is depressed in London to knock down
the price of our wheat. The price of
wheat will be governed by the price of
silver
The New York EUening Post, a gold
standard paper, of August IL, said:
This weeks silver trading has been
of very unusual CHI Lracter. 1t Is I'm
mistakably i'll the nature OF q pear
movement against the metal II ln. l.
| cations are to be believed, the cerIIh
Gates being sold here are for the ac
| count of a London syndicate which Is
| heavily short of rupee paper To break
the price of silver i'll such Il market as
our own II Quires No great genius, yet
il the l. ,udOn price follows the New
York price down, rupee paper must
necessarily decline along with it, CIV
ing London bears q chance TO I'VE Il
Iudian exchange. This Is what the
trade would call a very pretty specu-
laJIve operation "
Walter B3seh0t, who VA One of the
greatest of EugIanU's economists, IN
writing some years ago on these sub
jects, said:
The silver price Of Indian com
mOdities in India has Mt as YET risen
much, though silver has fallen here as
compared with gold. and there is,
there ore, more profit than there was
III exporting them; they Il De bought
for The same sum in SILVER, and that
silver can be obtained more easily. The
deprecittion Of silver l. an encourage
ment to English capitalist It's to buy com
mOdibIeS-JuOe, cOcton. indigo, or what
ever il may be-in Indi.; such COM
modItiCs are sold In rupees til 1t Is, In
sIiver-in the Calcutta markets. Now,
an English capitalist must first buy his
rupees The cheaper, Therefore, he can
buy such rupees, the better has opera
ton.
Toe nee ssary effect Of d deprccj2-
ton of silver as against gold Is to give
a bounty on exports from lnfIa n
other silver using countries to England
= r = An English merchant can 0
buy many more rupees than he form
prly could with the same number Of
sOvcre,-ns. an /, therefore. he eau i'm
port from India. though prices ut Gull
cutta are nos at a level At which 1t
would have paid him 10 operate If he
haG not had that novel faculty for get
ting rupees We must Cb serve that
thus process Is not AZ all bad for the
trsGe If England"
Beerbohm, VINO lately died, was long
tue accepted authority and stacIsCIan
of the English 4rAIn trade, as all gram
dealers wlil admit. In NJ Of MS
Trad List issues Of this year, re
vic"Ing the more favorable conditions
OF the EngIi-h wheat trade with India
over last ear, he says:
Tine ma erIal decline in the price of
sllv.r and n the ruIce exchange has
naturally facIiittJed shipments consid
erabiy. = Indian wheat III be
sent TO this country for about 2 shll
Iing5 per quarter less than at mis- Tins
last year, leaving The Indian producer
the same net result"
The difference he refers to amounts
to ABOUT S cents per bushel.
In an Interview published in the
Denver Republican Of October Is, Mr..
PrOvend, a member from Glasgow Of
the BRUSH Parliament, said:
THE decline in silve" has made
wheat cheaper. The wheat market
taxes It's quOJaClOHS upon aSllVeF oasis.
India Is paid for its wheat IN sil yer,
and as that country is a competitor Of
the United States in cereals, 1t has
forced the price Of wheat down in
America"
The evidence could be multiplied I'D
LibitunI
Against this state of affairs the
American wheat and cotton growers
have, for the last nineteen y ars, had
to contend.
The following table shows the aver
age prices of wheat, cotton, and silver
for the years named. It is from a
sourc deemed reliable, and Is believed
to be correct 1t Is certauIy approx
mately so: