The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-21

The present efforts Of the free coinage Of
silver propaganda TO a it appear that
the price of wheat is low because silver is
not full legal tender money In the CONNER
cial world should not deceive intelligent
men who have the facts. Silver has not
been demonetized during the past few
years by any considerable nation. As a
matter Of fact. more silver is used as full
before. 1t is the currency Of the retail
trade In most countries. including Great
Britain and France. More than half the
money of the world to-day is silver. The
last report of the Director of the MINIS
puts the gold circulation of the world at
1901. 5000 0O. and the silver at 1891. 100. 600.
In 1AS the coin of the world was estimated
at $lS5. 0O0.O 600 of gold and 81, $40, OOO, 900 of sill
yer; in 1860 gold money had increased to
ST. 10000 00. and silver to 81. 400, coo. 600. That
is. the worlds stock Of gold and silver
money has increased 96 per cent. since 1860,
or nearly doubled. During the same period
the facilities of exchange nave been so i'm
proved that the coin of the present time
is the basis of much more extensive COM
dollar.
These facts make It preposterous to at
tribute the fall in the price of wheat to the
so-called reconciliation of silver and the
fall in the price of that metal. The ex-
PLANTATION of the low price of wheat is not
in the fall of silver, but the increased pro-
duction of wheat, or rather, a slight over
production in connection. the past year,
with a decreased consumption. A few
months ago, Beerbohm's Corn and Trade
List, of London, the foremost authority in
the grain trade, published a statement of
the wheat crops of the world by countries.
from 1888 to 1893. inclusive. 1t is consid-
cred the most complete statement of the
kind ever published. the statistics having
been most carefully collected. The total
yield by years was as follows: 1883, o.
2O4. 76s. 900 bushels: 1889. 2.12s, s76, 900; 1890. p
214, 1900; 1891, R,319.2 SO,O 600; 1892, 2,255, 800, 600;
1893. 2.251. coo. 1000. The aggregate of the crops
Of the last three years is 6,926, 800, 200, or an
annual average of 2.3Os. 9as. 900. The aggre-
gate yield Of the three first years OF this
This shows an average increase of produc-
ton during the last three years of 1875, 0OO.c coo
bushels over the first three years. Com
pared with the whole, 1t is not a large
amount, but 1t is equal to more than one
fourth the average crop Of the United
States, and above the average annual ex-
port from this country. Going back to the
decade of high-priced wheat, 1S75-S4, the
average of the worlds crop was 1852, 900, 900
bushels, which is nearly 347, 10000 bushels
less than the average yield of the past
duction of wheat and the surplus which APP
pears in all the storehouses of the wheat
growing and consuming countries is the
cause of the deplorable low price. 1t may
be added that in 1861. when the coinage of
both money metals was on the same basis
except in Great Britain. wheat was lower
than now in Chicago. and 10 cents lower in
1852 than now-all Of which shows that the
natural law of supply and demand and the.
ability of the people to purchase control
the price Of an article rather than the
fluctuations of a metal.
AS the calamity politicians on the stump
and the hirelings Of the free coinage silver
mine owners will be making great use of
because silver is not full legal tender and
is not coined on the same terms as gold all
over the world. it is well to have the facts
at hand.