The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-09-26
BuShe1,

|.
1893 1870, 200 900 SO
These statistics conclusively disprove the
governors theory of overproduction. But
when we take into consideration the in
crease of population it is seen that the per
capita production of wheat is steadily, has
been for these seven years at least, the
decrease. If production had been the con-
trolling factor of wheat prices of late years
wheat would today be a dollar bushel on
the farm. And production ought to be the
controlling factor and is SO, under a just
and equitable system of economy.
Now then, is it under consumption that
makes wheat low? To some extent per-
haps. and yet it is doubtful Food Of some
kind people must have and what substi-
tute is there cheaper than wheat at pres
ent prices? Nor does under consumption
at all account for the 1uctua ton of prices
from 1887 to 1891 nor for the drop of over
~ per cent since then. If there is any
flaw in the above reasoning 1 wish some
body will point it out
Hence l hold as an unavoidable conclu-
SION, that the low price of wheat is due to
contraction of the worlds money volume
Nor is this fact denied by anybody who I'M
derstands the question and is willing to
speak the truth. This phase OF the money
question was thoroughly discussed at the
brussels monetary conference in 1892 Mr.
de Rothschild did not evade the question as
politicians try to do here, but said Il hold
that wheat at 30s a quarter instead of Ass. is
rather blessing than otherwise" Mr..
de Rothschild is consistent in his views
He wants cheap bread for English opera
tives so that they can make cheap goods
and underseli the world He cares moth
ing for the British farmer as long as he
| can get cheap food from abroad. He would
no doubt like to England vast deer
park for his lordship to hunt in. But what
ever farmers may think of his principles
he is at least frank enough to speak right
out ana not try to pull wool over the eyes
of the farmer by talking about over pro-
duction as the cause of low prices. But
there is direct and positive evidence of con
traction of the money of the world in 1892
and still going on sufficient to account for
the fall In wheat prices. Let me make
brief statement The money standard of
the worlds wheat market is gold. The
worlds money stock of gold is less than
| $4,000 COS 900. Half this amount has for
years been locked up in European war
chests and national treasures. Three quar-
tiers at least of the other half is boarded
| in private vaults. Whateve gold there is
In circulation in the world in easy times is
Immediately boarded at the first sign of a.
panic anywhere. In 1891 and 1892 a great
scramble for gold began in Europe lead
ing to large importations from this country
Comptroller A. B. Hepburn, in his report
Of 1892, December s. speaking about the
large outflow of gold, says: 1.-The finan-
cial needs of Russia and the accumula tons
of gold by Austria Hungary, with a view
to the resumption of specie payments upon
gold basis, caused a premium to be paid
for gold exports and was important
| cause of this outflow" Then the policy in
augurated by Secretary of the Treasury
Foster of redeeming coin treasury notes in
gold only-of making our silver money and
paper money by law redeemabe in silver
redeema bic in gold-made a further enor-
mously increased demand for gold. This
was in fact the decentralization of our $780,
hp Of
money of ultimate MISUNDERSTANDING mon
ey as the Republican platforms have held
silver to beto the position Of representa-
tive money like treasury notes, redeemable
in something else. The repeal of the Sher
| man law was simply a ratification of this
silver redemption theory, silver demoneti-
cation, by congress.
This increased demand for gold in Eu-
rope and this country caused the increased
commercial value of gold that accounts
for the decreased value of wheat and
ether stable commodities It is the only
possible explanation of the fall in wheat
prices in 1s91-1S92. 1 defy Gov Nelson or
any Of his satellites to show any other
cause of the decline in the commercial
value of wheat while the per capita pro-
duction is steadily decreasing. They can
not do it.
Now, then, let every wheat farmer of
this Northwest understand that the Re
publican party and the Democratic party,
III following the policy OF secretary roster
and joining in defeating the Sherman law
in connection with the Rothschlds of Eu-
rope, are directly responsible for the low
price of wheat. / might quote the highest
authority of Europe and this country in
| political economy to corroborate this sim
pie truth, but it is unnecessary, as every
| thinking man can see it for himself when
his attention is directed to the obvious
| fact in the case
Now, brother wheat farmer when Gov.
Nelson comes around again and tells us
that over-production is the cause of low
wheat prices shall we stand still and swal-
| low this insult to our intelligence? If
we are intelligent citizens that know our
rights and dare maintain them, and not
simply voting cattle, the old parties as
sumo we are shall we not raise up in our
manhood and challenge him to refute if
| he can the statistics of Secretary Rogers
or of the government official of his own
party administration? If we dare not do
| that if we dare not think for ourselves,
we are not fit to be citizens.
And what remedy does he propose for
| our relief? Quit your business and go to
raising something else. Yes, we know
| that remedy; we have known it for a good
while. But have we not capital invested
| in wheat land and teams and machinery?
| And this is all most of have; it is our
hard earned savings for perhaps a life
| time, and before we can gst into that
something else we are out of house and