Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1894-06-29
WHEAT AND SILVER.
THE PRICE OF ONE DOES NOT
AFFECT THE OTHER.
Statistic. Which Show that til. Dcmon..
tixation OF Silver Ia Not the Cause of
the Decline In Wheat-Grover Cleveland
as q Wealth Destroyer.
Would Fool the Farm.r.

In as far as the speech made by Mr..
Chaplain, a member of the Salisbury
ministry, tends to strengthen belief in
a rational bimetallism, founded upon
and made possible by international
agreement, we'll and good. But in as
far as it helps to deepen the entirely
erroneous impression that the fall Of
wheat prices and the decline in the
market value of silver are connected
as cause and effect, it is obe deplored,
and requires Q statement of the facts of
country have been led into the silver
camp by this %fallacious argument.
They have seen wheat prices declining
until the farmers profit has been eaten
away. They have teen told again and
again by the special pleaders on the
silver side that the demonstration of
silver was the cause of this; and al
though there is neither rhyme nor
reason in the argument, their fear that
we may be injuring III agricultural
interest and helping Great Britain
leads them to take every chance, and
yield to a policy of financial destruc-
tion if by so doing we might, haply,
SlNS 9 4llU ~ ~ llCulUuEo dIu CuG rLle
gland off from a cheap food supply.
Flow one the notion is we bro.
pose to show by the facts submitted.
To begin with, Mr.. Chaplain must
not be taken too seriously. He is one
of the outs" who want to become the
ms" and we know that people in that
position are not too careful of their
facts or their premises. MIR. Cleveland
was an excellent civil service reformer
when he was q candidate for office, 1t
pleases Mr.. Balfour and Mr.. Chaplain
to tell the British farmer at this time
that the demonstration of silver is the
cause of his woes The British
farmers case is desperate. The COM
petition of America almost drove him
out of the business: and now, in the
face of a competition which it puzzles
even America to meet, he is unable to
pay his rents or to make his industry a
living one. 1t pleases a member of the
opposition to say that the party in
power has done this. 1t was the Glad
stone government that closed the In
dian minis to the free coinage of
silver; and although that was only in
pursuance of a policy from which
neither Conservative nor Liberal has
swerved in the past, it would be very
satisfactory, in the presence of an
early general election, to make the
British farmer believe that the silver
policy OF the party in power was re-
That is the political milk in the
cocoanut. Now for the facts.
MIR. Matthew Marshall has written a
great deal Of imbecile stuff for the
New York Sun; he has also prepared
an occasional article valuable for its
statistical information, for, while his
theories Of the widest, his facts
are generally unassailable. We use
the statistics presented in q recent
paper as the most conveniently pre
pared for the absolute disproof of the
asserted dependence of wheat prices
upon the market value of silver. The
statement has been refuted over and
over again, but it will bear one more
rating, as long as there are still those
who cling to It. The fact i sthat there
is neither q real nor an apparent
connection between wheat and sill
YER prices. AS has been said aptly
in this case, it is just as sensible to
say that the mercury in the ther-
mometer is the cause of cold weather.
1t is not true that the prices of
wheat and silver have varied together,
or even in the same direction. 1t is
not true that an ounce of silver is
the equivalent of a bushel of wheat.
In 1851, by the report of the Secretary
of the Treasury, wheat was worth
$l.25 a bushel: and silver, by the Di-
rector of the MINIS report, Sl.l4s per
ounce. In 1884 wheat was worth IS
cents, and silver sl.O6A. That is,
wheat declined 80 cents while silver
declined Scents. The following table.
taken from the London Economist, is
conclusive:
Wheat. Silver,
pence. pence.
~
1891. 81
1S0l. AL,