New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-11
HHEtT AND .SILCER.

III
The lowest price for wheat ever made comes
on the same day with the lowest price ever
made AT London for silver bullion. These are
events OF especial and by no means pleas
ing significance to two large classes Of pro-
duccrS. the growers Of wheat and the miners
Of silver. Wheat is the money crop of the
| Northwest Many thousand farmers depend
upon their sales Of this product for the cash
they have TO pay for supplies purchased during
the wear. for the comforts and some OF the
neccssarics of their homes. for the clothing of
wives and children. for furniture light, books
and papers. for the principal or Interest on any
debt that may be outstanding, and often for
wages of hands When wheat brings $40
less for every thousand bushels than it brought
a year ago the resources of farmers for every
thing except the bare ncccssarics of life are
materially restricted. No one can calculate how
much disappointment. privaton and real want
or serious sacrifice such q decline involves 10
the great army of wheat growers.
The miners Of silver are also many thousand
strong. They receive good wages. but live in
regions where the cost of subsistence is exceed
ingly high and 10 them also IA decrease i'll
weekly or monthly receipts means serious
change in condition. \ part. AT least. OF IN"
loss involved by the fall in the price OF silver
must fall on them. because there ar" many
mines which cannot continue in operation while
silver brings less than half lis former price
without some reduction of wages Moreover.
there are many mines which cannot b" operated
nj all with profit until silver commands a bet
ter price and Nh" larg" number Of miners
thrown ont Of employment 10y the closing OF
such mines naturally seek work elsewhere AMI
by competition dcpr'ss the wages If those yet
employed Until within The last twenty years
silver had nryrr fallen below - pence per
ounce but il has now sold at about - pence.
The great bodies of producers who are thus
subjected to serious losses ana trials ar" much
inclined 10 regard the fall In silver AMI the
fall in wheat Is bearing 10 each other Tie rcla-
ton Of cause and cnc'i. Evidently large pro.
portion Of them believe that silver has been
ariiclally depressed 10y The action Of various
Governments AMI that cheaper silver has prac-
tically lowered the price Of whca; cXp'riahlr
from India and other ~iivrru.in. countries.
In this idea they are Prone to regard the r'soia-
ton Of silver to full coinage the ouly remedy.
Farmers think II would make wheat worth over
81 per blIshel. Miners think il would make sill
yer worth 81 per ounce.
This reasoning does not take sufficient account
Of the fact that progress In Industries and arts.
reduction in the cost Of transportation. AMI IL.
crease in the efficiency 81 labor through Use
Of better machinery and appliances have affect
al the prices both 81 silver and Of wheat Ia all
producing countries Other products oi almost
every kind have been chcap"ncl Ly u-r of
better machinery and methods. and 10y better
facilities for transportation. AMI many of them
have been more reduced in pric" than wheat %,
silver Iron and ali its products hav" been re-
duccd more than half in price during The last
twenty years and II arly all textile fabrics ani
other articles almost without number II is m
assumption not warranted 10y facts Ia suppo~"
that but for the action of Governments THESE
two products would have maintained their
former prices. while all others declined greatly.
although the actual cost of moving wheat -
market has been reduced more than one half.
There is also the further fact that attempts 70
resist the natural decline 10y artificial means
have worked great harm 10 producers Of silver
and Of wheat II recently shown that the
legislation providing for arbitrary purchases Of
silver by Government had been followed in each
case by great increase in production and
great decline in price Wheat has been de
pressed in like manner by Systematically false
reports Of yield. which have caused year after
year powerful combinations Of operators To
maintain artificial prices. thus preventing The
natural distribution Of the Nations product. I'M
I'll the quantity of unsold wheat In sight has
been for years past about twice rs large rs in
former years. This accumulation Of stocks. the
result OF false information Systematically circu-
lated, in part by organizations Of farmers them
selves, and the spcculatlons thereby cngendcred
have done more 10 produce the phcnomcnaly
low price Of wheat than any increase in move
iIvor ,isiu
in the price Of wheat shipped from those coun
tries