The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-05-28
WHEAT AND s1lv.s.
4 Review ~ Pvsce Mevemenes oinse
1879.

EEArrLH, May - 1904.
To THE kpIroR: In . recent editorial.
May II. you quote appfoyingly and en-
deavor 70 sustain the statement Of Mr..
Marshali In the New York Sas that ''it
II idle to contend that the decline in the
price Of wheat has been caused BY the de-
monetixufion Of silver" 10 II also de-
MED by Mr.. Marshall that the s'prics has
risen or fallen concurrsntly with silver"
The articles in the New York Sun re-
ferred TO by You and upon which Mr..
Marshall bases his opinion were written
by Mr.. G. Wood Davis, Of kansaA Mr..
Davis has justly won high reputs by in
teresting and valuable. though perhaps
somewhat speculative treatmcnt Of aEri-
cultural questions, and especially by his
rather startling conclusions respecting the
worlds future supply Of wheat
In view of the history Of prices since
1873. il is difficult TO understand how il
can be denied that wheat and commodi-
ties generally have fallen in price since
1878. II not with exactly equal steps. with
sufficient correspondence with the fall Of
silver TO warrant the inference that there
may be q closer relation between these
price movements than mere coincidence,
Or that all may be moving under the same
universal iniiuence--the rise in she value
Of gold.
Mr.. Davis claims that there is no other
relation than coincidence, and, to main.
tain his ground. he points out variations
from uniformity in the declining move
ment Of wheat and stIver--that for exam.
PIE. heat rose IN 1854 5 from 6 to II cents.
while silver fell from Sill 70 $i.06 The
argument which resss upon these varia-
tons would be good only upon condition
that there are no other influences than
that exersed by the fai. of silver. or tho
rise OF gold, 10 modify the coarse of prices.
There are. however, other influences, the
most important Of which u that Of supply
and demand. You have recognized shis
in your references 10 the growing EXPORT,
of Russian and Indian wheat Temporary
variations prove nothing IL uniformity pre-
walls ~ rule, or II the variations arise
from temporary causes
Silver has declined in value measured bv
gold with comparative regularity since the
downward movement began in is7a vayi.
atoms from regularity Of decline CORE
srond with important acts of legislation.
The first step downward followed upcn the
act Of the Uniled States, hostile to silver.
IN lisa Then came the partial suspension
Of silver coinage by the Latin Union in
isTA This Was confirmed by the COM
pisse suspension of silver coinage
~ the Latin Union in fS.s The
Rand act. and subsequently the sher.
raan aes in IsA checked the de-
cline partially. Bat the downward move
rneat was resumed With greater intensity
uTon the eIosEng Of the Indian mInss and
the rp~si OF the Sherman act in 1854
II We exclude hostile legislation il will
be difficult 10 discover in the production
or Use Of geld and silver any adequate
cause for the sudden rupture az those re-
aatsons hetwsen them, which had been
maintained with substantial uniformity
tor mere than two centuries.
From iS-n. when tho silver proiucsion
OF Spanish America began TO be fe.s, IN
II 1850, when the gold from California va.
Pat upon the scais. the ratio Of the rro-
duet Of geld 10 that Of both metals did nas
vAsy essentially fEoU Apsx cent. Daring he