The times. [volume] (Richmond, Va.) 1890-1903, 1895-03-28

whole earth. but that, on the contrary a
time will come when II will have Deeh en-
tireIv absorbed by industry tchap' X, -
10N He then goes on 10 snow that sh
YER will become the standard melal Oh
the Garth" and winds up the remarkaoie
work in these words: The question 10 nv
Ioneer whether silver will again become
a fnll value coinage metal over the whole
earth hut what are 20 be the trials
through which Europe is TO reach that
goal?' . -.
t,oord's argument. The able nnanciers OF
Virginia will, | hope answer II fully
Yours truly.
JOHN LAMB.
The above letter from Mr.. John Lamb,
Of Emporla. Va, is in answer TO the let
ter from Mr.. Foord which we quoted a
few DAYS back from the New York jour
nal Of Commerce. Mr.. Lamb. we think,
does not answer Mr.. Foord. but we be-
Iieye in full and fair discussion. and a
change of mind about free silver can
only come about by fair argument, so
we give him a hearing.
Mr.. Lamb quotes. as all the advocates
by the Englis.I bimetallist. Moreton
Frewen, that there is some sort OF
magical connection between an ounce
of silver and a bushel OF wheat, which
makes the one always go down just as
the other does, and vice versa. The
idea is as quizical as anything can be,
and ought not to find any place in the
minds of thoughtful people. However,
as all the free silver people believe in it,
the New York Sun year ago made
full and complete examination into the
facts of the case. and published them.
We reprinted the article on the 18th Of
April, 1894. and had supposed we should
never hear any more about this wheat
and silver ghost" story. But since MIR.
Lamb has brought it forward again, it
is shown that the old yarn is still ac-
cepted by some people as gospel doctrine,
and we don't think, therefore, that we
IAN do anything better than to surren-
Ter our editorial space to-day to a re-
production of the Suns article. This
article does not limit its medicine to
he free silverites who believe in More
on Frewen's ghost story. 1T doses all
IF them who think there is any relation
the decline in the value of sill
yer and the decline in any other article,
Except that which rests upon the law OF
supply and demand, and we can there
fore confidently recommend it to all per-
sons suffering from that condition of
mind Known as advocacy of free coinage
as a safe and certain cure. The article
s as follows:
The NEW YORK SUNS ARTICLE.
In recent communication to the sun,
Mr.. Henry Nelson, Of Stone House. Neva-
ia, questions our statement that:
The price of wheat has long been dOm-
mated by our current exporting power
Mr.. Nelson says, in substance that the
prices for wheat and al other things
that men have 10 sell. have been dom!-
mated by the price Of silver: that for
twcrty-ons years the price for an ounce
Of silver has been the value Of a .bushcl
of whelt; that prices for cotton, corn,
horses, and land nave been determined by
the price of silver; that the troubles
for the whole world have been caused
by underconsumpt.on, and this by the
app eciation of gold; that wheat has
declined since silver was demonetized,
and that all existing commercial and
industrial ills are due to the dOmOne-
tization Of silver; and he calls upon the
Sun for a candid consideration Of the
matter.
No doubt the consumption of nearly
all the products Of labor IN volume great
ly below the current power to produce.
has been the controlling influence in pro-
ducing existing conditions; but ii is ques-
tionahle If the loss Of purchasing power
by silver, or a relative increase in the
purchasing power of gold mas aided ma
terialy in bringing about this very
state of affairs. on the other
hand. there is i'm the enormous increase
of each labor units power to produce
fabrics Of all kinds. and in an increase
OF the grain and cotton bearing areas,
ton to the concurrent increase Of popu-
lation and the worlds requirements for
food and fibre, cause that is directly
related to the effects so painfully evident
on every hand, If not wholly productive
of them. Still, 1t is well to consider
the relations of silver to eX-
listing conditions and its power to affect
prices, as we'll as every other sugges-
ted cause. and to try to find a remedy
If one is possible.
We have recently shown that after
eleven out of twelve wheat harvests, the
worlds supply of wheat has exceeded
the worlds requirements in ratios rang
ing from TO II per cent, and no matter
how cheap bread may have been, or how
prosperous the people, there has not been
a time within twelve years when the con-
Of wheat could have been in
creased even 10 per cent, as at no time
have tenth of the wheat eaters been
We desire to remind our esteemed CORE
spondent that at M time since 1873 have
prices for everything that men have 10
sell been lower than In the years imme-
diately preceding that time; nor have all
prices for things produced or sold de-
clined. 1t is true that the price for near
ly every product of manufacture has
fallen because Of greatly lessened cost.
while nearly every form of labor has, the
world over, sold for higher prices since
1880 than at any time prior TO 1873, except
when affected by the civil war, i'm the
United States; and as much as labor has
fallen i'm the last eight months, the gem
eral level Of wages is higher now than
In 1873 Certainly. labor is d thing that
men have for sale, and vast numbers of
men have nothing else TO SELL 1t is true
that the products of labor or rather
very many OF them, sell much cheaper
than prior 10 1873, but this is because
of the increased productive power of
each labor unit. and because production
has outrun the power TO consume. There
are notable examples. however. where
the product OF labor. instead of declining
in price, has shown a material advance
since 1878.
Coi1ee Is so important an article of
commerce that we annually import some
S95, 900, 600 worth, vet coffee that sold IN