The record-union., 1896-10-21
A Ratified ORGAN.

The San Francisco Examiner
should furnish itself with a modicuIn of
brains for its editorial department, that
the scavengers companion shall not
constantly stumble over itself in apol-
ogizing. Here it has been contending
at white heat that silver and wheat
prices keep company. Suddenly it dis
covers that this is not true and never
has been true; that for twenty eight
years the unrelated conditions Of the
white metal and wheat have been mat
ters of statistical knowledge in the de-
partments at Washington. On the heels
Of this comes the rise in wheat and the
tumble IN silver
And this Is how the venus miscellany
OF San Francisco attempts to explain
and get itself up out Of the spew Of its
laundering. On Monday it said:
No silver advocate ever denied that
circumstances might arise which would
cause a temporary advance in wheat,
measured in silver or in gold or IN dia-
naonds. for that matter.
Indsed7 But when has any free coin
afirmattvelyG
There IS a certain average consump-
ton Of wheat, in normal times There
Is certain larger consumption which
may be stimulated by low rates. There
Is a smaller consumption which must be
supplied at any price. Just at present
the worlds supply of wheat seems to
be below the normal consumption. India
which has been considered one of
our most formidable competitors in
wheat exports, is threatened with fam
Inc, and has begun to import from US
There are crop shortages in Australia
and Europe, and in this country there
Is only an average supply. Hence the
downward course Of the market, which
has been almost constant since the
adoption Of the gold standard, has had
a monetary interruption.
Sol sol Then 1T is not a law. as the
free coiners all along argued-and it
has been their strongest point among
producers-that silver and wheat keep
company in the worlds and our own
nakets. The decline has had rnomen
terry interruption. has It? But did
that interruption also send silver down,
or was that a mere coincidence? We're
there any causes operating in the
Orient 70 cause a decline IN the bullion
price Of the white metal?
AS matter of fact, from 1862 to
1891, according to the Bureau OF Sta
tistics. verified by the examination
made by Edward Atkinson, the average
value Of wheat in the ten great States
OF the Northern Mississippi Valley was
per ton SGT IS; per bushel, SIS cents.
In no year did the farmer secure 81 25.
The highest price Was in 1881, when
wheat from the tan great wheat grow
ing States touched s1172. Under the
threat OF national repudiation, says Mr..
Atkinson, and the discredit Of 1893, the
average ton value OF wheat was
brought down in 1895 to S16 65.
The CHIEF decline IN wheat prices has
been since 1891. eighteen years after
the so-calIed crime Of 1873" The
heaviest and most distressing drops in
wheat prices were In December, 1884,
and December. 1892, each time innmeli-
ately following the Success Of the Dem
ocratfc party in g. Presidential cleo
tion. The dead level prices have nearly
all been during the incumbenoy Of a
Democratic President In truth, there
is a great deal closer relation between
the low price Of wheat and the domina
ton Of Democratic Administration
than between wheat prices and silver.
To prove it, note how wheat in 1888,
just following the election of General
Harrison, bounded TO the average OF
a2.6 from 6s.7 in 1887.
But the journal of apology and blum
dering continues:
OF course one Of the chief influences
in keeping the prices Of wheat and sill
yer together has been the Indian crop,
bought for silver and sold in the Euro
pean markets in competition with our
own. When there Is an Indian famine
instead of q crop this influence natu-
rally fails.
Than wa arc to depend TOR the COM