Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-04

Yer on private sccou sr,', hours IA
cents an ounce These are facts;
Il fell because the dema.A for u was
materially Iesscned. II the demand tor ~
Is Increased II will rise anu s 49, the
benefit OF exchange In my honest op',a,
Ion the fiftv-three cent dollar VIII 90 20
one hundred cents In forty-eignt hotl ~
after free coinage Is established In tnis
country. and will remain at that price,
tust as n remained from 11s2 TO lSsS. ine
daee OF fits characterization III tnis
true the one hundred gold collars vi W.
liverpool commission merchant VIII nos
buy more than one hundred silver doiiars'
and British India snd all Asa VIII m
stantly lose the benefit or exchange vince
IS now seriously injurg the SAFE OF Vu.
PRODUCTS 1t seems TO me this Is no,
hard to understand. 1t Will follow tna'
we will resume Immediately the poses,
sion OF tho European wheat mafne r1a. 90. Of
wheat will never again 20 below sey ,,hs
five cents a bushel, and the ikeunoou
rs that IL will remain around dollar q
bushe and corn and cotton anu 'A'''
will rise In the same propofuoh.
THE WHEAT YIELD.
II f. said that the average consump,,
ton OF wheat amounts 20 "a n ststea IF
America. II this is correct. II taxes
ss5' 10000 of bushels for homo consump.
ton. Our average crop ior s sis 600 40
bushels and II Is much less tne pdesSia.
! wear Il IL not insisted that these figures
are strictly accurate, but they are at
proxmately accurate ana suleen ,ss i eso a.,
| Tor export. which is less than Europe
needs The world Is not suHeIin from
an overproduction OF wheat. am as
tonished that 50 Learned nahSsv a o man the
| University of Virginia should have 1alleh
| into this grave, and, for him, unpatuou-
able error, / can account for IL ohiy py
| his blind zeal for the cause OF g1lu' II ~ y,
| undoubtedly true that the population Oh
| the world is increasing faster IN proper,
| ton than the production OF wheat II
| would make this article too long 10 gVes
| the necessary statistics, but II rs lacl
| that no intelligent student Will uehy.
| Ex-Governor Foraker attempted the other
| day to disproye IL. and used con,einp-
| tible subterfuge. In the place OF taxing
| the average crop or wheat. ne seieStoI
the year in which less wheat was raiss sd
| than az any time in twenty years. and
| thus have no doubt impossu
upon and misled many Peopie Mro
| believed his statement. ms nay,
perhaps be excusable in man
| like him. but the same excuse cannot DC
| made for a gentleman who teaches nus
| tory In the greatest institution OF learn
| ing In the United States OF America.
THE RISE IN THE GOLD DOLLAR.
The decentralization of silver has enor-
| mously increased the purchasing power
| of gold. This fact Is OF commanding m
portance. Silver bullion VIII ouy a. ,i uia ~,
| OF the products OF the earth as II ola De.
| fore IFS characterization. IL is not tilat
| silver bullion has fallen 80 much when
| has done the injury, though that is uaH
enough. but II is the fact thar the pui
| chasing power OF gold has risen, IL Is
| a momentous fact that almost an asrl-
| cultural products have fallen In the same
| proportion as silver bullion. Inc pui
| chasing power of gold has appreeiaal,se,o
| and Increased i'm the same ratio. rms
| can be demonstrated. A gold dollar now
| buys two bushels OF wheat. Wnere IL
| ought TO buy only one. That the pur-
| chasing power of gold has appreciated Is
| mission. / have never seen 1t proved
| anywhere with the clearness when
is shown in the report OF the
bimetallist members Of the German CON,
| mission made two years since. which -
| signed by Otto Arendt, Won haTuoiI
| Wabnitz, Leuscher, Won Schalska, ana
| Wulfng. These are among me Ess
| eminent fnanciers in the entire W.,
and | earnestly commend their report 10
the consideration Of the public.
| To compare the feeble productions OF
| the literary hacks like Edward Atkln-
son and David a. Wells with these men
is like comparing a sputterinn,s .ai AZ
| tinguished fnanciers say in their report
1--WE consider 1t proved by science and ex-
perience and partly, in fact by the az
| missions of prominent adhetehts Oh Tue
| cold standard that the power OF goa 10
purchase goods has risen since the gene,
| raj extension OF the gold standard, Is sun
rising. and will continue to rise. Inc
reader will bear in mind tne TACT that
this WAS written more than two year
since. and the purchasing power or goid
has enormously appreciated ana m
creased since that time. These great po-
litical economists state In their report
that the rise in the purchasing power
OF gold was predicted by Wolrowskl'
Ernest Seyd. f. ID. Lavelye, Carey.
Robert Giffen, and DR.. Bamberger: IN
deed. 1t was the avowed effort OF tne
last-named men TO cause an increase III
the purchasing power of gold by the de-
| monetization of silver. 1t is needless 10
say they have successfully accomplished
their purpose. The same eminent Oerna. !
| bimetallists in their report state uat
"any farther extension OF the gold system
must lead TO business Crisis
such as the world has never 4SSeett
passed through" Thfy ,,o state e, si 1Har
to its former coequality with COLO as
monetary metal can bring the needed re
lief" They state that II silver was re
| uonetized'' the persistent fall OF genera
prices would cease; the prices Of all pro
| ducts would be determined in a norma
way, and agriculture and other indus
tries would flourish anew; that WI.
| take Industrial enterprises and the rat'
| ~ interest would rise. working an al
| vantage 10 capital. which fully make'
good any possible Elimination in the pur
| chasing power OF money. Public incom
swells permitting an advance IN saiarle'
of officials. iiourshing conditicn OF gen
eral Industry enhances the demand 10
labor and betters the situation or IN
laboring classes.
THE PRODUCTION OF SILVER.
Is IL necessary to quote more from I'M
solendid report? | think not. VIII All
one more important fact. IL Is tnat au
ring the last five years the Worid Pr
auction of silver has been less than tina
| OF cold and the carbonate ores neces
sarv for smelling are becoming exhausted
| Thi, Is q significant fact | cannot Gus
| this article without presenting one COZ
sideration which IL worthy OF the mos
thonrhtful reflection. and IL u tha
Money is the creature OF law. Nlthou
| law n cannot exist These are not M
| words They are almost the exact IAN
s,ioge OF MIR. Henri Cernuschi, admi'te'
10 be the greatest living hnancier oil ~
entire world. And VIII aaa 10 ,p gnn ii
| words OF Senator John warwick DaiilSi
ar aoislafion alone accomplished III
downfali of silver and Legislation alon
will restore It," T., A..
" free silver Is accomplished in this
| country. there will be. perhaps. less sliVel
coined than. perhaps, ever before pe a.. !,
notes representing IL Will be used IN lts
niace Ii will be a good bank reserve
and there will be no necessity Tor u;
ac,nai coinage. I'D certum est quoc
hottest reddi certum." 1t will be, speakins
rromnaratiyely. actual money that Is
silver bulllon). just as gold bullion now Is
The free coinage OF silver VIII act au
tomatically. and In an instant AMI, h hnco r,,'
| ~. ac,ual representative OF so many