The record-union., 1896-10-21

or crop in India. The EXAMINER
Continues:
And the same circumstances that
raises the price Of wheat depresses that
of silver.
Does it, tndeedf And this Is frankly
confessed After Al this chatter about
the abreast habit OF silver and wheat,
here We have the news that a hap in
far distant country may send one
Stunning this to be true-thoush at best
1t can be only a partial truth, since
| other reasons, and foreign ones, too, far
away from India, operate to send Sill
yer down-admittin it to be trua, we
say, how under the sun Is free coinage
at 16 to / to operate TO change these
circumstances"
The American farmer wants to be
able to live comfortably under ordinary
conditions. He does not wish to depend
upon an Indian famine and a simulta-
neous shortage in the crops Of Aus
tralia and Europe for a chance to get
| living price for his wheat, and he
does not think that a furry in the mar
ket just before election, doubtless
helped along for political purposes, Is
sufficient to offset the melancholy ex-
perience of a dozen years.
And this Is the conclusion of tha
| whole matter by the Examiner" A
weak and impotent one, coupled with
mean insinuaion that the advance OF
$110. 0.O0O 900 in the wheat values OF this
Nation in the last few weeks Is due to
the outpouring Of money by the friends
Of William Mckinley. 1t was needed
there should be just such an intelli-
gence as that of the Examiner to
project such an idiotic excuse for a
perfectly natural and easily explicable
rise in the price Of one commodity and
the fall IN the price of another. The
true explanation was made in the
Record Union" yesterday, and COM
mercial authorities quoted IN support.
Our f1atulent and pictorially suggest
i've exchange evidently discovered over
night that 1t had stepped on itself and
accordingly came to its own rescue yes
terday with another explanatory arti-
Gle, in which it says that the shortage
or 1S0,000.000 bushels Of wheat in ex-
PORTING countries is the real cause OF
the present boom In wheat. On Mon
day 1t was "a furry and one chief
cause was alleged to be money use by
the managers of McKiniey's campaign,
who have had, according to this astuta
critic, gone into the wheat put to make
votes. The very next day the boom"
is accounted for in the same columns
on the basis of shortage, with the ad-
ditlona1 statement that 1t Is because
''of a revolt of the growers against an
intolerable situation, aided by favoring
natural conditions"
Here we have chatter of a revolt
when the contention has been and Is,
and 1t Is true, that wheat prices In the
markets of the world find their first
expression In Liverpool.
The Examiner cannot however
permit a single ray of sunshine to In
ger longer. It would not do In this
calamity campaign-it might cheer
voters. Our forehanded contemporary
therefore. proceeds to kick over the
SLUO, ,0OO, 900 benefit the boom" In
wheat has been to the country. by iu-
gubrfously prophesyfng that while the
farmer Is smiling now, nay, fairly grin
ming, he Will proceed to be an aSs by
sowing so fully as to lead to an inn
StaA
season, and that will knock the bottom
out OF the market again, especially If
we fail TO provide for a sufficient money
supply at the coming electtona II the
growers would sternly resist the temp
tation to sow wheat all over the face of
the country they might have a reason
able expectation of prosperity, regard
less OF our financial policy
What? Regardless of financial pol
icy? Regardless Of free coinage and
silver abreast" and all the rest? The
two Willies should step over and look
after that organ Of theirs It Is ratified.
A committee of the San Francisco I'M
provement Clubs has sent out a. circular
addressed to the electors of the State
asking them to vote against Amend
ment No. l to the Constitution, intended
to abandon the mortgage tax now i'm
posed. The committee claims that the
law as it is works satisfactorily, a con-
clusion that we do not think can be
reached by those who have carefully
noted its operation. It Is claimed that
experience shows that by the adoption
Of the present law interest was not in
creased by the amount Of the tax, but
that since the adoption Of the law in
terest has steadily declined" If 1t Is
true that interest has so much fallen,
and 1t has decreased, IT is not at all be-
cause of the mortgage tax but for rea-
sons wholly unrelated TO it. It has do
clined all over the Union, and as much
and more In States and actions where
such law does not obtain. The declina-
ton of interest and the constant mar
rowing Of the margin of profit for the
use of capital IS a matter with which ell
the people are familiar. They know that
In their own midst such defamation has
gone on in California. among financial
activities where the question of mort
gage tax does not enter at all. But as a
matter Of fact the interest rate Is