New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-10-15
WHEAT AND SILVER.

More complete and convincing demonstration
of the faIsi,v of silver theories could not he de-
sired tlan the course of the market has been
supplying for som. months past. While silver
has been steadily falling. because OF the heavy
sales in foreign markets of bullion that WAS
held bv mines and smelers and spectators
here The price Of wheat has beer rising very
remarkably for several weeks. On ihe Isl or
July No. / Northern wheat was sold FOR cash
i'm \ew-York AT 81 81 cents and although The
rise began in the latter part Of that month. me
average of daily quotations here for July was
only 60 cents per buShel which was the low
es, since early in 1880 on the same day bar
silver sold here for 90 cents per ounce ana
tho average for the month at London was only
n 46d per ounce more than I'D higher than
i'm january. 1895 Wheat had been falling for
months and silver rising. II was not then an
,icipated that foreign supplies of wheat wouid
he short while the supply carried over III TINS
country was known to he large. The silver mis-
sionarieS wen, up and down. all over the WEST.
declaring that cheap wheat was the obvious
consequence of the extreme depression Of silver.
and ignoring the facts which had developed dur
ing the first half Of the year. even as they now
ignore the course of both markets
Since July wheat has been steadily rising.
and while the advance was at FIRST attripu'ed
IN speculatiye influences. better reasons are
now perfectly well known. The Governor OF a
Russian province. now in this country. mas pu'
recently told Of the partial failure OF the whea'
crop in some of the most productive provinces.
and vessels from San Francisco began loading
with wheat for India more than week ago.
for the first time in history, II is believed.
Statements autographed from that point To com
mercial agencies We're that engagements had
been made already for 10000 tons OF wheat 10
be shipped 10 India The European statlsti-
cians reckon that supplies from other countries
than the United States will this year he nearly
100 600 600 bushels smaller than last wear. ana
the official report of the Department OF Agrl'
culture has given them TO understand that there
will be a large decrease in the American Yield
also.
! ON Tuesday The closing price for October VIII
! ter wheat was 14S1 cents. Il rise since july OF
! 49,, cents and in some Of The options the rise
| has been even greater Yesterday sharp de-
| cline occurred with speculative realizing pu'
was at once followed by as sharp Il recovery. ana
the price closed a, 40 cents. This advance OF
| nearly a per cent in the cash price Of wheat mas
been closely followed a, Chicago. where whea'
/ Is now selling at about 40 cents. Nor hAv" IN"
| farmers to bear higher rail rates than were pail
! in summer In brief. reckoning only about
! 300 900 600 bushels Tho quantity sold for dis
! tant shipment. the rise has been worm aDon'
S4O.OOO.OO0 10 the farmers which Is more ihall
the entire value Of a years output OF silver.
Meanwhile the silver market. after some
hichty performances apparently based In part
on dreams Of holders that the people OF the
United States could he forced or bribed to pay
silver miners Il bonus Of S300O0O00 a year OH
their product. or 81 29it per ounce instead OF
about 60 cents, has been rapidly declining al
London under the continued heavy sales ana
shipments from this side The price on Tuesday
and Yesterday GA. cents per ounce here
showing fall Of nearly per cent. while wheat
has risen about "a per cent. II Is not strange
that Mr. Bryan and his supporters perslsen'ly
! ignore such changes as these. No man can OK
plain them without recognizing the fact per
! fectly well known 10 all except the silver fanaf
les that the price Of wheat is controlled by the
! worlds demand and supply. and has at no time
in the last twenty years been seriously affected
! nv changes i'm the price OF silver The price OF
silver bullion itself is in like manner controlled
by the worlds demand and supply. Because the
silver miners have mos, foolishly encouraged
each other TO increase the output OF silver enor
mously. in spite Of the weknown fact that th'
worlds use of silver was steadily decreasing
the price has been greatly depressed. No Other
cause has done much TO deprive silver of value
as the persistent agitation Tor An impossible
restoration of IL TO monetary Use by free coin
age. ON the other hand. 10 other cause has
done so much to depress the price Of wheat II
this country as the conduct OF the silver con
spiruors in defeating any remedial Legislation
for the brnefi; of the Treasury the industries
of this country. on the highwayman's theory
that they could cOerce the United States into
free coinage. The prostration of industry, the
alarm regarding the Treasury and the currency