West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-10-29
Its Value Is Gauged Solely by
the Laws of supply and
Demand.
HIGH GOLD; LOW WHEAT
Enormous Expectation Caused by Short
Crops In India, Russia. Argentina
and the United States.
Average Prices Gradually Declined Since
silver Was Demonetized-India Buying
Rupee Paper aud Wheat - specu-
lation Has Only Followed Mate
ural Tendency of High
or Prlces - What Mr.
John Cudahy says.

chicago, Oct 2O.-(Special.) 1.-The re-
cent advance Of IL cents a bushel In
the price of wheat has given rise to con-
hiderahiv discussion rs 10 what ex'rnt
the republican managers have par
ticipated in the advance. Many err
roneous statements are made, among
which being one attributing the advance
to Mckinley's probable election and the
probable defeat OF silver In November.
One republican paper gives credenco 10
the statement that inasmueh as the
value OF wheat 10 the farmers In this
country hns Increased in the neighIor-
hood OF $iOO.0OO.COO. there can be no
possible doubt but that the gold senti-
ment has done II.
The value of whent il gagged abso-
lutely by the unalterable laws of sup
ply and demand, aided temporarily at
times by speculative influences. Spec
ulators occasionally advance or break
the price of wheat according TO the OPP
portunities offered In the exersise of the
business. There are evidences at rhe
present time which show clearly that
either the republican national commit
tee or a syndicate In close touch with
1t has recently been participating in
a speculative syndicate which has for
its purpose the making OF campaign
capital In addition TO few dollars.
IL Is often asserted that during the al
most continual decline IN the price OF
silver bullion since the demonstration
Of silver In 70, the price Of wheat has
advanced. and the differences Of rela-
tive worth have been gradually
widened. That this Is not true is
shown In the report Of the United States
department of agriculture showing the
average price of wheat for tho years
1866 TO 1895, inclusive. Before silver
was demonetized IL sold at sf.2g per
ounce. From 1866 90 1869 the average
price Of wheat WAS si.1s q bushel. From
1870 20 1873, St.O4; from 1874 70 1880, 05
cents; from 1881 20 1888, SO cents;
from 1856 10 1890, II cents, and from
1891 10 1895, GO cents. With the appre-
citation In the price OF gold the ten
dency ~ for higher prices for wheat,
and IL Is recorded that In so far as
money can have any influence on tho
price Of wheat. high prices for silver
have always brought high prices for
wheat. Such advance however, would
not be uniform with the advance OF
both silver and wheat. Under a bipc-
tallio system the premium would be
removed from gold. and silver, Of
course, would advance. This would IN
a measure equalize the advance In tho
price OF wheat. According 20 the esU-
mate made by ono Of the most proiui-
nont grain dealers IN Chicago, the adj
vance from 7O.cent wheat would be
about ore dollar. while silver would at
once 80 TO $40.
The Wall Street Journal gives the
following explanation OF the weakness
in silver, 20 fer as IL il considered as
a commodity:
The explanation given by dealers Of
the weakness in silver 70 absence OF
demand for India. This IL considered
conhrmatory Of the reported shipments
Of wheat from here TO India and makes
the silver situation interesting. Here
toforc India bad wheat for export and
silver was in demand In London 10
pay for India wheat. Having 10 wheat
now 20 export the demand for silver has
lesscncd. and India in buying wheat is
buying &c on n gold basis and paying
practically $3.50 81 bushel i'm silver for
what costs shout 90 eonts a busbel in
gold in Chicago.
1--WE learn. however, that other fac
tors 40 this moment are moro power
fully az work icsseulug the demand Tor
silver. One is the heavy liquidation IN
London within The past ten days In In