New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-31
SILVER FOR FARMERS.

Thdman who Is cheated worse than anybody
else in the raid Of silver mllOnares upon Ma
tlOnal prosperity Is the farmer. Prices OF most
other products may be fixed In this country, hut
the prices Of wheat. cotton, cattle and hogs are
largely fixed abroad because our surplus Gun
be sold only at prices which foreign markets
will pay. and the price OF the surplus deter
mines that of the whole crop. The farmer Is
told, with fifty-three-cent dollars you viii get
nearly twice as many for your product. But
how so? Europe would draw supplies from
Russia, the Danube, Egypt, india, Argentina
Just as cheaply as now, and far larger supplies
If our surplus were advanced In cost at Liver
pool The Liverpool price, the cost OF ocean
TRANSPORTATION insurance and shipping charges
are all reckoned in gold. and by putting up
the premium on gold-that is. depressing the
value Of silvcr-foreign markets will control
our own quite at their pleasure. No one could
expect that the gold value Of wheat at Now
York would be advanced; the exchange would
be easily controlled to put tho price lower than
1t is now for by driving out our gold we shonld
give entire control Of the exchange TO foreign
bankers.
With wheat about 60 cents in gold at New
York the farmer now gets about 40 and at
many points less. The difference Of % cents
between farm and ship would he increased not
merely as much rs the depreciation Of cur
rency but more. The railroads. banks. ship
pers, spectators. all would be constantly pro-
tectng themselves TO the utmost. not against
ordinary risks only but against the risk of
further change in the value Of money. This al
lowance against further depreciation. when we
had paper fuctuating in value during and after
fho Wnr W. If
cent, so that instead OF costing % cents in gold
between ship and farm. the movement might
easily cost ) cents more in gold making the
difference 90 cents
Then the farmer. getting less in gold value
for his crops goes to the store TO get supplies.
clothing and machines. But there he finds the
same trouble The store does not know wha;
the currency may he worth from day to day.
and charges every day something for risk. If
the bill fol clothes or supplies or machines IS
$50 in the currency Of to-day. 1t may cost 500
or $50 to replace the goods with the currency
of tomorrow. and so prices would be raised for
the protection Of the store not merely in pro-
portion 10 the present depreciation of currency.
but in proportion to the depreciation considered
possible. 1t was exactly this phenomenon dur.
ing and after the War which made the paper
HOIt HItdtl. utpltNfitt' III bu. S''h' vi "'I
kinds than il was nj the same dates in buying
gold. In other words. prices Of manufactured
and imported commodities rose relatively above
and kept above the price Of gold.
The farmer would be cut at both ends. If he
went TO Il banker for loan lie would be told
to pay higher interest or give gold notes. If he
wanted suga from Cuba or tea from China. he
would have to pay not merely the quantity of
silver which would he equal in gold at the pres
ent price to the cost Of the imported articles
and their transportation but also whatever the
seller imagined 1t might cost in silver TO obtain
new supplies little later All this increased
charge must come ont Of the reduced value Of
farm products at the farm. For there IS no
way under the sun Of getting the service of
transportation, commerce and exchange per-
formed rs cheaply in a fuctuatng currency as
1t can be and is performed in a currency always
equivalent 10 that OF the worlds markets.
Roughly speaking, the farmer might lose )
cents in gold of the 40 lie now gets. in covering
additional cost between farm and ship and
from 10 to 10 per cent more. or FL. to ; cents
gold. in the increased cost of all supplies and
services purchased. and then. with paper nom
inaly 60 cents. but in actual value not 80 cents.
he would have to pay gold interest and prln-
cipal on his debts or else find renewals re-
fused and foreclosures at hand.