, 1896-10-27
THEIR MAIN ARGUMENT.
THE JUMP IN WHEAT REFUTES
ALL BRYANITE CON-
TENTIONS.
o. S. Belts, and Old Merchant and
Clear-Headed Business Man OF
Chicago Discusses the Rise in the
Great Cereal in a Logical and Un-
answerable Manner.
Wheat so cents a bushel! .

Strange!
The popccrats said the low price was
due to the suspension of the free coin,
age CT silver. Yet wheat has risen
more than SO per cent in value since
they said it, and with no change in the
condition of silver.
Why is it?
Now they are saying that it is a CON
To catch the farmer votes. and that
wheat will drop Immediately after the
farmers have voted.
Of course, the statement is absurd.
but SO are all their other assertions,
relative to free silver and free trade.
But what is the real cause?
Here is the opinion Of Mr.. o. S. Belts.
an old merchant Of Chicago, and a clear
headed business man. In a published
letter on October 21st, he said:
I'm the first place, we must recog.
niZe the fact that supply and demand
are always to be considered; the second
IS that Liverpool is the great receiving
and distributing point for the surplus
wheat of the world, Including ours. and
NIL VIII agree that the past four years
they have made lis a very low one Why
is It? Let me say that the Liverpool
informed in regard to IL crops and
our requirements for bread and seed as
we are. and when four years ago they
saw our mills and factories closing,
with thousands of men idle. they right
ly Judged that We could not use so
much wheat for home consumption.
The facts prove that we consumed one
third less wheat in bread in 1895 than
in 1892. Men out of work must live en-
coarser food. Again. they saw that
money which had always sought in.
vestment in farm products was being
withdrawn, placed in banks. or safety
deposit vaults, till business confidence
should be restored. This, CT course,
left chr markets in a helpless condi-
ton.
with nothing to do but wait for
Liverpool to say. when they wanted our
wheat and corn, and what. they would
give (this is almost as bad as to ask
them how we should coin our money!,
the result has been that our American
wheat has. been in the farmers granary
awaiting their demand and price. But
o are. waiting for the answer. What
put wheat up now In answering l
cannot do better than follow the course
Of the market and the conditions sur.
rounding it. Our wheat crop, as every
farmer knows, has been a fairly medi-'
um one. This cannot be said OF any
other wheat-growlng country except
France, parts of Germany and Russia.
India has been almost a total failure.
This has been known to Liverpool buy
ers for sometime past, and that their
only source for supplies was to come
from America. 1t was known when
Mr.. Bryan was nominated for presi-
dent. Then the September option for
wheat was 60 cents. Did Liverpool buy,
fearing his election and higher prices?
No: they waited till in August. when
The September option reached 50 cents
and 45 cents was predicted. And Liv-
arpool made no efforts to supply their
needs, we'll knowing that the silver
craze which was invading our country
would not restore, confidence to CAPT
tai and cause an old-time investment
in wheat. Then came the Vermont
election, then Maine. followed by a.
careful canvass of all the states which
showed to a certainty that the electoral
vote would make William Mckinley
our next president. Very o this idle
money began to seek investment; con-
adence vas being restored.
Mem who understood the demand
that would come from Liverpool for
American wheat began to invest in
wheat: the price began to move up. as
the prospect frightened Tor a return to
prosperous business, a reopening Of
mills, and an administration Of our
government that would collect Q W.
nue Sufficient to meet current expenses.
More capital invested In wheat, and
statd ~ it-then Liverpool began to
offer s. cents; our price was 57A CENTS.
"Ameftcan money 1.-THE best in the
world was getting hold Of the wheat,
and nsd ~ farmer was not going to
compete with II cents . day labor in
rnt1a ay longer; then Our price moved
up to - osats: We had commenced to