The record-union., 1896-10-15
wool, may manufacture for a wider
market
WHICH is THE BETTER POLICYs

TOOK erect, was about 0U per cent LII
1893 fine wool brought 33 cents, but in
January, 1895, was as low as 171a cents.
Medium wool fell in the same time from
81 to 20 cents, and coarse wool from
81 to 18 cents.
On the basis Of these facts the ques-
ton arises, why this decline?' And 1t
must be answered if there is to be con-
viction of the reason. The demand and
the supply govern prices in wool as well
as in other commodities. Australia came
in with large produce Of wool, and the
Argentine Republic and the Cape Of
Good Hope supplies are to be added.
So it is fact that the supply OF wool
in the world to-day is about six times
what it was in 1860.
The demand, however, did not in
crease in proportion. Even the McKin-
ley tariff bill could not wholly protect
the American product, where the pro-
duction was so great and the demand
had not kept pace with it. But its re-
moval intensified conditions detrimental
to the American wool grower. 1t checked
the decline in the price at home and
lessened the import of manufactures of
wool.
Wooden goods brought in in 1890 were
valued at $54, ,165, ,427 but in a single
year to 1891 were cut down to $43,223o,-
499, and in 1892 to $50, ,792,9O5. AS
the commercial estimate is that it takes
three pounds of wool in manufacture for
every 81 of valuation, it therefore re-
quired 162, ,496, ,2S2 pounds of wool to
make the goods imported in 1890, 129,-
706,2 ,227 in 1891, and 107 07,37S,715 in 1892.
So there was decrease in foreign wool
supply to us in two years of 7,1lS,56I
pounds. All the benefit Injured to the
American wool grower and manu-
facturer, and it was due to the Mckinley
tariff protective measure.
1t was this benefit that the Wilson
German bill, which Mr.. Bryan assisted
in framing, and for which he voted. cut
off. In 1893 the valuation Of the imports
of manufactures Of wool were $36,9S7,-
904; in 1894 it was $19,219,034. But
that year was one Of panic and general
loss of confidence; year of disturb
ance and lawlessness and business de-
preston. In the first nine months Of
1896 the importation valuation was
S42, $685. ,472, so that the bound upwards
Of wool imports was in 1896.
It does not require a very astute man
to see in this showing how the opera
ton of the policy that Mr.. Bryan advo-
Gates worked to the injury Of the
American wool grower and the manu-
facturers of wooden goods. The foreign
competition that had been cut down was
renewed and greatly augmented, and
there is nothing to show that by reason
Of the change there was any benefit Wis
tied upon the people at large.
A question for voters to decide in No
vember is, whether the door shall be
still wider opened to unwholesOme for
eign competition, OF whether through
reasonable protection a home market
shall be conserved and the people ben
Gifted by the fostering Of the wool grow
MISUNDERSTANDING
A favorite and constant argument Of
the Bryanites is that the free mintage
of silver would cause a demand for the
bullion which would be 80 great that
the price would advance to 81 ~, and
there be maintained: If they could eS-
tablish this theory as fact they would
probably have their case fairly won
But it remains theory and speculation,
and the American people will object to
having the experiment tried upon them
The simple fact is that mintage would
no more create demand than smelling
or than the mining of the metal itself
The exchanges which money effects,
those for which it is the convenient me
dium, are the factors to be considered,
and no others. The need for money to
effect exchanges does govern the de-
mand, and it's decline occasions fall
in the price of the money, If 1t Is to be
treated as a commodity. We have now
more silver than we use, because there
is more convenient currency. Neverthe-
less we favor the increase or the VOL
ume of silver coin, as has been re-
peatedly explained in these columns,
upon a plan that will force it into do
mestic use-that is, by limitation upon
the legal tender capacity Of silver, the
withdrawal of all small gold, and the
minting Of all silver bullion the Govern
ment has or may see fit to purchase; but
always such minting is to be on Govern
ment account
The Bryanites constantly point to
Russia as a free silver country. Let us
see how true that is. The rouble Is legal
tender in the empire, but there is no
such thing in Russia as silver or any
other coinage to individual account and
without that there is no true free coin
age. The result is that Russia has the
largest stock Of gold and the smallest
| amount of silver in her vaults Of any