The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-25
HOW 1T WILL WORK.
A COMPLETE REFUTaTION or ST.
JOHNS FREE-sILY1R IHEORT.
Interesting Statistics of the FTee-Coinsge
Question showing the Utter Faiiscy
of the Proposition.
Editor Of The Tines:

Editor Of The Times:
si;.--Tho prices Il all commodities have
a tendency TO fall to what merchants
can rock bottom; that IS, tho lowest
price that will pay tho cost OF production,
with a margin Of profit sufficient 10 in
duce men TO continue IN the business.
in wheat culture, ''rOck-bottOm' has GER
tainly been reached.
Public speakers and the press are as
tonishing our farmers b telling them
that wheat is exported from the Argen-
tine Republic to London and sold foI
- IL cents a bushel, and at that price
yields a profit VI 80 per cent. upon the
cost or production. This means that the
COS. Ci wheat production Ia Argentine Is
only - cents 4 Dusucl Assuming an dy-
craze yle-4 Of - bushels 10 the acre,
rent OF 81 - per acre, ana q labor cost
cl SO 10 tho acre, ~ cents In gold Will
really be the cost OF raising d busnel OK
Argentine wheat. Consi-uflus mat the
FARMER must wait whole YEAR before ne
receives any return for Ais labor, and IN II
ia the mean time lie runs lne risk OF ad-
verse seasons, the casualties Of storm
ana hail. ana the harm wrought by in
s.-t pests, plCllt vi 80 per cent. IS lit
Gle enough. IT, as in Ens nd, he IL "A
tenant oi a small holding say 100 acres
Dr. cannot support n-s Iamil. Oh less than
l 80 per cent. advance OA cost OK pIOluc-
ton Accordingly, We ma that Ia Eng
lana tho price Of hOme-i ilsld wheat. al
-l,ush double tho price y- the imported
Argentine product, Yields about tho same
rate 0i pIOAt 20 the British farmer.
ia England, with ala average yield OK -
bushels, Or quarters, a5 the Ingish
biy. to TIC acre, rent OF 80 suiilnss per
acic, AMI "a labor cost ~ 30 sl44luss 20
the acle, the English farmer receives
from al acre CT wheat return or loD
flIluss; that Id bee sell las wheat Tor
... H f..| .HH J. D..
luga 10 tho acre, Ur aA ilcome OF tIlJ
rom farm II one lau. ~ acres. As
tls wheat VI Argeu-ne .e L. IN LONDON
Tor J. sullIngs "a quar-. why dyt9
nos Ills br.ng ne prsco oi british wheat
down TO tnat level. An answer 10 this
question, JOS diving STUDY or mo eCni-
ucrlldl relations between Great lIllain
ana The Argentine Republic, viii show
how sJuAl-MCney country tlaus1 cts
. business with country whose hnaLcc3
arc uiso md, viii maze 81 lr what tl-A0-
uists mean by "tlc efltlicn OF ia er-
national -lade. ' ard VIII Nsncustrate The
difference between nominal igct5 aid
cH cuansea dc values.
Ihe Argentine Republic is on an iucon-
vertibio paper basis. Even silver IS a q
80 per cent. premium, dId The pfcmicm
on gold varies fr0m lcO % -ip pr cent.
,See Report vi the Director OF The Jnilc1
States Mint for $50, page f9yy Arsen-
TINA USES tno gold standard ~ vaiLaton,
hlt she has no gold cuinhey. l!e' unit
D. 'ne so.u ioi.1I gr or 80
y- we 10y H ..t''. - 49,, ,.5,t,,'-
.--i ti'e so.u ps1p On -, o1,i,''.7
---ii Grams OF p-l' t''- 1llu efu4F,@
lent therefore, TO about 80 L.. cents In
United states gold currency. These gOiN
CONS are now uOn-cNls,cnt Ia Argentina,
uul are represented by tn> paper pesos
OF inc Rcuublia The Argentine farmer
when gold is at its highest premium, re-
ccifcs from tle wnca-Duycr one or these
| ineouftruhle paper dollars Tor each oil5h-
| eel ~ wheat De- sells lAe eit-Duy e4
c'"r7 |s Cls' ~ t.'ir - 80 -
~. ot tN. a,' "i -- 9-i-i.l'
quar- tNi -n hiitI-,i 7DI-' as "l l.is i.-
/ s'f''e'sn l-H'..s IL. 3 ''rs oi w So
/ lt ID worm S1pt DID AIS -liNe sou I'm
} Or, i.-..cl' -i. WIS P-., -,
DiNNa' N'i"n iiie a..n ',...i. "a a.
~'.t " 'ii ..' e..,.,...r. ~ t,.ei,..- t,,,.r,.
.-, eivI, .ie el. iF'-,'.- ~ T." -', 80
NttN7 or f't Iltt ~ t-' al v",lllo
b." it el.-e "t'oI ','' ~" q 60 80
I is, >sp-- per quarter @. WOO pr "ual'-
c.. for ais wheat do London. Multiply
'i' ~ 90, AiI yo. H1'f tl.-'J ~ t -l
i.-.' ''' 80 e''.'-.', i''i.- I -, .', ~.
tnl --'--i'-l't receive "-Ntt "- '-' -''
l"lNon uttlt 70 aii AIt lllie D"' .,. ''
go per cent. premium but the Anslish
importer u Argentine wnea. sells 10 20
tl1 Brush miller Tor - s,-llnss per
HlItef- ard ptn'es MS none y ~ ny,
lael, does ROT lhe export price al tAp5
b .rt r'.e above ~ f'liiin-5 per guar ,'.i
lle lfl.e OF Mh,tl " At 5...,li' i.,l
D. p-'-- o. ,.iis up"- siio .--'o as" -.,
..,,-.-. f.,,. .a.. g.,e.,. Al. fiia country las
'i..'o -,' 49, ,.,l7 ,,., s,l,'..r' CON
...i s..ilP Va "a D- st IN .,,r.v Min
.. .,.,..-.. .,,ie i,,fsnces.
,f-,. rf t., ..,rorftf r,l.
ci...,i,e. ,,',.et c,...tI, canal he value of
ra. frlrl.r.aI merchandise. These values