The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-10-16
BRYAN'S india FAKE.
His Repeated Assertions Concern
ing India Wheat Proven
False.
HON. JAMES BRYCE SPEAKS.
Denials by Members Of the English
Parliament and Prominent
London Merchant

In the speech delivered by William
Jennings Bryan to the farmers of New
York assembled at Chautauqua, the In
dia wheat fake was revamped by the
silver candidate for president. The as
sertion made by Mr.. Bryan in his
Omaha debate last May that the Eng
Iish spectators could drive great bar
gains in buying silver and trading it
for India wheat to the detriment of the
American farmer, was reiterated and
embellished by his fervid imagination
so as to create the impression that the
decline of silver has made India the
most formidable competitor of the
American wheat and cotton growers.
As usual Mr.. Bryan talked at random
without taking the trouble to acquaint
himself with the actual facts.
The Bee now has the facts and the
figures that effectually explode Mr..
Bryan's India fake. Over two months
ago the editor of the Bee directed u per-
sonal inquiry on this subject to Hon.
James Bryce, who is now and has for
many years been a member of Parlia-
ment and was member of the
British board of trade. Responding to
InlS leIler, unOer GATE OF August l., MI.
Bryce says:
''You are quite right in thinking that
British merchants gain nothing at all
from the closing of the Indian mints.
The sharp competition, especially of the
Hindoo native merchants, cuts down
their profits and they lose heavily on
the exchange between India and Eng
land in turning into English gold the
silver prices they receive for the goods
they export to India. The export of food
stuffs from India has not, l gather, in
creased during the last few years and
the closing of the mints has not increased
1t. Manchester and our manufacturers
generally complain that business with
India is Improbable. Our cotton indus
try is at present greatly depressed. So
Britain at least gains nothing. You will,
therefore. be safe in denying that there
has been, or is. any bonus or benefit to
British merchants or manufacturers"
This letter has been supplemented by
Prof Bryce with an article prepared by
his brother. ]. Amman Bryce, very
prominent London merchant. who was
for many years resident of India. Mr..
J. Amman Bryce says:
'sFor Mr.. Rosewater's guidance I have
made up the annexed statement. which
shows in parallel columns the exports of
wheat from the United States, Argen-
tine, Russia and India up to 1873 be-
fore the fall in silver and rupee ex-
observe that while the exports from the
United States. Russia and Argentine are
on the whole increasing. those from In
dia are falling off, and that in the year
1895 the exports from India were the
same as in the year 1877. OF course it
does not do TO reason on individual years.
as there may be special circumstances.
such as famines. to account for very
short years For instance, 1878 and
1879 We're the years of the great fam
inc in India and 1892 was the year of
the famine in Russia.
Dividing the last twenty years into De-
riods of five years each. you will see that
during the last three five-year periods the
exports from India have been falling off.
while those from the United States. Ar
gentine and Russia have been increas-
ing. although all the while rupee ex-
change has been steadily falling with
silver. The figures prove conclusively
as regards Indian wheat. which has
always been the great bogy with the
American silver man. that the India cx-
port has had nothing to do with the
fall of silver or rupee exchange. The
silver man would be more sensible if he
were to take alarm at the growing ex-
ports from Argentine and from Russia.
But he could make nothing of the silver
argument here. for neither Russian nor
Argentine exchange depends on silver.
Both countries. during the whole of the
period embraced in my statement had
for the basis of their currency and of
course foreign exchange an inconvertible
paper currency and not either silver or
gold
Altogether the facts illustrate the
soundness of Mr.. Rosewater's conclusion
that the fall in prices of commodities is
due to more economical production and
transport. In India. in Russia and in
Argentine wheat exports became possi-
BILE not because the exchange value of
rupee. the rouble or the dollar fell. but
Il l,,.1& Il
previously inaccessible. In India the
providing of railway facilities stimulated
the extension of irrigation. In the
Punjab, for instance. many millions of
acres were brought into cultivation under
irrigation as soon as the opening of the
railway to Karachi made the export pos
sible. But in India there no longer
remains any large new field to be opened
up, and in most of the wheat-producing
districts which depend on irrigation /
believe as much water is now taken out
of the rivers as they can give. Ameri-
ca therefore need not fear India much
in the future, even if silver and rupee
were likely to go lower, which they are
not.
The statistical exhibit accompanying
this statement is exhaustive and con-
vincing in support of the concusions
arrived at by Mr. Bryce. In 1873 the
export of wheat from the United States
to England was 45.791 .666 bushels; from
made no exports and India exported q
fraction over 1,25O.OOO bushels. In 1877
wheat exports from the United States
had reached 107.426, 666 bushels; from
Russia. 57,12OOO0 bushels; from India
Is. .633, 1888 bushels; Argentine still had
no wheat to export. In 1893 wheat ex-
ports from the United States had reached
523. 1873 bushels; from Russia. 109.-
375.000 bushels; from India, p .0S6. .666
bushels, and from Argentine, 42,000000
bushels In 1894 Argentine exported
65. 600, 900 bushels of wheat to England.
while India did not increase its export
over the preceding year. In 1893 the
was 170, ,333, ,333 bushels; from Russia,
i56. 333. .333 bushels; from Argentine,
$4,000, 900 bushels; from India, 10, 12O,-
600 bushels.
The average price Of wheat in Bonn
hay from 1869 to 1875 was $1.2O per