The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-09-26
BRYAN'S india FAKE.
His Repeated Assertions Concern
ing India Wheat Proven
False.
HON. JAMES BRYCE SPEAKS.
DeniaIs by Members Of the English
Parliament and Prominent
London Merchant

In the speech delivered by William
Jennings Bryan 10 the farmers of New
York assembled at Chautauqua. the In
dia wheat fake was rcvamped by the
silver candidate for president. The as
sertion made by Mr.. Bryan in his
Omaha debate last May that the Eng
lish spectators could drive great bar
gains IN buying silver and trading il
for India wheat TO the detriment Of The
American farmer was reiterated and
embellished by his fervid imagination
90 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
sonal inquiry on this subject 10 Hon.
James Bryce. who is now and has for
many years been n member of Parlia-
ment and was member of the
British board of trade. Responding 10
this letter, under date of August 1, Mr..
Bryce says:
You are quite right in thinking that
British merchants gain nothing at all
from the closing of the Indian minis
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. | gather, in
creased during the last few years and
the closing Of the minis has not increased
IL. Manchester and our manufacturers
generally complain that business with
India is Improbable Our cotton indus
try Is NJ 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. j. AMMAN Bryce, n very
prominent London merchant, who was
for many years n resident Of India. Mr..
j. AMMAN Bryce says:
FOR Mr.. Rosewater's guidance i have
made mp the annexed statement, which
shows in parallel columns the exports of
wheat from the United States. Argcn-
tine. Russia and India up 90 1873 be-
fore the fall In silver and rupee cx-
change became pronounced. You will
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 IL
does not do TO reason on individual years,
as there may be special circumstances,
such as famines. 20 account for very
short years. For instance, 1878 and
he. af fha orr fup
Inc in India and 1892 was the year of
the famine in Russia.
Dividing the last twenty years into pc
RODS OF five years each, YOU will see that
during the last three fiyo-year periods the
exports from India have been falling off
while those from the United States, Ar
gentnc and Russia have been incrcas-
ing. although MI the while rupee cx-
change has been steadily falling with
silver. The figures prove conclusively
as regards Indian wheat, which has
always been the great hogy with the
American silver man. that the India ex-
port has hnd nothing to do with the
fall of silver or rupee exchange. The
silver man would bc more sensible II he
were 20 take alnrm az 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 inconverthle
paper currency and not either silver or
gold
altogether the facts illustrate the
eoundncss Of Mr.. Rosewater's conclusion
that the fall In prices Of commodities -
due 10 more economical production and
transport. In India. In Russia and In
Argentine wheat exports became posi-
BILE not because the exchange value of
rupee. the roublc or the dollar fell. but
because railways were built into districts
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 az soon as the opening Of the
railway 10 Karachi made the export pos
fibie But in India there no longer
remains any large new field 60 be opened
up. and i'm most Of the whcnt-producing
districts which depend on irrigation |
believe as much water Is now taken out
of the rivers as they can give. Amcri-
On therefore need not fear lndia much
in the future. even II 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 conclusions
arrived ut by Mr.. Bryce. In 1913 the
export Of wheat from the United States
20 England was ~. .GiG bushels; from
Russia. 4T.04O.OO0 bushels; Argentine
made no exports and India exported q
fraction over .25O.OO0 bushels. In 1871
wheat exports from the United States
had reached iO7.f26.0G6 bushels: from
Russin. 57.12O.OOO bushels: from India
1868. 1913 bushels; Argentine still had
no wheat % export. In 1893 wheat ex.
ports from the United States had reached
boz, S13 333 bushels from Russia. 100.
315.OOO bushels: from India. 2I.Wi6,t6e
bushels. and from Argentine, 42.WOO.OOC
bushels. In 1901 Argentine exported
g5.OOO,O0O bushels Of wheat 10 England
while India did not increase Us export
over the preceding year. In lSvo the
wheat export from the United States
was 10. 333. 333 bushels; from Russia
1NG. 33a. 333 bushels; from Argentine
<2.OOOOOO bushels; from India. 1920.
O00 bushels.
The average price Of wheat in Bonn
bay from 1869 70 1919 was Sl.D pei