The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-03
BETTER THAN SPEECH BAKING


More valuable than all the work Of
the campaign committees and their or
ators on the sound money side is the
continued advance in the market price
or wheat. December wheat has sold
at over 20 cents, which is an advance
OF Is cents per bushel within the last
three weeks. The Globe has been
telling its public for the last two
months that this rise of price was in
evitable. Every competent Judge of the
market and the conditions that govern
1t agrees that not for from ten to
twenty years has the situation been
DIS favorable to high prices as it is
To-Day. There is an absolute and
known shortage in the worlds supply
as compared with it's demand. This
| gap Is not to be filled. because the
Worlos product for the season is now
Wen ascerta1ned. Either the worlds
consumption must be cut down to a
very considerable extent. or the price
| OF wheat must maintain the advance
that 1t has alreardy made. Millions
Oh dollars have been put into the nock-
cts OF our farmers already by this
change. 1t Is the belief of those best
| acquainted with the situation that
there Will be a rising market for some
little time to come yet. But we
90 not advise the farmer to
oank on that. We do wish
MIN JOY of the higher remuneration
for his labor that is now assured if
ne has not yet disposed Of the years
crop, and if there is anything vet TO
| be added to it we will be glad of if
what we do want him to do most
OF all, however, is to compare the
course of the markets with the conf
dent assertions and predictions Of the
advocates of cheap money. On no
point have they been more positive
than in declaring that the low price
OF farm products is due to an INSULT
cheney Of money. Not until the money
volume of the country is enlarged.
they asseverated, would it be possible
FOR prices to advance. They have rung
all the changes on this argument and
nave loaded into this one bark all their
hopes and all their chances. If II is
possible for prices to advance. not
systematically or slowly, but by more
than 20 per cent within few weeks
and to hold that advance. then their
theory OF the relation between money
volume and prices vanishes into thin
air. II 1t is not true in respect to the
price Of wheat, 1t is not true in respect
to anything.
In another direction, also, this mar
ket relation gives them stunning
body blow. They have told us over
and over again that wheat and silver
rise and fall together Wheat Is low.
they say to the farmer, because silver
Is low. Give us legislation that will
raise the price of the white metal
and your wheat will go up correspond
1ngly. Now, on the same day that saw
cash wheat quoted in Chicago at over
% cents, silver was only 65%. This is
pretty nearly the bottom price for sill
yer In all its recent hard experience
while wheat has gone booming. If
these conditions are maintained until
| election, as there is no reason why
they should not be, unless the speculat.
| ors In the market get to running wild.
Mr. Bryan may as well bid goodbye to
the farmer vote. No matter what may
happen In the next month, however
two things have been proved again
before the very eyes of our people One
is that an enormous rise in the price.
Of a leading commodity can occur
without any change whatever in the
volume Of currency. The other is that
the prices of silver and wheat have no
connection or relation to each other
On the opposite Of these two com
mandments have hung all the law and
the gospel of Organism and Populism.
Hardly less to be welcomed than the
increased prosperity which the better
market brings to our farmers is its
utter demolition of the money argu-
ment of the silverftes