Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-06-03
n business Problem.

To the Editor Of the Dispatch:
Those who argue from a gold standard
point Of view that the fall Of the price
OF silver has nothing to do with the
price of wheat have evidently not given
the matter serious investigation; for It
can be as clearly proved as that two and
two make four. and the shrewdest OF bust
ness-men, the English merchants. know
II well enough, and profit by the knowl-
edge. Ii Is at their grain exchange that
the price Of wheat and many other pro-
ducts Of other countries is fixed. and
fixed at cost to them as low as Is pos
sible, particularly as TO breadstunrs
which England has 10 buy largely from
other countries, and also as to raw ma
teriai especially our cotton the greatest
care Is taken TO obtain it II the very
smallest cost. And now as TO tho demon
stration: At any time when silver and gold
were at par with each other wheat was
worth. say Sl.25 in the English market
or course 1t took $125 In silver worth as
much as gold TO buy n bushel Of India
Wheat-that is, less charges and profit
The wheat In India being about 81 per
bushel, when silver had fallen 30 per cent.
the price of wheat was still 81 a bushel
In India Silver value) but 81 I'm gold
would buy $40 India drafts, silver value.
and that would buy l. 10 bushels wheat
which, put down In London, would bring
at ~ cents per bushel, $ll2-or a gold
cost OF about II cents per bushe!. Adding
what is necessary to the SLIP for profit,
ana you have l4O bushels wheat for less
than one bushel cost when gold aud SILL
yer were at par. There are many reasons
why the price OF wheat does not rise
in India 4,
Is consumed at home, the export being
very little increased each year; 2 wages
have not increased, nor has the price ~
the articles in daily use and CONSUMPTION
changed, except in so far as the small
fluctuations which happen In all countries.
whether or gold or silver standard.
would De showing want Of knowledge
II l should leave the question i'm such a
form as that | would be thought TO hold
that there has been no other cause than
the fall in silver TO make the price OF
wheat even lower than 80 cents per bushel
in England. Increased production or less
ened demand has been one cause, and
there are others. 1t is not to the dis
credit or India that prices continue uni
form, and that the people are satisfied:
that wages have not increased. and VET
the laborers are possibly more generally
employed than in America. There is no
room for doubt that vast quantities OF
gold and silver, which cannot be ac-
counted for in the statistics of economists.
have been boarded by the natives OF
India. Made secretive by long centuries
Of misrule, having no protection from
their rulers, until English occupation gave
1t TO them, the patient people Of that far
on land devised ways OF concealing their
possessions from the tax collector. as
well as the robber, 30 successfully that
no approximate estimate can be made of
the common peoples wealth in gold and
silver and precious stones.
England needs cheap breadstuffs for
an increasing ana hardy population. She
needs cheap raw material and low wages
that she may maintain her supremacy i'm
manufacturing goods for the use OF the
world, and 10 get these she must have a
form Of money Of high purchasing power
and that, after years OF experiment. she
has succeeded in getting. VIII she undo
the work OF years, abdicate her place OF
power by sanctioning that which will
benefit all nations, save herself? Hardly.
England will never consent to free coin
age. T.. G. GODDIN,