The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-27
FRIDAY. AUGUST. q 1897.
ApnorEssoR.s THEORY EXPLODED.

There have been two very interesting
subjects before the American people Of
late one Of them is wheat. and the other
is Professor Il. Benjamin Andrews. late
president of Brown University. Pro-
lessor Andrews holds peculiar views on
the silver question: and one OF his pet
theories is that the price Of bushel Of
wheat and the price Of an ounce OF Sill
yer must always be the same. That as
silver goes down in price, wheat must
necessarily 10 down in price. and that
there can be no advance in the price OF
wheat until there is an advance in the
price OF silver. But let as present the
theory in the exact words of Professor
Andrews In 1896 he published "A book
entitled IAN Honest Dollar" from which
We take the following extract:
Tariff reform proposes to do much for
the American farmer. and II VIII DO
much, but its benign effect in this way
must be painfully restricted unless silver
can be brought back 10 or toward its old
time value relation with gold. Many
wonder at Great Britain's obstinacy in
refusing to do aught that might help on
Inc ItndUllldl4bu VI sAANfis AiD tIf't.iI
ton OF the creditor interest is commonly
considered the cause of this. IL is one
cause but there IS another quite as
strong-the determination OF the entire
non-agricultural population of Breat Bri-
tain TO maintain the present low price OF
wheat.
This having resulted from the appre-
citation OF gold. Lord Rosebery and his fol
lowers SEQ that, were silver TO be rein
NH. Vrnfrl1 considerably
advance The appreciation of gold de-
presses the price OF wheat in London by
powerfully stimulating the Importation OF
wheat from INDIA. Let Us recur 10 che days
when gold was only fifteen and half
times as precious as silver. suppose that
then four shillings in gold, two rupees In
silver. and a bushel OF wheat were equal
in value each TO each. \ Mark Lane deal
or sends 10 India two rupees worth Of
silver for bushcl of wheat, getting ms
rupees by paying four shillings worth of
gold Now change the supposition:
Gold appreciates. so that the two rupees
Will buy only three shillings instead OF
four as previously. That is silver has
fallen in relation TO gold % per cent, and
gold has risen in relation 10 silver 30 Is
per cent. Wheat. too, has fallen in rela-
ton TO gold, but not so much as silver, so
that say. bushcl viii exchange for
teftt anu a NAN SilliillAro bAAAs OhoNA w.
now. how the appreciation of gold blesses
our Mark Lane whcatmonger The rupee
or silver price of wheat in India has not
changed His two rupees will. as before
set hushel OF wheat going from Calcut-
Ia to London. lie now, however, gets his
rupees for three shilhngs gold, while his
wheat brings him three and "a half shill-
iags gold That u.s. he makes siXpcnce
gold on every bushel TO aid simplicity l
have made these figures gross and general
and have taken no account OF freight or
exchange. But, though more or less in
exact In detail. the superstition perfect
" illustrates the effect which the dislo-
cation Of the Old Value-relatiOn between
the precious metals has had In filling
London with Indian wheat
The profit, of course does not con-
tinue so high as indicated. but IS lowered
by competition. This lowereing comes
about by a fan In the gold price Of wheat
I'm England. which not only more and
more cuts down the London market for
American wheat. but depresses the price
OF wheat TO tho remOtest form in the
United States"
Ii was largely upon this theory that the
campaign OF the free silver people IN 1895
was fought The stump orators and the
newspapers all preached IL to the people.
day Ia and day out. until many farmers
were convinced that wheat would never
rise IN price until the minis OF this coun-
try should be opened TO the free coinage
OF silver. and 1t was under that belief
that they voted for Bryan and free coins
age
At the time that tho Professor wrote
II so happened that the price OF an ounce
OF silver and the price Of bushel OF
wheat were about the same, and by CO.
Incidence they had been the same for
many years with fluctuations here and
there IL was an interesting co-inci-
dence and a first rate basis for profess
sors theory. II is not strange therefore.
that the people should have been caught
by Il.
Those who opposed the free coinage OF
silver tried to meet this theory with argu-
nent and to show its absurdty. but no
matter how they reasoned they were con-
fronted with the fact that silver and
wheat had kept company In the past. and
the conclusion was that they would con-
tinus TO keep company In the future.