The San Francisco call., 1897-09-05


IL inclined to give an ad ministra-
tion credit or blame, as the case
may be, for every hing that happens dur.
ing its existence, every intelligent person
reasons from cause to effect.
Wheat has risen because the foreign
crop has been exceedingly short. Bimet-
aIlsts contend that the law of supply and
demand is universal. They apply it not
only to money but to bullion, both gold
and silver, 10 wheat and 20 every other
article of value. They contend that the
exchargeable value of both money and
merchandise will be affected by anything
which affects either the demand or the
supply.
The American wheat-grower is just now
profiting by the almost unprecedented
dis aster which has overtaken wheat
growers of India, Europe and South
America. When wheat reached rs cents
bushel Republican, in Western Ne
| braska, pointed out that the rise was just
about equal to the tariff on wheat, and at
lributed the rise to the Dingley law, but
| it would be an insult to the intelligence of
the average Republican to suppose him
capable of cherishing such a defusion.
While wheat is higher in Liverpool than
| it is in New York-and it always, or nearly
always, is-a tariff on wheat has no infiu-
ence upon the price in the United States.
| In an interview given out August %
| President Mckinley said: "The cause OF
the present boom in the West is un-
doubtedly due, in a great measure, to
| large crops and high prices caused by the
| failure of crops in other countries" Ii
Republicans desire to claim credit for the
high price of wheat they must assume the
| responsibility for the famine in India.
Will any Republican convention point
with pride TO the famine as an evidence
that the Republican party is redeeming
| its campaign pledges? Will the Republi-
can party pledge itself TO use its best
efforts to continue the famine abroad, as
it pledged itself last year to promote in
ternationai bimetallism?
The most significant thing about Re-
publicans re joicing over the rise in wheat
is that in admitting the rise to be beneti-
fetal they answer the arguments made
last fall by leading advocates OF the gold
standard, and plant themselves on gronnd
heretofore occupied by bimetallists. We
were told last fall that an appreciating
dollar was a National blessing, and vet
within year the entire Repu bl;can press
is in ecstasy, because the purchasing
power of a dollar has been TO some extent
decreased.
Wage-earners were told last fall that
rise in the price of commodities would be
detriment to them, and yet, behold how
happy Republican SPELL lbinders are be-
cause one great staple-hour-has risen.
Laboring men were told that their wages
would be virtulIy reduced when it re-
quired more dollars to buy given amount
of food and clothing. Can it be that
our opponents have forgotten the Rail-
way Sound money clubs''2 As soon as
EN- ployes ask for their shar of the prom
ised prosperity the large EN- mployers will be
compelled to raise wages or cease boasting
that prosperity has returned.
While Republican seem to have come
over to our position there is an essential
difference between them and bime talists.
The latter desire to raise all prices to BIZ
metallic level and then keep them there
by financial sy stem which will furnish
standard of money sufficient in volume
to keep pace with the demand for money.
The former praise the dear dollar, but
grow happy over the cheapening OF The
dollar in it's relation 10 a few articles. The
general rise ou!ckens enterprise for the
time being and maintaining the level,
when reached protects business in gen.
eral, and producers OF wealth in particu-
lar, from disastrous effects OF falling
prices; rise IN few articles may bring
an advantage to those who produce such
articles, and yet be a detriment to those
who are engaged in the production of
articles which do not enjoy correspond
ing rise.
A. few instances nav be given: If wool
is high the grower will be benefited, but
the manufacturer OF wooden goods will
suffer unless there is corresponding ad-
vance in the price of WOODEN goods. But
ar advance in the price OF wooden goods
$ an in Jury to tn ose who wear WOODEN
goods unless they enjoy corresponding
increase in their incomes. If sugar rises
the sugar trust reaps the profit. but it
must be at the expense of those who con-
sumo sugar, unless consumers of sugar
can make enough money to cover the in
creased prices. So when wheat rises the
wheat-grower is benefited, but he profits at
the expense of those who use -four unless
the latter in some way secure CORE
spending increase in their incomes.