The herald., 1897-10-04
MONDAY, OCTOBER 4, 1897.
BIMETALLIC OUTLOOK

We have heretofore called the atten-
ton Of the readers of The Herald to Mr..
Bryan's admirable letter to the New
York World. written at the special in
stance Of that paper. Being a valuable
contribution to current literature upon
the much talked Of subject Of prosper
ity, It will bear further attention. Re
ferring to the late rise in wheat-which,
by the way, as the readers of The Herald
are aware, Is already subsiding-Mr
Bryan sees in it simply an illustration of
the well-founded principle that the ex-
be affected by anything that affects
either the demand or the supply.
The attempt on the part Of the Repub-
lican press to befog the public mind
touching the cause in the rise of this
cereal, we are glad to state, has been
abandoned, though it was played for
all 1t was worth" as long as popular
credulity would permit. Claiming credit
for the results of disaster to the wheat
growers of India. Europe and South
America was too thin ice to sustain for
long even the agile political skaters of
the Republican party.
For neatness in putting a case" COM
mend US to Mr. Bryan. And yet what he
says in the following paragraph ought
to have been apparent to every observ-
ant mind without the necessity Of eluci-
dation:
The most significant thing about Re-
publicans' rejoicing over the rise in
wheat is that in admitting the rise to
be beneficial they answer the argu-
ments made last fall by the leading ad-
vocates of the gold standard and plant
themselves on the ground heretofore
occupied by bimetallsts. *The
wage earners were told last fall that
a rise in the price of commodities would
-. be detrimental to them, and yet, be-
hold how happy the Republican SPELL
binders are because one great staple
four-has risen!
Now, metallists would raise all
prices to the bimetallic level, and. by fur
nishing a standard money sufficient in
volume, to keep pace with the demands
Of commerce, keep them there. Contin-
uing, he says:
A general rise Tin prices) quickens
enterprise, and the maintain
ing of the level, when reached. pro-
tects business in general and the pro-
ducers of wealth in particular, from the
disastrous effects of falling prices
An increase in the price of wheat
brought mo more money, for which we
rejoice. How much more cause would
we have for rejoicing were the prices of
all other commodities-the product of
our hands, of our skill and industry-in-
creased? And if the slight increase in
the volume Of our money secured by the
expectation Of higher wheat gives cause
for rejoicing. is it not evidence that we
now have an Insufficient quantity of
money in circulation? Concluding, Mr..
Bryan says:
The fact that silver and wheat have
parted company will cause no dismay
to those who understand that the law
of supply and demand regulates the
price of both. 1t is the contention of
bimetallists that the opening of our
mints to the free and unlimited coinage
of silver at the ratio of 16 to / will
fix mint price for silver just as mint
price is now fixed for gold. They fur
ther contend that the demand thus Gre
ated by law will be sufficient to utilize
all the silver presented, and thus the
bullion value will be raised to the coin
age value.
That Mr.. Bryan's letter was a home
thrust to the single gold standard cause
is evidenced by the haste with which
it was replied to by the very head and
front of that politico-plutocratic
scheme. Secretary Gage. Speaker Reed