The people's journal. (Pickens, S.C.) 1891-1903, 1897-09-16

oo"h w eohlo cStcnt, JuSt as Tue
sometimes lower the price of grain
and it would be much castor to manil
ulatc the silver market because bot
the demand aud supply are NOR
! limited than the demand for or suppl
OF grain but, without considering tn
elect OF speculation, both Legislation
and circumstances have tended t.
lessen the price Of silver.
Tho action of Japan has lcsscncC tn,
demand for silver, and the Unite(
States has not yet made sufficient pro
gress towards international bimctui
llsm to strengthen the market. Added
to this the short wheat crop ir
silver-using countries has lessancd the
demand for tho silver for the purchase
OF wheat.
WHEAT AND SILVER HAVE PARTED
COMPANY.
For many years the price OF wheat
Kept company with the price OF silver.
t!onS wcrc always simultaneous, but
they were mcasurably SO. This re-
latlon between silver and wheat was
commented upon by Mr.. Rusk, Sccre-
tary OF Agriculture. In his report Of
lS9O. page 5, he said: "Thc recent
legislation looking to tho restoration
OF the blm"tailic standard Of our cur
rcncy, and the consequent enhance.
mcnt OF the value Of silver, has un-
qucstionably advanced the prico of
wheat in Russia and India, and in the
Same degree reduced their power of
competition. English gold was former
ly exchanged for cheap silver, and
wheat purchased with the cheaper
metal was sold in Great Britain for
gold. Much OF this advantage is lost
10 fst1
countries. 1t is reasonable, there.
fore, to expect much higher prices for
wheat than have bccn received in re-
cent years"
Inc above quotation explains why
wheat and silver kept together, and
also supports the proposition that
legislation can raise the price of silver
by increasing the demand for it. Whom
MIR. ltusk made this comment Indiu
had free coinage, and the wheat
growers Of the United States had to
meet the competition by reducing the
price Of wheat as the price Of silver
fell.
WHY SILVER COUNTRIES UNDERsELL.
IN lS93 free coinage was SUSPENDED
in india, so that British purchasers
could no longer have their silver con
vcrtcd into rupees. The Indian Gov
crnmcnt, however (accortlng to the
report issued by the Director OF the
United States Mint in lS9D, under
TOOK to furnish fifteen rupees in cx-
change for one pound sterling (uold).
lhlS liked the ratio at about ~ tO
and gives the Indian farmer an advant
age Of about 80 per cent. over the
American farmer.
The fact that silver and wheat have
parted company will cause no dismuv
TO those who understand that the law
OF supply and demand regulates tho
price OF both. 1t is the contention OF
plmctaliIsts that the opening of our
mlnts TO the Tree and unlimited coin
age OF silver at the ratio OF I6 to ! will
hX mint price for silver, Just as u
mlnt price Is now fixed for gold. They
lurthcr contend that the demand TINS
created by law will be sufficient to
utilize all thc silver presented, and
thus no bullion value will be raised to
tho coinage value.
Some OF our opponents have insisted
that silver at $l.29 an ounce would
make the silver dollar as hard TO or
tam aS the gOld dollar is now, but thcv
ignore the fact that an increased
volume OF standard money will lessen
the purchasing power of q dollar.
whether it be OF silver or gold, and
thus restore prices to the bimctallic
level.
WHAT HAVE TIE REPUBLICANS DONE?
What has the Republican party
done TO bring prosperity to tho Amori-
can people 1T cannot be said that
the nero election Of a Republican
PRESIDENT upon Il Republican platform
brings prosperity, because business
failures and bank failures Increased
aitcr the election. international
oImGtalIism cannot bring prosperity
until an international agreement be-
comes more probabic than it is now.
Since the Republicans have content
ed themselves, for the present, with
Legislation on the tarir question, thcv
must look to the tariff law and to that
alone for such aid rs political action
can give.
They are Justly entitled to credit for
any good which it brings, and Justly
responsible for any injury which it in
ilicts.
The opponents OF the Dnglcy bin
described its principal features when
they called it "lcgislation Of the trusts,
by the trusts and for tho trusts" That
the bcnciiciarcs OF such law will re-
joicc is to be expected, but can tho
Republican party show that the law
has brought or can bring advantage to
the people in general ?
Nothing can better disclose the
weakness Of the Republican position
than the joy manifested by Republi-
cans over events for which their Ad-
ministratjon and their policies are in
no way responsible.
w. j. BRYAN.