The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-07
THE RISE IN WHEAT HELPS SILVER
Message Of Highest Importance From william J. Bryan
to the American People,
fWri ten Exclusively for the New YORK ORD


this increase and thus secure protection
from harm The good effect of general
rise and a subsequent level of prices
would be widespread and permanent.
The owners of money and the holders
of fixed investments are the only ones
to whom rising prices bring a real injury,
and this injury is partly remedied by the
greater security given to investments.
If it is said that rising prices do an
injustice to the owners of money and
those enjoying fixed incomes, let it be
remembered that the restoration of BIZ
metallism can only take away the add
vantage which the gold standard gave.
1t is a choice between falling prices in
definitely continued and return to the
bimetallic level. The gold standard gives
perpetual advantage to the money
owning class and works perpetual in
justice to the producers Of wealth, while
bimetallism gives temporary advantage
to the producers of wealth at the eX-
pense Of the money owners, and then
establishes justice between all classes by
preserving stability in the purchasing
power of the dollar.
Those who understand the cause of the
recent rise in wheat know that the price
will fall when foreign crops again be-
come normal; in fact, wheat has already
receded twice owing to the fear that the
first reports Of foreign crop failure were
exaggerated. The export price Of wheat
for the year ending June 30, 1892, was
81 O3; for the year following it was 80
cents: by the LIST of November, 1898,
the price had fallen below 20 cents.
What will be the political effect Of this
temporary advance?
That it must be adverse to the Re
publican party is certain. If any are
foolish enough to credit the rise to the
new tariff law, to the gold standard or
to restored confidence" the spell will
be broken when wheat returns to the
level of the last few years. The dis
appointment will then be the more in
tense because of the temporary delusion.
and the Republican papers which are to-
day calling attention to the price Of
wheat are simply laying up for them
selves additional trouble.
The advocates of bimetallism can re-
joice in the rise while it lasts, and when
it is over they can contrast the advan-
tages of higher prices, due to an in
lived benefits of a spasmodic rise, due to
a famine so distressing as to appeal to
the sympathy and charity of the Ameri-
can people.
An official in the Agricultural Depart
ments has recently issued statement es-
timating that the farmers of the United
States will receive for their wheat crop
this year several hundred millions more
than they received for last years crop.
and points out the stimulating effect Of
this amount Of money on other branches
of industry. This is another confrma-
ton of the arguments made by the BIZ
metallists.
MONEY COMING FROM EUROPE
A GOOD SIGN.
A large part Of this money comes from
abroad. Wheat is not only higher, but
more Of it is being exported. If we had
enough money in this country, an in
crease in the volume would be an in
jury.
If an increase in the volume of money.
secured by the expectation of higher
wheat, gives cause for rejoicing, is it not
evidence that we now have an INSULT
Gent quantity?
If the farmers are constantly remind
this years crop, will they not be able
to calculate their loss the more easily
when wheat goes down?
Is it not possible that the pleasure ex-
perienced from the rise in wheat will lead
farmers to desire an increase in the price
Of other farm products? When they
learn the advantages of restored prices
will they not seek some more durable
means Of sustaining prices than
drought or famine? The department
official has also contributed to our caase
by emphasizing the benefits received by
other industries from the farmers pros
perity.
QUOTES M'KINLEY.
The President during the last cam
paign gave utterance to a very effective
phrase when he suggested the opening OF
the mills instead Of the minis, but he
was answered by the statement that the
mills would open when the people were
able to buy the products Of the mills.
When a government official points out
the advantages accruing to the country
from the fact that the farmers have
several hundred millions of additional
money to spend in paying debts and buy
ing merchandise, he strengthens the posi-
ton taken by bimetalists.
If the rise in wheat will enable the
farmers to pay their interest more
promptly and have money left to buy
merchandise, how much greater would
be the general benefit If the rise ex-
tended to all agricultural products?
POLITICAL EFFECT OF THE RISE
In calculating the political effect Of
a rise in wheat it must be remembered
that many farmers were threatened with
foreclosure during the last campaign and
that a considerable part of the money
received for wheat will be employed in
paying off mortgages. Thus intimida-
ton will be somewhat restricted, but
the demand for merchandise will be less
than it would be under ordinary circum-
stances. The reasons given above for
believing that bimetallsts will find en-
enlargement rather than encouragement