Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-09-07

some extent decreased.
The wage-earners were told last ran
that a rise In the price OF commodities
would be detrimental TO them. anu YET
behold! how happy the Republican spe"-
binders are because one great STAPLE
hour-has risen.
HOW WILL PROSPERITY BE d.
vIDED?
The laboring men were told that their
wages would be virtually reduced wnen
II required more dollars to buy a given
amount Of food and clothing. Can II be
that our opponents have forgotten the
railway sound-money clubsy As soon
as the employees ask for their snare
OF the promised prosperity the large en-
ployers will be compelled to raise wages
or cease Boosting that prosperity mas re-
turned
While the Republicans seem to have
come over TO our position, there is this es-
sential difference between them and the
bimetallists: The latter desire to raise all
prices to the bimetalic level. and then
keep them there by financial system
which will furnish a standard money
sufficient in volume to keep pace with the
demand for money; the former praise
dear dollar. but grow happy over the
cheapening of the dollar in its relation
TO a few articles.
general rise quickens enterprise for
the time being, and the maintaining OF the
level, when reached, protects business In
general. and the producers of wealth In
particular from the disastrous effects
Of falling prices; rise in few articles
may bring advantage TO those wslo pro-
duce such articles and yet be detrment
to those who are engaged in the produc-
ton of articles which do not enjoy a
corresponding rise.
WILL WAGES RISE, TOO?
A few instances may be given. II wool
rises. the wool-grower will be benefited
but the manufacturer Of woollen goods
will suffer, unless there is a correspond
ing advance I'm the price Of woollen goods.
But an advance in the price of woollen
goods is injury to those who wear
woolien goods, unless they enjoy cor
responding increase in their incomes.
IL sugar rises. the Sugar Trust reaps
the profit, but 1t must be at the expense
Of those who consume sugar unless the
consumers Of sugar can make enough
more to cover the increased price. 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 corresponding increase
in their incomes.
lowed by a rise in wages. Mr. Carlisle.
in his speech OF 1915. commenting upon
the advantages to be secured through
the Bland act said: Instead of constant
ana relentless contraction; instead of
constant appreciation CT money and de-
probation Of rroptrty, we will have ex-
pansion 10 the extent OF at least two
Eiiiion dollars per month, and, under its
influence, the exchangeable value of com
modities including labor, Will soon begin
TO rise. thus inviting investment, infusing
life into the dead industries of the coun-
try and quickening the pulsations of
trade in all its departments"
Those who understand the cause of the
recent rise in wheat know that the
price will fall when foreign crops again
become normal; in fact, wheat has al
ready 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
&c. 1892 was Sl.03; for the year following
it was 50 cents; by the 1st of November,
1893 the price had fallen below 10 cents.
What will be the political effect of this
temporary advance?
That ii must be adverse to the Repub-
lican party is certain. If any are foolish
enough to credit the rise TO the new
restored confidence" the spell will be
broken when wheat returns to the level
of the last few years. The disappoint
ment will then be the more intense be-
cause of the temporary delusion, and
the Republican papers which are to-day
calling attention TO the price of wheat
are simply laying up for themselves adj
ditional trouble.
The advocates of bimetallism can re-
joice in the rise while 1t lasts, and when
it is over they can contrast the adj
vantages OF higher prices, due to an in
creased volume of money, with the short
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
ment has recently issued a statement
estimating 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 bime-
tallists.
POLITICAL EFFECT OF THE RISE.
In calculating the polltlcal effect Vi d
rise in wheat 1t must be remembered
that many farmers were threatened
with foreclosure during the last cam
paign, and that considerable part or
the money received for wheat VIII De
employed in paying off mortgages. Thus
intimidation will be somewhat restrict
ed, but the demand for merchandise VIII
be less than 1t would be under ordinary
| circumstances. The reasons given above
for believing that bimetallists will find
announcement rather than discourage
ment in present conditions are the
same which have been given by other
advocates of bimetallism. Those VINO
advocate free coinage may be wrong,
but they agree upon the principles which
urderlie the money question, and they
are not likely to be frightened away
from their positions by events which
enforce their arguments.
The law of supply and demand ex-
plains the fall in silver, as well as tne
rise in wheat. To what extent the fali
in silver may have been accelerated by
speculation in silver bullion / cannot
say. 1t would be possible for the bears