The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-09-18

The Death Diow 90 Free silver as an
Iasue.

The extraordinary and unexpected
appreciation in the price of wheat is, of
6urse. especially gratifying, because
il means that this vast harvest will
bring TO the American people perhaps
as much as 5000, 100000 more this year
than has been received In any other
year since 1891 for this staple. OF this
enormous sum IL seems likely that the
farmers will receive the greater proper
ton. The best authorities assert that
while speculation has been very great.
nevertheless il has so happened that
this year the spectators have been
gambling upon n product which they
did not possess, but which for the most
part the farmers still retain in their
possession. Therefore, unless there be
a depreciation in the price OF wheat, the
farmers OF the United States are sure
70 receive the greater part OF this
enormous appreciation in price.
What that means 10 the American
people the merest tyro inpolitical econ
omy or in business can easily under
stand. II represents the difference be-
tween poverty and plenty 1t means
that debts will be paid and n balance
will be left after such use OF money.
which will either go into circulation by
means OF the expenditures OF the farm
crs. or will be placed in savings or 9TH
er banks, where IL will become cap
ital.
This immediate result Of the Amer
lean wheat harvest is, however, perhaps
the least important Of the influences
| "a =. Tn "a
place, IL seems inevitable that the great
| agricultural community, or at least
that part OF Il which was disposed Co
support the theory that the depression
| in the price OF wheat was due TO what
was called the decentralization OF Sill
yer, will now be convinced by unan-
swerable proof that the silver question
had nothing 10 do with the low prices
which the American farmers received
for their wheat While wheat has been
approaching the highest price recorded
for many years, silver, on the other
hand, has been falling until il has re-
Gently touched the lowest price ever
paid for il. so that two ounces OF silver
represent the price offered for bushel
OF wheat in the middle OF August,
whereas a year ago il was claimed that
an ounce OF silver bought bushel OF
wheat.
We may expect, therefore, to sec that
an argument furnished by practical ex-
perience, not 10y the politicians, has per-
manently convinced that great com
pany OF the farmers who were
persuaded to free silver a year
- - q "a
one result, therefore, OF this experience
in the summer OF 1897 Is likely TO be
the extinction Of the doctrine Of free
silver, at least as n political issue.
Another result is to be determined in
the more remote future. IL so happens
that the high price the wheat-farmers
are now receiving is in great meas
ure due 20 deficiency in the wheat
harvest of other countries. That Is a
condition which will not be expert
enccd every year. 1t is not 10 be pre-
sumed that the same causes will each
year combine 90 make the American
wheat haryests very profitable.
The best opinion, however IS that
wheat will never be as low as has been
the case for the past four or five years
The United States has practically
, reached the limit OF wheat production
We cannot be expected TO raise more
than 600.0O0,O0O bushels. because our
wheat area is comparatively limited
. Our population Is increasing so rapidly
that the time is not far distant when
the United States will require for home
consumption all the wheat il can raise
. and perhaps it will be compelled TO i'm,
port the grain. That condition vii
tend TO maintain the price OF wheat
. and also constantly 20 appreciate II.
Therefore it is reasonable 70 Hup
pose that the experience of this year Il
r a fair indication Of what is IN store foi
! the United States wheat farmers In tho
future, so that they may hope that then
, business. il tho climate favors, may
? yield them as great profits CONSTANT,
h. as are TO be obtained from any othel
q form of agriculture.-L eslie's Weekly