The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-29
WHEAT AND SILVER.

Il
to the democratic contention for the free
coinage Of silver for much misrepresenta-
ton. both willful and ignorant
There is spccio,isness In the suggestion
that this condition refutes the claim OF the
democratic party In tho late campaign Of
the undue depression In tho price OF COM
modities by the restriction Of standard
money to gold alone
50 little reflection is required to disclose
1he fallacy Of this supposed REPUTATION that
tho discretion Of those advancing It may
well be questioned. Welcoming any meas
ure OF prosperity that may come to the
country. despite bad and corrupt economic
basislation and perfidious neglect by the
republican party Of the moGetary issue BIZ
mctallsts are undismayed by the logic OF
ele coincident rise In wheat and fall IN
silver. Those who find satisfaction in this
alleged contradiction OF theory by facts
have been led by excess OF zeal or wIllfui
peryersion, as may be, to assume unwit-
tingly position that would make II nee
essary to revise political economy itself,
for example to repudiate so well estab-
lished doctrine by the general consent OF
economists as the quantity theory OF money
aud to deny that the value OF money is,
like the value OF everything else. governed
by tho law of supply and demand. Even
Sir Robert Glffen, the ablest commercial
statlstician Of the world and one of the
pillars OF English gold recommendation. re-
ferrlng to the relative effects Of cheaper
production and transportation and the in
creased demand for gold, when the func-
lions OF standard money had not yet been
snrown on gold alone. said 81 am disposed
to give greater weight to the latter" IT,
therefore, tho flippans reference to the
parting company OF wheat and silver bull
ION rs dsposlng OF this question proves
anything. It proves entirely too much.
But what was the position Of the demo-
tatic party and OF bimetallists throughout
world on this issue? Certainly not
that famine and pestllence in India, and
ihe shortness OF the whent crop there and
In Russia and the Argcntlnes would not by
Increasing the demand raise the price OF
wheat; nos yet that tho conviction that
This country Is for time at least hope
J ssly in the tolls OF gold recommendation
inder republican rule. with the closing OF
her minis to silver by japan, would not by
deereasin. tho demand for silver depress
the price Of that metal. The position OF
Tho democratic party and OF blmetallists
generally was. and is. that the general
range OF the price OF commodities under
normal conditions OF demand and supply
Is rulnously depressed by gold monometal-
beatistIcs-the Sonerbeck tables. comprls.
Ing fcrty-seven lending commodities, EN-
hracng food products. textiles and miner
als--were adduced. showing a general de-
elmo from an average OF III In 1873 to 6s
IN 1893. To this tho republican party had
aad have, aside from alleged cheaper pro-
duction aud transportation. no reply but
The Notwithstanding and despairing one of
over production. To which 1t was in turn
esponded. there can be no over production
o. the necessities OF life while millions
rsady and able to work go hungry and des-
tute because unable TO obtain employment
owing to tho stagnatlon caused by the In
rnffloiency OF the volume OF business and
tle requirements OF current business and
legitimate development.
The essential elements OF the democratic
o. bimetallic doctrine in accounting for
;he undue depression OF prices by god
honometallism havo relation to tho general
range of prices and not TO tho price OF n
single commodity. and to tho average OF
avt,
time, aud not to an acute state at . par
tcu!ar period produced by extraordinary
causes Democratic speakers claimed that
an ounce of silver bullion would approx
mnteiy buy aa much OF an average list OF
commodities ~ before decentralization mere
ly as tending to show that the apparent
chcapcnlns Of prices was due mainly to an
illustrative coincidence, but It was net
Stained that there was any necessary cor
Sespondenco In the ratio of the rise and
1al OF tho commercial price OF silver and
ot any particular commodity. wheat, for
example. much less was II predicted that
the relation then existing must continue
even under conditions inyersely affecting
economic reason for proportional decline
OF silver and commodities the reason ceased
when by universal demonstration it be-
came Itself mere commodity, and when
ahis government, the hope OF humanity.
was handed over to industrial monopoly
and gold recommendation. Tho price OF sill
yer ia determined now by Its demand for
use In the arts and has Just as much rela-
Lion TO tho price OF wheat aa II has to the
frlce OF pix iron or as the price Of wheat
and pig Iron have TO each other, and no
more.
The lamented General Francis A. Walker.
ute president OF the Massachusetts InstI-
sto OF Technology. and. with ex-Prcsi-
cent Andrews OF Brown University. easily
I rst among American writers on monetary
fence, tersely expressed the principle on
which bimctallists attribute unreninnera.
I've production 70 sold moaometallsm as
Pillows; Money supply has nothing to do
with placing ono commodity above o. be-
'iw another in the scale OF prices. but it