The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-03
CAUSE OF HIGH WHEAT
COUNTRIES ON THE OTHER SIDE
HAD A CROP FAILURE.
AsIlyER DOLLAR is WORTH 100 CENTS
A Panic May be Precipitated it Gold bug
Organs Get the Idea in the Peoples
Heads That il is Worth
Less.

Less.
Washington, Sept. 2.-Special.)-
The newspapers that denounced VII
Fam Jennings Bryan and the Chicago
plstform last year are pointing with
pride to the rise in the price of wheat
and the decline in the price of silver and
are saying exultingly, "We told you
so.' And while they are thus apparently
bubbling ever with enthusiasm, shouting
N clarion tones that prosperity is at our
threshold, they are losing sight of the
fact that the argument they are now max
ing fully SUBSTANCES the position taken by
the silver men in the last campaign.
Congressman r. G.. De Graffenried, of
Texas. who has devoted much time to the
study of the financial question, said to
party of friends today that nothing could
be more easily explained than the late
rise in wheat and the fall in silver. TT 5
an i'll wind,'' said he, that blows no
good" Our farmers are this year blessed
with abundant crops and the wheat pro-
ducing countries on the other side of the
ocean are up against it. Their crops have
gone back ON them, especially in India,
the country whose wheat comes into COM
petition with that of our own. In other
words. the demand for American wheat is
almost greater than the supply. and
hence the big prices which the spectators
are just now reaping. OF course am sor-
" to say this will not always continue,
for next year the demand for wheat by
reason of good crops on the other side
may be only normal, and in that event
our farmers will not receive any more for
their wheat than formerly.
LET the minis of the United States,
England, France and Germany be opened
tomorrow to silver" continued Mr.. De
Graffenried, land you will see the price
of the white metal rise steadily until it
reaches the level of gold. Why would it
rise? Simply because of the demand-the
same as the demand now for wheat.
another thing to which desire to call
your attention is this: Since the fall of
the price of silver during the present few
weeks the gold press of the country, with
fendish delight, has with one accord de-
elared that our standard silver dollar was
worth but 40 cents and fraction, which
~
sometimes less. 1t seems to me that the
advocates of the single gold standard are
bent On bringing about another panic
such as we had in 1893. And the way
they propose to do it is by denouncing
our standard silver dollar, which, they
claim, is not worth dollar. If they can
instil that idea into the minds of the peo-
pie, it will bring about one Of the worst
panics ever experienced by this country
People who own silver dollars will de.
mand their redemption in gold.
Last year Secretary Carlisle, in a
statement he made during the campaign
declared that if necessary to maintain the
parity between the two metals it would
be the duty Of the government to redeem
silver dollars with gold dollars. By that
declaration Mr.. Carlisle virtually repudi-
ated silver as one of the moneys Of final
redemption.
"Now, everybody knows that our stan.
dard silver dollar is worth a hundred
cents and pays hundred cents Of debt
as much so as the gold dollar.
"This continued denunciation and libe
on our four hundred million standard sill.
yer dollars and the charge that they are
worth only little over forty cents apiece
is not calculated to inspire confidence il
the government. More than anything else
the charge that the silver dollar is worth
but trife over forty cents, but will pay
as much debt as the gold dollar, is sui
ficient answer to the goldbugs.
'sThis country is big enough and strong
enough to open its minis to silver, and i
that were done the price Of silver bullion
like the price Of wheat, would go up be
cause of the demand. The purchase of sill
yer bullion by the government and tn
free coinage of the white metal, the SAM
as is accorded gold, are entirely two diff
ferent propositions. If the government
would buy all the silver produced in thi
country and coin it, it would not hell
matters much, for the government coult
still be discriminating against the whit
metal.
'The only solution of the question is t
open the minis to silver the same as t
gold. Prosperity viii never come throug,
the contraction of the currency, which tb
gold bugs are doing by discrediting gu
standard silver dollars.
"What the country needs is NOR
money. This will be the issue in the mex
campaign. In my judgment that issue will
win"