The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-09-06

times
Gainesville Texas. September 4. - Tho
Post correapnndcnt yesterday called on J.
w. Bailey ut his home and ssked MIN as
10 his political Intentions, to which he re-
piled no did not intend to be candidate
for tho United States senate. but would
scrve out his torn in congress.
He was then questioned with regard TO
tho advance In wheat and its bearing on
tho silver question. 10 which he replied az
nor attached article which the corresponds
emit wrote ns he spoke.
The men who think that the recent rico
in the price Of wheat has refutcd our areu-
ment Tor the free coinage OF silver take
strangely superficial view OF the question:
We have never commended that tho gold
standard renders all rise In the price OF
conmoditios impossible. but our conten-
ton is that It keeps the average price OK
nil commodities below what II ought 10
be and prevents the rises which do occur
from going as high as they would under
n syetem OF bimotallisn.
The fact that wheat Ia worth moro now
than II was last year only proves that
small crop win fetch better prices per
bunhel than large erop-n proposition
which no wise man ever doubted and no
candid man ever denicd our popnlist
| friends do sometimes deny the effect Of
supply and demand upon the markets, and
contend that prioea are regulated altogether
by the volume OF money; but the intelit-
gent advocates OF free silver have always
combated that doctrine. so far from ig-
noring tho a1w Of suppig end demand, va
have ricadfaYSiy recognized It's oneration:
but So l1ssv ntsiata that II applies 70
money as well as TO commodities.
| We have never questioned that, other
things being equal change in the price
OF any criticize will follow a change in the
conditions of lie supply and demand; but
we also know that change In the price
Of an article may be due entirely to
change In the value OF money without any
change whatever in the supply OF and the
demand for the article itself. Price simply
expresses the relation between money and
property; and, plainly that relation may DO
altered by movement In money as We'll
as by movement In property. Great
alterations In the price OF any article In
one year as compared with the year be-
fore II or the year after II are generally
due to conditions affecting the article IT.
self; for II frequently happens that while
the demand for an article like wheat may
vary less than per cent from year TO
year, the supply Of II may vary 20 per cent;
/ and this must necessarily produce great
change In its price But II we enlarge our
view. and n, instead OF considering one or
two years, we will consider period Of
yenrg. we Will find the relative supply OF
and demand for a commodity like wheat
does not vary very widely. Because. dur
ing the longer period. theIe will be large
crops and small crops which Will equnlize
each other and preserve a correspondence
} between the increased supply and the In
creased demand.
The effect OF changes In the supply OF
, and the demand for a great staple product
may be very great from year to year. but
The effect through period OF years Is not
, lapt to be considerable. The reverse Of
this. however is true ms TO money. The
effect OF a change in the value of money
, Is apt TO be small from year to year, and
G great through period OF years; because,
. except In the abnormal times OF o. panic,
: the supply Of, as compared with the de-
mand for money Is not subject to great
and sudden changes. and the disproportion
between the supply and demand grows
gradually. each year adding its increase
II continued ON Fifth PaEc.l