The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-09-02
WHEAT IN INDIA
Is Closely Related to Silver on
Natural Lines.
American Farmers To-day would he Get
ting se Per Bushel For Their Ger
cal Had Not the Crime Of
'73 Been Committed.
Marietta, O., Aug. 2s. 1897.

In 1891. at a convention of the Amer
lean Bimetaflic league, held at WASH
ington, Moreton Frewin, the distin- |
guished English bimetallist, called at |
tention to the close relations between |
silver and wheat in India, and its effect |
showed that for long time an ounce
Of silver in India, converted into rl-
pees, had been the equivalent of a
bushel Of wheat, including transporta-
ton to European markets., and especi-
ally had this been the case since the
opening of the Suez canal He showed
also that, under conditions then exist
ing, as the gold price Of bullion silver
went down in the American market,
the gold price of wheat would go down
In India, and consequently In the Euro
pean markets, necessarily carrying
down with II the price of wheat in this
country. This was then strictly true
and easily explained.
II an ounce OF silver would pay for a
bushel Of wheat in India and lay Il
down IN Liverpool, It is plain that, II
the ounce of silver could be bought
In America for 60 cents In gold, then
60 cents in gold would pay for the
bushel of wheat in India, including It's
transportation to Europe, which would
mean 40 TO so cent wheat In this ooun-
try as long as India had wheat to ex-
port. Nothing could be palmer than
that. Bimetallishs, therefore, called the
attention of the American farmer to
this fact and showed him the conse-
quences Of indian competition under
such conditions.
But ~ must be remembered that two
things were necessary to produce this
result.
First, the purchaser OF wheat IN In
dia must be able to convert bullion
silver at will into rupees with which
to pay for wheat. This was the con-
ditlon then and continued 80 till June,
1893.
Second India must have wheat TO ex-
port. This India had for many years
in succession. and will doubtless have
again. But for two years past her
crop Of wheat, on account of drouth,
has been short.
Bimetallists, THEREFORE were on strict
ly scientific ground in claiming that as
long as the mints Of silver-using coun-
tries were orered to the unrestricted
coinage Of silver that the products OF
these countries such as wheat, cotton
and other things coming in competition
with the products Of western nations,
would rise and fall with the gold rrice
of silver, and that the premium On
gold operated as bounty to tham in
stimulating exports. But when the
mints OF India and other silver-usins
{ countries were closed, this tie between
, silver and their products was broken.
Reopen the mints OF India, Japan and
l other heretofore silver countries to the
. free coinage of silver and the same
y results will again follow. In other
words, restore the conditions that pre-
r vailed prior to 1898 and the old rela-
2 tion Of wheat to bullion silver will be
D restored.
Bimetallists have never claimed since
the tie of open mints was brolIen that
{ wheat and silver we're any longer nee.
{ essarfly held together. This change
d was the result OF legislation and moth
o ing else. That is all there is to that
: side Of the question.
n Now, what has caused the sudden
O rise in wheato A short crop for the
s world and nothing else. It has been
8 ascertained that at this time the sur.
q plus from last years crop still on hand
: scarcely exceeds seventy-fve million
4 bushels. As the bread-eating popuIa.
e ton OF the world requires from 5000.
900 to 6,0O0,OOO bushes a day, this is
barely a half months supply The
world Is then made to depend on the
r. crop Of this year already harvested
and that which will come later from
> India and the Argentine country. Oh
,r the crop already harvested, Europe Is
II short of an average crop by some
l. 250, 5000 bushels, and short enough
L for consumption by 350O00000 bush.
% els. The United States, which is the
e only large wheat producing country
y with full crop this year, will be able
70 to supply Europe 150,000,O00 bushels
,. and with Canada, perhaps, 200,0O0,00C
e bushels in all Where Is the rest to
Q come from is the burning question for
u Europe. Just what the crop OF Indie
u and the Argentine country will be
:. when harvested can not, OF course, now
j. be told, hut enough is known OF the
O crop conditions in these countries in
d advance to know that the surplus fol
export can not be large.
Hence Eurnpe sees almost famine
y conditions ahead which, OF course, puts
Il wheat up toward famine prlces-a con-
It ditlon that scarcely occurs Ave times IN
d a century, and has not occurred since
't 1879, and not since 1S4S with such in.
. tensity as now.
Under the gold standard with ordi-
4 nary crops for the world, the ruling
n price would probably run from 40 to &C
v cents; with famine prices, or price
s when famine conditions are being ap-
preached, as now, going up to dollar
Now, how would 1t likely be under
bimetallism-wi both gold and silver
!. as the measure? The price under ordi-
nary conditions OF crops with bimetal-
4 lie money, would doubtless run from
so cents to 81, instead OF from 40 to SO
8 or 60 as under the gold standard and
Q under such conditions as now exist
l when a famine Is threatened, the price
should be So instead Of 81, with COM
: mon labor, In all probability " a day
4 Instead OF 81, as now.