The herald., 1897-09-07

TIE PRESENT CONDITIONS THAT 1oNaED FOR AND
VERY DESIRABLE
Price of
lIustA Responsibility Famine in India"
the


the New York World, the St. Louis Post
Dispatch and the San Francisco Call
last Sunday. A precis of it has already
been presented in The Herald as
prepared by the Associated Press, but
the article is of such timely value that
1t Is herewith reproduced in full
The rise in wheat will aid rather than
injure the cause of bimetallism. While
few people may be inclined to give an
administration credit or blame, as the
case may be- for everything that hap
pens during its existence. every intelli-
gent person reasons from cause to ef-
feet
Wheat has risen because the foreign
crop has been exceedingly short. BIZ
metallsts contend that the law of sup
ply and demand is universal. They APP
ply it not only to money, but to bullion,
both gold and silver, to wheat, and to
every other article of value. They con-
tend that the exchangeable value of
both money and merchandise will be at
fected by anything which affects either
the demand or the supply.
The American wheat-grower is just
now profiting by the almost unprece-
dented disaster which has overtaken
wheat growers of India, Europe an6,
South America. When wheat reached
IS cents a bushel a Republican in West
ern Nebraska pointed out that the rise
was just about equal to the tariff on
wheat, and attributed the rise TO the in
telligence of the average Republican TO
suppose him capable of cherish
ing such a deluson. While wheat
is hghere in Liverpool than it
is in New York-and it always, or nearly
always, is-a tariff on wheat has no in
1iuence upon the price in the United
States.
In an interview given out August %
President Mckinley said: "The cause
of the present boom in the west is un-
dOubtedly due. in a great measure, tc
large crops and high prices, caused by
the failure of crops in other countries"
II Republicans desire to claim credit for
the high price Of wheat they must as
sumo the responsibility for the famine
in India. Will any Republican conven-
ton point with pride" to the famine as
an evidence that the Republican party
Is redeeming its campaign pledges? VIII
the Republican party pledge itself to use
its best efforts to continue the famine
abroad, as it pledged itself last year to
promote international bimetallism?
The most significant thing about Re-
publicans rejoicing over the rise in wheat
is that in admitting the rise to be bene-
fetal they answer the arguments made
last fall by leading advocates of the gold
standard, and plant themselves on
ground heretofore occupied by bimetal-
lists. We were told last fall that an ap-
preciating dollar was a national bless
ing, and yet within year the entire Re-
publican press is in ecstasy, because the
purchasing power of dollar has been to
some extent decreased.
Wage earners were told last fall that a
rise in the price of commodities would be
detriment to them, and yet, behold how
happy Republican spellbinders are be-
cause one great staple-flour-ha risen.
Laboring men were told that their
wages would be virtually reduced when
it required more dollars to buy given
amount of food and clothing. Can it be
that our opponents have forgotten the
Railway Sound-money clubs?" As
soon as employees ask for their share of
the promised prosperity the large en-
ployers will be compelled to raise wages
turned.
While Republicans seem to have come
over to oua position, there is an essential
difference between them and bimetal-
lists. The latter desire to raise prices
to bimetallic level, and then keep them
there by a financial system which Will
furnish a standard of money sufficient in
volume to keep pace with the demand for
~
lar. but grow happy in it's relation to
few articles The general rise quickens
enterprise for the time being, and main
tanning the level, when reached, pro
tects business in general, and producers
of wealth in particular, from disastrous
effects of falling prices; a rise in a few
articles may bring an advantage to those
who produce such articles, and yet be a
detriment to those who are engaged in the
production of articles which do not enjoy
corresponding rise.
A few Instances may be given II
wool is high, the grower will be benefited,
but the manufacturer of woolen goods
will suffer unless there is correspond
ing advance in the price of woolen goods.
But an advance in the price Of woolen
goods is an injury to those who wear
woolen goods unless they enjoy a cor
responding increase in their incomes. If
sugar rises the sugar trust reaps the
profit, but II must be at the expense of
those who consume sugar, unless con-
sunlers of sugar can make enough money
to cover the increased prices. So when
wheat rises the wheat grower is bene-
fitted, but he profits at the expense of
those who use flour unless the latter in
some way secure a corresponding in
crease in their incomes.
general rise in prices should be fol-
lowed by rise in wages. Mr.. Carlisle in
his speech of 1878, commenting upon the
advantages to be secured through the
Bland act, said: Instead of constant
and relentless contraction, instead OF
constant appreciation of money and de
probation Of property, we will have ex-
pansion to the extent of at least 81 900, 900
per month, and under its influence the
exchangeable value of commodities, in
cluding labor, will sooD begin to rise.
thus inviting investment, infusing life
into dead Industries of the country and
quickening the pulsations Of trade in all
Its departments"
The farmer and manufacturer would
each receive a higher price for his pro-
duction Laborers, on the other hand,