The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-09
WHEAT AND BIMETALLISM.

10 inc Editor OF the Journal.
enclose you an article headed why
France Has Proposed Free Coinage" which
appeared yesterday in the most prominent
position in the London Times, and which
| Will. venture to think. be read with great
interest on your eide Of tho sea.
1T is French wheat" says the cores
| pondent. which has cansed the whole
mschief"-thc mischief being the proposal
of the French government to revert to the
| free coinage Of silver. But the Times cor
respondent falls to point out why protec-
tive duties In France failed to keep the
price of French grown wheat at remu-
nerative level The real reason was that
while the French were increasing their
tariff, the silver and paper exchanges be-
tween 1887 and 1894 fell SO rapidly that
protection quite failed to protect.
II the Indian wheat exporter can get lin
excharge) as many silver rupees for one
gold sovereign as formerly he got for two.
nothing short OF an ad vaioiem duty OF 80
per cent Will suffice to project the French
farmer.
Or, take again the case Of Argentina.
With a gold premium at Buonos Ayres Of
250 per cent, the Argentine exporter, who
sells his wheat In London for sovereign
gets, in his paper money. l pound, plus
pounds 10 shtlings, AMI the value-the
purchasing power Of that paper money
was, as we know from the evidence given
before our agricultural depression COM
mission, very nearly as great, with gold at
that great premium, as 1t was when gold
and paper were at par.
1t is little wonder then that such being
the currency conditions OF the world OF
commerce, the average protectionist, I'M
enlightened as 10 the effect on prices of
these modern exchange commissions, has
Joined the camp of the free trader, while
free traders by Wholesale have recantcd
and become protectionists.
Apropos OF this agrarlan revolt, which
the Times correspondent observes In
France and which has gained such mo-
mentum also in Germany and Russia and
which the accident of famine In India and
Argentina is merely checking in your
country, let me draw attention to the
messages to congress of Mr.. Daniel Man
ming In 1886 and OF Mr.. j. Rusk in 1890,
Mr.. Manning wrote:
ut is a direct consequence OF the none
tary dislocation that the wheat OF India.
which there fetched rupees per quin-
tai fourteen years ago, and there fetches
3 rupees per qilintal today. can be sold
IN London (c1st Of transportation apart
for as little as the gold piece OF rupees
foday--a fall of 25 per cent. This lowered
price of wheat in London has had to DO
met with lowered price OF American
wheat in London. The price OF our sur
plus wheat determines the price of the
whole wheat crop of the United States So
that the monetary dislocatton has alrendy
cost our farming population, who number
nearly half the entire population of the
United States, m almost uncomfortable
snm--a loss of millions upon millions every
year.
Mr.. Rusk wrote to congress:
The recent legislation looking to the
restoration of the bimetallc standard OF
our currency and the consequent enhance
ment OF the value OF silver has unuues-
uonably advanced the price OF wheat in
Russia and India and in The same degree
reduced their power of competition"
And Mr., ONeill, our consul at Kouen |
reporting TO- our foreign office upon the
failure of protective duties in France.
says:
I'VE know that the culture OF wheat in |
the wheat growing districts OF the Plniab
has been steadily fostered for many wears
past by the depreoiating value Of the rupee |
when measured in gold. There. the pre-
MUM on gold being less than The premium
on gold i'll Argentina, the corresponding |
advantage is, OF course. smaller; but 1t Is |
sufficient to enable the French importer to |
pay francs 80 confines OF the s |
francs levyable as duty"
IL Is something that the susferings OF |
famine stricken India and the losses OF the |
farmers in Argentina have not been in |
VAN. Famine aud locus.s have slffaed tn |
iase the price of wheat TO The normal |
bimetalllc level--that price level, II timet-
alltsm were restored would by raising all |
prices bring flood tide CT prosperity to |
the entire industrial world.
IL is SO extraordinary that the desire of
q Few people, who are Interested In cen
tracing the currency, should be cble to !
influence four-fifths of the newspaper pre- So |
TO deny the very axioms of political econ
omy. III. however. We return to the chrOn-
icles which were contemporary with the
gold discoveries In California we find the |
currency Issue as 1t was when 4. l.eds ted |
It's present political environment, We find
II discussed from its social aad philosopic
standpoint. few days sinae. when turn
ing over the pages of the Quarterly lie. few
FOR September, 1852. / marked the fol-
Lowing passages in a paper on "Ths Gold
Discoveries"
AS the proportional increase n the cir.
culating medium has been for grea' or in
the United States than In the other coun-
tries. 1t is there that we sAoiid lnok fer
the greatest increase in prices aud accord
insly the letters agree that 4 very great
rise has taken place there II all descrip-
lions OF property. The value OF house prop
erty has. they say. doubled IN the las. four
years.
~ may Do argued tnat general rise OF
prices can hardly be regarded as general
benefit, that to the bulk OF any community
the action must be wholly Indifferent. and
that III beneficial to some IL must be In
furious TO others We have, however the I
fact universally established. so EAR as we /
know, that every great advance In Nationak
prosperity has been coincident with rising,
and every marked decline with falling |
prices The treasure Of the Roman en-
pre- which had been f35S 600 900 under |
Augustus, sank to $1,000 900 under Jus
tlnian, and 1t would perhaps be Impossible |
to cxaggerate the misery caused during |
those Ave centuries by attempts TO MAIN
tain the exactions imposed at a more pros
porous time" Yours faithfully.
Moreton Frewen.
Innishannon, County Cork. September 90
1897.
TEXAS POLITICS.