The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-09-15

The Death Blow 10 Free silver as an
Issue.


Issue.
The extraordinary and unexpected
appreciation in the price of wheat is, of
course, especially gratifying, because
it means that this vast harvest will
bring TO the American people perhaps
as much as $200,000,00O more this year
than has been received in any other
year since 1891 for this staple. OF this
enormous sum it seems likely that the
farmers will receive the greater proper
ton. The best authorities assert that
while speculation has been very great,
nevertheless it has so happened that
this year the spectators have been
gambling upon product which they
did not possess, but which for the most
part the farmers still retain in their
possession. Therefore, unless there be
a depreciation in the price of wheat, the
farmers of the United States are sure
to receive the greater part of this
enormous appreciation in price.
What that means to the American
people the merest tyro in political econ
omy or in business can easily under
stand. 1t represents the difference be-
tween poverty and plenty. 1t means
that debts will be paid and a balance
will be left after such use of money,
which will either go into circulation by
means of the expenditures of the farm
ers, or will be placed in savings or 9TH
er banks, where it will become cap
ital.
This immediate result of the Amer
lean wheat harvest is, however, perhaps
the least important of the influences
which it is sure TO cause. In the first
place, it seems inevitable that the great
agricultural community, or at least
that part of it which was disposed to
support the theory that the depression
in the price of wheat was due to what
was called the decentralization of sill
yer, will now be convinced by unan-
swerable proof that the silver question
had nothing to do with the low prices
which the American farmers received
for their wheat. While wheat has been
approaching the highest price recorded
for many years, silver, on the other
hand, has been falling until it has re-
Gently touched the lowest price ever
paid for it, so that two ounces of silver
represent the price offered for a bushel
of wheat in the middle of August,
whereas year ago it was claimed that
an ounce of silver bought bushel of
wheat.
We may expect, therefore, to see that
an argument furnished by practical ex-
perience, not 10y the politicians, has per-
manently convinced that great COM
pany of the farmers who were
persuaded to free silver a year
ago that they were then mistaken.
One result, therefore, Of this experience
in the summer of 1897 is likely to be
the extinction of the doctrine of free
silver, at least as political issue.
Another result is to be determined in
the more remote future. 1t so happens
that the high price the wheat-farmers
are now receiving is in great meas
ure due to a deficiency in the wheat
harvest of other countries. That is a
condition which will not be expert
enced every year. 1t is not to be pre-
sumed that the same causes will each
year combine to make the American
wheat harvests very profitable.
The best opinion, however, is that
wheat will never be as low as has been
the case for the past four or five years.
The United States has practically
reached the limit Of wheat production.
We cannot be expected to raise more
than 6OO,0OO,OO0 bushels, because our
wheat area is comparatively limited.
Our population is increasing so rapidly
that the time is not far distant when
the United States will require for home
consumption all the wheat it can raise,
and perhaps it will be compelled TO i'm
port the grain. That condition will
tend TO maintain the price of wheat,
and also constantly to appreciate it.
Therefore it is reasonable to sup
pose that the experience of this year is
a fair indication of what is in store for
the United States wheat farmers in the
future, so that they may hope that their
business. if the climate favors, may
yield them as great profits constantly
as are to be obtained from any other
form of agriculture.-Leslie's Weekly.