The Van Buren press., 1897-09-18
sILyER AND WHEAT.
IL Hls Tssal Pointed style Hon. y. j.
Bryan Writes On the Szkiecf.

What vii b the political effect Of
this temporary zdTsncef
That i must be adverse 70 the
! Republican party il certain. Il zny are
foolish enough . credit the rise 70 the
nev tariff law. . ths gold standard OF
70 restored confidence. - thz spell viIl
Be- broken when wheat returns 70 the
level Of the l2st few years The dis
appointment vii then be more intense
because Of the temporary delusiOn. and
Republican papers which are today call
/. ing attention 70 the price of wheat are
simply laying mp for themselves
additional trouble
Tne advocates q bimetallism can Fe-
joice in the rise while Il lasts. and eYen
when It Is oTer they can contrast the
advantages Of higher prices, dae 10 al
increased volume Of money. With short
lived benefits Of spzsfnodic rise, due
to famine . distressing a. 70 appeal 70
the sympathy and charity Of the
American people.
An official in the agricultural depart
ment has recently issued statement
estimating that the farmers Of the
United States will receive for their
wheat crop this year several hundred
millions more than they received for
las rear 5 crop. and points 0ut ths
stimulating effect of this amount Of
m0nsy On other branches Of industry
This IL another confirmation Of the
arguments made by bimetzlIists i
large pzrt of this money CONES from
abroad. Wheat i not only higher. bat
more u i being exported. L We had
enough money IN thiz country an IN
crease in volume would Be an injury /
n An increase in the volume q money /
secursd b. the expectation q higher
wheat gives cause for rejoicing it Is not /
evidence that We now have an in
sufficient quantityz
If farmers are constantly reminded
VI the large increase in the value Of this
years crop will they not be able 70
calculate their losses more easily when
wheat goes downz
l. Il not possible that the pleasure
experienced from the rise Of wheat will
lead farmers to desire an increase in
the price Of other farm prgdEcta9 When
they learned the advantages of restored
prices will they not seek some more
durable means Of sustaining prices than
droufh OF faminez.
The department official has also con
tributed 70 our Cause by emphasizing
the benefits received by other industries
from the farmers prosperity.
The president during the last cam
paign gave utterance to very effective
phrase when he suggested the opening
VI the mills instead of the mints. but he
was answered by the statement that the
mills would open when the people were
able 70 buy the products Of the mills.
when the government official points
out the advantage accruing 70 the
country from the fact that the farmers
have several hundred millions Of
additional money to spend in paying
debts and buying merchandise. he
strengthens the position taken b.
II the rise in wheat will enable the
farmers 10 pay their interest more
and have money left 70 buy
how much greater would
be the general benefit If the rise ex
tended 70 all agricultural products7
In calculating the political effect Of
.he rise in wheat it must BE- remembered
hat many farmers were threatened .
aith foreclosure during the last cam
)aign and that considerable part Of
he money received for wheat will be-
employed In paying of mortgages.
Thus intimidation will be som ewhat
but the demand for ner
;handiss will be less than It would b.
inder ordinary circumstances. The
'easOns given above for believing that :
will find encouragement. [
ather than Encouragement, in the C
resent conditions are the same which c
ave been given by other advocates Of d
Those who advocate free d
oinage may be wrong. but they agree o
lpOn the principles which underlie the C.
money question. and they are not likely d
o be frightened away from their a
,osition by events which enforce their b
rguments. "a
The law Of supply and demand ex- g
lains the fall in silver as well a. tile q
ise in wheat. To what extent the fall {,
a silver may have been accelerated By y
peculatiOn in silver bullion I cannot G
aY II would be possible for bears 30 r
un the price Of silver down 10 some ex- il
ent, just as they sometimes lower the 7
rice Of grain. and it would be much Fl
asier 70 manipulate the silver markets. o
ecause both the demand and supply il
re more limited than the demand for
r supply Of grain, but. without con
idering the effect Of speculation. both
sgislation and circumstances have :
ended 10 lessen the price Of silver. p.
The action Of Japan has lessened the r
emand for silver. and the United r,
iates has not yet made sufficient u,
rogress toward International bimetal- =.
sm tO strengthen the market. Added 81