The age-herald., 1897-09-07

the gold standard or to restored conf- dence' the spell will be broken when that returns to the level of the last few years. The disappointment will be the more intense, because of the tempor- ary delusion, and the republican papers which are today calling attention to the
 price of wheat are simply laying up
 for themselves additional trouble.
 ''The advocates of blmetallism can re-
 joice in the rise while it lasts. and
 when it is over they can counteract the
 advantages of higher prices, due to the
 increased volume of money, with the
 short-lived benefits of a spasmodic rise,
 due to famine so distressing as to
 appeal to the sympathy and charity of
 the American people.
 An official in the agricultural de-
 partment has recently issued a state
 ment estimating that the farmers of
 the United States will receive for their
 wheat crop this year several millions more than they received for last years
 crop. and points out the stimulating effect of this amount of money on other branches of industry. This is an-
 other confirmation of the arguments hiduS py luG DlIneIdlTISLS.
 "A large part of this money comes from abroads Wheat is not only higher,
 but more of it is being exported. If we had enough money in this country, an increase in the volume would be an injury. ...s- .--.ea-s
 "If an increase in the volume of
 money, secured by the exportation of higher wheat gives cause for rejoicing, is it not evidence that we now have an insufficient quantity?
 If the farmers are constantly re-
 minded of the large increase in the value of this years crop, will they not be able to calculate their loss the more easily when wheat goes down?
 "Is it not possible that the pleasure experienced from the rise in wheat will lead farmers to desire an increase in the price of other farm products?
 When they 1aarD the advantages of restored prices will they not seek some more durable means of sustaining prices
 than a drought or famine? The depart
 ment official has also contributed to our cause by emphasizing dhe benefits re- cedyed by ether industries from the darmers' prosperity. The president, during the lasl campaign, gave ut.er- anee to very effective phrase when he suggested tlhe opening of the mills in- stead of the mints but he was answered by the statement that Ghe nils would open when the people were able to buy the products of the mills. When a gov ennmont official points out the advant- ages accTIling to the country from Lha fact that the farmers Chava several G1un- dred mih.onE additional money to spend in paying debts and buying merchant disc, he strengthens the position taken by bin51allism. If l.he rise in wheat will enable the farmers to pay their interest mora promptly and have money left to buy merchandise, how much greater would be the general benefit if the nse extended to all agricultural produe s? In calcuha ing the political effect of a rise in wheat, it must be remembered that many farmers were threatened with foreclosure during the last campaign and that considerable part of tine money received for wheat will be em- | ployed in paying off mortgages This | Intimidation will be some ewlaat restrict l cd, but the demand for merchandise l will be less than it would be under or I dirnary ctrcrns ances. Tlhe reasons given above for believing that bimetalLEts wil1 l find encoura cement rather than discour- agement in present conditions are the same which have been given by her | advocates of bimetallism. Those who l advocate free coinage may be wrong,
 but They agree upon the principles which 1 underlie ithe money question, and they
 are not likely to be frightened away from their position by events which en- l force their arguments"
 l Taking up the price of silver bullion | and the rejoicings of the republicans and gold woFshipers alt the falling price | of that commodity, while wheat Is Tis- l ing. MT. Bryan said:
 '"The law of supply and demand ex- | plains the fall in silver ais well as the rise in wheat. To what extent the fall l In silver may have been accelerated by | speculating in silver bullion, I cannot | say. It would be possible for the bears 1 to run the price of silver down to some extent just as they sometimes lower the price of grain, and it would be much | easier to manipulate the silver mar | l1eft because both the demand and SUD- l ply are more limited than the demand | for or supply of grain; but without con- sidering ths effect of speculation, beth | legislation and circumstances have tend | ed to lessen the price of silver. The action of Japan has lessened the demand | for silver ard the United States has not l yet made sufficient progrss toward in- | ternational bimetallism to strengthen
 the market. Added to this the short
 wheat crop in silver using countries has
 lessened tha demand for silver for the
 purchase of wheat. For many years
 the price of wheat has kept company
 with the price of silver. I do not mean
 to say that the fluctuations were always
 simultaneous, but they wsre measure
 b1y so. This relation betweem silver
 and wheat was commented upon by
 MT. Rusk, secretary of agriculture. In
 his report of 1890, page 8, he says:
 ""The recent legislation looking to the
 restoration of the bimetallic standard of
 our currency, and the consequent en-
 hancement of the value of silver, has
 unquestionably advanced the price of