Mexico weekly ledger., 1897-09-09

and they are not likely to be frighten-
ed away from their position by events
which enforce their arguments.
The law of supply and demand *
plains the fall in silver as well as the
rise in wheat. To what extent the
fall in silver may have been accelerat-
ed by speculation in silver bullion 1
can not say. 1t would be possible for
the bears 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 ma
nipulate the silver market because
both the demand and supply are more
limited than the demand for our sup
ply of grain; but, without considering
the effect of speculation, both legisla-
ton and circumstances have tended
to lessen the price of silver. The ac-
ton of Japan has lessened the demand
for silver, and the United States has
not yet made sufficient progress
towards internatfonational bimetal-
lism to strengthen the market. Added
to this, the short wheat crop in silver
using countries has lessened the de-
mand for silver for the purchase of
| wheat.
WHEN PRICES KEPT TOGETHER.
For many years the price of wheat
kept company with the price of silver.
/ do not mean to say that the fiuctua-
tions were simultaneous, but they
were measurabiy 80. This relation
between silver and wheat was COM
mented upon by Mr.. Rusk, Secretary
of Agriculture. In his report of 1890,
page 8, he said: "The recent legisla-
ton looking to the restoration of the
bimetallic standard of our currency
and the consequent enhancement of
the value of silver has unquestionably
advanced the price of wheat in Russia
and India, and in the same degree re-
duced their power of competition.
English gold was formerly exchanged
for cheap silver and wheat purchased
with the cheaper metal was sold in
Great Britain for gold. Much of this
advantage is lost by the appreciation
of silver in those countries. 1t is
reasonable, therefore, to expect much
higher prices for wheat than have
been received in recent years."
The above quotation explains why
wheat and silver kept together, and
also supports the proposition that
legislation al raise the price of silver
by increasing the demand for it. When
Mr.. Rusk made this comment India
bad free coinage, and the wheat
growers of the United States had to
meet the competition by reducing the
price of wheat as the price of silver
fell.
WHAT BIMETALLIsTs CONTEND.
In 1898 free coinage was suspended
in India, 80 that British purchasers
could no longer have their silver con-
verted into rupees. The Indian gov
eminent, however according to the
report issued by the director Of the
United States mint in 1s94,) under
took to furnish fifteen rupees in ex-
change for one pound sterling, (gold).
This fixed the ratio at about "a to 1,
and gives the Indian farmer an ad-
vantage of about so per cent over the
tAmerican farmer.
The fact that silver and wheat have
parted company will cause no dis
may to those who understand that the
law of supply and demand regulates
the price of both. 1t is the contention
of bimetallists that the opening of our
mints to the free and unlimited COIN
age of silver at the ratio of 16 to 1 will
fix a mint price for silver, just as a
mint price is now fixed for gold. They
further contend that the demand thus
created by law will be sufficient to
utilize all the silver presented, and
thus the bullion value will be raised to
the coinage value.
Some of our opponents have insist
ed that silver at S1.29 an ounce
would make the silver dollar as hard
to obtain as the gold dollar is now,
but they ignore the fact that an in
creased volume of standard money
will lessen the purchasing power of a
dollar, whether it be of silver or gold,
and thus restore prices to the bimetal-
lie level.
What has the Republican party done
to bring prosperity to the American
people? 1t cannot be said that the
mere election of a Republican Presi-
dent upon a Republican platform
brings prosperity, because business
failures and bank failures increased
after the election. International BIZ
metallism cannot bring prosperity un-
til an international agreement be-
comes more probable than it is now.
REPUBLICANS AND TRUST TARIFFS.
Since the Republicans have con-
tented themselves for the present
with legislation on the tariff question,
they must look to the tariff law and
to that alone for such aid az political
action can give. They are justly en-
titled to credit for any good which 1t
brings and justly responsible for any
injury which it inflicts.
The opponents OF the Dingley bill
described its principal features when
they called it''legisiation of the trusts,
by the trusts and for the trusts" That
the beneiciaries of such q law will re-
joice is to be expected, but q the
Republican party show that the law
has brought o can bring advantage
to the people In general? Nothing
a better disclose the weakness of
the Republican position than the JOY
manifested by Republicans over
events for which their administration
and their policies are in no way re-
sponsibIe. w. J. BRYAN.
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