The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1898-09-16
WHEAT AND SILVER
EOEmaI Crops Abroad VIII Again
Bring TO Our Cereal Its Reduced
Gold Standard Price.

1886, and over 5000, 900 OF the 1lna bl-
rants Of that unfortunate land died Of
starvation before another crop was
raised. The drought in that country
was so severe that il caused the crop
Of 1897 to be exceedingly short, fall
ing far below the demand for home
consumption. In addition to the fall
ure in India, there was a short crop IN
Russia, a failure IN the Argentine Re
public. and an exceedingly short crop
Of both wheat and rye il all the Eu-
rOpean states, especially AustrO-HUn-
gary. The United States was favored
last year with more than an average
crop, and instead OF meeting compe-
tition il the English market and other
places where the worlds surplus is
disposed Of, India, Austria and other
countries that had formerly been our
CHEF competitors had to buy wheat
from the United States. These facts,
together with the foOlhardy attempt
Of young Letter, Of Chicago, to corner
the wheat market, caused the price
of wheat to advance during the past
year to q point which brought back
to our farmers the memory Of better
days when wheat raising was profit
able industry.
The republican press and orators
loudly proclaimed throughout the
land that the advance in the price Of
wheat was due to republican leg
islatiOn and republican congressman
sought diligently to impress upon
their constituents that credit was due
10 them for bringing about the ad-
N ~ Al
that It was but the beginning Of an era
Of better prices generally, that would
place the nation on the high road TO
prosperity. The republican press
claimed that, as wheat was advancing
n price at the same time that silver
bullion was falling in price, it fur
uished complete and conclusive evil
denCe that the argument advanced by
the democrats in 1896, that there was
some relation between the price of
wheat and silver bullion, was com
| pletely exploded.
They forgot, however, to tell the
people that the only ground upon
/ which any silver advocate claimed
that a relation between the price of
silver and wheat existed was that
wheat from both gold and silver stand
ard countries was being sold in the
same markets in competition. Under
I this condition they claimed that
busheI Of wheat from Russia, India,
the Argentine Republic or the United
States would be sold in the common
market for a like quantity Of gold.
1t must be borne in mind that the
| cost Of wheat or any other commodity,
I that is the seed, labor, land rents and
interest on capital, together with the
profits to the producer are reckOned
IN the money of the country where the
wheat or other commodities are pro
duced. 1t is an undispUted fact that
/ silver in India and Russia viii pur
| chase as much labor and material at
the present time as at any time in the
past. Therefore, when the wheat Of
India or Russia is sold in Liverpool for
| gold that can be exchanged for double
! the amount Of silver money that l.
would command before silver was de
/ mOnetized, II can be sold for lower
price in terms Of gold and yet return
the producers sufficient silver to pay
them a good profit. It is also true that
in proportion as silver bullion falls in
price they can sell their wheat cheap
er for gold and still get the same re-
turns and the same profits that they
| formerly received, and that every de
cline in the price Of silver brings them
/ additional profit. The advantage ac-
| cruing to silver standard countries
from a favorable exchange Of moneys
/ stimulated the production Of wheat in
such countries and made wheat raising
/ improbable under the gold standard
while the profits to the silver-using
countries continued on the increase.
The price in gold that the people Of
India and Russia are willing to accept
for their wheat in the Liverpool mar
ket is all that the American can obtain
for his product. The wheat from all
countries meeting in the market where
the surplus is sold sells at a common
price In the money current in that
market. Therefore, the gold price Of
/ the wheat Of America is fixed in Liver
pool by the surplus Of wheat Of India
and Russia 50 long as those countries
have wheat TO sell.
Last year the silver standard cOun-
| tries were buyers and not sellers Of
wheat, hence the connection between
| the price Of silver bullion and wheat
was severed for the time being and no
relation between the two existed. But
this year Russia has a large surplus 10
sell and India and the Argentine Re
public have a surplus and the price Of
silver bullion viii again fix the price OF
the American wheat crop, because our
surplus must be sold in the markets
OF the world in competition with the
surplus from silver-using countries.
Last year the silver standard coun-
tries had no wheat 10 sell and there
fore were unable TO purchase silver
4 from abroad, but on the other hand
were forced 10 sell silver in the world s
markets 10 bu" wheat, thus the
scarcity OF wheat. IN those countries
compelling them 20 be buyers instead
OF sellers operated to make silver 90
down at the same time II made wheat
60 up
The Dingisy bin had no more TO do
with the high price Of wheat last year
chan II has with the low price Of wheat
this year. Republican legislation on
the money question has made the price
Of wheat low, and win make II continue
to go lower under conditions Of a nor
nal crop throughout the world. Tn
, der the gold standard nothing wiz