Historical Newspapers of South Carolina

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BRYAN ON PROSPERITY The Rise of Wheat and The Fail of Silver. *Mt the Kopublieans Desire to Claim Credit fnrthelligh l'riee i of Wheat, They Must Assume < ltospousibility lor the Famine in India"?llimetallists t'mlerstand the Law of Supply and! i Demand, and Apply it to everything. i The rise in wheat v ill aid rather than injure t! e coup ' of bimetal listii. While a few people may be; inclined to qive on ndmi ni Oration : credit or blame, as the ca-o may bo for everything that lotppendnriug its existe . every 'mtilieent person rea ' r?s from cause to etl'ect. Wheat has risen because the foreign crop has been exceedingly short. Hi metal! ist s contend that the law of supply and demand is universal. They apply it not only' to money, but to bullion, both1 gold and silver, to wheat and to! every other article of value. They contend that the exchangeable value of both monv and merchandise will be all'ected by anything which atTects either the demand1 or the supplv. Tin* Ametican wheat grower is' just now profiting hy the almost unprecedented disaster which has overtaken the wheat growers of i India, Europe and South America. Ilepiil>ll?'iin Knpturc in IWIirniiUn. When wheat reached 75 cents a bushel a Republican in Western Nebrask pointed out that the rise was just about equal to the tariff on wheat, and attributed the rise to the Dingley law, but it would bean insult to the intelligence of the average Republican to suppose him capable of cherishing such a delusion. While wheat is higher in Liverpool than it is in New York (and it always, or nearly always, is) a tariff on wheat has no influence upon the price in the United States. 1 ii an interview given out Au-j gust 22, President McKinloy said : 'The cause of the present boom in the W~^t i" undoubtedly due, inagrea .casure, to tho large "rops and high prices caused by the failure of crops in other countries.'1 "I'oiiil with lu I'miiimA Itroutl. if the Republicans desire to claim credit for *he high price of A* Ik/'lit i I ui f l?\l?vit u^Ltiiioi roci /.?. . nihility for the famine in India. Will any Republican convention ' point with pride" to the famine .is an evidence that the Kepuhli-j can party is redeeming its campaign pledges? Will the Hepuldican party pledge itself to use iis best elToits to continue the famine abroad, alt pledged itself laft year to promote international bimetallism? The most significant thingahout Republicans rejoicing over the! rise in wheat is that in admitting I the rise to tie beneficial they an ' swer the arguments made lust fall by tho leading advocates of the| gold standard, and plant them selves on the ground heretofore occupied by bimetallism. We were told last fall that an appreciating dollar was a national blessing, and yet within a year the entire Republican press is in ecstaey because the purchasing power of a dollar has been to some extent decreased. The wage-earners were told last fall that a rise in the price of commodities would bo detrimental to them, and yet, behold ! how happy the Republican spell-biud era are because one great staple? ti llour?has risen. f< IIow Will Prosperity lip l>iw!?lc?l? *' The laboring men were told that their wngos would be virtually reduced when it required more dollars to buy a given amount of food and clothing. ^ Can it be that our opponents have Forgotten the "railway-soundmoney clubs?" As soon as the N employes ask foi their share of the promised prosperity the large ^ employers will lie compelled to n raise wages or cease boasting that " prosperity has returned. While the Republicans seem t<>!'' have come over to our position, jv there is tliis essential diirerence T between them and the bimetal-111 lists : the latter desire to raise all1 a prices to the bimetallic level, amlj^ then keep them there by a linan-j^ eial system which will furnish a j standard money si.fiic.ient in vol- ^ 1 r\ mm* to keep pace with the demand for the money ; the former !' praise a dour dollar, but grow ' hapyy over the cheapening of thej' dollar in its relation to a few articles. A genera' rise quickens enter- ^ prise for the time being, and the maintaining of the level, when! reached, protects business in general, and the producers of wealth in particular, from the disastrous! effects of falli ng prices; a rise in j a few articles may bring advantage to those who produce such ^ articles and vet be a detriment to '* \ those who are engaged in the production of articles which do not enjoy a corresponding rise. Will tV?K<n lll?o Too? ( A few instances may he given. If wool rises, the wool-grower will 1 be benefited, but the manufac- a turer of woolen goods will suffer t unless there is a corresponding s advance in the price of woolen c goods. \ Hut an advance in the price of c woolen goods is an injury to those j who wear woolen goods unless j they enjoy a corresponding in- c crease in their incomes. j If sugar risep, the sugar trust t reaps tho profit, hut it must ho at s the expense of those who consume ji sugar unless the consumers of sugar can make enough more to c cover tho increased price. So ] tr hnn Vkf Knot riena 1% /v 1. *-w? * w u? ii " ucut i iiicj miriit* f grower is benefited, but ho profits I at the expense of those who use \ flour unless the latter in some 1 way secure a corresponding in- f crease in their incomes. t A general rise in prices should c be followed by a rise in wages. Mr. Carlisle in bis speech of 1s7>. 1 commenting upon the ad vantages ' & to bo secured through the Hland f act. said: "Instead of constant r and relentless contraction; in-'c stead of a constant appreciation t of money and depreciation of n property, we will have expansion e to the extent r>f at least two mill- c ion dollars per month, and under i its influonce the exchangeable ! p value of commodities, including1 labor, will soon begin to rise, thus invitinir investment, infusinir life into tin! deml industries of (lie c country and quickening the pul- i sationa of trade in all its depart-! j meets." j e OoimI DffVrtN of IIItfh I'rlrf*. j The farmer and the manufac-!a turer would each receive a higher price tor hia product and would r ho able to pay more to those em- t ployed in its production. The la- f borers, on the other hand, would t at once realize the advantago en- ( joyed by the employer and their1 own disadvantage and demand an r increase in wages. The labor or- j t ganizations,aided by the increased t demand for labor, would obtainjt this increase and thus secure pro-1 v action from harm. The good efect of a general riso and a subse- u uent level of prices would be ii ridespread ami permanent. si The owners of money and the ? olders of lixed investments are '( lie only ones to whom rising P rices bring a real injury, and n Ins injury is partly remedied by * ' lie greater 'security given to in- n ostments. c; If it is said that rising prices ?t o in injustice to the owners of '' loney and those enjoying fixed i^1 ncomes, let it be remembered hat the restoration of bimetal-j ism can only take away the ad- (' antage which the gold standard , v ave. It is a choice between full- si ng prices indefinitely continued ti lid a return to the bimetailicjh avel. 1 he gold standard gives r j orpetnal advantage to the nion- j w y-owning class and works a per-1 etual injustice to the producers 1 ^ f wealth at th > expense of Ihej0 noney owners, and then establish j *' ustice between all classes by'*' reserving stability in the pur-1" basing power of the dollar. 'those who understand the j11 auso. of the recent riso in wheat j P mow that the price will fall riien foreign crops again become]*1 lormai; in tact. wheat has already " eceded twice owing to the fear ^ hat the lirst. reports of foreign 11 rop failure was exaggerated. R lie export price of wheat for the 11 ear ending June .'10, 1S92, was il.03; for the year following it vas SO cents: by the 1st of No- ' ember, 1 Sl>3, the price had fall- r >n below 70cents. ' What will be the political effect J if this temporary advance? 1 That it must be averse to the n Republican party is certain. If 6 mv are foolish to credit the rise I o the new tariff law, to the gold v tandard or to "restored confi- f lence," the spell will be broken i vhen wheat roturus to the level c if the last two years. The disap- a joint men! will then bo the more n ntense because of the temporary ' (elusion, and the Republican pa- p jers which are to-day calling at- 0 ention to the price of wheat are I imply laying up for themselves n idditional trouble. ? The advocates of bimetallism 1 an rejoice in the rise while it astH, and when it is over they :an contrast the advantages of v ligher prices, due to an increased j iMiiiiiu *m money, Willi lilO Rnori ! 1 ived Itenefi t s of a spasmodic rise, a luo to a famine so distressing as t 0 appeal to the sympathy and '' iharity of the American people." An ofli' ial in the Agricultural j v )epartmont has recently issued J r 1 statement estimating that the ' armors of the I'nitod States will" eeeivo f?>r f !:cir w heat crop ! < v- j g ral hundred millions more than'e hev received for last year's crop,' u md points out the stimulatingj a tfect of this amount of money on (t dher branches of industry. This' g s another confirmation of the ar- | t ;urnonts made hy the bimetallists. I i ilont j < oiniux I'rom Kuril!?? - A ' <>itoil NIkd. j v A large part of this money :otncR from abroad. Wheat is < ? lot only high"r. bnt more of it I s being exported. If wo had s trough money in this country, an n ncrease in the volume would be ? I in injury. ip If an increase in tho volume of' c noney, secured bv tho exports- n ion of higher wheat, gives cause o or rejoicing, is it not evidence I 1 hat wo now have an insufficient' inanity ? If the farmers are constantly v ominded of the largo increase in r he value of this year's crop, will s hoy not he able to calculate v heir loss the more easily when n vhoatgoes downt t Is it not possible that the pleas- j re experienced from the ripe' 1 wheat will load farmers to deire an increase in the price of thor farm products? When they >arn the advantages of restored j rices will they not peek somej lore durable means of of purlining prices than a drougnt or famine? The department ofliail has also contributed to our ruise by emphasizing the benets received liy other industries mm the farmer's prosperity. .llrHlnlf], The President during the last ampaigu gave utterance to a ery elfective phrase when lie uggested tho opening of the i 1 ilis instead of tho mints, bill e was answered by the Btatelents that tho mills would open 'hen the people were able to uy the products of tho mills, fhen a government official points ut tlie advantage accruing t?> lie country from the fact that lie farmers have several hundred lillions of additional money to pend in paying debts and buying lercbandiso he strengthens the osition taken by birnetallists. If tho rise in wheat will enable lie farmers to pay their interest lore promptly and have money ?ft to buy merchandise, how inch greater would he the generI benefit if the riso extended to II agricultural products. Political Effect of the ItUr. In calculating the political efr?r?t r?f run i ti wli-iul if ""ft I.? em em be red that many farmers rero threatened with foreclosure uring the last campaign and hat a considerable part of the noney received for wheat will be mployed in paying off mortgages, 'bus intimidation will ho somewhat restricted, but the demand or merchandise will bo less than t would be under ordinary cirumstances. The reasons given l ove for believing that bimetIlists will find discouragement n present conditions are the ame which have been given by ther advocates of bimetallism, 'hose who advocate free coinage nay bo wrong, but they agree ipon the principles which underio the money question, and they re n"t likely t?? be frightened way fmm their position by events it.-: >> 111 KM-II infill 111**111 s. The law of supply and demand Xplains the fall in silver an well s the rise in wheat. To what exent the fall in silver may have ioen accelerated by speculation n silver bullion I cannot say. It ?ould bo possible for the boar- to on the price of silver down to onie extent, just as they ornetimes lower the price of rain, and it would he much asier to manipulate the silver narket because both the demand ?id supply are more limited than tie demand for or supply of rum ; mu, wild our. considering lie elFeet of speculation,both l?>gelation and circumstances have ended to lesson the price of si I or. The action of Japan has lesson(1 the demand for silver, and the nited States has not >et made ullicient progress towards interlational himetallism to strengthn the market. Added to this the hort wheat crop in silver-using ountries has lessened the denand for silver for the purchase f wheat. I'bral an?l Sllrcr Ilnvr Parlt'd Cmpaujr. For many years the price of yheat kept company with the rice of silver. 1 do not mean to ay that the fluctuations were always simultaneous,hut they were neasurably so. This relation beween silver and wheat was com - ?.. . - - * ? . 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