People's Pilot, Volume 4, Number 22, Rensselaer, Jasper County, 16 November 1894 — PROPHECY VERIFIED. [ARTICLE]

PROPHECY VERIFIED.

Th© Depreciation of Silver the Ruin of Wheat and Cotton Industries. It was in 1886 that Sir Robert M. Fowler, M. P., a well-known banker of London, made the prediction that “the effect of the depreciation of silver must finally be the ruin of the wheat and cotton industries of America, and be the development of India as the chief wheat and Cotton exporter of the world.” What wheat grower of the north and west, who has seen his product drop from §1 to 50 cents a bushel; what cotton grower of the south, who has been compelled to see his crop rot upon the fields because it would not pay to pick it; what corn grower, who has used his product for fuel because there was no market for it—what producer in America but knows that some blight has fallen upon the happy prospects of a few years ago, even though he may not understand whence it comes? Let us note the truth of Mr. Fowler’s prediction as shown by statistical reports. In 1873, the year that silver was demonetized in the United States, India expbrted 730,485 bushels of wheat. In 1892 India exported 59,000,000 bushels of wheat. In the matter of cotton India’s growth as an export nation has has been even more rapid and, not content with shipping raw material, great mills have been established and the cheap labor of India employed in the manufacture of cotton goods, which are now exported vast quantities.— Chicago Times.