The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-03-10

Mr.. Walkers comments on the above
figures are as follows: From the aggregate
column it may be seen what the average rise
and fall of these staples has been in the diff
ferent periods, as compared with each other.
These periods may be designated very prop
erly as the ante-war period, the war-period
the discrimination period, and the present
period Each has its characteristics. Bys
comparison of these it appears that the ag-
gregate price of the products in question
from 1855 to 1859 was S40.S5; from 1870 to
1874, 1856 PA reduction of 81 per cent as
compared with the ante-war period. This
shows the farmer precisely where he stands
as regards the price of his products under
the present expansion; md he c1u deter
mine for himself whe her 4 ,,apti or 1. alton
of rs millions, as at present. i better for
him than one of 1S7 millions, which was the
average circulation from 1855 to 1859. lie
can certainly see whetherth large expansion
has raised the price Of his products. 1t may
also be observed that prices were lower from
1860 to 1864 than before or since. This was
owing to the great disturbances occasiOned
by the war, which caused general derange-
ment and stagnatiOn of trade for the greater
part of this period, during which the aggre-
gate prices were S33 SO agsins! $40 IS for the
previous five year., or a decline of 10 per
cent. From 1865 TO 1879, prices ranged
very high. 1t was a period of I'M
mense imitation. The treasury had is
sued already some $50 millions of
greenbacks. The old state banks had a
considerable amount in circulation, while
the new national banks were crowding out
their notes as fast as possible. Again the
gold premium during this period averaged
about forty per cent This alone would ac-
count for the greater part of the higher range
ofprices for as the premium on gold declined
so the prices of all exportable products were
reduced, and the farmer was made to suffer
from every decline in the gold premium.
Nlaf Iro Il
operation of the laws of trade or by the sales
OF gold by the secretary of the treasury. In
addition to all this, the government 80 bonds
were issued to the amount of several hun
bred millions; certificates OF Indebtedness
for immense sums were also put into use:
the army was paid OF, and period of wild
speculation ald extravaganza followed as q
natural consequence. Hence we find the
price of farm products carried to a great
height. And farther, owing to the disturb
ances OF war, which called. q million of men
into the field, and to the destruction Observer
al hundred thousands ofthe laboring classes,
production in agriculture was so far dimin-
ished that we could little more than supply
o III own wants, and the foreign markets be d
little influence upon prices. From 1870 to
1T4, the production of cereals having
been fully restored, a large surplus
was annually created over the home de-
mand, and consequently as that surplus
must be exported, prices were brought down
to the specie standard and are now, as we
have seen, less than before the war. If
wheat now brings s1.50 in New York, it is
because it is wolth 81 50 in gold (if the prem
ium be 10 per cent? to send to Liverpool, in
stead of coin. So Of all other agricultural
products. Such being the indisputable facts
in the case, every farmer, If he will reflect
upon the matter, can determine for himself
whether an inflated, deprecated currency
like the present, is advantageous to him or
otherwise. 1t is this view OF the case which
the relation offarmer's products to gold hold.
If we now turn to -
THE OTHER SIDE.
of the inquiry, we find the sgriculturist
suffers a further loss from the increased
price of all he purchases for the supply of
his family and the expenses of his farm.
How formidable this loss is, each man can
determine for himself IL be will compare his
general expenditures with what they were
before the war. How much does it cost him
TO live /? How much is a ten dollar note
worth at present for the purchase OF all
commodities, except farmers products as
compared with 1907 Will ten dollars now
bring more than six dollars and fifty cents
would formerly? i not, there is
a loss of So per cent or % so upon every $40.
For the purpose Of boots and shoes, clothing,
machines and tools for farming operations,