Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-09-04

external commerce are so interviewer
that both will be facilitated by the
use of a common standard. We must
deal with other countries. We must
find there n market for our large sur
plus production. We must buy of
them tea, sugar, coffee and like arti-
cles, which are not produced in this
country-a at least not produced here in
quantities equal to the necessary con-
sumption.
AN AGRICULTURAL ILLUSTRATIONS.
Take for example our agricultural
products. These are always largely in
excess of consumption ut home, and
the surplus must be sold abroad.
Therefore the prices of these articles
i'm the chief market of the world, reg
ulates the price, not only of that eX-
ported, but also to a great extent of
that sold at home. Now when our
wheat reaches Liverpool, it's price is
fixed in coin. OF course 1t is the in
terest of every farmer to procure at
home price as nearly as possible
equal to that of the article when it
reaches Liverpool. Therefore he is
interested in the removal of every ele-
ment of speculation i'm the article be-
tween the point Of production and the
point of distribution. Ifthe farmer is
paid in a currency fluctuating in value,
this element of tiuctuation enters into
the price he receives for his wheat;
each purchaser all along the route be-
tween his farm and Liverpool must
reduce the price which he gives for it,
in order to save himself from chance
of loss by such fiuctuation; and by
each transaction the former loses.
To observe more clearly the effect OF
'. a return to, or even towards, specie
payments upon prices, let us see what
has been the average
PRICE OF WHEAT FOR YEARS PAST,
il Wheat is the best illustration be.
. cause it is the great staple of the farm.
, er. / have taken the pains to ascer.
, tain the price of wheat in Dubuque
in September of each year, from ls6:
5 to lS7S-eXcept that for this year
i take the August price:
: Prices of wheat in 1865, 81 liz; il
. 1866, 81 40; in 1867, 81 40@; in 1865
81 ~; in 1869, 81 O9a; 1870, sole; il
y 1871, 81 IL; in 1872, 81 07s; in 1873
E 964c; in 1874, Sac; in 1875, Csc; in 1876
f S24c; in 1877, 94ic; in 1878, SSac.
r REDUCING THIS TO A SPECIE BASIS
n From this table it will be seen tina
J, even in currency the farmer receives
l. but little more for his grain In tn
prosperous years of 1S69-7O-71-72 an,
1878 than he realizes in 1878. 1t j
l. true that in 1867 and 1868 the price i
II currency was about 81 40; but gold wa
|. then at forty per cent. premium. TIL
). farmer received only about 81 in col
q for his wheat; whereas last year, whe
It gold was nearly at par, he receive
II 94ic.
4 WHERE THE BENEFIT COMES IN.
le Now while it is true that this chic
n product sold by the farmer has fluctr
n ated in price only few cents pc
Ne bushel from 1869 down to 1873, ever
"a article that the farmer is compelled
use or purchase for the comfort {
~ himself and family has been largel
W reduced in price. i have taken pair
n to ascertain the relative price of fe'
as leading articles of consumption, col
e: sisting of hardware, groceries, an
OF staple dry goods, and hold in m
IN hands table of prices of these article
from 1870 to 1878 inclusive.
OBSERVATION-DISCLOSURES FHARDwARl
1 will read the table relating
~ hardware:
nj PRICES OF LEADING ARTICLES @
o. HARDWARE AS SOLD IN DUBUQUE
p. IN AUGUST OF THE FOLLOW
nv ING YEARS: