The Portland daily press., 1888-08-03

Here is an apparent total loss of $685., 1923
In seven farming towns. 1t looks as IL the
Gazette had made out strong case. The
figures given in the Gazette correspond ex-
actly with the figures in the census, and it
seems as II there was no escape from the con-
clusion that the local markets of the manu-
featuring towns of Androscoggin had been
of no appreciable benefit to the farming
towns. But let us examine these figures
little more closely. The first column pur-
ports to be the measure of the value of farms
In the several towns In 1870 in dollars and
the second the measure of the value of farms
In the same towns also in dollars in 1880. The
standard of measurement appears to have
been the same in both years-dollars-
the farms Of course must be the same. But
wait. Didn't we in 1870 have two kinds of
dollars, one worth considerably more than
the other? Certainly we did There was
the paper dollar worth somewhere in the
vicinity Of eighty cents and the gold dollar
worth one hundred cents. In 1880 the paper
dollar had grown up to the gold dollar and
there was practically but single dollar
measure and that with a hundred cents in it,
SO in 1880 the value Of our farms was meas
ured by the hundred cent dollar that was
the only one there was then. But ten years
before there were two. Which one did we
use then in measuring the value of our
farms-the so cent dollar or the 100 cent dol
lar2 II it turns out that we used the former,
then evidently the dollars which represent
the valuation of that year aud the dollars
that represent the valuation of 1880 are not
homogeneous, and to treat them so, as the
Lewiston Gazette has in the table above is
Of course certain to lead to erroneous conclu-
sions. Now in the census tables there is
nothing said about the standard used, ex-
cept that it is dollars, but how big dollar is
not specified, SO that consultation of the
census tables merely would naturally lead to
the serious errors which we think we shall
be able to show the Gazette has been unwit-
tingly guilty of committing.
On page twenty-three Of Volume 8 of the
Tenth Census under the head of statistics
of the Values Of Farms" General Walker,
the Superintendent, makes this comment:
The value OF the farms of the United States as
this TO be discounted at the rate Of the then exist
ing premium on gold, it would yield about So BOO
United States at that date. BUTT is familiar
feature OF paper money mutations that the value
OF real estate, especially OF rural real estate, sell
dom begins TO rise so early continues to rise
long as the prices OF commodities. Were we TO
assume the average enhancement of the value of
all the farms of the country, east and west, north
and south, in 1870, by reason Of the depreciation
OF the currency, TO have been 1919 per cent.
being one half OF the premium on gold, we should
have as their true gold value about SS,250OOO,-
600. This would give as the increase in the gold
values OF 1870, over those of 1860 about "a per
cent, and in those OF 1880 over 1870 about "a
per cent. OF course 1t is wholly a matter of con-
lecture what was the average enhancement of the
value of farms In 1870 by reason OF the deprecia
ton Of the circulating medium, but believe that
a good deal of statistical evidence might be pre-
scented to show that that enhancement was not far
from half Of that OF gold.
1t appears clearly from the above that the
dollar in which the value of farms was meas
ured In the census Of 1870 was not the same
dollar in which their value was measured in
the census Of 1880, but one, according to
Gen. Walker, Ia per cent smaller. II follows
then that before the valuations of 1880 and
1S7oca be compared they must be reduced To
the same standard-twelve and one half per
cent. must be deducted from the latter
Now make this deduction In the cases Of
the seven towns cited by the Gazette and
then compare the remainders with the valua-
tion of 1880 and note the results.
Gold valuation Gold valuation Gains