Wichita eagle., 1890-03-04

Does not this table show just how
''war prices" are caused: 1t shows that
in 1872 with yield of 30.7 bushels per
acre and the supply per capita y BUSH
els, the quota of money per capita S22,-
IS, the price of corn per buShel was 80
and that the yield the next year fell to
23S bushels per acre, the per capita sup
ply to % A bushels and the price rising
to 4S cents. The next year Q0,4) of
drouth and grasshoppers, the yield per
acre was still further reduced
to 207 bushels, the per capita sup
ply shrinking to the war period
standard of 1919 bushels and the price
advancing to the war level of 64.1 cents.
During these three years the amount
of money per capita remained practically
the same. yet falling a trlfie, having
been steadily diminishing for the eleven
preceding years. In 1864 it was S33, "a
per capta-the highest point ever reach
ed-and being $22. IS In 1915 and $2195
in 1874 and yet when The per capita sup
ply of corn was reduced from p bushels
in 1872 to 22.4 bushels in 1873, and then
from %. bushels in 1878 to 1873 bushels
in 1874 the price advanced i'll two years
on two short croDS-frOm 81. 5 to GA. Z
cents, such increase being no less than
62. 6 per cent. 1t should be borne IN
mind that this great advance IN the price
of corn took place at time when the
volume of currency had for eleven years
been steadily shrinking, and also Just at
and Immediately after the panic of 1873
when the strlngency III commercial and
financial circles was the worst known
since 1857, when, according to those who
maintain that IL is the amount of money
per capita in circulation which deter
mines prices, the price should have gone
down steadily.
If this advance in the price of corn
under the conditions have shown, when
everything else favored low prices-is
not directly and wholly due TO lessened
per capita supply, then no one thing
occurring on this earth can be traced
TO the producing cause, and being an
earnest seeker after light | am desirous
of having some wise man rise and eX-
plain how il happens that low prices in
variably follow redundant supply, and
high prices the converse.
1t may be contended that this is an
exceptional case and applies only TO corn,
as wheat did not advance but fell in price
in 1874. the crop of that year being larger
following it. | am Just logical enough
to believe that this fact IS IN support OF
my contention. But let us return to an
ANALYSIS of this table and see if the fore
going is an exceptional corn case.
The corn crop Of 1880 amounted TO
/ III. Ash. 543 bushels, the yield per acre
being 81 bushels. and the per capita
supply 342 bushels, and the price 1916
cents. The next wear the aggregate
product fell 522. j00. 900 bushels, or 3Qt
per cent. the per capita supply being re-
dued TO %. > bushels. and the price again
reaching war period figures at 63 8 cents.
and | am crediblv informed that some
corn then sold lin Sedgwick county as
high as 81 cents. and know that the
corporation with which ! was then con-
nected paid - cents per bushsl for quite
a large quantity of corn 1T Andover,
Butler county, Kansas Sedgwick
county farmers were for several years
prosperous. paid their debts and built
good houses and barns, and as late as
Nav. 1888, the effect Of this one
short crop was felt, as iii that
month ff hogs sold on the
streets of Wichita for cents per pound.
Ii is true that from 1850 10 1851 there
was an increase of S2.56 per capita in
the amount of money in circulation, and
the question arises was such increase or
the lessened supply OF corn the cause OF
the addition OF II cents per bushel 70 the
price:
In the wears 1852 and 1876 the crops
were moderate and the price fell slowly,
FIRST TO 4s4 cents then TO 42.s cents IN
1888. and 10 81. IN 1888, and with the
great crop OF 1850 ~ 32.s cents; ad-
vaacing again TO 44-4 cents with the
short crop Of Iss1 which was only three
fcurtl1s the voiune Of that OF l>oJ- In
1883. with a larger crop than ever before
grown. the price fell 10 34.I cents and
the surplus from this great crop being
pressed On the market with TIE ellor-
nous pfoduct Of 1888 the price falls IN
December 10 3 3 cents per busiel- nay-
ing since been reduced another cents,
i zni vet there ls about rs much money