The midland journal. (Rising Sun, Md.) 1885-1947, 1890-10-31

much to do with the prices. l think
| shall show the Senator before | get
through that when the supply is less
and the demand greater the prices still
grow lower
Mr.. Plat. For instance, l suppose
the Senator would admit that if it were
possible that the increased production
of silver next year should equal so per
cent over last year and there was no
additional demand for it, the price of
silver would fall.
Mr.. Teller. Undoubtedly, with the
minis closed.
Mr.. President, I will proceed with
this table. 1t is somewhat instructive.
If we compare the great crop of 1889
2,ll2, 1871 900 bushels. with the small
crop of 1882, 1,6l7,O25,1OO bushels,
there is difference in favor of 1889 Of
495, 1866 900 bushels.
The value of the crop of 1882 was ,oso 900 GOD
The value OF the crop of 1859 was... 100000 600
Difference. ACKNOWLEDGEMENTS. $4,000 ,0C0
Corn is cheaper than it has been
since 1925, except short time in 1887.
During the great panic of 1857 corn
brought more money than it will to day,
or SO cents, against 36 to 81 cents, In
New York.
Mr.. GEORGE. Will the Senate
allow me to ask him a question?
Mr.. TELLER. Certainly.
Mr.. GEORGE. Was the production
Of corn last year excessive? Was it
much larger than usual?
Mr.. TELLER. 1t was not. The
export will be, as it always is, small,
and the total crop will be consumed.
call the attention of the Senate from
New Hampshire, and other Senators for
that matter, to the production of wheat
in this country. Wheat has been a
great article of export for American
farmers. We have sent a large amount
of wheat from time to time abroad, and
it has been source ot'proft
WHEAT.
In 1880, 1881, 1882, 1888, and 1881
period of FIVE years, the average pro-
duction of wheat in the United States
was 443 1913 3l7 bushels Its average
price was sl.47 per bushel, and the
average value of the crop was $532,
1T. 1874. In 1885, 1886, 1887. 1888, and
1889, the average production was 49,
All 400 bushels and the price was
$O,s74 per bushel; average value Of the
crop in round numbers, $400, 100000
difference of about 8 100000 bushels
in yield, yet a difference of$l32 900 900
in value.
1t can not be said that this is due to
overproduction, for in 1880 we produced
498, 54S. 1868, and the price Was 81 245
per bushel. TIE value of that crop
was $597 ,459 9sl.
The crop of 1882 was less value than
the crop of 1880 by s23, 2349)4. while
the crop of 1889, only about 10000
bushels less than the crop of 1880, was
worth only s44) ,Os3 $50, or slSO.66l..
255 less than the crop of 1880.
1t will be observed that the average
yearly product of he first FIVE years of
the decade is larger than during the
last FIVE years, ard with smaller crop
continue to come smaller prices per
bushel, or fall of 239 per cent. or
2.73 cents per bushel; and it is cheaper
to-day than on June 80, 1889. i
believe, since ] made these figures, with
the advance of silver wheat has advanc.
ed correspondingly and corn also.
1t is sa d that this fall in the price Of
wheat is due to new wheat fields, cheap
er production, etc. While new wheat.
fields have been opened and production
driven to the cheap lands, yet it ha4
not been cheaply produced. If wheat
does not bring at least 81 at ports of
export. it is certain that it has no, been
raised at profit. The price of wheat
in other parts of the country; and at
price less than 81 at such points it may
be assumed that the farmer is raising
wheat for a bare subsistence, but not
for profit.
Mr.. PRECEDENT, l make that statement
as to the profit upon the best evidence
that can get from the most enterpris-
ing and thoroughly informed farmers
of the country.
If it is still claimed that the low
price of whest is duet overproductioo,
| call attention to the fact that after
deducting the exports from the crop of
1880 we had left for home consumption
BIS ,000, 900 bushels, and the price wa.
%I Ok Ill Al. L 1901