The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-21

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repeal of the Sherman law presented the
following statement 70 prove that the de-
m ,netization Of silver has produced an
immense decline in prices. Here is ms
table:
The national debt as given by
the Secretary of the Treasury
in 1856 ACKNOWLEDGEMENTS. S2,IS3,OO,OO
Amount due in 1S93............ l,0zt4oO,wo
Had this debt been contracted payable
in wheat II would stand as follows:
In 1865 the entire debt could
have been paid with.....bush-
els OF wheat. ........ 81. 007, 10000
Amount due In 1893 Gin wheaD. Z,0oi%B,V1
In 1867 the debt could have
been paid with......... bales
Of cotton. ACKNOWLEDGEMENTS. lf,lof,vVV
Amount due in 1898 Qn cotton. 2OU,WO
This member would have us believe that
the decentralization OF silver has actually
made our natioraI debt greater to-day
than 1t was in 1866 in spite Of seventeen
hundred millions OF dollars that we have
paid upon It. We have not gone over his
figures TO test their accuracy. but we
shall assume that they are correct, and
be satisfactorily accounted for without
assuming that the characterization or sill
yer affected the matter In any way what
ever.
The wheat crop OF the United states IN
1866 was only about two hundred millions
of bushels. while the wheat crop OF the
United States OF last year was four hum
bred and ninety-tve millions OF bushes.
And during the intervening period the an
nual production Of wheat all over Europe
and in India has been also increasing
very largely. If the congressman Will
make due allowance for this enormous IN
crease i'm the annual quantity produced,
an3 for the improved machinery that en-
ables one man TO produce so much more
than in 1866. and the greatly improved
methods of transportation and distribu-
ton, he viii have no difficulty in account
ing for the fall in the price.
But there Is another very remarkable
fact that the gentleman wholly over
looks Wheat sold in 1866 in the greatly
deprecated greeDback currency for rs
cents n bushei. 1t is true it also sold in
that year for s2.03 a bushel, and we sup
pose our congressman has taken the high
est price at which it sold in that year as
the basis Of his calculation But why
should he have taken the highest price Of
the year rather than the lowest? And,
when the gold value OF the lowest price
is taken. we find that wheat sold much
lower In 1866 than Il IS selling for now
How will our congressman account for
that fact with his silver theories?
In the matter Of cotton, the crop Of the
United States for the year 1S6G-67 was
2,2S3, 900 bales. The crop for 1890 was
1881, 900, that for 189O-91 was S.574.O 900. and
that for 1912 was $4,000, and the
Indian and Egyptian crops have been in
creasing in a ratable way. This en-
mense increase in the production of cotton
is surely sufficient TO account for It's
diminished price.
But let US see whether there has really
been that terrible fall In the price Of
cotton. We append a statement Of the
prices Oh HttoiiHs uPidhH NottV" AV"i 1910
to 1860, inclusive Of both years. We omit
the period Of the war and the period
after the war until 1873, the year the
decentralization act was passed. because
the suspension Of production during the
war and the inflated values In depre-
ciated currency after the war. render
prices in those years of no value for
purposes of generalization.