New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-28
PRICES md SILVER,

Populist politicians and Populists in business
continue TO threaten the welfare Of the country
by clamoring for further issues OF dollar which
is now worth only ~ cents. The fall of silver
TO 29la pence per ounce they believe 10 be the
cause Of the fall Of wheat TO 60 cents per bushel
and Of cotton to 7.62 cents per pound. Such OF
them as are ravng and frantic, like Mr.. Bland,
will listen to no reason. But ii does seem that
the facts are now clear enough to convince
those who still possess their mental faculties.
Since the frst week of February silver at Lon
don has not been worth as much as half the
value at which ii is coined by the United States.
According to the value of bullion there the
standard silver dollar was worth every day less
than 30 cents. The average for the month has
been only 1922 pence per ounce. and 64.24
cents Mt New-York for fine silver and this is
not only the lowest monthly price ever recorded,
but cents lower than the average in January
which was lower than In any previous month
At 60 pence per ounce silver is worth less than
half its price in NewYork in August. 1890, only
three and half years ago Silver then reached
80 pence at London and 81 u per ounce here
because Government was about to begin pur
chasing 54OO00OO ounces yeary-practically the
entire output of United States mines. 1t has
fallen to less than half that price within about
three months after the purchasing ceased.
Every one knows that these purchases greatly
stimulated the production OF silver. so that
there were empticd upon the markets Of the
world by this country in 1890 after August prac
tically nothing, $o,JO0.O00 in the year 1891.
S14. 100000 in 1892, and So7,95j,635 in 1893
In the two months November and December,
the quantity exported was 10,572,90i ounces
l,o 81. oil Inp 4 hax-a hao nhn pr
$4,000 900 in value, which would be more than
100000 ounces. The world has market
for such quantity. The last great break to
90 cents per ounce came as a consequence of
the shipment OF over 100000, or about 1000
900 ounces, last week.
Men who know anything of prices know that
there has not been such Il decline in other prod
ucts Wheat did not fall last week. but ad-
vanced. and has declined only per cent since
January l. Cotton fell last week because con-
tinued receipts proved the falsity Of assertions
that the supply at the South was exhausted,
but since February its fall has been less than
) per cent, and only per cent since January /.
Prices OF all commodities taken together are
higher now than they were on the 1st of Janu-
airy or the 1st OF February. No immediate ef
feet. therefore, answers to the Populist theory.
IDOhlU- DICK 10 August, loo', IL II iouliu tlut,
although silver has fallen 30 per cent or more,
COTTON has fallen less than % per cent and
wheat about 40 per cent, for both were at that
time unusually high because Of exceptional for
cign demand But prices Of all commodities
have only fallen 10 per cent The notion that
the purchasing power Of money has been in
creased in proportion to the decline in silver
is not sustained in any respect. II that were
the fact. other products would fall az well as
cotton. wheat and silver. which have been pro-
duced in excess Of the worlds demand.
1t is often said that such comparisons do rot
go back far enough TO show the general effect
of change in the purchasing power Of money,
which must be gradual. Be it So and let prices
be compared for fifteen years beginning in 1879
Immediately after the paper currency in which
prices were made had become redeeinabe in
gold. Further. prices are taken about the end
of February each year: