The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-26
The OUNCE OF SILVER AND BUsHEL
nF WHEAT tALLACY.

An esteemed correspondent, who Is
| regular reader Of The Times, writes 70
| Ms to say that the price per ounce OF
| silver in London in 1873 was S.2es' that
| II gradually declined from that time until
1888. when an ounce Of silver was worth
! IN London only S07s0u He adds that
wheat in 1873 was worth $l.3l Per busAel
| but that in 1893 ii was worth only eighty
cents a bushel. Here, says he. was an
ounce Of silver worth. in 1913, about the
same as a bushel OF wheat, and both de-
clined together until in 1893 the ounce q
silver was worth only seYenty-eight cents
while the bushel OF wheat was worth only
eighty cents. He thinks wheat and silver
are tied together, and that as demonetiz-
ing silver in 1873 drove its price down 10
where II now IS. 1t likewise carried with
il wheat.
on the 18th Of April last we copied from
the New York sun an elaborate examina-
ton Of this fallacy. which exposed 1t as
a fallacy as thoroughly as anything we
have ever met We will reproduce from
it some Of its salient points. as follows;
From the very patient consideration
given 10 this matter il appears that the
price OF silver has everywhere tended
downward since 1893, that II had fallen
six cents an ounce between lS3t and lS'3
and that since ls53 there have been but
four movements 81 very limited duration
in the opposite direction. while the price
OF wheat has, in the United states. al
least, varied yearly, Is varied the guam
THY available FOR export, there having
been as many as eight movements up
ward since 1873. some OF them travers!ng
more than One-third OF the scale In q
single year, though in but one instance
prior 10 1873 has silver varied as much
as per cent. in any one year
Not having been informed where silver
and wheat have been so constantly kept
upon the same price level. and being
more especially desired 10 consider Ameri-
can conditions. we take. as aftording an
absolutely fair comparison. the prices
received by the growers in the farm
markets Of the United States at the close
Of each calendar year. We find that as
result OF meagre harvest IN the 1916
u crop year, the quantity available for
export from that harvest and from the
residue OF previous harvests diminished
:, per cent. and that the price rose
- per cent; that the two succeeding
crops were such as 10 increase the sur
plus available for export by fully 20 per
cent, and that the price fell from 81
hushel IN 1871 TO IS cents in lNls. OF y
per cent. although silver fell but three
cents an ounce. The next year. how
ever. wheat advanced 81 per cent. while
silver rose but two cents an ounce. The
following year lSS0-' 81, the eXpOrtable sur
plus increased. and the price fel - cents
bushel. while the years average price
OF silver remained the same In l.Sl-'N2
the quantity Of wheat available for ex-
port shrank 80 per cent and the price
advanced - per cent. although the price
Tor SILVER was al standstin. In lSs2-s3
me eAportable surplus increased 10 per
cent, and the price declined = per cent
as against fall OF about . per cent
in the value Of silver. The next wear
me amount available from the harvest
ana the remainders OF previous crops
from which exports might be drawn
shrank - per cent. and the price rose
per cent. while the price of silver
va aealh constant After garnering the
immense crop OF l&i.'S, the greatest ever
grown until 1871, the expOrtable surnius
augmented by 3 per cent. and the nr,ce
fell from 81 10 - cents a busbef or
- per cent, as against decline Of less
than per cent. IN the value Of an ounce
OF silver.
The harvest OF 1855 was from an area
$4,000 acres less than that OF the nre
wheat for export could be drawn dimIr-
ish y per cent. Although still excessive
by reason OF the great remainder from
tthhe previous harvest. ana the price rose
upon an addition Of Is per &c cent i ~ - r.,
surplus available for export In m
meantime silver fell four cents an ounce
sbrs NY = vars ,sr s. In 1873 the surplus
from @ 10 70 cents a bushel, or 81 ner
cent. while silver fell cents an ounce.
Inc next year the quantity available Tor
Shipment increased 81 per cent. ana he
p.lSe al once fell from 90 TO 70 cents a
oushel, despite the fact that IN this vea-
tne price Tor an ounce OF silver rose ,
sehts. IN lssc-'sl the quantity Of wheat
iroin Hnlch exports could be drawn de-
SIsase1 nearly as much as IL had in
StssaseI me preceding year. and the price
advanced from 70 TO 81 cents: ana az mis-
J 1anStute me price for an ounce OF silver
aasahced cents In consequence OF The
~-S sns a,aAniitv of wheat haryesfe6 IN