The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-19

| that this enormous i''e " -. 80
caused by the decline IN the ~ NJ. :
a''s. u,hicb has occurred since liS? was
,,,s elevation OF the price level TOT
corn wholly due to the fact that ire crop
~ 800 was but two-thirds the volume vi
that OF 1889. and that In consequence the
! per capita supply was reduced ny a'''e
| % per cent. <. ear
| careful examination OF the facts sur
| rounding the course OF prices for cotton
| develops the fact that from 1864, when
| cotton was selling in New York for |"
| cents in gold pound, II fell steaniy
\ from this high war level until 1873, wheh
| the quantity produced first exceeded the
| ante-bellum maximum, and the price
again reached the level Of 1860; just as we
| learn from this examination mat IN 1910
| the price OF cotton had. from the highest
| point already fallen "a cents pound
| or zoo per cent. more than IL has taiieh
since. Was this fall of Ga cents prior 10
| 1873 due to other causes, while the faii
since 1873 Is due alone to the fan IN
the value of silver?
From 1879 10 1890 the price fiuctuated
between 91-2 and - cents. as the crop
happened to be abundant or measre'
and the average of the twelve years, was
very close to the average OF the tweiVe
years ending with 1860, although after
two very short crops In 1876 ana 1871 tne
price rose in the later months Oh 1884,
despite the acute money crisis then pre-
yailing to Is IL cents a pound, or the
highest price known between 1899 and 1894,
n we exclude the prices Of the war period,
say from 1861 to 1875. This fact, and the
other related fact that from 1885 TO 1893,
during all the acute monetary crisis OF
1897. the prices for wheat, corn, cotton,
and oats were extremely high, showing
how little monetary conditions or the
most pronounced character affect the
price of any article of prime necessity,
when the supply is actually directive
In considering conditions affecting the
price Of cotton, the period ending with
1873, when prices resulted from the pc
culiar conditions. existing at the South
after the war, must be excluded. Doing
this, it is found that the price has varied
only as affected by supply and demand,
and often moved in the direction oppo-
site to that taken by silver.
The crop Of 1889 was the greatest ever
grown till that time. and aggregated near
~ 100000 bales, but the crop of 1880 eX-
ceeded 1t by 10000 bales, or 10 per cent;
and this great crop was Immediately fol-
lowed by one of 100000 bales, or % per
cent. In excess of the crop of 1889. The
crops of 1890 and 1891 aggregated lhiVo-
900 bales, as against 1i.2OO.cO bales from
the harvests of 1883 and 1889; and after the
harvesting of the twd greater crops, the
price fell more than % per cent. Is
this price fall of one-fourth due to
| fall of 10 per cent. in the price for an
| ounce Of silver, or is it due to an in
crease of 2i5 per cent in the supply
while the requirements increased no more
than or s per cent. at most? IL fall
of ten per cent in the price of silver
| caused the price of cotton TO decline
| more than y per cent, then the sub
seauent fall Of 80 per cent. in the price
for silver should have obliterated the
| last yestige of cotton values.
our CORRESPONDENT instances horses as
affording proof of silver's control of prices.
As horses are now cheaper than at any
| time within fifty years. this fact IS as
sumed 10 show that prices for such 'Hii-
mails. as Of all other things which men
have TO sell, result from some occult III
nuence exercised by silver rather than
from changed relations Of supply. Ia con-
! sidering the prices for horses II must not
/ be forgotten that the demand for war
| purposes caused a remarkable Use in
| price during the sixties. and that thus
the stock was depleted in the seventh
| decade that prices we're thereby affected
until after 1873.
In 1860. counting mules as horses tiere
were twenty-four for each 100 people in
the United States. and the average value
was SEQ a head. In 1870 the ratio was as
| twenty-one is to one hundred, ana the
price S5. In 1873 numbers mad so in
creased that the ratio was as twentyfour
TO one hundred, and the gold price dropped
! TO $50. or exactly that of 1850, last as
the ratio was that OF 1860: and this was
the price of 1880 although the ratio was
then in the proportion Of twenty-five
animals TO each one hundred people
| From about 1880 TO 1885 there existed a
| great demand for horses and mules TO
| he used on street railways, for pleasure
horses by those growing in opulence, and
| for foundation stock In Western horse
ranches, as well as from retail dealers,
even in the smaller towns. who were be-
ginning TO deliver their wares n ousto-
| n ers' doors; and the result was. despite
the fall in the price for silver, and despite
the fact that the ratio was then IS tWen-
ty-fve to one hundred units of oOpula-
ton, the price advanced to an average Ct
$40. But the tide soon turned. and as the
|
railway displaced the horse car, and the
supply increased 10 twenty-eight animals
| for each one hundred people, the price had
fallen by January. 1891. to an average Of
$3.50, the price level being now a third
| lower than nine years ago Did .hc fall
| OF five cents an ounce in the price of
! silver between 1850 and 1885 cause an al
| vance OF - per cent. i'm the value of
horses? If the advance Of % per cent.
between 1880 and 1885 was caused nv a
I'VE cent fall in the price OF silve-. Whit
mas caused fan Of "a per cent. i'm the
| price OF horses since 1885?
we desire 10 direct the attention NJ
our correspondent 10 the important pro-
uuct. swine, and TO the course of prices
| lor TINS staple. In the winter of 1S72-73
Just before the characterization of silver
the western packers were offered and
bought 100000 swine for an average ot
$40 per 100 pounds. Three years later
IN the winter Of 1876. after the very
snort corn crop Of 1874 those hackers
were offered but 100000 swine. for which
they paid an average of s625 per lO
pounds, In gold. After the expiration nj
another three years, and after the bar-
Vesting OF several corn crops above the
average In acreage yield. the packers
were able, in the winter Of 1888 10 GO
cure 100000 swine at prices averaging
-