Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1894-07-05
SILVER AND WHEAT
SILVER AND WHEAT
Senator Pettigrew Prepares an lntcr-
csting Comparison of Prices
on Silver and Wheat.
He Says Free Coinage of Silver Would
BE Like the Discovery of Rich
Gold Deposits.
He Also Believes Free Coinage Would
Restore Wheat to Its For
mcr High Valnc.

Senator Pcttgrcw. of South Dakota.
has colated a mass of statistics from Of
fetal sources bearing upon the relative
prices OF wheat. cotton and silver
throughout the world during the past
twenty two years. a study of the array
of figures collatcd by Senator Pcttigrew
is extremely interesting. says the Spear
fish Mail While the price Of wheat at
present is but a little over third the
price of 1872. the volume Of wheat pro-
dnced in this country last year is scarcely
20 per cent greater than in ls.2. While
the worlds production of wheat was A.
0OOuOO bushels less in lSSS than lSs., the
price was cents per bushel less. In lSs9
l9O0OO.OOO bushels less of wheat was pro-
duccd than in 1857. and yet the price was
90 cents. ;tS compared with 50 cents. The
crop of 1889 was 9i.oU.0vO bushels less
than in lSS.. ana the price fell to SO cents
a bushel, Il decline of g cents. The crop
of 1891 was 81 .OOO,OpD bushels less than in
1857. and yet the price declined 1 cents per
bushc) as compared with the price in lSS'..
In lS9? there was produced 100000
bushels less of wheat than in 1887. and
the price fell Oft 9 cents in 1892 as COM
pared with lSs7. SO the comparisons 20
clear through the list. Prices for wheat
have steadily declined in spite of produc-
tion. These figures are the figures of the
world. and ii cannot therefore be argued
that while the crop may have fallen of
in this country it increased in India and
Russia and other wheat producing coun-
tries. and that innSmuch as the export
trade rules prices it makes no difference
whether the crop is large or small in this
country ii the converse is true in India
and Russia.
In 1877 wheat was 81 40. silver Sl.32: lS,,;,,
wheat Sl.3l. silver Sl.2O: 1874. wheat 81. 43.
silver Sl.a1: 1870 wheat sl.24. silver s1l5:
1878. wheat Sl.3i. silver 81 l5: 1880 wheat
sl.25. silver Sll4: lss2. wheat sl.l9 silver
81 l3: 1854, wheat 81 o.. silver. 81: lSsi
wheat 50 cents. silver % cents: lSSs, wheat
81 cents. silver ?3 cents: 1890. wheat So
cents. silver. 81 .04 iwhen it was believed a
free coinage silver bill would become Il
law: 1893, wheat GO cents. silver ~ cents
The price of wheat is now lower than
the Oldest inhabi,ant can recall: and the
price of silver is lower than in the history
of the country. Silver is now worth 594
cents per ounce. March wheat 15I, aud
March cotton S1.36. Senator Pettigrew
says these abnorulaly low figures are due
directly to the fact that the United States,
IpHi !, hn al; ;,,
countries have ceased to purchase silver
Another table of figures shows that the
exports of cotton and wheat from British
India during the year ending March 81,
1880 to 1891, and the eleven months end
ing February. 1882. disclose market prices
for the producers in India for cotton and
wheat far In excess of the prices obtained
by the producers in this country. This,
lie SAYS, is directly due to the fact that
India was then free silver coinage coun
try. In 1856, when our farmers were OBJ
tanning 81 cents for wheat and 9cents for
cotton, the producers in free silver India
received 81 .02 for wheat and II cents for
cotton; in 1889 we received 80 cents for
wheat and cents for cotton, while in
India they received 81 .O5 for wheat aud II
cents for cotton. In 1891 our farmers re.
ceived s. cents for wheat and 10 cents for
cotton, while in India wheat was 81 90 and
cotton ~ cents. In 1893, when we re-
ceived ~ cents for wheat and Z cents for
cotton, In India wheat was sl.2l and cot
ton l0la cents. AS silver continues to de-
cline in India, since it was demonetzed
by the British government, prices for
farm products decline in proportion. In
commenting upon these figures Senator
Pettigrew says that If we were TO have
free coinage of silver the effect would be
the same as the discovery of great de-
posits of gold and other developing enter
prises. He believes the United States
can afford to attempt free coinage with
out any International agreement, and he
advocates the experiment until its effect
Is felt In the markets for farm products.