The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-02
As the relative nurnbsr OF cattle increased so
LIE M. &c lnll ragnrlleas Of tha fact that tha

| As the relative number OF cattle increased so
| the pr.ce !cli. regardless Of the fact that the
| quantity o; money In circulation increased.
and equally regardless Of tho fact that silver
did not decline materially in value prior to
1879 although the price Of cattle fell nearly
| one-iith letween 1870 and 1875 as meas ured
either In gold or silver.
| Slight as has been the decline in the relative
| supply since 1890 and although stlll excess
| sivc. the price has shown on advancing ton
| dency. even II no material advance can be
looked for until the ratio shall! fall below 10
TO 100.
Any substantial chang In the relative supply
| OF so essential an aTti 'le is worry soon regis
| tered In the price. and even President Cleve-
land In bis recent message directs atten-
tion 10 the fact that the exports OF cattle are
much less than last Year. and thinks it prob
able that this decline Is due to an advance for
the better grades in the home markets, yet
suggests no explanation OF such advance; an
advance neither due to the exlstcncs of the
Mckinley law nor yet to the repeal OF the
purchase clause OF the sherman act as such
| advance obtained prior to such repeal and be-
fore It was certain what changes would be
made In the direction OF a spurious tariff for
revenue only.
In khirty-three years, prices for cattle show
but one apparent deviation from results 10 be-
expected from supply and ordinary demand,
and the anomalous advance In price between
1880 and 1855, when cattle were increasing
much more rapidly than population. Is an APP
parent deviation only. being in strict conform
lty to the law OF supply AMI demand Had II
been otherwise 1t would have still further con-
founded the arguments OF the currency doe
tors as II was concurrent with a most rapid
increase Of the money In circulation. aud when
silver was falling as never before.
This extraordinary advance was due solely to
the fact that this was tho period in which the
range cattle industry had its greatest de-
velopment; such development creating an
enormous demand for foundation stock"
that was short lived. yet caused ordinary
Texan COWS 10 advance from SO to S:il each.
and swept tho central States OF COWS and
heifeTs that had formerly gone 10 tho shambles
This exceptional demand and advance was
necessarily followed By more than an ordl-
nary decline Just as soon as the progeny %
the new herds became fitted for market. and
ths effect upon priees has been lust what
might have been expected from a supply in
cTsRsing Al per cont between 1880 AMI
1880 as against an Increase of but 24U in
the consuming population
The disastrous effect Of this dlsproportlonate
Increase upon the cattle industry Is manifest
In the fact that tho 43SOO.OJO cattle Of 1855
were valued at S22SOlnUOO moro than the
6l.4IO.OOO Of 1880. probably mu.h more than
all the profits that have accrued from the range
cattle Industry since It's inception.
On the other hand when, between 1880 aud
1855. the relative supply diminished 25 per
cent the price advanced 70 per cent, the re-
sult being In close accord with that Law Of