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

last Sundays New York Sun. The claim
has been constantly and most imprudent-
ly pressed by the advocates Of free coin
age that there has always been certain
relation between the price Of an ounce
Of silver, and the price Of bushel OF
wheat or other commodity, and that as
silver went down. other commodities did
the same. This article disposes OF the
claims as effectually as the sun dis
poses of mist. We cordially commend it
to all who want to know the facts. Here
is the article:
In a recent communication to The Sun,
Mr.. Henry Nelson of Stone House, Neva-
da, questions our statement that:
1.-The price Of wheat has long been dom
mated by our current exporting power"
Mr.. Nelson says. in substance. that the
prices for wheat and all other things
that men have to sell. have been domi-
mated by the price of silver; that for
twenty-one years the price for an ounce
OF silver has been the value Of bushei
Of wheat that prices for cotton, corn,
horses. and land have been determined by
the price for silver that the troubles
for the whole world have been caused
By underconsumption and this by the
appreciation of gold; that wheat has
declined since silver was demonetized,
and that all existing commercial and
Industrial ills are due to the demone-
tization Of silver; and he calls upon The
sun for candid consideration Of the
matter.
No doubt the consumption of nearly
To- =
w below the current power TO produce.
has been the controlling influence. in pro-
ducing existing conditions: but it is ques-
tionable If the loss Of purchasing power
by silver, or IA relative increase in the pur-
chasing power of gold, has aided mater
tally in bringing about this very Jnde-
srabie state of affairs. On the other
hand, there is in the enormous increase
of each labor units power to produce
fabrics of all kinds and IN an increase
of the grain and cotton bearing areas,
between 1870 and 1890, out of all proper
ton to the concurrent incl ease OF popu-
lation and the worlds requirements for
food and fibre, cause that Is directly
related to the effects so painfully evident
on every hand, If not wholly productive
Of them. Still, it is we'll TO consider
carefully the relations of silver to ex-
prices, as well as every other sugges-
ted cause and 10 try to find a remedy, II
one IS possible.
We have recently shown that after
eleven out of twelve wheat harvests. the
worlds supply of wheat has exceeded
the worlds requirements in ratios rang
ing from to II per cent; and no matter
how cheap bread may have been, or now
prosperous the people, there mas not peeh
time within twelve years when the con-
sumption of wheat could have been IN
creased even 10 per cent, as at no tim
have tenth of the wheat eaters peeh
underfed.
we desire to remind our esteemed CORE
spondent that at no time since 10; have
prices for everything that men have 10
sell been lower than in the years inme-
dately preceding that time; nor lave
all prices for things produced or sou de-
clined. 1t is true that the price fot rear
ly every product of manufacture has
fallen because of greatly lessene1 cost.
while nearly every form Of labor has, the
world over, sold for higher prices since
1880 than at any time prior to 1913, except
when affected by the civil war, IN the
United States: and as much as labor has
fallen in the last eight months, the gen.
in 1873. Certainly. labor is a thing that
men have for sale, and vast numbers Of
men have nothing else to sell. 1t is true
that the products of labor, or rather
very many of them, sell much cheaper
than prior to 1873. but this is because
Of the increased productive power of
each labor unit. and because production
has outrun the power TO consume. There
are notable examples. however. where
the product of labor. instead of declining
in price. has shown a material advance
since 1878.
Coffee Is so important an article of
commerce that We annually import some
S9o,oOO'OOO worth. yet coffee that sold in
New York at from nine cents TO eleven
cents a pound from 1868 to 1871 Is now
selling at seventeen cents IA pound. al
though il sold as low as eight and a quarter
cents in 1856. Has the fall in the price
for silver so affected this product as TO
cause Ii to advance from ten cents in 1870
10 twenty-five cents in 1874: 10 call again
to sixteen cents In 1915. and then advance
TO twenty cents in 1871; and then to fuc-
tuate between eight and a quarter and
twenty cents in the years between 1877
and 1894?
Lard is one of the things that men sell.
yet IL brought but eight and a half
cents In this city in 1878. and sid for
ten and a half cents i'm November 1898.
and is now worth much as In 1913
The corn particularized by our cor
respondent is another notable product,
the price for which has varied frcm
high to low and low 10 high. regardless
of the price trend of silver In July. 1873.
corn sold in this city. in terms of gold.
for forty-eight cents a bushel. yet in 1875
IL sold for eighty-seven cents: fell 10
forty-three in 1875 and advanced to eight
ty-four cents four years later; again
declined TO as low price as forty six
cents in 1886. after which. i'm 1858. 1t ad-
vanced TO sIxty-six cents. After The har-
vesting OF the great crops of 1883 and 1889.
crops that aggregated more bushels than
any other two ever grown. the price DROP
ped 10 thirty-seven cents. which was the
lowest point ever reached. just as the per
capita supply was then the greatest ever
known. Although corn sold In this city
I'm April. 1890. for thirty-seven cents. vet
so little was IL affected by the iall In The
value Of silver that just a year later II
sold for eighty and half cents. or AN
advance OF llG per cent. What had a
slight change In the yaiue az aiiynr 10