The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-19
,snx,u, therefor, and to pray. that silver

Our Investigations show that the pr,ca
for swine 10 directly related to the SIM
ply as proprtioned to the consumers OF
porl nrod,,cts and that there is no
traceable relation between such prices and
the price for an ounce OF SILVER.
While our correspondent assures ps
that the prfce for an ounce OF silver
has, for many years. been the value OF
a bushei OF wheat yet ne has neglected 10
inform US in what particular marker
this parity OF values has obtained. nor
has he told us for what definite term OF
years.
From the very patient consideration
given TO this matter II appears that the
price OF silver has everywhere tended
downward since 1859 that 1t had fallen
six cents an ounce between 1873 and 1913.
and that since 1859 there have been but
four movements, OF very limited duration.
in the opposite direction; whlie the price
OF wheat has. in the United States. at
least. varied yearly, as varied the guam
tity available for export, there having
been as many as eight movements up
ward since 1873. some Of them traversing
more than one-third OF the scale in a
single year. though IN but one Instance
prior 10 1893 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 ana being
more especially desired to CONSIDER Ameri-
can conditions. we take, as anording 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 ind, that as
a result of a meacre harvest in the 1876
II crop wear. the quantity available for
export from that harvest and from the
residue of previous harvests diminished
d per cent. and that the price rose
IA nor cent. that the two succeeding
crops were such as 70 increase the sur
Mus available for export by fully 200 per
cent. and that the price fell from Sl.OS
bushel in 1S17 to Is cents IN $40, or y
per cent. although silver fell but three
cents an ounce. The next year, now
ever. wheat advanced 81 per CENT "niie
silver rose but two cents an ounce Inc
following year lSSO-Sl. the eXportaple sur
plus increased, and the price leii 10 cents
a bushel. while the year 5 average pic
of silver remained the same. III lool-e-
the quantity Of wheat avaiiaole LOT eN-
mort shrank &c per cent. and the price
advanced % per cent, although the price
for silver was at a standstiIi' IN 1873"
the exportable surplus increased ~ per
cent. and the price declined 70 per cent,
as against a fall Of about TWO per cent
I'm the value of silver. The next year
the amount available from the harNeSe
and the remainders OF previous cropS'
from which exports might ne uia"n'
shrank 10 per cent. and the price ,ose
4 per cent while the price Oh s"Nei
was again constant After garherihs 'h'
immense crop lSSi-S. the greatest ever
grown until 1891. the exportapie surplus
augmented by 80 per cent, ana tne price
fell from 81 TO g. cents pushel' vi
. per cent, as against a decline Oh iess
than three per cent. in the Naiue vi
an ounce OF silver
M haryes, of 1856 was from an area
200 600 acres less than that of the pi.-
codinr vear and the stocks from which
whoa. for EXPORT could be drawn ilr'n-
ish % per cent. Although still excessive py
reason OF the great remainder Iroh ne
nrevious harvest; and the price rose u
per cent. 10 fall 10 per cent. In lss6-sh upon
a. addition Of Is per cent. 10 the surplus
available for export. In the mean r'he
silver fell four cents an ounce III W.
wears. In 1889 the surplus shranh II
nor cont and the price advanced from
es IN % cents a bushei. or per cent,
while silver fell ? cents an ounce. Inc
next wear the quantity available for snip
,,,an, Increased 81 per cent, and the price
AZ once fell from 80 to 70 cents bushel,
doenite the fact that in this year the
nrice for an ounce OF silver rose cents
In 1s90-el the quantity of wheat from
which exports could be drawn decreased
IN
preceding year, and the price advanced
from 20 To "a cents; and al this juncture
the price for an ounce of silver advanced
o cents i'm consequence OF the passage or
the Sherman act. So enormous was the
quantity Of wheat harvested in lS9l-H
and again in 1925 that an immense
store was accumulated, which is now
slowly disappearing: and since those har-
vests the price has gone down and down,
as has the price of silver. Was 1t wheat
that carried silver down, or silver that
carried down the price of wheat? Wheat
has reached a lower level per bushel
than silver per ounce, but then wheat has
brought less IN the farm markets than
the current value Of an ounce Of silver
from as far back as 1865. and the price
promises to be low until existing ex-
traordinary accumulate shall be abb
sOrbed. which may be the case within
year or eighteen months.
From all that we have been able TO
ascertain in relation to the course of
prices for wheat. silver and other pro-
ducts, as well as labor, ii appears that
the price for wheat has not only been
dominated but nearly always determined
by our current exporting power; that
the ounce of silver has not been the
value of bushel of wheat In any single
year since 1873; that wheat has moved
up and down in price as much as 81 cents
in single year, though the price Of
silver has been nearly or quite constant.
or moving in an opposite direction; that
the price of no one thing which men
have TO sell has moved in the same al
itction and. at the same time. varied as
has the price for silver: nor have the
Prices for all that men sell declined.
We must confess TO an entire inability
10 discover the most remote relation be
tween the price for an ounce If silver and
the value of a bushel Of wheat, or for
that matter Of any other product. though
we have earnestly sought to find such
relation: and if it exists il must be If
such an occult character that only Ma
han ~,