The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-02

| It's evident from these figures derived from
official sources. that the quantitative supply Of
money has hai no Improbable effect upon the
price OF corn. while on the other hand the price
| 10 seen to rise and fall as diminishes or In
| creases the per capita supply OF grain and that
the changing power OF silver to purchase has
| as little Affected the price as the amount OF
money In circulation Is clear from the fact that
the price OF corn has advanced as much as "a
per cent. In perol when the price OF silver
was constant. and 1t has fallen when silver
was advancing. as 1t did early in 1890. this fall
TO be followed by an advance OF ~ per cent
when the crop o; 1900 was found to be- but two
thirds that Of 1889.
This tabulaton. among n great many other
things. shows that as has declined the relative
supply OF corn so has advanced the price re-
gnrdless OF all other conditions; that as the
unit quota has been increased. either by reason
OF greater acreage Yields or disproportionats
additions to the AREA. SO has fallen the price OF
grain. although tho declines have been less
rapid than the advances. as a'ter every season
OF scarcity the replenishng OF depleted re-
serves has served to steady prices
Among the many things brought into bold
relief by this table. l desire to direct atten-
ton to the fact that us declines the yield per
acre so falls the per capita supply; and
as this supply diminishes so advances
tons indicated 200 years ago by Greg
o:y King. who seemed to know little
and care less about currency fluctuations.
This fact Is connected most directly with that
other significant one. that the smaller the crop
the greater the return 10 the farmers as body
The enormous crop Of 1882. the largest ever
grown brought the cultivators Sl5U. 900.
less than only two-thirds tho volume in
1890 and Its aggregate value was less than
that of any OF the preceding ten crops. That
this lessened value was not due TO a deficient
currency. nor yet to the lost purchasing power
Of silver. smanlisst from the fact that reduc-
Ing the volume of the crop OF 1890 one-thrd.
increased its value by Sl5B 900 600.
Another impressive illustration OF the effect
OF supply upon price, regardless Of currency
and other conditions. Is TO be found In the
crops oi 1872 and 1874. That OF 1872 gave a
yield Of 3l7 bushels per aero. the greatest
yield for tho whole country ever recorded and
furnished supply equal to ~ bushels Tor
each unit Of the population, the farmer real
izing 31.i cents per bushel. In 1874 when
monetary conditions. owing to the panic OF
1873. were much less favorable. the Yield an
acre fell to 2O.7 bushels, the per capita supply
diminished to lh.J bushels. and the gold price
advanced u 3D. cents In other words d.
minishing the supply 2j3 per cent enhanced
the price GA per cent In the face OF most un-
favorable monetary conditions. the result be-
ing again in clear accord With Kings law
This table shows, so lar at least as corn is
concerned. that low yields give small relative
supplies; that small supplies are followed by
an immediate and great advance In price that
small yields are much tho more profitable to
the farmers as body; that prices are wholly
determined by the supply relatively 10 require
ments; and that neither the state OF the cur
rency nor tho relative purchasing power OF
silver has exercised any appreciate power
over prices during the last twenty-thres years.
{. WOOD DAVIS.