The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-23
sILvER's PURCHASING POWER.
1t HIS steadily Declined, While That
of Gold Has Scarcely Changed.

Washington Special to New York Tribune.
The campaign of education which the
advocates and partisans of free silver are
conducting is a peculiar one in many re-
spects, but in none is 1t more so than In
the glaring measurements and misrepre-
sentations which they are sowing broad
cast among the farmers. a fair sample
of these is the assertion made by Secretary
Harvey, of the Chicago bimetallic COM
mittee, in commenting on President Clcve-
lands recent letter, that a debt OF $1,000
that 1000 bushels of wheat would have paid
to give up 1000 bushels" This assertion
was made without qualification, and I'M
true, and make a considerable impression
upon the minds of farmers, to whom 1t APP
pears to be especially addressed. as an ar
propaganda which has for its object the
free and unlimited coinage of silver by
r ree Ihas of the action of other Civilized
nations. The attention off j. X. Upton,
formerly Assistant Secretary of the Treas
conscientious and intelligent student of
financial subjects In the country, was
called waI as to Mr.; ITS Ha ap y fa asserflon' M and 1r ne
II will let the figures answer your ques-
Chicago was quoted at " cents; to-day 1t is
81, a decrease in value OF 20 cents a bushel,
or 2e per cent. SO vd that a ae tsr which nnsr i sso
would now require but 1850 bushels, in
stead of 1000, as stated by Mr.. Harvey;
dn eTIOE, III ldCI, VI OfV 0QSnCl0 " OCStI
with. However, the value of wheat has
declined seriously enough, and if that of all
agricultural products has also fallen in
same relative extent the inference that the
change was due to an increase In the value
standard might seem plausible. But corn.
the crop of which is about one-half greater
in value than that of wheat, was quoted
in January. 1885. on the Chicago Board of
Trade. at 80 cents a bushel; yesterday at
per cent. AS this is also something that
one can understand, what is the inference?
Taking the two cases together. 1t seems
to me that a reasonable inference would
be that the STANDARD had nothing to do
with the matter. In 1884 the wheat crop
was 1851, COOS 900 bushels; in 1884 it was 46o. 00o.-
there was a general increase at the same
time in the product of other countries.
Would not such an increase of itself ex-
plain the fall in value?
The corn crop of 1884 was ,796, 600, 600 BUSH
els; that of 1894 was but 1,2l3.Ooo, 600. a de-
crease of 573, 0o0, 900 bushels. Would not such
a decrease in itself explain the increase of
value per bushel? To ascertain If there has
been any change in the standard of measure
over longer periods, should be taken and
considered. This has been done. as shown
in the report on prices and wages submitted
by the finance committee of the Senate on
March 3. 1893. The investigation was con-
of Senator's Aldrich. Allison. Hlscock,
Jones New, Harris and Carlisle, and the
compilation was made under the immediate
supervision of superintendent Wright, of
the Departments, of Labor. The committee
carefully computed the average prices per
annnm OF. the nine principal agricultural
products. barley, corn, cotton, hemp, oats.
meats. rye, tobacco and wheat, since 1850,
and. after giving to each product it's weight
in proportion to its yield, combined and tab
ulated, the average values in gold of these
nine products for every year from 1860 to
Isel; that ait, Of be is fo,n BENG tg, represented by 100.
cry fifth year, to which ] have added the
gold value of the bullion in a silver dollar
that the depreciation In the value of silver
may be Strikingly shown: