The Monitor-register., 1896-10-23
Silver and Wheat.

NO RELATION BETWEEN THE PRICES OF
THE METAL AND CEREAL-WHAT THE
STATISTICS SHOw-wHEAT WAS LOWEST
WHEN SILVER WAS WORTH $1325 PER
OUNCE.
The Agricultural Department has
Issued pamphlet on the subject of wheat
prices, by Professor John Hyde, of the
Statistical Department. There is no
attempt at concealment of the fact that
the subject matter of the circular has been
considered along with the money question
and made part and parcel of it.
The statistics cover period of twenty
eight years, ending June 30, 1895, durin q
which time the United States exported
more than two billion bushels of whea
and 219. 062, 112 barrels of -four, equiva-
lent in the aggregate to more than three
billion bushels of grain. For these
exports were received more than three
billion Of dollars Sin gold or it's equiva.
lent" the average export prise of whea.
for the period being 81 041 per bushel in
gold.
The circular says the expression sin
gold" is used because, from the beginning
Of the period under consideration down to
the end Of 1878, the prices of all CON-
modities were expressed in currency
that was continually fluotuating in value.
The circular says:
"Before the prices of American products
at any time from 1862 to 1878 can be
compared with the prices of similar arti-
cles in other countries or at other times
they have to be reduced to their value in
the money of commerce"
The statistics with respect to wheat
from 1857 to 1895 are GROUPED into five
terms of five years each and one of three.
For these periods it is found that from
July 1, 1867, to June 80, 1872, the average
price per bushel for wheat was 81 .1696:
from 1879 to 1877, 81. 1414; from 1877 to
1882, 1894; from 1882 to 1887, 81 0266;
from 1887 to 1892, $1,000; from 1892 to
1895, $7S45. Upon these figures the
circular says:
"The most noteworthy feature of this
table, next to its stupendous aggregates,
is the fact that it was not during the five
years Immediately preceding 1873. but
from 1877 to 1882 that we received the
highest average price per bushel. Dur.
ing that Period our exports were larger
than at any other time in the period
| under consideration"
After citing the comparatively high
prices that prevailed throughout almost
the entire first half of 1869, the circular
calls attention to the fact that while the
wheat grower does not forget this, she
does not so readily remember, nor is he sc
frequently reminded, that before the end
of the year 1869 wheat was worth much
less, No. 1 equivalent to 63 and No. 2 tc
724 cents in gold per bushel, and this
when silver was worth 81 1896 per ounce
or 1915 to 1. This period of low prices
lasted about eight months and was
brought to an end, not by any char g, il
the value of silver nor by any Legislation
affecting the currency, but simply by the
breaking out of war between France and
Germany"
After discussing the question of supply
and demand, and making reference to thu
new wheat-growing countries that hav'
opened up, causing a reduction in the
price of wheat, the circular concludes:
"In the face of such facts as the fore
going it would surely be ridiculous tt
discuss seriously the contention that it il
the fall in the price of silver that ha
caused the fall in the price of wheat
From 1878 to 1882 silver fell more thar
eighteen cents an ounce, or fourteen pc
cent, and wheat advanced about two ant
one-half cents per bushel, or two pc
cent. During the last ninety days silve
has fallen four cents an ounce, and W heat
owing to deficient harvests in other coun
tries, has advanced from sixty.four t,
seventy eight cents per bushel."