Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-10-22
PRICE OF WHEAT AND SILVER.
Wheat Reached Its HlgheSf Point After
Silver Was Demonefixed.

Wheat Reached Its hIgheSf POiaf After
Silver Was Demonefized.
WASHINGTON, Oct. 18.-The agricul-
tural department will tomorrow issue a
pamphlet on the subject of wheat
prices, by Prot. John Hyde Of the sta
tistical department. There is no at
tempt 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 1t.
The statistics cover a period of %
years, ending June 80, 1896, during
which time the United States exported
more than two billion bushels of wheat
and 2l9, O62, liz barrels of -four, equiva-
lent in the aggregate to more than
three billion bushels of grain. For
these exports yer received more than
three billions of dollars Tin gold or its
equivalent" the average export price
of wheat for the period being $l.O4l per
bushel in gold. The circular says the
expression Tin gold" Is used because
from the beginning of the period under
consideration, down to the end OF 1873,
the prices of all commodities we're ex-
pressed in currency that was cOntinu-
ally fluctuating in value. The circular
says:
"Before the prices of American pro-
ducts at any time from 1862 to 1888 can
be compared with the prices of similar
articles 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 1867 to 1865 are grouped into five
terms of five years each and one of
three. For these periods it Is found
that from July l, 1867, to June 30, 1872,
the average price per bushel for wheat
was 81. 1886; from 1872 to 1877, $l.l4l4;
from 1877 to 1882, 81. 1884; from 1882 to
1887, 81 .O255, from 1887 to 1892, 90. 1902;
from 1892 to 1895, %. 1914. Upon these
figures tee circular says:
1.-The most noteworthy feature of this
table, next to the stupendOns aggre-
gate, is the fact that it was not during
the five years Immediately preceding
1873, but from 1877 to 1882, that we re-
ceived the highest average price per
bushel. During that period our exports
were larger than at any other time in
the period under consideration"
After citing the comparatively high
prices that prevailed thrOue bout al
most the entire first half of 1868, the
circular calls attention to the fact that
while the wheat grower does not for
get this, "he d0ee not SO readily re-
member, o Is he so frequently re-
minded that before the end of the year
1869 wheat was worth much less, No. /,
equivalent to 63 and No. 2 to 724 cents
in gold per bushel, and this when sill
YER was worth 81. 325 per ounce, or 1876
to l. This period Of low prices lasted
about eight months and vas brought
to an end, not by any change in 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 sup.
ply and demand and making reference
to the new wheat growing countries
that have opened up, causing a reduc-
ton in the price Of wheat, the circular
concludes:
"In the face of such facts as the FORE
going, 1t would surely be ridiculous to
discusss seriously the contention that
it is the fall in the price of silver that
has caused the fall in the price of
wheat. From 1873 to 1882 silver fell
more than l8 cents an ounce, or IA per
cent and wheat advanced about 81
cents per bushel, or 2 per cent. Dur
ing the last ninety days silver has
fallen 1 cents an ounce, and wheat, Ow.
ing to deficient harvests in other
cOuntrys, has advanced from "a to %
cents per bushel."