The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-19
WHEAT AND SILVER.
THEIR RELATIONS DISCUSSED IN A
GOVERNMENT STATEMENT.
Statistics Covering n Period of
T4wenty-eight Years Ending June
80, 1896.

WASHINGTON, Oct. 1S.-The agri-
cultural department will tomorrow is
sue a statement 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 a period of %
years, ending June 80, 1895, during
which time the United States exported
more than 1000. OOO, 900 bushels of wheat
and 219,162.122 barrels of flour, equiva-
lent in the aggregate to more than
5000, 600 bushels of grain. For those
exports were received more than $3,000,-
600. 900 'in gold or it's equivalent"
The circular says the expression lin
gold'' is used because from the begin
ming of the period under consideration,
down to the end of 1878,- the price of all
commodities was computed in currency
that was continually f1uctuating in
value. The circular says:
Before the prices of American prod
ucts at any time from 1852 to 1878
can be compared with the prices of
other times, they have to be reduced to
their value in the money of commerce"
The statistics with respect to wheat
from 1867 to 1895 are grouped into five
terms of five years each, and one of
three. For these periods it is found
that from July l, 1857, to June 80, 1872.
the average price per bushel for wheat
was $11s96; from 1872 to 1877, S1.414;
from 1S77 to 1882 $11934: FROM 1882 to
n o.
from 1892 to 1895, S0.74S7. Upon these
figures the circular says:
THE most noteworthy feature of this
table, next to its stuDendouS aggre-
gates, is the fact that it was not dur
ing the five years Immediately proceed
ing 1873. but from 1877 to 1882, that we
received the highest average price per
bushel. During that period our ex-
ports were larger than at any other
time under consideration
After citing the comparatively high
prices that prevailed through almost
the first half of 1868 the circular calls
attention to the fact that while the
wheatgrower does not forget this, He
does not SO readily remember, neither
is he so frequently reminded that be-
fore the end of the year 1869, wheat
was worth much less. No / equiva-
lent to GO, and No to 70 cents in gold
worth $1.325 per ounce, or is to l. The
period of low prices lasted about eight
months, and was brought to an end,
not by any change in the value of sill
yer, nor by any legislation affecting
the currency, but simply by the break
ing out of war between France and
Germany.
After discussing the question of sup
ply and demand, and making refer
ence to the new wheat growing coun-
tries that nave been opened up, caus-
ing a reduction in the price of wheat.
the circular concludes:
in the face of such facts as the
foregoing. it would surely be ridicu-
lous to discuss 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
IS cents an ounce, or IA per cent, and
wheat advanced about 21s cents per
bushel, or 2 per cent. During the last
so days silver has fallen 4 cents an
ounce and wheat owing to deficient
harvests in other countries, has ed
vanced from 81 to IS cents per bushel. y