The record-union., 1896-10-19
NO RELATION TO SILVER.
WHEAT PRICES NOT AFFECTED
BY THE WHITE METAL.
Important Circular by the Department
of Agriculture Showing the
Fluctuations.

WASHINGTON, Oct. 1S.-The Agri-
cultural Department will tomorrow is
sue pamphlet on the subject of wheat
prices by Professor John Hyde Of the
Statistical 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 period of twenty
eight years, ending June 30, 1893, during
which time the United States exported
more than two billion bushels of wheat
and 219, 1872 122 barrels of flour, equiva-
lent in the aggregate to more than three
billion bushels of grain. For these ex-
ports were received more than three bill
ion of dollars lin gold or it's equivalent.
The circular says the expression in
gold" is used because from the begin
ming of the period under consideration
down to the end of 1878 the prices of all
commodities was computed in currency
that was continually fiuctNating 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 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 1895 are grouped into five
terms of five years each and one of
three For these periods it Is found that
from July !, 1861 to June 30, 1872, the
average price per bushel for wheat was
81 1896: from 1872 to 1877, 81 1414; from
1877 to 1882, 81 1884; from 1882 to 1887,
81 O266; from 1887 to 1892, SO 992; from
1892 to 1895, so 74S7. Upon these fig
ures the circular says: THE most note
worthy failure of this table next to its
stupendous aggregates is the fact that it
was not during the five years immedi-
ately preceding 1873. but from 1877 10
1882 that we received the highest aver
age price per bushel. During that period
our exports We're larger than at any
other time under coinage"
After citing the comparatively high
prices that prevailed through almost the
first half of 1868 the circular calls at
tention to the fact that while the wheat
grower does not forget this he does
not so readily remember. neither is he so
frequently reminded that before the end
of the year 1869 wheat was worth much
less No / equivalent to 63 and No.
tC. - cents in gold per bushel and this
when silver was worth 81 80 per ounce,
or 1876 to l. This period Of low prices
lasted about eight months and was
brought to an end. not by any change in
the value of silver nor by any legisla-
ton affecting the currency, but simply
by the breaking out Of the 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 been opened up, causing a reduc-
ton in the price Of wheat, the circular
concludes: 'In the face of such facts
as the foregoing it would surely be RI
diculous to discuss seriously the conten-
ton that it is the fall in the price OF
silver that has caused the fall in the
price of wheat. From 1873 to 1SS2 silver
| fell more than Is cents an ounce, or ii
per cent. and wheat advanced about ~,
| cents per bushel or per cent. During
the last ninety days silver has fallen 4
| cents an ounce and wheat, owing to de-
| ficient harvests in other countries. has
advanced from Ga to IS cents per
/ ht,S he1