Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1896-10-19
PREPARING WORTHLESS srAr1Sr1c %

W. +Ni'iNu WORTHLESS STATISTICS
the INSCRIPTIONS manner in which sta
llstlcs are manufactured to sustain arg,I-
inonts advanced by the advocates of tbr
free coinage OF silver is fairly shown in an
article now going the rounds OF the mess
concerning the average price of silver, wheat
ana cotton annually from 1873 to 1895 based
on the erroneous theory that the prices OF
wheat and cotton are determined not by
the law OF supply and demand but solely
oy the price of silver. To substantiate this
contention the article concludes with table
purporting to give the production of whea,
nnd the average prices of that commodity
and cotton and silver during each of the
last twenty-three years, which is said tc
nave been compiled from the records OF the
department OF Agriculture at Washington.
When the article was called TO the atten.
tion of John Hyde of the Agricultural dc.
partment, who was in charge of the agricul.
tural division of the last census and is un-
doubleday the best authority on the subject
OF agricultural statistics In the United
States he said:
II have noticed the publication, but have
been unable to find any foundation for the
statistics. They are not taken from any
publication of this department. nor are they
to be found among the records. The figures
alleged to represent the average prices OF
wheat and cotton are widely at variance ex-
cept for an occasional and apparently acct
dental agreement. with the average prices in
the New York market, reported in the
statistical abstract of the United States
published by the Treasury department and
for not one year out of the last ten do the
wheat figures agree even substantially with
those published in the annual statistical re-
port of the New York Produce exchange.
In the few instances where the compiler has
used statistics to be found in government
publications. he has transposed them to an
swer his purpose.
AS TO WORLDS CROP.
Gan accurate statement of the wheat and
cotton crops of the world shows that the
prices of both rise and fall with the supply
and demand and are not directly influenced
by the price of silver. For instance, from
1873 to 1877 the average price Of an ounce
of silver was Sl.236. while bushel of wheat
averaged 81 055. During the following four
years the average price of silver was only
$1.139 per ounce, a fall of 81 cents per ounce
while wheat advanced 1873 cents per bushe
and realized an average Of $l.1S6. Again, in
1876 when silver was worth 81 296 per
ounce, middllng cotton was worth only 8
cents per pound in New York and SIS cents
in New Orleans. Yesterday silver was down
to 1914 cents per ounce, and yet middling
cotton was worth Sas cents per pound in New
York. There Is a noteworthy but perfectly
natural correspondence between the stock
of cotton remaining on hand in Europe at
the close of the year and the average price
in New York. In 1891 the stock carried
over was l.Ai1000 bales and the average
price was 9.03 cents. Next year the stock
remaining on hand rose TO 1888 900 bales and
the price fell to 1854 cents The following
year the stocks fell to 1868. 600 bales and the
price rose to S2i cents. Then the stocks fell
slightly without increasing the price. owing
to the prospect OF crop of unparalleled
sizcein the United States, but finally In 1895
the largest surplus ever found in the world 8
markets brought down the price to G26
cents, or 2 cents per pound less than II Is
today.
illustrations of the nondependencc OF the
prices OF agricultural products on the price
of silver could be given indefinitely" con-
cluded Mr.. Hyde. "You Will find, II you ex-
anime the statistics. that the price OF agrl-
cultural products which are consumed at
home. and do not depend upon foreign
market, are regulated BY the rule OF supply