The morning times., 1896-10-19

Tie Agricultural Department VIII today
issue "a pamphlet on the subject OF wheat
prIces, by Prof. John HyGe OF tie stalls
teal department. There IS no -Inpt at
concediment OF the TACT ti!at tue subject
matter OF the circular has been consl1-
cred along with the money question and
m ade part and parcel OF 1t.
The statistics cover Il period or twenty
eIgnt years, ending June 80, 1885, during
winch time the United States exporter
more than = ,UUU,0Uu,o 900 bushels Of wheat
and 2l9 ,OG2,l12 barrels or Hour, equlva-
lent III tine aggregate TO more tEan 3,oUv,-
UUv, 900 bushels OF gram. FOR those eX-
ports were received more than 80 1000,
900, 900 IN gold or its equivalent" the
average export prlce or wheat Tor the
period being $1.o41 per bushel in gold
COMPARED WITH GOLD.
The circular says the expression in
gOld' is used because from the beginning
or the period under consideration down 10
the end of 1878 the prices OF all COM
modities were expressed in currency that
was continually fluctuating in value. l lie
circular says: before the price OF
American products ut any time from 1862
TO 1878 can be compared with the prices
OF similar articles in other countries or aJ
other times, the y nave To be reduced to their
value in the money Of commerce."
The statistics with RESPECT To wheat
from 1867 to 1855 are grouped into fIye
terms OF five years each, and one of
three. For these perious IL is found that
from July 1. 1867, to June 80, 1872, tie
average price per busEel for wheat was
81, 1895; from 1872 to 1877, 81 l4I4.
iron 1877 to les2, Sl.ls34; from 1872
to 1887, S1.O266; from 1857 to 1892,
SO.9Su2; from 1892 TO 1885, S0.7S47.
Upon these figures the circular says: THE
most noteworthy feature OF this table next
to its stupendOus aggregates, is the fact
,Dd- - "s., .,t u-JIns tL.e nVe years i'm
merlately preceding 1873. but from 1877
To 1882, that we received the highest
average price per bushel. During rat period
! our exports We're larger than at any other
time in the period under consideration.
After citing the com paratively high
prices that prevailed throughout aim oSt
the entire first half OF / SOS, the circul ar
calls attention to the fact that while the
wheat grower does not forget this, ''he
does not readily remember, nor is he so
Frequently reminded. that before the end
OF the year $50. wheat was worth much
less, No. / equivalent to 63 and No. to
~ - cents in gold per bushel, and this
when silver was worth 81 .325 Per ounce,
or 1916 to l. This period of low prices
lasted about three months and was brought
of silver, nor by any legislation affecting
the currency but simply by the breaking
out OF war between France and Germany.
A RIDICULOUS CONCLUSION.
After discussing the question OF supply
and dema nd, and making reference to the
new wheat growing countries that Ia e
been opened up. causing a reduction in
the price OF wheat, the circular concludes:
IN the face of such facts Is the fore
going, it would surely be ridiculous to
discuss seriously the contention that it is
the rall in the price or silver that has
caused the fall III the price of wheat.
From 1873 to 1882 silver fell more than
Is cents an ounce. or Ii per cent
| and wheat advanced about 2 1-2 cents
per bushel, or per cent. During the
last ninety days silver has fallen cents
an ounce and wheat, owing to deficient
harvests in other countries, has ad-
vaDced from 81 to IS cents per buShel."