The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-09-04
WHEA rs ! @ PRICE
NOT DUE 10 OSETl2ATlON. OF
SILVER. 4:
High Authority On tho Subject nx-
plodes oAe Of tAs Favorits
Claims Of the Free Coinass
Cranks--Letter Frona. i rormer
oaeial Of the Department of Az
riculture That It Il Important
for Every Farmer to Reaa and
Thoroughly Digest.

The following correspondence between f.
e. Baker. q well known farmer OF White
Hall. ILL.,, and b. w. Snow. for many years
assistant statistician Of the department Of
agriculture at Washington and now con.
nected with one Of the leading agricultural
papers Of the United States, will be read
with interest by every farmer and every
citizen interested In the relation Of silver
to prices Of our products. Mr.. Snow has
made careful study Of these subjects for
many years, and the fact that he held an
Important position In the department OF
agriculture for more than decade, shows
the value Of his judgment and the reliability
and accuracy Of his statements and deduc.
lions. Every farmer and everybody inter.
csted In this subject should not only read
this letter carefully, but see that his neigh.
bors read It.
White Hall, ILL.,. Aug. /, 1906 Dear Sir:
The advocates Of the free and unlimited
coinage Of silver IRE telling our farmers
that the present low price Of wheat Is tho
direct result of the demonstration of silver
in 1873. Wheat Is certainly very low now.
and would be glad to have your opinion as
to the cause, and II you think 1t is not duo
to the decentralization Of silver. please give
me the facts upon which you base your
opinion. Yours truly,
IF. e. Baker.
Chicago, Aug. 3, 1sos-Dear Sir: The
claim that the low price of wheat Is due
to the so-called decentralization of silver
In 1873 is without support. In the first
place, silver was not sdeMonetized" In
1873 To demonctize means to deprive
Of value; to withdraw from use as money,
and neither has been done with silver Up
to 1873 this country had only coined, since
the opening Of the minis S,01OO00 silver
dollars; since that year 1t has coined 423.-
100000. every one full legal tender and
of purchasing power equal to gold. Tint
year. instead Of marking the stoppage of
coinage Of silver. really marked its begin.
ming 80 far as its large use Is concerned. as
$4,0O0,OOO Of all classes of silver currency
were coined in that year against s., 600
In 1872. and followed by nearly $7.000.CO0
In 1874, SIS. 600, 600 in 1915, and constantly
increasing until 500, 100000 came from the
minis in 1890.
Wheat Did Not Decline.
The records Of wheat prices during the
last thirty years demonstrate the fnlsity
of the claim that values declined as n result
of the financial legislation of 1873. In
the period Of five years. covering the If
teenth to the twentieth year >after that
legislation, the value of wheat averaged
higher than In the same. number of years
Immediately preceding 1878.
A large surplus Of wheat Is always
grown In this country. and that surplus
must be marketed Ablcad. The price ut
which this surplus can be sold fixes the
price Of the whole crop when, as In this
case, the surplus is an important part Of
the whole production. The changes in ex-
port prices are, therefore, an accurate
index of the changes in domestic prices
In order to avoid minor fluctuations caused
by matters Of no permanent Importance.
I give below the average export price Of
wheat in five-ycar periods, beginning with
1868. so that the first period covers the
period up to and Immediately preceding the
''crime Of 1873" while the second period
covers the five years Immediately following.
During the years 1868 to 1870 Inclusive the
period of deprecated paper money, the
prices given orc in this debased currency.
Export Price In Currency