The Yale expositor., 1896-08-21
@. What was the highest record of

that period? A. Between 1866 and 1860
the worlds average annual production
of gold was $134 3000; of silver, $751;
61S, 200; total, $171, 7O1 900, or less, by
S27 100000, than last years production
of gold alone.
Q. What are we to say, then, or the
argument that the money supply, since
silver free coinage was abandoned, has
been contracting? A. That 1t is utterly
false as applied to the world at large,
and especially SO as applied to rae
United States.
@. Is it true, nevertheless, that the
price of wheat and many other farm
products has fallen heavily? A. 1t Is.
@. How are such declines in wheat
for instance, to be explained? A. BY
the enormously rapid increase In grain
growing area throughout the world.
@. Has this increase been especially
rapid since 1872. A. The increase in
grain-growing area in this period, es-
pecially in North America, South
America and Asia, has never been APP
preached in any equal period in the
history of the world.
@. How do we Judge Of actual COM
petition in the sale of wheat? A. BY
the supplies thrown annually on the
worlds great distributing markets.
@. What market in particular? A,
England, where most of the buying ma
tions 60 to purchase their grain. ,
@. What are the figures? A. AS re-
Gently as 1880 Great Britain imported
for consumption and re-export, 55,26l,-
924 hundredweght of wheat-a large
increase over the preceding annual
average In 1895 it imported S1,749,955
hundredweight.
@. What has made possible this re-
markable increase in wheat production?
A. The exceedingly rapid development
of transportation facilities In newly
cultivated grain countries; among them
India, Russia and the Argentine Repub-
lie.
@. Has there been an increase in the
United States itself? A. An enormous
| increase.
@. How large? A. In 1875 there were
| 2G,3 S1 ,512 acres of wheat cultivated IN
| this country; in 1891 there were o9,-
916.S97, an increase of so per cent. The
yield in 1876 was 292, $4,000 bushels. a
heavy increase over preceding years.
In 1891 the yield was Gil, 100000. Even
last year, with greatly reduced acre
age and a partial crop failure, the
yield was 467 100000 bushels.
@. Has the yield Of other crops in
creased correspondingly? A. 1t has.
Q. Give instances. A. The Guilt
waited area of corn in the United
States in 1871 was 34091, 1877 acres; in
1891 it was 76,204,515 increase, ia per
cent. The yield of corn last year
was more than double that Of any
year prior to 1875. Both the acreage
and the annual average yield of oats
have doubled since 1871. Our cotton
crop in 1894 was so per cent greater
than in any year prior TO 1887.
@. Was a decline in grain and cotton
prices under such conditions inevi-
table? A. AS inevitable as a decline In
the price of clothing, or furniture, or
books. or steel rails, or pins, when COM
petition in their manufacture has eX-
tended enormously.
O. Would free coinage help the pro-
ducers of grain to larger profit under
such conditions? A. Not in the least.
@. Why not? A. Because If the nom
inal price of grain were to rise through
imitation of the currency, the price CT
everything else would rise also, and
the farmer would be relatively no bet
ter off than he was before.
Q. Do the free coinage advocates
use in their speeches these statistical
facts which we have examined? A.
| They do not.
| O. Can the subject be understood
without examining them? A. 1t can
not. The whole question rests on these
facts regarding money and produc-
ton.
@. Why Go the free coinage speakers
not use these facts and figures? A. BE-
cause the facts and figures are against
them.
@. Is there any dispute over the truth
of the figures quoted in these answers?
A. They are undisputed even by Tree
coinage men. They are taken from
the reports OF the United States treas
ury. of the department of agriculture,
Of the director Of the United States
mint, of the United States bureau OF
statistics. and of the British board OF
trade, all of them in their respective
spheres, the highest known authori-
ties.