The San Francisco call., 1896-10-19
STORY TOLO BY STATISTICS
Interesting Circular by Professor
Hyde Issued by the Agricul-
tural Department.
When the Ratio of Silver Was the
Lowest So Were the Prices Re.
ceived for Wheat.

WASHINGTON, D. c., Oct. 1S.-The
Agricultural Department will tomorrow
issue pamphlet on the subject OF wheat
prices by Professor John Hyde OF the Sta
tistical Department. There is no attempt
at concealment of the fact that the sub
ject matter of the circular has been con
sidered along with the money question
and made part and parcel of it.
The statistics cover period of twenty
eight years, ending June 80, 1896. during
which time the United States exported
more than 1000, 100000 bushels of wheat
and ZIG, 162, 122 barrels of -four. equivalent
in the aggregate to more than 5000, 000, 900
bushels OF grain. For those exports were
received more than So, 600. 900 900 "in gold
or its equivalent"
The circular says the expression 'in
gold" is used because from the beginning
of the period under consideration down
TO the end of 1878, the prices of ali COM
modities was computed in currency that
was continually fuctuating in value. The
circular says:
Before the prices of American products at
any time from 1862 to 1873 can be compared
with the prices OF similar articles in other
countries or at other times they have to oe
merce.
The statistics with respect to wheat
fromI1867 to 1895 are gruoped into five terms
of five years each and one of three For
these periods it is found that from July /,
1867, to June so, 1872, the average price per
bushel for wheat was 81. 1895; from 1872 TO
1877, $I.1414; from 1877 to 1882, 81. 1884 !;
from 1882 to 1887. $1.o266; from 1887 to
1892, $0992: from 1892 to 1895, $0.74S7.
Upon these figures the circular says:
The most noteworthy feature of this table,
that it was not during the FIVE years immedl-
ately preceding 1873, but from 1877 to 1882,
that we received the highest average price per
busheL During that period our exports were
larger than al any other time under consider
ton.
After citing the com paratively high
prices that prevailed through almost the
first half of 1868, the circular calls atten-
ton to the fact that while the wheat.
grower does not forget this, he does not
so readily remem ber; neither Is he so fire.
quently reminded that before the end of
the year 1869 wheat was worth much less.
No. / was equivalent to So and No. to 70
cents in gold per bushel and this when
silver was worth s1.325 per ounce, or Is 6
to 1. 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 legislation affecting the
currency, but simply by the brea king out
of war between France and Germany.
After discussing the question of supply
end demand and making reference to the
new wheat-growing countries that have
been opened up, causing reduction in
the price OF wheat, the circular concludes: {:
In the face of such facts as the foregoing it
would surely be ridiculous TO discuss seriously
the contention that it Is the fall in the price
of silver that has caused the fall in the price
of wheat. From 1878 to 1882 silver fell more
than 18 cents an ounce, or IA per cent and
wheat advanced about 215 cents per bushel, or
per cent. During the last ninety days silver
has fallen 4 cents an ounce, and wheat, owing
to deficient harvests in other countries, has
advanced from Sd to 78 cents per bushel.