Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-09-16
Silver and Wheat.

l
the claim that parity" exists be-
tween the price Of wheat and that OF
silver. Mr.. Bryan has been in his
demogogic way trying Of late to craw-
fish on those statements made so
freely in 1896 but in vain. As
matter Of fact there is no parity"
and the history Of the past few weeks
with wheat up and silver down was
not needed to show it. In 1871, two
years before the alleged "crime Of
1873" the export price Of wheat was
1882 per bushel. The bullion value
of the silver dollar in the same year
averaged $l.025. In 1872 wheat
went up to $l.47, while the silver
went down to $l.022. In 1873 wheat
declined to $1.Sl and the silver dol
lar to $1,000. 1t will be noted that
the decline in wheat greatly exceeded
that in silver. In 1874, ignorant APP
parently of the crime against silver,
wheat went up to $l.4S while the sill
yer dollar went down, in bullion
value, to 9S.S cents. Thus the act of
1873 was followed the next year by an
advance in wheat of twelve cents a
bushel. In 1875 wheat dropped to
SLIP loss Of 81 cents, but the sill
yer dollar declined to 96.4 cents, a
loss of only IA cents. In 1876 wheat
rose to $l.24, gain Of twelve cents a
bushel. The bullion value of the sill
yer dollar declined in the same year
to 1914 cents, a loss Of six cents. In
1877 wheat declined to SLY, while
the bullion value Of the silver dollar
rose to 92.9 cents, a gain of 3! cents.
In 1873 wheat rose to $1.34.
while the silver dollar declined to
S91. Wheat gained seventeen cents
a bushel; the bullion in a standard
silver dollar declined 3.S cents.
All this occurred while the standard
silver dollar was dropped from the
coinage except during part Of 1878.
But the demand for silver for coinage
was very active all the time In these
years some 5000, 900 of trade dollars
were coined. The coinage Of sub
sidiary coins was very large, rising
one year to over $4,000, 900 in value.
In 1878 the legal tender quality of the
silver dollar was restored without re-
striction as to the amount, yet in
that year the bullion value declined
S.S per cent.
In 1879 specie payments were re-
sumed. This year both wheat and
silver declined, wheat going down to
1.07 bushel, and the bullion value
of the silver dollar to S6.S cents. In
1880 wheat rose to $l.25 bushel and
the bullion value of the dollar to 1873.
Wheat gained eighteen cents, while
the silver dollar gained only two. In
1881 wheat declined to Sill bushel,
while the silver dollar lost only 6-1O
of per cent of its bullion value. In
1882 wheat rose to $1.19, while the
silver dollar lost 81 per cent.
In 1888 wheat receded to $l.13, a loss
of six cents, while the silver dollar
lost two cents in bullion value. In
1884 wheat dropped to Sl.O7, while
the silver dollar gained three mills in
bullion value.
Thus we see that for these twelve
years after 1873 the prices of wheat
and silver were entirely independent,
advancing or receding without refer
ence to each other. Some years both |
advanced or receded, but in no case
so as to preserve the parity between
the two. Often one advanced while |
the other receded, but not in equal |
percentages. Both commodities pre-
served a perfect independence of one
another. Without following the
course Of prices up to date. we call
attention to the fact that from 1891
to 1892 the bullion value of the silver
dollar declined from 76.4 cents to
67.3, or 81 cents. In 1891 the export
price of wheat was SO cents bushel.
In 1892 it was $1,0S. Thus In this
twelve months wheat gained ten cents
a bushel, while the silver dollar lost
nearly as much in its bullion value.
The prices OF wheat cited above are
export prices, substantially the prices
at New York city. These, of course,