San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-08-21
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FARM PRICES.
HAVE NOT DECLINED IN IOWA SINCE
1860.

1860.
Decline OF London Price of Wheat Due
to Decreased Cost of Transportation.
.Crime of 1873" Had No Eject Upon
Prices-No Evidence That Gold Is In
Conclusion-No Occasion For Political
Mysteries.
The great grievance of the silverites
against gold is that it has appreciated
in value since 1878 and that it will buy
too much, or, as they prefer to state it,
prices are too low. If it be true that the
gold dollar is increasing in value from
year to year, then this grievance is q
real one, especially if the appreciation
does not result in lower rate of inter
est or is not compensated for in some
other way.
Because prices of manufactured arti-
Giles have fallen since 1878 and London
prices of grain are now lower the silver
ties usually take it for granted-and
sound money men too often concede it
that gold has appreciated. One great
factor, labor. is nearly always omitted
in these discussions, and yet it is per-
haps as important as all other factors
combined. If the purchasing power of
both labor and commodities is consid-
cred, it is absolutely impossible to show
that gold is approaching. Properly con-
sidered, it is doubtful if it can be shown
that gold is increasing in value even
when measured by farm products. One
of the best pamphlets ever published on
this subject is that of Professor Francis
E. Nipher of St. Louis. 1t is entitled
"The Appreciation of Gold" and is
volume A, No. Ia, of Sound Currency. ;"
Here is what Professor Nipher says on
prices of farm products in Iowa (the
figures or diagrams are omitted for lack
of space):
"Mr. George E. Roberts of Fort
Dodge, Ia, has published paper enti-
tied Iowa and the Silver Question In
this paper he gives great mass of Du-
buque market quotations taken from
the columns of the Dubuque Herald, on
file in the historical department of the
state of Iowa at Des Moines. The quo
tations are taken on the first of each
month between 1851 ami 1892, in
elusive, and the value of tie gold dol
lar in the currency of the day is also
taken at the same date. The prices are
then referred to gold. These results
show the average annual purchasing
power of gold as applied to wheat, corn,
oats, hogs, cattle, butter and eggs be-
tween the years 1851 and 1892, in
elusive.
''If gold has been increasing IN value
by reason of the so called crime of 1878,
these quotations should show decrease
in price dating from 1878. The farmer
has been told that this state of affairs
exists, but it is the price of wheat in
Liverpool or London that has been ap-
pealed to for proof of this decrease. In
order to detect any change dating from
1878, it is necessary to make the exam
incsion cover at least ten years prior TO
1873. The results are shown in the dia-
grams which follow. They show at a
glance how prices have been changing
and how they have been affected by the
events of 1878.
Wheat Fig. represents the price
in Dubuque from 1861 to 1892. The
average annual price in gold of wheat
during the five years ending in 1865
was about go cents. This covered the
period of the war. During the period
from 1866 to 1885, the annual averages
fluctuated between 60 cents and 81. 80.
There was no general rise or fall. There
were simply fluctuations up and down,
From 1885 to 1892 the prices have been
more steady and lower than during the
preceding interval, but with an upward
tendency They were, however, nearly
down to war prices. There is certainly
nothing which indicates that anything
happened in 1878 which affected the
price of wheat. From that date to 1885
the general tendency of prices was dis
tinctly upward No person not previ-
ously acquainted with the diagram
could pick ont the year 1878 if the
dates We're removed from the diagram.
When too many people raise wheat, the
price is low. II wheat commands high
price, by reason of short crop, more
people begin to raise wheat, the price
gradually falls, and people gradually
stop raising wheat, Suddenly \ short
crop may agaia raisq prices TO IN extent
that will again increase the number Of