Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-09-09
FARM PRICES.
HAVE NOT DECLINED IN IOWA SINCE
1860.

ssCrims Of 1878" Had No Eject Upou
Prioss-No Evidence That Gold Ia In
srsAsins In Value Professor Nipher''
Conolusion- Occasion For Political
HyNsries.
The great grievance Of the silveritea
against gold is that 1t has appreciated
In value since 1878 and that 1t will buy
too much. or, a. they prefer to state it,
prices are too low. II 1t be true that the
gold dollar 10 increasing in value from
year to ymr, then this grievance 10
real one, especially II the appreciation
does not result in a lower rate Of inter.
est or 10 not compensated for in some
other way. :
Because prices Of manufactured arfi-
oles have fallen since 1878 and London
prices Of grain are now lower the silver
ites usually take it for granted-and
sound money men too often concede 1t
that gold has appreciated. One great
factor. labor, ia nearly always omitted
in these discussions, and yet 1t 10 pe-.
haps aa important as all other factors
combined. II the purchasing power OF
both labor and commodities Is consid.
cred. 1t ia absolutely impossible to show
that gold Is approaching. Properly con
sidered, it ia doubtful II it can DO shown
that gold ia increasing in value even
when measured by farm products One
Of the best pamphlets ever published On
this subject is that of Professor Francis
Z. Nipher Of st. Louis 1t is eLtiied
1.-THE Appreciation Of Gold' and il
volume 4, No. IA, Of Sound Currency "
Here is what Professor Nipher says IN
prices Of fern products in Iowa tthe
figures Or diagrams are omitted for lack
OF space).
MIR George 4. Roberts Of Font
Dodge, Ia, has published a 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 1861 and 1899, in
elusive, aud the value Of the gold dol
lar In the currency Of the dry is also
taken at the same date. The prices are
then referred to gold These results
show the average annual purchasing
power Of god as applied to wheat, corl,
oats, hogs, cattle, butter and eggs be-
tween the years 1851 and 1899, in
elusive
Corn and Oats. Figs A and 6 show
the Dubuque prices Of corn and oats
from 1861 to 1899. There is nothing
about either curve to attract attention
to the year 1878 except tho word
"crime," which indicates where the act
Of 1878 was passed Both curves show
a'distinct rise from 1861, but after 1867
the prices Of both have been practically
constant, with perhaps u slight upward
tendency ard distinctly higher than
during the war. The price Of corn has
fiuctuated around an average of about
81 cents, and that Of oats around an
average Of about 80 cents This does not
mean that al various times the daily
quotations may not have been much
lower. In 1861, for example. during
August aud September, the price Of oats
was 10 cents per busbel. The similarity
between the slope Of the curves for corn
and oats Is very striking.
"Cattle. Fig. 8 shows the Dubuque
price Of cattle per hundredweight from
1851 to 1909. From 1851 to 1864 the
annual average was little less than
o.. From 1856 to 1902 the price was
very steady at about $S'4o excepting
during the period from 1880 TO 1855,
when prices were abnormally high, run
ming up to IS. 80 in 1882. Here, as in
the other cases, the waLprices were the
lowest. The highest prices were not be-
fore, but nine years after, the crime
"Hogs. Fig. shows tho Dubuque
price Of hogs. Compared with subs'
uuent prices the war prices for hogs
were better than in any Of the oth"r
commodities. The demand for army
supplies may perhaps account for this
Prices during 1869 and 1870 were All
normally high, Since that time they
have shown no tendency to either rise
or fall. They have fuctuated around
an average Of about $4.bO per hundred
weight.
Butter and Eggs. Fig s shows the
Dubuque price Of butter and Fig v the
price of eggs. Here also the lowest
prices were during the war, and III both
cases there is marked rising tendency
from start tc finish. "
III gold has been increasing in value
by reason of the so called crime OF 1873,
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
ination cover at least ten years prior to
1878. The results are shown in the dia'
80 eti.... U,kax, shaun AZ a