The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-18
WHEAT IN TIE PAST.

and those VINO oppose MS UnanClal
"inws The latter VIII not dispute that
the short crops abroad have had to do
r,i,., The rise In wheat. But they are
rs,5v 10 show that short crops abroad
b7vr been an element in all the good
rrices which American wheat has ever
brGught Bryan, on the other hand,
t,lk- of good prices for wheat in the
mast a. though they We're enjoyed by
tbIg country by virtue OF some none
tary system and lost through aban-
dorment Of that system. Herein Is the
srrnr. or the dishonesty Of his argu-
nant II ought to be evident TO any one
who can comprehend the law OF supply
aDd demand that II short crops abroad
make unusual calls upon this country,
and give for time unusual profits to
our wheat-growers and canse us 20 In
crease our acreage of wheat and then
Europe itself raises large crop OF
wheat and buys less than usual of us
Il will be az natural Tor the price to fall
below the average as 1t was for II In
time OF scarcity to go above the aver
age.
The best four years OF wheat values
+bls country ever saw were 1880, 1881
in the COS better than either OF these
but not so good a range tog any four
successive years. II We take the high
est and lowest sales OF wheat on the LIST
and 18th Of each month, as recorded In
the reports OF the secretary of the Chi
eaga board OF trnde. and average them,
The result for 1880 Is 81 052a; for 1881,
81 1871; for 1882, 81 l7&; and for 1883,
81 Oi& For 1870 the average Ceduced to
Gold was only S3Ac, about twelve cents
below present values, and for 1884 the
average was S2%c. What caused the rise
from 1870 20 1880, and the drop from 1889
20 1884? The report Of the department
OF agriculture for 1885 discussed the
subject as follows: t9
The wheat crop of 1884 was about five
times as large as the crop OF 1850. The
production OF wheat has Increased dur
ing this period nearly twice as fast as
the population II has been stimulated
by three prominent causes: O. The
posseslon OF large areas OF fresh lands
easily brought into cultivation; t2) the
extension Of railroad construction; (O
(more recently a period OF several
wears az poor crops In Western Europe
ON the return OF accustomed European
Yields the demand fell off. our export
alton declined in consequence, the mar
kets were surfeited, prices were reduc-
ed. and farmers wondered what was the
matter with the wheat trade.
The main factor In recent heavy eX-
pOrtltlun has been q series of partial
crop failures In Wetsern Europe. When
period OF larger yield came It ushered
in an era al reduced importation, There
are two possible avenues Of relief to
our grain growers. famine In Europe
or a reduction OF acreage. If they walt
for the former. low prices may continue
some years longer.
The expectation of eight years past,
I1ls.gSS.472 bushels, Is nearly the same
as for the entire fiftv-one preceding
years. which equaled l,lS5. 1858 bush
els, and vet so variable Is the demand
that the annual shipments have differ
ed 10000 coo bushels In two years The
effect OF this uncertainty Is disastrous
to all calculations Of price and profit:
IL is anomalous. in producing high
prices for some Of our heaviest crops
aud low prices for some of the worst
yields TO record.
The average value OF wheat in Chica-
go for the year 1861, based on the quo
tltlons for the first and fifteenth days
~ each month. was 7S&c; for 1862. S9Fsc;
fog 1868, 6SLc; and for 1865, s3i4c. Gold
values are given, not currency prices,
for Mr. BRYAN is talking of the value OF
wheat compared to gold. l: appears,
therefore, that throughout all OF the
period Of the war less gold was required
10 hug a bushel Of wheat In Chicago
than now. The big prices for wheat,
s.4H.. oh, Ii -. IL a..
quote rom those years, are not prices
iu -'li, and have no place in this dis.
Gu in Furthermore. the best prices
FOR wheat, even in currency were not
obtained until after the volume Of the
war currency had been somewhat con
tracted and the premium on gold much
reduced The report of the department
OF agriculture for 1861 shows how the
uneven foreign demand affects our
prices In this statement:
Aud since the close Of 1865 the
almost total stoppage OF this class Of
exports shows how utterly unreliable Is
a dependence upon foreign market for
demand Tor any existing surplus. II
crops In Europe are good, and plenty
relgns in the ports OF the Black Sea our
wheat Ia not wanted In Great Britain:
but n starvation stnres In the face OF
the English poor, we are permitted. In
limited degree. to I'LL their mouths
and our own pockets.
The highest average price for wheat
In that decade was In the year 1867, and
It was caused by series OF short crops
oil over The world The report OF the
department OF agriculture for 1866 says:
During the period since 1862 there has
been = gradual and regular decline In
the important cereal products.
This country has not been singular
during this period In n diminished
production Of cereals. The year 1863 was
also one Of plenty In England, France
and Europe generally, The following Is
the estimated product OF wheat Ia
France FOR that and succeeding years.
1863 hcctolIters obtained .,,u. ilGdSl ,79i
1854 hcctolltcrs obtained ll.24,OlS
1865 hcctolltcrs obtained .,..n 0j,i3i 03S
The hcctollter is asa bushels The
year 1866 was also one Of moderate pro-
duc'I0n LOO France,
The English hlryests never adequate
10 iull supply NJ bread for the poo
pl", were IN those years deficient IN
about the same proportion as In France
aud the United states
During the same period the annual
product o' wheat In The states not In
rebellion was estimated In round mum.
bnfs a7 follows.
1868, hushoF ............. t7q ooo 40,
1861 bushels .,,,....,.',. iG0 GOA OO1
lSG5, bushels .,,,.....,.,.,,, ifg 01o 0Oo
1860 huBhols ,.....,,,,,,,,,,,,..ii 9 OjO.OOO
Serious a. the denclt has been II has
O'oh grossly exaggerated, amer the
'Iop nag mainly passed out Of the hand.
gI inc 'arlnefs ana has become Ro re-
Il0'l n7 to be easily controlled THIS
l'I''u'luon has been 30 uniform near