The Providence news. (Providence [R.I.]) 1891-1906, 1897-09-01
FARM PRICES.
HAVE NOT DECLINED IN IOWA SINCE
1860.


Prices-No Evidence That Gold Is In
creasing In Value Professor Nipher's
Conciusion--No Occasion For Political
Mysteries.
The great grievance Of the silverites
against gold is that it has appreciated
IA value since 1878 aud that it will buy
too much, or, as they prefer TO state 1t,
prices ere too low. If il be true that the
gold dollar is increasing in value from
year to year. then this grievance is "A
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-
sles 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 concode 1t
that gold has appreciated. One great
Sactor, labor, is nearly always omitted
n these discussions, and yet il 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 appreciating. Properly con-
siderod, 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
T.. Nipher Of Sc. Louis. 1t is entitled
"The Appreciation Of Cola and il
volume 4, No. il, Of "Sound Currency.
Here is what Professor Nipher sons on
prices Of farm products in Iowa (the
dgures or diagrams are omitted for lack
of space):
"Mr. George E. Roberts Of Fort
Dodge, Ia, has published Il paper enti-
tied Iowa and the Silver Question In
'his paper he gives great mass of Du-
ouque market quotations taken from
he columns of t.e Dubuque Herald, on
die in the historical department of the
state of Iowa at Des Moincs. The quo
cations nre taken on the first of each
month between 1861 and 1892, in
elusive, and tho value Of the gold dol
,ar 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.
Corn and Oats. Figs. and 3 show
.he Dubuque prices of corn and cats
rom 1861 TO 1899 There is nothing
about either curve to attract attention
20 the year 1878 except the word
"crime," which indicates where the act
Of 1873 was passed Both curves show
d distinct rise from 1861, but after 1867
the prices of both have been practically
constant, with perhaps slight upward
tendency and distinctly higher than
during the war. The price of corn has
luctuated around an average Of about
8S cents and that Of oats around AN
average Of about 80 cents This does not
mean that at various times the daily
quotations may not have been much
lower In 1861. for example. during
August and September, the price of oats
was 10 cents per bushel. Tho similarity
between the slope Of the curves for corn
0nd oats is very striking.
Cattle Fig. 6 shows the Dubuque
price of cattle per hundredwoight from
1861 10 1892. From 1861 TO 1864 the
annual average was a little less than
So. From 1866 to 1892 the price was
very steady at about So. 40 excepting
during the period from 1880 TO 1850
when prices were abuormally high. run
ming up TO So. 30 in 1882. Here, as in
the other cases, the war prices were the
lowest. The highest prices were not be-
fore, but nine years after, the crime.
Hogs Fig. shows the Dubuque
price of hogs Compared with suEsc-
quent prices, the war prices for hcgs
were better than in any of the other
commodities. The demand for army
supplies may perhaps account for this
Prices during 1869 and 1870 were gl-
normally high. Since that time they
have shown no tendency TO either riso
or fall. They have fluctuated around
an average OF about $450 per hundred
weight
Butter and Eggs. Fig slows the
Dubuque price Of butter and Fig. 9 the
price of eggs. Here also Gle lowest
prices wero during tho war, and in both
cases there is q marked rising tendency
from start to fnishi'
If gold has been increasing in value
by reason of the 30 called crime Of 1913,
these quotations should show a decrease
in price dating from 1878. The farmer
has been told that this state Of affairs
exists, but IL is the price of wheat iu
Liverpool or London that has been an
pealed to for proof OF this decrease In
order 10 detect any change dating from
1878, it is necessary Co mako the exam
inatiun covCz at least ten years prior to
1879. The n suits are shown ia tuo Gia-
grams which follow. They show at
glance how prices have been changing
and how they have been affect ly tho
events Cf 1873
"Wheat. Zig. represents the price
ia Dubuque from 1901 10 1892 Tho
average annual price IN gold of wheat
during the hye years ending in 1868
was about 60 cents. This covered the
period of the war. During the period