Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-08-04

Inc fOfly-nVe years FepuFt sNuNS
that the quantity OF goods Of these w
rious classes, which embrace every canr
ceivable thing that is bought or sold
In the markets, which could DO bought.
for sll5 10 on July /, 1860, required
s278.9S to buy July |, 1864. These sun
maries are called index numbers, and
the average of the index numbers on.
the Ist of July for each OF the foltg-
five years shows the swing OF prices.
To 1860. before the beginning Of the.
war, the index number was 1881.
| II fell the next year to l0l920, then
gradually advanced to 278.9S7 July |,
1864, then fell quite gradually 10
96. 26S July ], 1878, or within six
months OF the time fixed for the re
sumption of specie payments. Tt can
readily be understood that from 1861,
when the war broke out, TO 1879 there
was more or less imitation of the cur
rency, and that the index numb r
would be very greatly reduced provid
led everything was figured on gold
basis. From the time Of The resump-
ticn of specie payments prices grad
lsally advanced Until itrt quire d $l2s. %
July i, 1882, TO buy what could have
been purchased for S96.26 July /, 1878.
The year 1882 marked the elimination
of the boom following the resumption
4 OF specie payments, and from that time
on the index numbers quite gradually
lfell to July |, $685. which, it will bere.
membered, was the panic year. They
continued to fall with similar regular
ity until July /, 1897, when the num-
Der was 724. 55. That Is, $72.45 would
1 buy as much of the commodities sold
on the markets of the United States as
s278. 9S would buy In greenback cur
rency in 1864.
From this low level Of 72.455 prices
i gradually advanced to July /, 1902,
when it required $l0l.9l TO buy the
same goods that could have becn
bought July /, 1897. for STAB. Since
that time prices are gradually but
slowly falling, the number OF 1904 be-
ling 97.19. Or, in other words, S97 Is
would buy as much on July lst OF this
year as $l0l.9l would buy July |, 1902
i Our readers will perhaps be especial
ly interested In breadstuIfs anu MEATS
Breadstuffs include the quotations or
. wheat, corn, oats. rye, barley, beans
and peas. Meats include live hogs
beef, sheep, many provisions, lard, tai
low, etc. In 1860 man could buy as
: much breadstuffs for $40. SO as he could
buy in 1864 for S45.6l. In 1878 it would
require SIS 81; In 1882, S25.49. Ia 1895
he could buy the same amount fol
$l4 35, in 1896 for $780, in 1897 fol
Sl0.5S, while in 1902 he would have t.
pay $40 SO, and can now buy them f0l
Sl824 In meats he could buy fol-
s7 .15 in 1862 what would cost hin
ST. Is In 1866. So is in 1878, and $l3 I.
: in 1882, $50 in 1892, $7.05 In 1896
$ll. so in 1902; and he can now bu.
!. them for 1903.
What is the lesson of all this? Tha
the consuming power Of the people o.
d the one hand and production on III
g other determine the course of prices
. Speculation has temporary influence
but in the long run supply and deman
j. fix prices. By supply we mean produt
n ton and by demand we mean consuml
e tion. When labor Is largely employee
h at full wages consumption increase
x aud prices advance. Prices also az
n vance when for any reason there is
q shortage In the supply, which NAV !
O. caused In the case OF farm crops +
h failure of crops, or in the case of ma
st ufactured articles by the shutting dow
Ii OF factories.
)u The more we study the question, I'll
a. more clear 1t appears that the prospe
ne ity OF the United States depends mo-
n. than anything else, more than on a
it. other things combined, on the prospe
e. ity OF the farmer. The farmer is II
ID. creator in certain sense OF value
or The price that he obtains for his vi
Ii ues depends upon the demand. viii,
id again Is determined by the capacity
re the general public to buy his produc
as and this again is determined by 1
ii? general employment Of the public
profitable wages.
Taking all the ups and downs, ho
hit ever, it il surprising that since
OF now are upon specie basis the av
al age variation Is SO little. What S
Iey will buy OF these products one y,
lea may be bought as low as $72 on extre
We depressions and at SII0 or S1I5 In DO
un-> times. The table shows, what we hi
ne often insisted upon that periods
thigh and low prices come like
err waves of the sea or like the pillows
| Of d field Of ripening wheat when sw
DDS BY the wind. The size Of the crop
Inn great deal TO do with 1t, export
Gus mand not little, periods Of spec
and tion when men are trying to anticil
ed prices have somewhat, and per-
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