Class _- /i^:_^,2Ji*r_ Book__^i GojpghtN?. COPYRIGHT DSPOSin / A QUARTER OF A CENTURY OF PRICES BY ELLSWORTH DAGGETT, SALT LAKE CITY, UTAH. 1896. 'ice 25 Cents ^..ml ^* I, A QUARTER OF A CENTURY iiPRICES AN ATTEMPT TO DEFINE THE EXTENT AND MAGNITUDE OP THE MOVEMENT OP PRICES OP TWENTY-ONE OP THE PRINCIPAL COMMODITIES OP THE UNITED STATES SINCE 1870, ALSO, TO ILLUSTEATE BY DIAGRAMS VARIOUS SYSTEMS OF INDEX NUMBERS, TO COMBINE THEM INTO A GENERAL RECORD OP A MOVEMENT OF ALL PRICES AND TO NOTE THE RELATION OP LEGIS- LATION TO THE MOVEMENT OF PRICES. ELLSWORTH DAGGKTT, SALT LAKE CITY, UTAH. TEIBUNB JOB PEINTINO COMPANY, PRINTEB8. 1896. ^it^ Copyright, 18t6, by Ellsworth Uaggett. This paper is an attempt to define the extent and magni- tude of the movement of prices of twenty-one of the principal commodities of the United States since 1870, and to call atten- tion to some of the more important aggregate efiPects of the movement. Also to plainly illustrate by diagrams the various systems. of index numbers that have come to the writer's attention, to^ combine them into a general record of a movement of all prices, and to note ihe relation of legislation to the movement of prices! It is a presentation not of argument or theory but of facts only, believed to be at this time particularly useful, and in a form which it is hoped will prove intelligible and suggestive. Salt Lake City, Utah, Sept. 10th, 1896. Ellswokth Daggett. A Quarter of a Centupu of Prices BY ELLSWORTH DAGGETT, SALT LAKE CITY, UTAH. The twenty-one United States commodities herein specially and in detail considered are: Geain Group. Farm Animal Group. Wheat, Horses, Corn, Mules, Oats, Milch cows. Barley. Oxen, etc., Potato Group. Sheep, Potatoes, Swine. Hay, Metal Group. Tobacco. Pig Iron, Textile Group. Copper, Cotton, Silver. Wool. Hydro-Carbon Group. Anthracite Coal^ Bituminous Coal, Petroleum. In Tables 1 to 21 will be found the amount or number of bushels, pounds, etc., the currency and gold prices per bushel, pound, etc., and the total gold values of each of the products considered, for the years 1870 to 1891: inclusive; and in the form of foot notes the work and usually the page from which the original figures were obtained. When statistics as to spot values are available for the entire period they have been used, 6 l3ut with mineral products of which the government record is not complete for the entire period, other presumably reliable quotations have been used. The yearly prices therefore of iron, copper, anthracite and bituminous coal, petroleum, and also for wool, are not the spot values, nor can it be said that they are the prices at which the whole crop actually sold. They are, however, the ruling prices of important, usually the most im- portant, markets, apparently determined in each case by meth- ods uniform for the entire period and regarded as worthy of a place in the government statistical publication. Quotations of copper prior to 1880 were of necessity of Lake copper, a brand until lately commanding a slightly higher price than any other. The twenty-one commodities given include every product, the value of which amounted to $25,000,000 in any one year since 1870, and of which the st£.tistics of amount and values are to be found in government or other publications accessible to the writer. It may also be mentioned that farm animals are quoted for the Ist of January of each year and doubtless includes many individuals previously or afterwards quoted. The quantity therefore of farm animals produced in any one year is much less, perhaps not more than half the amount quoted. This consideration affects quantity only. The basis upon which the currency values have been re- duced to gold is that given in the report of the Statistician of the U. S. Department of Agriculture for 1893, page 559, viz. : cents gold. [n 1870, 1 dollar paper= =86 " 1871, " 89.5 " 1872, " 89 " 1873, " 87.9 " 1874, " 89.9 " 1875, " 87 " 1876, " 89.8 " 1877, " 95.4 " 1878, " 99.2 In order that these commodities may be combined either by groups or altogether it is necessary that they should be reduced to a common denominator or uniform measure of value. To do this it is necessary to find for each commodity the num- ber of bushels, tons, etc., which at the average price per bushel, ton, etc., for the entire 25 years should equal a common fixed amount. This amount is therefore the common average value of what is here called the Commodity Unit of all of the articles taken, and is for reasons which will later appear, taken at 84 7-10 cents, or more exactly 84.736 cents. That number of bushels, tons, etc., of any commodity which, if multiplied by its average gold price per bushel, ton, etc., for the entire 25 years, would amount to 84 7-10 cents becomes the measure of quantity of the assumed unit of such commodity. Below is given a table summarized from Tables 1 to 21, in the second column of which is the total product or amount in bushels, tons, etc., of each of the commodities herein considered for the period of 25 years from 1870 to 1894 inclusive. In the third column is given the total gold value of this product or amount and in the fourth column the average price per bushel, ton, etc. This latter being of course found by divid- ing the total value of each commodity by the total amount. In the fifth column is the amount of bushels, tons, etc., of each commodity which, at its average price per bushel, ton, etc., for the period, would equal 84 7-10 cents. These quantities of the several commodities contained in the fifth column being equal in value to the same thing are therefore equal in value to each other for a period of 25 years, 1870 to 1894 inclusive. If now we adopt for each commodity the corresponding quantity in bushels, tons, etc., appearing in column five, as the measure of quantity of our commodity unit, and compute two new columns of numbers and price of the commodity unit for each year of the period, we will have a series of tables as shown in last two columns of Tables 1 to 21, based upon a unit of common value, for the entire 25 years. By means of these new tables all the different commodities, being expressed in units of the same value, may be combined in any desired manner, or for any desired period within that por- tion of history covered by the 25 years, and presumably with- out material error, for some years either before or after the period. TABLE 0. Summary of Tables 1 to 21 inclusive. Showing total amount. value and average price of 21 commodities for 1870 to 1894, inclusive, and also the number of bushels, tons, etc., in the commodity unit. Commodity Wheat Corn Oats Barley Potatoes Hay Tobacco Cotton Wool Horses Mules Milch Cows . . . Oxen, etc Sheep Swine Pig Iron Copper Silver Anthracite Coal Bitumin. " Petroleum Amount bushels, tons, etc. 10 001 36,890 12,212 953 3,208 780 7,911 68.530 6,011 289 45 325 642 1,034 978 114 3,106 936, 851 1,650 572, 471,005 bu. ,124,261 " ,361,948 " ,419,180 " ,374,688 " ■ ,967,778 tons ,434,600 lbs. ,179,.395 " ,960,384 " ,353,915 No. ,237,623 " ,8.34.520 " ,852,338 " 1,537,105 " ,690.595 •' 182,222 tons ,603,955 lb?. 140,893 ozs. ,634,437 tons ,485,581 " 176,370 bbs. Total Gold Value $ 8,347,768,063 14.682.163,419 3,891.277,989 569,742,537 1,652,085,613 7,497,287,363 638,358,449 6,483,124,724 2,142,095,997 18,593.912.136 3,397,89."),190 8,325,407,536 11,440 626,202 2,350 264,440 4,922,774,040 2,330,250,696 408,774,460 976.594,603 2,996,776,591 4,185,600,269 511,143,728 Average Price per bushel, ton, etc. $ .835 .398 .319 .597 .515 9.60 .081 .095 .356 64.26 75.11 25.55 17.60 2.245 5.027 20.41 .132 1.041 3.52 2.54 .893 Commodity Unit or No. of bushels, tons, etc., worth 84.7 cents 1.015 2.129 2.656 1.418 1.645 bu. ton lbs. 10.46 8.92 2 380 " .0132 .0113 .0332 .0482 .3774 .1686 .0415 ton 6.419 lbs. .814 ozs. .2407 ton .3336 " .9489 bbs. Total, $106,343,924,045 The price per unit and number of commodity units for each commodity and for every year, 1870 to 1894, are given in the last two columns of Tables 1 to 21. The total values used in connection with them being of course those of the pro- duct or crops for the same year or period. The number of commodity units for any commodity in any year given in the table was found by dividing the total number of bushels, tons, etc., in corresponding crop or product by the number of bushels, tons, etc., in the commodity unit for that commodity, or to be more literal by multiplication by the corresponding reciprocal carried out to five or more places. The price per commodity unit may be found by dividing the total value by the number of commodity units. It is therefore true with every commodity in each year that the number of commodity units multiplied by the price per commodity unit produces the total value of the crop. As indicated above it will be found with each commodity that the relation between the price per commodity unit or the number of commodity units, in any period as compared with any other period, is precisely the same as that between the gold price per bushel, ton, etc., or the number of bushels, tons, etc. for the same two periods. Hence the statement of the gold value of the crop and the price per commodity unit and number of commodity units in the same serves perfectly for the study of prices of single com- modities and renders it possible in addition to compare one with another and to combine any or all of them in any desired manner or for any desired period, between and including 1870 and 1894. In table 22 is shown for each year, 1870 to 1894 inclusive, the combination of the number of units and the gold value of all 21 commodities. In this last named table the sum of the values of the 21 commodities for the years 1870, 1871, 1872, and the total number of commodity units in the same are given, and it will be noticed that the amounts agree, or in other words, that the average value per unit of all the commodity units for the period 1870, 1871 and 1872, are exactly $1.00. It was to produce this result that the average value of the commodity unit was taken at 84 7-10 cents. The equation by which this result was reached, a simple one as to terms, which will readily suggest itself need not here be given. It involved many reductions of large numbers used. It will be observed that taking the average price per com- modity unit of all 21 commodities used equal to $1.00 for the period 1870, 1871 and 1872, means the adoption for the purpose of this paper of that period as a period of comparison during which the average of all prices under consideration was $1.00 per unit. Outside of this period prices, either of single or combined commodities, are expressed in figures which indicate at a glance and without mental effort their relation to the true average price for the period of comparison of all commodities. 10 The reduction to a common denominator, or to a unit of uniform value has been, for reasons given below, performed only from the beginning of 1870 to the end of 1894, and during this period subject to slight errors herein mentioned. The value and prices of commodities for 1895 have not entered into the equation by which the value of the commodity unit was found. To include the new figures would necessitate an entire- ly new calculation involving many hundred ^'eductions to pro- duce a result diflPering so slightly from that given here as to be invisible in the diagram and of no practical moment in the table. The quantity of each commodity in the commodity unit is taken for 1895, the same as for previous years. The calculation of the value of the commodity unit, and of the number and price of the commodity unit, for each commod- ity and for each year, was done in April and early May, 1895, before the mineral statistics for 1894 were published. Approx- imate estimates of the amount of iron, silver, anthracite and bi- tuminous coal were made, and the approximations, given in the tables have entered into the calculation. The revised and cor rected amounts are also given and these only enter into the con- struction of Table 22. Three other errors, one of a half million bushels of oats, a second of 20 cents per head in the average price of oxen, and a third of three cents per head in average price of sheep, also found their way in spite of much care, into the calculation of the value of the unit used. The combined effect of all the errors on the final result are so small as not to practically affect the accuracy of the work. Inspection of the tables of the different commodities show clearly the great annual fluctuation in price and the relation of gross production to price. They also show how misleading might be deductions based upon the movement of one or even of a group of commodities for a short period. As the average price per unit for the twenty-five years, 1870 to 1894, inclusive, of each commodity is the same as that of every other commodity, and the same as the true average of all commodities, it follows that by comparing the table of any single commodity with the combined table or diagram, its true relation to the average of all commodities may be determined. In the last column of Table 22 is carried out the total* 11 difference for each year between the actual selling value and the value of the same number of units at the price prevailing in 1870-72, or the total depreciation in the twenty-one commodi- ties for the year. The total depreciation of all twenty-one articles for the twenty-three years from 1873 to 1895 inclusive, amounts to more than twenty-two billions of dollars, and the actual selling value of all twenty-one articles for the same period is over one hundred billions of dollars. The depreciation on silver for the period 1873-95 was two hundred and ninety-eight millions of dollars, or 1.36 per cent, of the depreciation on the twenty-one commodities. The movement downward of prices during the twelve months of 1895, extended uniformly eight months into 1896, would, on the first of September, reach the fifty cent per unit line. Diagram 22 is representative of Table 22, and shows also the gross production in units. Diagram 22A, made in a different manner, represents the relative quantities and values also. Either of these diagrams, or Table 22, show that there has been since 1873 a general movement of prices downward with four upward movements, one of three years' duration, and three of one year's duration. The last upward movement occurred be- tween 1889 and 1890. Since 1S90 the course of prices has been always downward, but at a varying rate. SOME OF THE EFFECTS OF THE LATE DECLINE IN PKICE. It may not be amiss to consider briefly some of the aggre- gate effects of that portion of the movement since 1890. The depreciation each year from 1891 to 1895, as compared with the previous year, of 21 commodities, may thus be shown: Year. Price per Unit, Cents Difference in Price per Unit from Previoas Year Cents Difference in Percentage of Previoas Year Aggregate Depre- ciation from Prices of Previons Year Millions of DoUare 1890 85.. 37 80.18 76.41 76.19 71.30 58.70 1891 1892 1893 1894 1895 5.19 3.77 .22 4.89 12.60 6.08 4.70 .29 6.42 17.67 328 236 15 323 916 Total. 1818 Average per year five years 363.6 12 The effect upon the value of farm lands of a long-continued fall in prices of the commodities raised cannot well be estimated, but must have been to greatly reduce that value, presumably to as great an extent as the products themselves were reduced. The effect of the late continuous fall in prices upon pay- ments for taxes, interest, and other fixed charges payable in money is, as judged by the quantities of commodities required to meet such charges, to continually augment them . For ex- ample, if in 1890 the total annual charge for the support of general and local governments of all kinds, and interest for all debts in the United States was two billions of dollars, which was probably true, and if this charge for taxes and interest as expressed in dollars remained unchanged for the ensuing five years, then the number of commodity units required each suc- ceeding year to meet such charge, and their value at prices pre- vailing in 1895 may be shown thus: Year Gold Value per Unit Cents Units Purchasable with a Dollar Units Required to Meet Two Billions of Dollars Fixed Charges Millions Value of These Units at Prices Prevailing 1890 Millions of Dollars 1890 85.4 1.171 2342 2,000 1891 80.2 1.247 2494 2.130 1892 76.4 1.309 2618 2,236 1893 76.2 1.312 2625 2,241 18:M 71.3 1.403 2805 2,396 1895 58.7 1.704 3407 2,910 As in 1870-72 inclusive the value of the unit was one dollar, the unit column in the above table may also signify dollars at prices prevailing 1870-72 inclusive. If we again assume the movement in 1895 to have been uniformly prolonged to Sept. Ist, 1896, the gold value per unit would have been 50 cents, and the number of commodity units required in 1896 to meet $2,000,- 000,000 fixed charges would have been 4,000,000,000, and their value, at prices prevailing in 1890, 13,416,000,000 or 11,416,000,- 000 more than in 1895. The effect on all business of the increase in the purchasing power of gold, shown in column three of the above table, must be depressing — on any new business practically prohibitory. The increase from 1890, when a dollar would purchase 1.171 13 commodity units, to 1895, when its purchasing power was 1.704 units, has been .533 units, or 45.5 per cent, for the five years, or an average of 9.1 per cent, per annum. That is, gold stored in a vault in 1890, would at the end of 1895, having remained in the meantime absolutely idle, have increased in value at the rate of 9.1 per cent, per annum. During this same period com- modities, and, presumably, pi'operty generally, have depreciated from 85.4 cents per unit in 1890 to 58.4 in 1895, equivalent to 31.3 per cent, for the five years, or on the average of 6.2 per cent, per annum. Money cannot seek business or investment under such con- ditions. The effect upon debts of falling prices for the past five years may be shown in the same way. According to the census report 1890, Book of Mortgages, page 102, the total national, state, county, and municipal debt amounted in 1890 to $ 2,027,170,546 The minimum private debt including railway and corpora- tion debts was 17,000,000,000 Making a total of $19,027,170,546 Now assuming that no more debt has since been contracted, and quite neglecting the interest, the number of commodity units required to equal in value 19,027,000,000 of dollars during 1890 and following years is as follows: Annual Increase of Year Gold Value per Unit Commodity Units Reqoired to Equal Value of Units in Preceding ( olumn at Prices Prevail- the Debt of 1890 Measured in Com- modity Units and Cents $19,027,000,000 ing in 1890 ExpresFed in Dol- Millions Millions of I)ollar8 lars at Prices Pre- vailing in 1890 Millions of Dollars 1890 85.4 22.2>i0 19,027 1891 80.2 23.725 20.261 i,'2,34 1892 76 4 24,905 21.269 1,008 1893 76.2 24,970 21 324 55 1894 71.3 26 686 22,790 1,466 1895 54.7 32.414 27,682 4.892 Here also the unit column in the above table may signify dollars at prices prevailing 1870 to 1872, inclusive. If we again assume the movement of prices in 1895 to have been continuous and uniform into 1896, then in Spetember, 1896, the number of commodity units required to equal $1-9,027,- 14 000,000 would have been 138,054,000,000, and the increase of the debt for the eight months of 1896, measured in commodity units expressed in dollars at prices of 1890, would have been $4,816,000,000. In other words, during 1895, and presumably now in Septem- ber, 1896, the debt of the country, quite independent of accum- ulating interest and of recent bond issues or other recorded additions, is increasing, as measured in commodities (by which only it can be paid), and expressed in dollars at prices of 1890, at the rate of more than $400,000,000 per month for 1895, and in 1896 at the rate of over $600,000,000 per month. The second column of Table 22 gives the average price per unit of all 21 articles for each year, computed for such a size of commodity unit, that the average price for the period 1870, 1871 and ]872 was $1. The series of numbers, therefore, in this second column is simply a system of index numbers based on a price of $1 for average of all articles for the period named, with, however, the difference that the scheme is absolutely quantitive. It recognizes not only the exact importance due to the relative volumes of all articles quoted, but it also accurately registers the annual change in the quantity of the same article. Were 26 years all of history, the United States all the world, and the 21 commodities cited all of that world's product, then prices as a whole would have declined from the average of period 1870-72 to the average of 1895, 41.3 per cent., or to 58.7 cents per unit. But the United States is not all the world, nor are our 21 articles by any means all the products even of the United States. In the absence of other complete data it may be assumed that the average of all United States prices have on the whole de- clined to an equal or greater extent than the 21 articles here considered. The only data available bearing upon this point is the series of index numbers given in "Movement of Prices," 1895, U. S. Treas. Dept., covering a very large number of articles in eight groups, but carried down only to 1891. This system reduced to basis 1870-72 = 100, is given for years 1870 to 1891 in Table 23 and in Diagram 23. Compared with 21 U. S. commodities and reduced to same basis, it shows for the five 15 years including and preceding 1891, an average price of 76' about 7 points lower than the index number for the 21 articles for the same period. This, so far as it indicates anything for the year 1895, shows that the general average of all prices for the United States should for the year 1895 have been even lower than 58.7 per cent. PRODUCT LESS NET EXPORT OR CONSUMPTION. Table 22 and Diagram 22 show with the average price the gross production in units for the period 1870-95 inclusive. In both table and diagram are omitted, on account of their absence from the original record, the product and price of barley, pota- toes, hay and tobacco, for years 1889-92 inclusive, and tobacco for 1895. In Table 25 are shown the gross product in units, price per unit, total value in dollars, net exports, and the total and per capita consumption, or product less net exports, of the seven commodities constituting the food products (except potatoes which, as mentioned above, is not completely recorded) and the same details of the seven manufacturing products. In Diagram 25 is shown the price and consumption per capita of each group. Both of these tables extend as far back as the statistics ac- cessible to the writer allow. The food group aggregating in value for the eleven years, 1885-95, $27,464,800,000, and averaging $2,496,000,000 per year, shows in 1895 a per capita consumption of 38.9 units, or 10.8 units less than the 49.7 units of 1885. The manufacturing group with aggregate value of $10,274,- 800,000, and average value of $934,000,000 per year, shows in 1895 a per capita consumption of 16.7 units or 3.3 units more than the 13.4 units of 1885. The indicated increase in consumption per capita for the manufacturing products is less than the supposed advance of manufacturing industry.* * l^ Table 25 the net exports, where not given direct, have been com- puted trom the tables of exports and imports in the U. S. Statistical Ab- stract, 1894 and 1895. Hog products being figured at 200 lbs. per animal; fresh beef at 1000 lbs. per animal ; cured or canned beef at 500 lbs. per animal, and mutton of 50 lbs. per animal. 16 TABLE 25. Gross Product in Units, Price per unit, Total Value in Dollars, Net Exports and Total and per Capita Consumption for period 1885 to 1895 inclusive, of Wheat, Corn, Oats, Milch Cows, Oxen, Sheep and Swine. Consumption, 3R PeODUOT Fiscal Gross Product Millions of Price per Unit Total Value Millions of Net Export Units Less net Expobt Units Dollars Total Millions of Units Units per Capita 1885 2975.1 .876 2606.0 186.9 2788.2 49.7 86 2939.1 .864 2532.3 157.3 2781.8 48.5 87 2948.0 .832 2451.6 203.4 2744 6 46.8 88 2899.1 .859 2489.3 160.5 2738.6 45.7 89 3148.1 .809 2546.3 156.4 2991.7 48.8 1890 3358.9 .732 2457.6 216.1 3142.8 50.2 91 2960.4 .867 2568.1 176.0 2784 4 43.5 92 3512.8 .795 2791 3 314.6 3198.2 48.9 93 3229.1 .760 2452.8 253.9 2975.2 44.5 94 3032.2 .765 2318.7 241.4 2790.8 40.9 95 2917.5 .771 2250.8 205.0 2712.5 38.9 85 95 1 33920.3 ageforllyrs 27464.8 2271.5 31648.8 503.4 Aver .810 The same details for Cotton, Wool, Pig Iron, Copper, Anthracite and Bituminous Coal and Petroleum. 1885 955.2 .815 778.5 200.2 755.0 13.4 86 965.9 .774 747.2 103.0 862.9 15.0 87 1064.1 .742 789.4 202.0 862.1 14.7 88 1128.2 .849 957.4 198.2 930.0 15.5 89 1210.0 .788 953.4 207.1 1002.9 16.4 1890 1213.1 .780 945.9 191.4 1021.7 16.3 91 1355.5 .776 1052.2 238.9 1116.6 17.5 92 1473.2 .750 1104.2 297 6 1175.6 18.0 93 1559.1 .694 1082.6 379.8 1179.3 17.6 94 1384.9 .701 970.7 307.0 1077.9 15.8 95 1386.0 .645 893.3 224.6 1161.4 16.7 85-95 13695.2 ageforllyrs 10274.8 2549.8 11145.4 176.9 Aver .750 Note— This table is based upon fiscal year and the preceeding calendar year. The statistics used in determining consumption were those in U. S. Statistical Ab- stracts for 1894 and '95. 17 AVERAGE PRICES IN OTHER COUNTRIES. Other systems of index numbers have been calculated. Those which have come to the attention of the writer being as follows : The London Economist's system, based upon 47 articles in 22 classes. The original publication containing these figures not being accessible, recourse has been had to "Movement of Prices," 1895, page 20, for years 1884 to 1895 inclusive, and to the translation of Dr. Soetbeer's "Materials," etc., in "Bimetallism in Europe" (Consular reports No. 87), page 602, for years 1870 to 1885. The series used is that in which no regard has been paid to relative importance, no complete series of the weighted num- bers being available. The index numbers are therefore not quantitive. The numbers from the above sources have been reduced to ihe basis of 1870-72=100, and appear in Table 23„ and in Diagram 23a. Another series of British index numbers is that of Mr. Sauerbeck involving 45 articles. This series also is given in Table 23 and in Diagram 23a, but as the numbers for 1870-72 are not quoted either in "Movement of Prices" or in any other accessible publication, I have been obliged to use the basis 1867 to 1877 as equal to 100, this being the period upon which the accessible figures are based. It may be here stated that the Economist's Index Numbers, also British, for the 11 years 1867- 77 average 101,88, and that the Hamburg Index Numbers for the same period average 100.16, indicating that the diflPerence in the basis in the Sauerbeck series between 1870-72=100, which should be used, and 1867-77=100, which we are obliged to use, is not likely to be very material, (See note under Table 23.) Sauerbeck's Index Numbers also appear to be based upon price only, i. e. without regard to quantity. The figures used here appear in part in "Bimetallism and Monometallism," by Rev. Dr. Walsh, page 47, and in part in "Movement of Prices," page 15. A French series of index numbers, involving 22 classes of articles, is mentioned by Dr. Soetbeer on page 601-602 "Bi- metallism in Europe," The series extends only to 1883, and is given for that time in Table 23 and in Diagram 23b, It 18 appears that some regard was paid to the relative importance of the difPerent articles, though in an imperfect manner. This series is also reduced to basis 1870-72=100. The Hamburg Board of Trade series upon 100 articles to which is added 14 articles of British export, given somewhat at length in "Bimetallism in Europe," pages 607 to 636, is a very- complete and extensive series of index numbers. It unfortun- ately can not be here given later than for 1886, the date to which Soetbeer carried it in his "Materials, etc.," and I can not learn that it has been carried beyond that date. These numbers reduced to a basis of 1870-72 equals 100, are also given in Table 23, and in Diagram 23b. Mr. Palgrave's statement of prices (silver) in India of seven articles, found on page 603 of "Bimetallism in Europe," is there worked out into a series of index numbers of the prices in silver. The numbers have been reduced to gold prices in ac- cordance with the gold price of silver given in the last column of the statement mentioned above, and reduced to a basis of 1870-72=100, and also appear in Table 23 and in Diagram 23b. The column in Table 23 marked "Arithmetical Average" is the combination, arithmetical, of the various index numbers in the seven systems. This is also shown in Diagram 23c by the black line. The quantities and values in the foreign country of im- ports of sugar, coffee* and tea, given on pages 290, 295 and 296 respectively of U. S. Statistical Abstract for 1895, have been re- duced for the period 1870-94 to the same common measure used for the 21 commodities and combined resulting in a series of quantitive index numbers with a basis 1870-72=101 6-10. These numbers given separately in Table 24 are not combined with the 21 articles because they are not United States pro- ducts, nor with the 7 systems of index numbers given in Table 23, because the amount represented, only about four billions of dollars, is presumably very much less than those systems repre- sent. It may, however, serve to show that the same movement in prices and in the same direction and about to the same ex- tent that Table 23 records for the four greatest civilized nations *In the case of coffee the price for 1891-92 being, accordine to the official record, too high, it has been replaced by the average of 1890-94. 19 of the earth, and for India with its 240,000,000 of people, has ex- tended also to the islands of the sea. TABLE 24. QuANTiTivE Index Numbees Of gold prices in the foreign country of imports into the United States, of Sugar, Coffee and Tea for period 1870 to 1895, reduced to same common measure used for the 21 com- modities and combined. Based upon unit price for 1870-72= 1.016. Year Index Number Year Index Nnmber Year Index Number 1870 .956 1879 .885 1888 .733 1871 .970 1880 .972 1889 .777 1872 1.121 1881 .946 1890 .837 1873 1.17?) 1882 .888 1891 .791 1874 1.209 1883 .80 1892 .788 1875 1.031 1884 .747 1893 .781 1876 1.019 1885 .601 1894 .787 1877 1.135 1886 .628 1895 .672 1878 1.082 1887 .638 The foreign systems of index numbers given in Table 28 have been devised and wrought out by learned men for the pur- pose of studying the movement of prices. The articles selected have undoubtedly included those of the greatest importance. They represent, therefore, prices of enormous quantities of commodities and the average of these seven series should indicate with some approach to accuracy, the movement of the world's prices. It must be admitted, however, that any attempt to estimate the volume represented by the eight systems of index numbers would be largely guess work, unless undertaken after a long investigation and with the aid of a complete statistical library. It may be said, however, that the value represented by the index numbers of only 21 commodities in the United States for the twenty-six years is known to be 110 billions of dollars, and that the value indicated is certainly very much greater than this, in all probability not less than 200 billions of dollars for commodities only. 20 In Europe and India, with a population aggregating eight- fold that of the United States, the total quantity of commodities involved in the movement and the aggregate amount of the de- preciation during the period 1873-95 inclusive, must have been quite beyond the human grasp. Diagram 23c is of the arithmetical average of the seven systems of index numbers, and also of the price of silver calcu- lated upon the basis coinage value 1.2929=100. By comparing the two diagrams the relation of the price of silver to the world's movement of the prices of commodities is apparent. The relation to United States movement of prices and to British and other foreign movements of prices, of silver legis- lation, may be made clear by noting on the diagrams of the various systems of index numbers the nature of the movement immediately following the important acts relating to silver. For convenience is here given the dates of the principal legislation upon silver. 1871 — Preliminary action of Germany adopting gold standard. 1873 — Demonetization of silver and adoption of gold stand- ard by United States. 1873 — Suspension or limitation of silver coinage in Bel- gium, France and Holland. 1873 — Denmark, Sweden and Norway adopt gold standard. 1873 — Germany, final action, adopting gold standard. 1874 — Legal tender for silver taken away, in United States, by statute. 1878 — The Bland-Allison Act, restoring legal tender to silver and providing for the purchase of two to four million ounces of silver per month. 1890 — Repeal of the Bland-Allison law and passage of the Sherman Bill, calling for the purchase of 4,500,000 ounces per month and the issue of treasury notes therefor. 1893 — Repeal of the Sherman bill. 1893 — Closing of the India mint against coinage of silver on private account. It will be observed that the legislation in 1873 and 1874 in the United States and other countries against silver, was accom- panied, or immediately followed, by a marked decline, lasting 21 several years, in the price not of silver only, but of commodities, as evidenced by each of the s^ven diagrams. That the Bland-Allison act restoring legal tender to silver, and in other ways supposed to be favorable to silver, was accom- panied, or a year later followed, by a marked rise in the price of commodities as shown by six out of seven of the series of Index Numbers. . That the repeal of the Sherman bill and the closure of the Indian mint to coinage of silver on private account in 1893 was immediately followed by a marked decline in prices of com- modities, as evidenced by each of the three series of Index Numbers carried out to this date. The aggregate effect of any one of these movements cannot be exactly defined, because, while we know what did in fact take place after important legislation, we can only surmise what would have happened without legislation. Thus Table 22, or Diagram 22, show that from 1874 to 1878, the 21 United States commodities declined 20 cents per unit, and that in 1878, the date of the restoration to silver of its legal tender function, began a rise lasting three years, and reaching in 1881 97 cents per unit. Now it is altogether likely that the price line descending so rapidly prior to 1878, would, in the absence of any legislation whatever, have reached in the suc- ceeding years a still lower level than 75.8 cents per unit; but assuming that this price line of 1878, would, in the absence of any legislation, have simply remained at the level reached in 1878 for the ensuing ten years, then the money value of our 21 commodities for the ten years would have been over ten cents per unit less than that actually realized. Ten cents per unit on the 54,684,000,000 units produced from 1879 to 1888, inclusive, would amount to $5,468,000,000. The effect of the decline in prices following the repeal of the Sherman bill and the closure of the Indian mint to coinage of silver on private account has, for the 21 United States pro- ducts, been already mentioned. The aggregate effect of this decline on British prices, as shown by the Economist and Sauer- beck Index Numbers, cannot of course be given, as data as to volume of the commodities are wanting. 22 THE CAUSE OF THE MOVEMENT. We have hitherto considered the movement of prices in the United States, with some of the aggregate effects of the same ; the movement of the world's prices and the relation, in point of time, of legislation to the various movements. It remains to consider some of the facts which may account for or explain the movement. Below is a list of the countries in Europe, North and South America and Oceanica, which were presumably included as "civilized nations," within Dr. Soetbeer's estimate of 1885, of the total gold in civilized countries, given in Consular report No. 87, page 528. No special significance is to be attached to this classifica- tion ; the object of it being merely to show the countries containing the population referred to in the various years : GOLD STANDARD. Australia and New Zealand. Austria Hungary, in 1891» previously Silver Standard. Brazil. Canada. Chili, in 1895, previously Silver Standard. Finland, in 1877, previously Double Standard. Germany, in 1873, previously Silver Stand- ard. Great Britain. Portugal. Roumania, in 1890, previously Double Standard. Scandinavia, in 1873, previously Double Standard. Turkey, in Europe only. United States, 1874 to 1878 only. Uruguay. DOUBLE STANDARD.* Argentine Republic and Venezuela. Belgium. Bulgaria. Cuba and Hayti. Finland, prior to 1877. France. Greece. Italy. Roumania, prior to 1890. Servia. Spain. Scandinavia, prior to 1873. Switzerland. United States, except 1874 to 1878. SILVER STANDARD. Austria Hungary, prior to 1891. Chili, prior to 1895. Germany, (present area, ) prior to 1873. Mexico. Netherlands. Russia, in Europe ; without Finland. South America ; with- out Chili, Brazil, Uruguay, Argentine, and Venezuela. The following countries are not included either in popula- tion or in estimate of gold or silver : India, China, Japan, Egypt, Straits Settlements, Turkey in Asia, and Russia in Asia. ♦ So called on account of the general existence of legal tender silver, actaal standard may be gold. 23 The population of the countries by groups, as determined in most instances by the Statesmans' Year Book of 1896, is as follows, in millions : YEAR 1870 1880 1890 1896 Gold Standard Countries 55.8 143.6 167.4 118.8 1H5. 139. 137. 178. 155.9 191 6 Double Standard Countries Silver Standard Countries 192.4 122.2 Total Civilized Countries 366.8 422 8 471.0 506 2 In table 26, given below, column "a" shows the total amount of gold in the civilized world at the end of the different years. The bold-faced figures for 1870-80-85, being the estimate made by Dr. Soetbeer, (see Consular Report, No. 87, page 528). The figures between Dr. Soetbeer's estimate are interpolations. Those after 1885 are based upon the World's production ; (see U. S. Mint Report); and upon a non-monetary consumption composed of a consumption in the arts of $56,400,000 in 1885, (Soetbeer's estimate); increasing by one per cent, each succeed- ing year, and of a flow to the East of $20,000,000 per year to and including 1892 ; and in 1893-94 and 1895, of a movement in the opposite direction of $32,000,000. Column "b" shows the gold in the great Government Banks in Europe and Australia. Those figures in Italics are interpolated on account of incomplete record. Other figures not specially noted are from Consular Report No. 87. The fig- ures there given are reduced to dollars by dividing the number of marks by four ; the francs by five, and by multiplying the English pound by five ; and are therefore not exact. The last two columns show the gold in circulation, total and per capita for Gold and Double Standard countries. The last column will to some extent lack literal accuracy, because there was at the beginning and throughout the total period some gold in the Silver Standard Countries. Nearly all of such gold was, however, in the great Banks, and cuts no figure in the circulation ; that remaining in circulation being too small, as compared with the entire stock, to materially affect the result. 24 It must also be borne in mind that the United States in 1870 and until 1878 had very little gold ; most of the time but $25,000,000, and in 1895, according to the Treasury Department statement, $636,000,000. Had the United States been classed in 1870 as a non-user of gold, and omitted from the population of Column "c" until 1880, when it became a gold-using nation, the per capita for 1870 would be nearly 14, and that for 1880 10.4; below which year the table would of coarse remain unchanged. Diagram 26 is a graphic presentation of table 26, except the last or per capita column, which is shown on diagram 27. Table 27 is perhaps sufficiently described by its heading. Dr. Soetbeer's estimate of the amount of silver in civilized countries in 1885, which in connection with the data given with it, would appear to equally well establish the amount for 1880, has served as a basis for this table. That estimate has been carried on to 1895, and back to 1872. The object of this table being in part to show the relation of the value of all circulating metallic money to the number of people using it; the per capita column has been computed as far down as 1879 in two ways; first by including the population of the United States in the divisor, and second, by omitting it. As during the period 1862 :o 1879, there was very little of either silver or gold in the United States, the second column would appear to best indicate for the entire civilized world the true relation of value of circulating precious metals to population. The second of the two series, in which the population of the United States is omitted, is thq one plotted in diagram 27. Diagram 27 shows in the lower part the coining and com- mercial value of the world's stock of silver. In the upper part is plotted the circulating gold in civilized countries per capita of gold standard and double standard countries, shown by the black line with small circles; also, shown by a double line and black dots, the value of the circu- lating metallic money per capita of civilized countries. These two series of numbers are, in 1872, so near 10, that, by regarding each of the large divisions of the vertical scale as one dollar, they may for casual inspection, be plotted direct, without the reduction, which would make them exactly compar- 25 able with each other, or with one in which 1870-1872 was equal to 100. The third line in the upper part, solid, is the arithmetical average of seven systems of index numbers, previously given in diagram 23-c, involving 264 articles or groups, and I believe fairly representing the world's prices for a quarter of a century. As the object of table and diagram No. 27 is to consider the relation of precious metals used as money, (and not of paper or token money) to population, the commercial value of the silver is used. Some interesting facts appearing from the table and diagrams herein contained may be brieflly mentioned. The remarkable agreement between the arithmetical aver- age of seven series of index numbers, which we may say repre- sents the world's prices, and the comparable series showing the price of silver, shown in diagram 23-c, would indicate beyond question that the movement of prices in general, and that of silver, has been produced by one and the same cause. The comparison of the world's prices with the amount of circulating gold per capita, and with the value of circulating gold and silver per capita, as shown by tables and diagrams 26-27, indicate that the value or purchasing power of gold in- creases as the amount of it per capita in circulation diminishes, a,nd that the value or purchasing power of gold and silver taken together, increases as the total value per capita in circu- lation diminishes. The difference between the coining value and the commer- cial value of the silver in the world, at the end of 1895, was roundly, $1,200,000,000, U. S. coining value. Although the World's production of silver from 1872 to 1895 amounted to $3,182,000,000, U. S. coining value, the World's stock of silver in 1895 was only $927,000,000 more than in 1872 ; the non-monetary consumption amounting to $2,250,- 000,000, U. S. coining value. The actual commercial value of the World's stock of silver in 1895 was $269,000,000 less than in 1872. The World's stock of silver in 1871 was $1,490,000,000, IT. S. coining value ; a smaller amount than at any time since, and also less than at any previous year for forty years or more. 26 TABLE 1. Production and value of Wheat in the United States. Gold Basis. Product in Bushels a Pbick peb Total Value of Crop in Dollars a Commodity Units BuSHEIi Price per Unit of l.Ol.i ba c Year Cur- rency a Gold Number of Units in Crop c 1870 71 72 b 235,884,700 230.722,400 249.997,100 $1,042 1.258 1.24 $ .907 1.127 1.104 213.902,589 259,918,579 276,060,534 $ .920 1.143 1.121 232.440,783 227.353.853 246,347,142 70-72 1873 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 716.604,200 281,254,700 308.102,700 292,136,000 289 956,500 364,194,146 420,122.400 448.756,630 498 549,868 383,280,090 . 504.185,470 421.086,160 512 765.000 357,112,000 457,218,000 456.329,000 415,868,000 490.560.000 399.262,000 611,780,000 515,949,000 396,131,725 460,267,416 1.15 .945 1.009 1.035 1.084 .777 1.108 1.046 1.011 .849 .877 .93 1.034 .771 1.108 .951 1.192 .884 .911 .645 .771 .687 .681 .926 .698 .838 .839 .624 .538 .491 749,881,702 284,439,834 261.705.998 256.285.383 269,6.32.851 376.539,773 323.735,653 497.020,142 474,201,850 456,880,427 445 602,125 383.649,282 330,862,260 275.320,390 314.226 020 310,612,960 385,248.030 342,491.707 334.773,678 513.472,711 322.111,881 213171,381 225,902,025 1.062 1.026 .862 .891 .944 1.049 .782 1.124 .9.36 1.21 .897 .925 .654 .783 .697 .691 .94 .709 .851 .852 .6.34 .546 498 706,141,778 277.148,381 303,604,401 287 870.814 285 723,135 358.876,911 413.988,613 442,204.783 491,271,040 377,684.201 496.824.362 414,938,302 505,278,631 351.898,165 450,542,617 449,666,597 409 796.327 483 .397.824 393 432.775 602 848,012 508,416,145 390.;348,202 453 547,512 70-94 10,001,471,005 True average, Value of comm d 467,102,947 8.347,768.063 .84736 -i-. 835 = 237.938,998 .847 1.015 .517 9,855.449,528 1895 odity .835 unit= .509 bu. Unit for Wbeat. 460.283,244 73-95 7,835,825,-359 .815 9,609,590,994 a From U. S. Statistical Abstract, 1894, page 284, unless otherwise noted. b Direct from U. S. Agricultural Report, 1870. c Computed. d From U. 8. Statistical Abstract, 1895, page 298. 27 TABLE 2. Production and value of Corn in the United States. Gold Basis. Product in Bushels a Price per Total Value of Crop in Dollars a Commodity Onits Price pep Unit of 2.129 bu c Year Cor- reacy $ a Gold 9 Number of Units in Crop c 1870 71 72 1,094,22.5,000 991,898,000 1,092,719,000 .55 .4822 .3984 .4785 .4315 .3546 b 523,599.956 428,056,930 387.282,868 1.019 .9189 .7545 513.957,483 465.894,491 513,250,114 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 83 89 1890 91 92 93 94 3,178,842,000 932,274,000 850,148,500 1,321,069,000 1,283,827,500 1,342.558,000 1,388,218,750 1,547,901,790 1.717.434,543 1,194,916,000 1,617,025,100 1,551,066,895 1.795,528,000 1,936,176,000 1.665,441,000 1,456,161,000 1.987,790,000 2,112,892,000 1,489,970,000 2,060,154,000 1,628,464,000 1.619.496,131 1,212,770,052 .4796 .64 .4204 .3705 .3581 .3178 .421 .4216 .5816 .3658 .3327 .3417 .3153 .3752 .3959 .636 .4847 .4242 .3569 .3283 .3665 .4438 .3410 .2831 .5066 .406 .3944 .3654 .4577 1,338,939,754 393,073,875 494.488,729 483,237,959 426.991,107 458.533,804 437,624.178 580,486,217 679.714,499 759.482,170 783,867,175 658.051,485 640,735,560 635,674,630 610,311,000 646.106,770 677,561,580 597,918,829 754,433,451 836,439,228 642,146.630 591.625,627 554.719.]62 .8962 .8977 1.238 .7787 .7079 .7272 .6712 .7984 .8427 1.353 1.032 .9032 .7598 .698 .7802 .9447 .7257 .602 1.078 .8644 .8396 .7778 .9735 1,493,102,088 437,889,098 399.314,750 620.506.109 603,013,777 630 599,492 652,046,347 727.049,471 806.679 005 561.252,045 759.516.689 728.536,121 843.359,502 909.421,867 782.257,638 683 958.822 933.664,963 992.425,372 699,838,909 967.654.334 764,889,541 760,677,333 569,638,093 70-94 36,890,124,261 True average. . 14,682.163,419 .84736-^.398 = 567.509,106 .8475 2.129 .562 17,327,291,366 .398 unit= .264 1895 "Value of comm d2,l 51,138,580 odity bu. Diit for Gore. 1,010,.389,791 73-95 13 910.732,775 .826 16,844,579,069 a From U. S. Statistical Abstract, 1894, page 284, onless otherwise noted. 6 Direct from Agricoltoral Beport, 1870. c Computed. d From U. 8. Statistical Abstract, 1895, page 29S. 28 TABLE 3. Production and value of Oats in the United States. Gold Basis. Pbioe pee Commodity Units Bushel Price Product Total Value of per Year in Bushels Cur- Crop in Dollars Unit of Number of Units rency Gold 2.656 bn in Crop $ $ $ a a a c c 1870 247,277,400 4334 .377 b 93.208,9.'^8 i.ooi 93,099,940 71 255,743,000 .402 .3^9 91,890,177 .954 96,287,240 72 271,747,000 .336 .299 81,270,982 .794 102,312 746 70-72 774,767,400 .344 266,370,097 .913 291,699,926 73 270,340,000 .374 .329 88,933,484 .874 101,783,010 74 240 369,000 .52 .468 112,417,730 1.242 90,498,929 75 354,317,500 .365 .318 112,664.939 .844 133.400.539 76 320,884,000 .3516 .316 101,353,578 .839 120,812,826 77 406,394,000 .292 .279 113,203,119 .74 153,007,341 78 413,578,560 .2465 .2445 101,130,263 .649 155,712,328 79 363,761,320 .331 .331 120,533,294 .88 136,9o6.137 1880 417,885,380 .3595 150.243,555 .955 157,333.846 81 416,481,000 .464 193.198,970 1.2,31 156,805,097 82 488,250,610 .375 182,978,022 .995 183,826,,355 83 571,302,400 .327 187,040,264 .87 215,095,354 84 583,628,000 .277 161.528,470 .735 219.7.35,942 85 629,409.000 • • • .285 179.631,860 .758 236,972.489 86 624,134,000 .298 186,137.930 .792 234 988,451 87 659,618,000 .304 200.699.790 .808 248,346,177 88 701,735,000 • • • .2785 195,424,240 .739 264.203,228 89 751,51.5,000 . • • .2285 171.781,008 .607 282,943,398 1890 523,621.000 .424 222,048,486 1.126 197,143,306 91 738,.394,000 .315 232,312,267 .836 278,005,-341 92 661,035,000 . . • .3165 209,253,611 .841 248,879,678 93 638,854,850 .294 187,576,092 .78 240.528,851 94 662,086,928 .3245 214,816,920 .862 249,275,728 70-94 12,212,361,948 ... 3,891,277,989 .846 4,597,954,277 True average, .319 Value of comm odity unit= .8473-5- .319 = 2.656 bu. Dflit for Oats. 1895 d 824,443,537 .199 163,655,068 .527 310.402,992 73-95 3,788,562,960 .821 4,616,657,343 a From U . S. Statistical Abstract, 1894, page 285, unless otherwise noted. b Direct from U. 8. Agricultural Report, 1870. c Computed. d From U.S. Statistical Abstract, 1895, page 299. 29 TABLE 4. Production and value of Barley in the United States. Gold Basis. Prodact PbIOE FEB Bushel Total Value of Commodity Units Price Year in Bashels Cor- Crop in Dollars Unit of Number of Unitfi rency Gold 1.418 ba in Crop $ $ $ a a a c c 1870 b 26,295.400 .846 .736 19,352,788 1.044 18.540,886 71 26.718,500 .844 .755 20.179,890 1.071 18,839,214 72 26.846,400 .739 .658 17,655,618 .933 18,929,397 70-72 79,860,300 .716 57,188,296 1.016 56,309,497 73 32,044,491 .915 .805 25.784,172 1.141 22,594,571 74 32,552,500 .921 .828 26,955,408 1.178 22,952,768 75 36,908,600 .8114 .706 26,058,311 1.001 26,024,254 76 38,710,500 .665 .597 23,110,128 .847 27,294,774 77 34,441,400 .6395 .61 21,015,326 .865 24,284,631 78 42.245,630 .5795 .575 24,287,448 812 29,787.394 79 40,283,100 .589 .589 23.714,444 .835 28,403,614 1880 45,165,346 .666 30,090,742 .945 81,846.085 81 41.161,330 .823 33,862,513 1.167 29,022,854 82 48,952,926 .628 30,768,015 .891 34,516,708 83 50,136,097 .587 29,420,423 .832 35,350,962 84 61,203,000 .486 29,779,170 .69 43,154,235 85 58.360,000 .563 32,867,696 .799 41,149,636 86 59,428,000 .536 31,840,510 .759 41,902,683 87 56,812,000 .5198 29,464,390 .736 40,058,141 88 89 63,884,000 d .5897 37,672,032 .836 45,044,608 1890 d 91 d 92 d 93 69,869 495 .4111 28.729,386 .583 49,264,981 94 61,400.465 .4419 27,134,127 .627 43,293,468 70-94 953419,180 True average. . .5975 .5975 569,742,537 .847 672,2.55,864 Value of cotnm odity unit= .8473 H- .597 = 1.418 bu. Unit for Barley. 1895 e 87,072,744 .337 29,312,413 .477 61,394,992 73-95 541,866,654 .800 677,341,359 From U. S. Statistical Abstract, 1894, page 286, unless otherwise noted. Direct from U. 8. Agricultural Report, 1870. Computed. No record. From n. S. Statistical Abstract, 1895, page 300 30 TABLE 5. Production and Value of Potatoes in the United States. Gold Basis. Prodact in Bushels a Peice pkb Total Value of Crop in Dollars a Commodity Units Bushel Price PPF Unit of 1,645 bu $ b Year Cur- rency $ o Gold $ Number of Units in Crop b 1870 71 72 114 775,000 120,461,100 113,516,000 .72 .5966 .5995 .627 .534 .5338 71.921.673 64 293,820 60,592,197 1.03 .8782 .8782 69 760,245 73,216,257 68995,024 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 348,752,100 1 06.089,000 1 05,98 1,a)0 166 877,000 124.877,000 170 092,000 124,126,650 181,026,400 1 67.659.570 109,145,494 170 972.508 208.164,425 190.642 000 175.029,000 168,' '51.000 134.103.000 202,365,000 .705 .677 .388 .672 .4485 .5887 .436 .564 .62 .6096 .3391 .6034 .4279 .5804 .436 .483 .910 .5576 .422 .396 .447 .467 .682 .402 196,807,690 65,727,128 64,569,174 56 566.895 75..307,528 72,741.9.33 72,474 &^2 79,ir.3,673 81,062,214 99,291,341 95 304.844 87,849,991 75.524.290 78 153 403 78.441,940 91,506,740 81,413,589 .9287 1.019 1.002 .5578 .9921 .7042 .9606 .717 .795 .497 .9172 .6944 .6522 .7352 .7683 1.123 .6624 211,971,526 64,480,894 64,415,252 101.427.840 75,900,241 103.381918 75 444,178 110,392„526 101,903.487 66,338,631 103,917,089 1 26,522,.3,38 115.872,208 106,382,626 102.141.398 81,507,803 122,997,447 1890 c .... 91 c 92 c 93 94 1 83 034.203 170.787,338 .594 .536 108,661,801 91,526,787 .9766 .8817 111,248.189 103,804,544 70-94 3,208,374,688 True average. Value of comm d 297,237.370 1,652,085,613 .8473-5- .515 = 78,984,901 .8472 1.645 .437 1,950,050,135 1895 odity .515 unit= .266 bu. Unit for Potato*! 180,660,873 73-95 1,534,262,824 .800 1,918,739,482 o Direct from Agricultural Beports unless otherwise noted. b Computed. c No record, d From U. 8, Statistical Abstract, 1895, page 306. 31 TABLE 6. Production and Value of Hay in the United States. Gold Basis. Product in Tons a Priok Total Value of Crop Iq Dollars a Commodity Units PEE Ton Price per Unit of .088 ton $ 6 Year Car- rency $ a Gold $ Nmnber of Units in Crop b 1870 71 72 24 525,000 22.230,400 23812,800 13.82 15.82 14.53 12.03 14.16 12.93 294903,622 314.786,746 307,912,480 1.062 1.25 1.142 277,84.3,725 251.848,202 269,775,211 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 70,568,200 25.085.100 24,1.33.900 27.873,600 30.867.400 81,6-29,.300 39.608.296 35.403,000 31925,233 31,1.35.064 38.1.38,049 46 861,009 48.470,460 44.731,550 41.796,499 41 4.54,458 46,643,094 c 13.55 13.73 12.27 9.75 8.59 7.21 9.32 13.00 11.91 12.35 10.69 8.76 8.20 7.15 9.32 11.65 11.82 9.70 8.19 8.17 8.71 8.46 9.97 8.76 917,602,848 298.768.132 297,947,243 297.803,997 270 209,324 259.425,942 283.259.402 330,804,494 371.811,084 415.131..366 369.958.158 383.834,451 396.139,309 389.752.873 353 437,699 413.440,283 408,499,565 1.148 1.051 1.09 .943 .773 .724 .631 .822 1.028 1.043 .856 .723 .721 .769 .746 .88 .773 799,467,138 284.189,098 273.412,953 315.780,014 349,696,775 358,328,340 448.722,385 401.080,587 361.680,965 398.045,140 432.065,957 530 922,358 549.121,841 506,703,730 473.512.537 469637.555 628,419,612 1890 c 91 c 92 c . 93 94 65.766,158 54 874,408 8.68 8.54 570.882,872 468.578,321 .766 .746 745.064,804 621.672,168 70-94 780,967,778 True average, Value of comm d 47.078,541 7.497,287,363 .8473 -f- 9.60 = 393,185,615 .847 .0883 .737 8,847,583,957 1895 odity 9.60 unit= 8.3.52 ton. Unit for Hay. 533 .3.52,791 73-95 6,972,870,130 .813 8,581,469,610 a Direct from Agricoltoral Reports onlesa otherwise noted. b Compnted. c No liecord. d From U. S. Statistical Abstract, 1895, page 306. 82 TABLE 7. Production and value of Tobacco in the United States. Gold Basis. Prodact in Pounds a Peioe peb Pound Total Value of Crop in Dollars a Commodity Units Price per Unit of 10 46 lbs c Tear Cnr- rency « a Gold Number of Units c 1870 71 72 250,628,000 263,196,100 342,304,000 .106 .098 .104 .092 .088 .093 23,270,027 23.181,772 31,800,043 .97 .92 .972 23,960,037 25.161,547 32,724,262 70-72 73 74 75 856,128,100 372,810,000 178,355,000 6 .083 .131 .0915 *!673' .118 78,251,842 27,131,189 21,003,126 .956 .76 1.23 81,845,846 35,640,636 17,050,738 76 77 381,002,000 5 .074 .066 25,398,105 .697 36,423,791 78 79 1880 81 82 83 84 85 86 87 88 89 392,546,700 391,278,350 446,296,889 449,880,014 513,077,558 451.545,641 541,504,000 562,736,000 532,537,000 386,240,000 565,795,000 5 .056 .058 .056 .058 .082 .096 .084 .0894 .0815 .0768 .074 .106 .077 21,960,328 22,727,524 36,414,615 43,372,336 43,189,950 40,455,362 44.160,151 43,265,598 39,468,218 40,977,259 43,666,665 .585 .607 .8535 1.009 .88 .937 .8532 .8042 .7751 1.11 .807 37,527,465 37,406,210 42,665,983 43.008,529 49,050,215 43.167,763 51.767,782 53,797,562 50.910,537 36,924,544 54,090,002 1890 h .... 91 5 92 5 93 94 483,023,963 406,678,385 .081 .0682 39,155,442 27,760,739 .848 .714 46.177,091 38,878,454 70-94 7,911.434,600 True Average Value of Comm 5 638,358,449 .84736 -V- .081= .844 10.46 756,333,148 1895 odity .081 unit= lbs. Diit for Tobacco. 73-95 560,106,607 .830 674,487,302 o From 1870 to 1880, from the Annual Agricultural Eeports, from 1881 to 1894 inclo. sive, from U. 8. Statistical Abstract, page 291. b No Statistics on record or acceesible. Computed. 33 TABLE 8. Production and value of Cotton in the United States. Gold Basis. Product in Poonds a Peice peb Total VaJae of Ciop in Dollare a Commodity Units Pound Price per Unit of 8.92 lbs $ c Year Cnr- rency % Gold $ b Namber of Units c 1870 71 72 d 954,100,000 dl ,459.700,000 1,384,084,494 .235 .1486 .2082 .2044 .133 .1853 194,967,000 194.125,500 256,587,000 1.823 1.186 1.654 106,954,610 163,632,370 155,155,872 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 3,797,884,494 1,833,188,931 1,940,648,352 1,783,644,032 2,157,958,142 2,095,901,297 2,260,285,666 2,404,410,373 2,771,797,156 3,199,822,(382 2,588,240,050 3,405,070,410 2.757,544,422 2,742.966,011 3,182.305,659 3,157,378,443 3.439,172,391 3,439,934,799 3,627,366,183 4,316,043,982 4,506,575,984 3352,658,458 3,769,381,478 .1642 .1611 .1437 .1261 .109 .0907 .0806 .17 .1444 .1448 .125 .1133 .104 .0899 .0806 .0874 .0876 .1001 .0909 .0908 .0926 .0845 .0815 .0846 .0849 .085 .081 .069 .080 .070 645,679,500 264655,912 280,919,520 222,907.050 244,316,587 217.972,370 203,360.000 193,854,641 242,140,987 280,266,242 259,016,315 309.696,500 250,594,750 253,993,385 269.989,812 257,295,327 291,045,346 292,139,209 308,424,271 350,000,000 313,000,000 268,000,000 263,857,000 1.517 1.288 1.291 1 115 1.015 .927 .803 .719 ,779 .781 .893 .811 .81 .826 .757 .727 .755 .757 .758 .723 .6197 .713 .624 426,742,852 205,500,479 217.546,680 199.946,496 241,tK)7,108 234,950,535. 253,378,023; 269,534,403 310,718,461 358.700,123 290.141.710 381,708,393 309,120,730 307.486,490 356,736.464 353,942,123 385,531,225 385,616,691 406.627,749 483,828,530 505.187,168 375,833,013 422,547,664 70-94 68,530,179,395 True average. . 6,483.124,724 .84736 -5- .095= 262,426,000 .844 8.92 .465 7,682,233,109 .095 unit= .052 1895 Value of comm 6 5,036,964,409 odity lbs. Unit for CtttoB. 564,643,710 73-95 6.099,871,224 .780 7,821,133,967 From n. S. Statistical Abstract, 1894, page 267. Compated from amount and value. Computed. From Agricultural Reports. Values reduced to gold. From U. 8. Statistical Abstract, 1895. page 285. 34 TABLE 9. Production and Value of Wool in the United States. Gold Basis. Product in Founds a Prioe Total Value of Crop in Dollars c Commodity Units PEE Pound Price per Unit of 2.38 lbs. $ c Year Cur- rency $ b Gold $ b Number of Units c 1870 71 72 162.000,000 160 000,000 150,000,000 .446 ,59 .69 .388 .528 .614 62 856,000 84 480,000 92,100,000 .923 1.257 1.462 68.056,200 67 216,000 63,015,000 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89, 1890 91 92 93 94 472,000,000 158.000,000 170,000.000 181,000,000 192.000,000 200 000.000 208,250,000 211.000,000 232.500,000 240,000 000 272,000,000 290.000,000 300 000,000 308,000,000 302.000,000 285,000,000 269000,000 265,000.000 276.000,000 285,00C,000 294.000.000 303,153,000 298,057,384 .473 .507 .49 .347 .437 .347 .363 .507 .416 .456 .426 .312 .416 .344 .363 .4:,3 .406 .403 .376 .33 .303 .316 .35 .31 .353 .33 .316 .306 .25 .196 239,436,000 65,728,000 77,520 000 77.106.000 59.904,000 83 200,000 71 638,000 76,593.000 105,322.500 97 440,000 109 616,000 109,040,000 99.000,000 93 324.000 95,432 000 99,7n0 000 83.390,000 93,345 000 91,080.000 90.('60.000 89964.000 75.788.250 58,419.247 1.208 .99 1.086 1.014 .743 .99 .819 .864 1.078 .967 .959 .895 .786 .722 .753 .833 .738 .839 .785 .752 .728 .595 .466 198,287,200 66.375,800 71.417.000 76,038,100 80,659,200 84.020,000 87.485,825 88 641,100 97.673.250 100 824,000 114 267.200 121.829,000 126,0.30,000 129,390 800 126,870 200 1 1 9.728,500 113.006.900 111.3-26,.^00 115 947,600 1 1 9,728 500 123.5(19.400 1 27 354..)75 125,213,907 70-94 6,011,960,384 True average, Value of comm d 309,748,000 2,142,095,997 .84736- .356= 59,781,364 .848 2.380 .459 2,526,624,557 1895 odity .356 unit= .193 lbs. Unit for Wool. 130.12.5,135 73-95 1,962,441,361 .799 2,457,462,492 a From U. S. Statistical Abstract, 1894, page 273. b Average of prices given for the three grades of washed Ohio fleece wool for monUi of July of each year. See U. S. Statistical Abstract, 1894, page 409. c Computed. d From U. S. Statistical Abstract, 1895, pp. 292 and 375. 35 TABLE 10. Number and Value of Horses in the United States. Gold Basis. Price Commodity Units PER Head Price On Number Value pr.Unit Jan. of Animals Cur- in Dollars of .0132 Number of let rency $ Gold $ horse $ Units a b b a b b 1870 8.248,800 '93 .36 81.38 584.047,931 .9.31 625 588,992 71 8,702,000 62.37 55.82 611,515 540 .927 659 959.680 72 8,990,900 73.35 65.31 587,140.045 .861 681,869,856 70-72 25,941,700 68.72 1,782,703,516 .906 1,967.418,528 73 9,222.470 74.22 65 23 601,643,818 .86 699.432.125 74 9.333,800 71.45 64.23 599,567,737 .847 707.875,392 75 9,504,200 68.01 59.16 562,342,716 .78 720.798.528 76 9.735.300 64.96 58.34 567 937,392 .769 738.325,152 77 10.155,400 60.11 57.35 582,137,125 .756 770,185.536 78 10,329,700 58.22 57.75 596.007,171 -.76 783.404 448 79 10.938,700 52.40 52.40 573,254,808 .69 829.591,008 1880 11,201,800 54.75 613,296,611 .722 849.544,512 81 11,429.626 58.48 667,954,-325 .771 866,822,836 82 10.521,554 58.54 615,824,914 .772 797.954,655 83 10,838,111 70.64 765.041,308 .93 821,962,338 84 11,169 683 74.71 833.734.400 .984 847 108,759 85 11,564.572 73.72 852,282 947 .972 877.057,140 86 12.077,657 71.32 860 823.208 .94 915 969.507 87 12.496.744 72 19 901 685.755 .951 947.753,065 88 13.172.936 71.83 946.096,154 .947 999 0.35,466 89 13.663,294 71.90 982 194.827 .948 1.036 224 217 1890 14.213,837 68.86 978 516.562 .907 1.077 977.398 91 14,056.750 67.03 941 823.222 .883 1 066 063 920 92 15.498.140 65.01 1,007,593,636 .857 1.175 378.9.38 93 16.206.802 61.25 992 225,185 .807 1,229.123 864 94 16,081,139 47.84 769.224,799 .631 1.219.593,582 70-94 289,353,915 True average . . 18,593,912,136 847 21,944,600,914 64.26 Value of comm odity unit=: .84736-- 64. 26= .0132 ani. Unit for bonei. 1895 c 15,893,318 36.29 576,730,580 .479 1,205.349,237 73-95 17,387.939,200 .821 21,182,531,623 a From Report of the Statistician, Department of Agriculture, January and Feb- ruary, 1895, rage 5. b Computed, c From U. S. Statistical Abstract, 1895, page 307. 36 TABLE 11. Number and Value of Mules in the United States. Gold Basis. Number Pbice Value Commodity Units On PER Head Price pr.Unit Jan. of Animals in Dollars 0113 Number of Ist rency $ Gold % Mole $ Units a 6 b a b b 1870 1,179,500 109.00 94.83 111,868,772 1.07 104,550,880 71 1,242.300 101.50 90.82 112,884,368 1.025 110,117,472 72 1,276,300 94.84 84.41 107,714,311 .952 113,131,232 70-72 3,689,100 89.90 332,467,451 1.014 327,799,584 73 1,310,000 95.09 83.59 109,574,456 .943 116,118,400 74 1,339,350 89.22 80.21 107,432,171 .905 118,719,984 75 1,393,750 80.04 69.63 97,007,360 .785 123,542,000 76 1,414,500 75.36 67.67 95,695,472 .764 125,381,280 77 1,443,500 68.94 65.77 94.904,851 .742 127,951,840 78 1,637,500 63.67 63 16 103.488.355 .713 145,148,000 79 1,713,100 56.06 96.033,971 .633 151,849,184 1880 1,729,500 61.25 105,948 319 .691 153.302,880 81 1,720,731 69.77 120,096,164 .787 152,225,596 82 1,835,166 71.34 130 945,378 .805 162,669.114 83 1,871,079 79.45 148,732,390 .897 165,852,443 84 1,914,126 84.22 161,214,976 .950 169.668.128 85 1,972,569 82 35 162.497,097 .929 174,848,516 86 2 052,593 79.58 163.381,096 .898 181.941,844 87 2,117,141 78.89 167,057,538 .89 187 663 378 88 2,191,727 79.78 174,853,563 .90 194 274,681 89 2,257.574 79.49 179444.481 .896 200,111,359 1890 2,331,027 78.21 182,394.099 .882 206,622,233 91 2,296,532 77.88 178,847.370 .879 203 564,596 92 2,314,699 75.54 174 882,070 .852 205,174,919 93 2,331.128 70.66 164,763.751 .797 206,631,186 94 2,352,231 62.16 146,232,811 .701 208,501,756 70-94 45,237,623 True Average . 3,397,895,190 847 4,009,862,903 75.11 Value of Comm odity unit= .8473^75.11= .0113 ani. Unit for llules. 1895 c 2,333,108 47.54 110,927,834 .536 206,806,693 73-95 3,176,355,573 .817 3,888,870,012 a From Report of the Statistician, Department of Agriculture, January and Feb- ruary, 1895, page 5. b Computed. c From U. S. Statistical Abstract, 18i5, page 307. 37 TABLE 12. Number and Value of Milch Cows in the United States. Gold Basis. Price Commodity Units PER Head Price On Number Value pr.Unit Jan. of Animals Cur- in Dollars 0332 Number of let rency Gold Cow $ Units a b b a b b 1870 10,095,600 39. IS 34.04 343,598,448 1.129 304,382,340 71 10,023,000 37.32 ! 33.41 334,890.288 1.108 302,193,450 72 10,303,500 31.97 28.46 293.173,995 .944 310,650,525 70-72 30,422,100 31.94 971,662,731 1.059 917,226,315 73 10,575,900 29.74 26.14 276,321,500 .867 318,863,385 74 10,705,300 28. OC 25.17 269.348,769 .834 322,764,795 75 10.906,800 28.54 24.83 270.648,147 .823 328.840,020 76 11,085,400 28. 9C ) 25.96 287,671.362 .861 334,224,810 77 11,260.800 27.35 . 26.07 293,587,023 .864 339,513,120 78 11.300,100 26.45 . 26.20 296,111,867 .869 340,698.015 79 11,826.400 21.73 256,953,928 .721 356,565,960 1880 12,027.000 23.27 279,89J,420 .771 362.614,050 81 12,368,653 23.96 296,277.060 .794 372.914.888 82 12,611,632 23.88 326.480,310 .859 380.240,705 83 13,125,685 30.22 396.575,405 1.002 395,7.i9,402 84 13,501,206 31.36 423.486.649 1.04 407.061.361 85 13,904,722 29.70 412,903,093 .985 419,227,368 86 14,235,388 27.40 389.985 523 .909 429.196,948 87 14,522.083 26.08 378,789,589 .865 437,840,802 88 14.856,414 24.66 366.252,173 .818 447,920,882 89 15.298,625 23.95 366,226,376 .794 461,253,544 1890 15,952,883 22.08 352,152,133 .732 480.979,422 91 16,019,591 21.63 346,397,900 .717 482.990 669 92 16,416,351 21.41 351.378,132 .71 494,952,983 93 16,424,087 21.75 357,299,785 .721 495.186,223 94 16,487,400 21.78 358.998,661 .722 497,095.110 70-94 325,834,520 True average, 25.55 8,325,407,536 .847 9,823,910,777 Value of comm odity unit=: .84736^25.55= .0332 cow. Unit for Cows. 1895 c 16,504,629 21.98 362,601,729 .729 497.614,564 73-95 7,716,346,-534 .821 9,404,299,026 a From Report of the Statisticion, Department of Igriculture, January and Feb- ruary, 1895, page f>. b Computed, c From U. 8. Statistical Abstract, 1895, page 807. 88 TABLE 13. Number and Value of Oxen and Other Cattle in U. S. Gold Basis. Number of Animals a Peioe Value in DoUars a Commodity Unit8 On PEE Head Price pr.Unit .048 Ox f Jan. 1st Cur- rency $ b Gold $ b Number of Units b 1870 71 72 15.388.500 16.212.200 16,389,800 22.55 22.81 19.63 19 62 20.42 17.47 301,826,003 331.096,350 286,190,797 .944 .983 .841 319.619,145 336,727,394 340,416,146 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 47,990,500 16,413,800 16,218,100 16,313,400 16,785,300 17,956,100 19,223,300 21,408,100 21,231,000 20,937,702 23,280,238 28,046.077 29046.101 29,866,573 31,275,242 33,511,750 34.378,363 35,032,417 36,849,024 36,875,648 37,651,239 35,954,196 36,608,168 20.06 19.16 18.69 19.05 17.10 17.54 15.40 19.15 17.64 17.22 16.26 17.10 16.32 17.01 15.39 16.10 17.33 19.89 21.80 22.83 23.25 21.16 19.79 17.79 17.05 15.21 14.75 15.16 15.24 14.66 919,113,150 289,4.53,606 279,274,173 265,227,-207 287,021 911 292,978,538 326,905,369 329,543,327 341,761,154 362,861,509 463,069.499 611,549,109 683.229,054 694,382,913 661,956,274 663,137,926 611.750,520 597.236,812 560,62.5,137 544,127,908 570,749,155 547 882,204 536,789,747 .922 .849 ,829 .783 .823 .785 .819 .741 .775 .834 .958 1.05 1.133 1.119 1.019 .953 .857 .821 .732 .71 .729 .734 .706 996,762,685 i 340.914.626 336 849,937 338 829,318 348 630,681 372,948,197 399,267,941 444,646.237 440.967.870 434,876.071 48 .:( ,530,543 582,517.019 603,287,518 620,328.721 649,586,776 696,039.048 714,038.600 727,623,301 765.354.228 765.907,209 782,016,234 746.768,651 7 60,3.) 1,649 70-94 642,852,338 True average. . 11,440,626,202 .8473-^17.60= 482,999,129 .857 .0482 .677 13,352.043,060 17.60 unit= 14.57 1895 Value of comm 34,364,216 odity ox. Unit for Oien, 713,744,766 73-95 11,004,512,181 .842 13,069,025,141 a From Report of the Statistician, Department of Agriculture, January and Feb- ruary, 1895, page 5. b Computed. c From U. 8. Statistical Abstract, 1895, page 308. 39 TABLE 14. Number and value of Sheep in the United States. Gold Basis. Number Pbioe Value Commodity Units On FEB Head Price pr.Dnit Jan. of Animals Cor- in Dollars of 8774 M umber of Ibt rency 9 Gold $ Sheep Units a b b a b b 1870 40,853,000 2.286' 1.988 81,227,057 .751 108.219.597 71 31,851,000 2.324 2.080 66.262.974 .785 84.373,299 72 31,679,300 2.803^ 2.49 79,006,365 .941 83,918,466 70-72 104,383,300 2.169 226,496,396 .819 276,511,362 73 33.002,400 2.967 2.61 86.073.746 .985 87.423.a57 74 33 928,200 2.615 2.35 79.732,822 .887 89 875,802 75 33 783.600 2.792' 2.43 82.058,967 .917 89.492,756 76 35.935,300 2.607 2.34 84112.354 .884 95 192,610 77 35.804.200 2.26 2.155 77.171 620 .814 94 845.326 78 35.740,500 2.255 2.24 79.958 237 .845 94,676,585 79 38,123.800 2.07 79 023,984 .783 100 989.946 1880 40.765,900 2.21 90,230,537 .856 107,988,869 81 43 576,899 2.39 104,070,759 .901 115 43.\205 82 45.016.224 2.37 106,594.954 .894 119,247.977 83 49.237.291 2.52 124 36.5,835 .953 130,429,584 84 50626,626 1 2.37 119 902,706 .894 134,109.932 85 50360.243 2.14 107 960.650 .809 133,404.284 86 48 322.331 1.91 92,443.867 .722 128.005,855 87 44.759,314 2.01 89,872,839 .758 118,567,423 88 43,544,755 2.05 89.279.926 .774 115,3.i0.056 89 42.599.079 2.13 90,640,-369 .804 112.844.960 1890 44 336,072 2.27 100,659,761 .857 117.446,255 91 43,431,136 2.49 108.397,447 .942 115.049.079 92 44 938..365 2.58 116.121,290 .976 119 041,729 93 47,273,5.^3 2.66 125.909,264 1.006 125 -^27 .642 94 45,048,017 1.98 89,186,110 .747 119.332,197 70-94 1,034,537,105 2,350,264,440 .857 2,740 488,791 True average. . 2.245 Value of comm odity unit= .8473 H- 2.245= .3774 ani. Uit Tor Sheep. 1895 42,294,064 1.577 66,685,767 .595 112,0:56,976 73-95 2,190,453,811 .850 2,576,014,405 o From Reports of the Statistician, Department of Agricnltore, January and Feb- loary, 1895, page 5. b Computed, c From U. S. Statistical Abstract, 1895, page 308. 40 TABLE 15. Number and value of Swine in the United States. Gold Basis. Pbice Commodity Units PEE Head Price On Number of Animals Value in DoUare pr.Unit of .1688 Jan. Cur- Number of l8t rency $ Gold $ animal $ Units a b b a 6 b 1870 26,751,400 6.995 6.086 162.856.607 1 026 158,716,056 71 29.457,500 6.199 5.548 163,429,105 .935 174.771.348 72 31,796,300 4.362 3.882 123,473,107 .654 188,647,448 70-72 88.005,200 5.11 449,758,819 .861 522,134,852 73 32,632,050 4.09 3.595 117,368,331 .606 193,605,953 74 30,860,900 4.358 3.918 120,974,408 .661 183,097,719 75 28,062,200 5.337 4.644 130, .386.234 .783 166,493,033 76 25.726,800 6.806 6.112 157,213.295 1.03 152,637,104 77 28,077,100 6.094 5.814 163.207,645 .98 166,581,434 78 32,262,500 4.984 4.944 159,551,824 .833 191.413,413 79 34 766,100 3.182 3.182 110,613,014 .536 206,267,271 1880 34,034.100 4.282 145,781,515 .722 201,924,315 81 36,247,603 4.705 170.535,435 .793 215,057,029 82 44,122,200 5.972 263 54.3,195 1.007 261,777,012 83 43.270,086 6.746 291,951,221 1.137 256,721.420 84 44,200.893 5.572 246,301,139 .939 262,243,899 85 45,142.657 5.016 226 401,683 .845 267,831.384 86 46 092,013 4.263 196,569.894 .719 273,464,091 87 44.612,836 4.483 200.043,291 .756 264,687,956 88 44,346 525 4.98 220.811,082 .839 263.107,933 89 50.301,592 5.791 291,307,193 .976 298.439,345 1890 51,602,780 4.717 243.418,336 .795 306.159,294 91 50.625,106 4.151 210,193,923 .699 300.358,754 92 52.398,019 4.60 241,0.31,415 .775 310.877,447 93 46.094.807 6.409 295,426,492 1.08 273,480,490 94 45,206,498 5.98 270.384,626 1.008 268,210,152 70-94 978,690,595 True average.. 5.027 4,922,774,040 .848 5,806,571,300 Value of comm odity unit= .84736-1-5.027= .1686 ani. Unit for Swine. 1895 44,165,716 4.97 219,501,267 .833 262,035,193 73-95 4,692,516,488 .846 5,546,471,641 a From Report of the Statistician, Department of Agriculture, January and Feb- ruary, 1895, page 5. 6 Computed, c From U. S. Statistical Abstract, 1895. page 308. 41 TABLE 16. Production and value of Pig Iron in the United States. Gold Basis. Product in Tons (2240 Pounds) a Price per Ton Total Value of Product in Dollars d Commodity Units Price pr.Unit of .0415 ton $ d Year Cur- rency $ b Gold $ b Number of Units d 1870 71 72 c 1,665,000 c 1,704,000 c 2,549,000 33.25 35.12 48.88 28.93 31.43 43.47 48.168,450 53,556.720 110,881,500 1.201 1.305 1.805 40,109,850 41,049.360 61,405,410 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 5,918,000 c 2,562,000 2,401,262 2,023,733 1,868,961 2.066,594 2,301,215 2,741,853 3,835,191 4,144,254 4,623,323 4,595,510 4.097,868 4,044,526 5,683,329 6,417,148 6,489,738 7,603,642 9,202,703 8,279,870 9,157,000 7,124,502 e 7,000,000 42.75 30.25 25.50 22.25 18.88 17.63 21.50 35.92 37.58 27.19 22.16 19.99 18.01 17.49 21.50 28.50 25.12 25.75 22.38 19.88 18.00 18.71 20.92 18.88 17.75 18.40 17.52 15.75 14.52 12.66 212,606,670 96.279,960 65,290.314 44 886,398 37,341,841 37,219,358 40,248,250 58 049,840 109,302,944 104,103,660 119.050,567 102,847,514 81,465,616 72.801,468 106,335,086 134.246,736 122.526,253 134,961,645 169,329.735 145,063,322 144,222,750 103,447,769 88,620,000 1.492 1.56 1.129 .921 .829 .747 .726 .879 1.183 1.043 1.069 .929 .825 .747 .777 .869 .784 .737 .764 .727 .654 .603 .526 142,564,620 61,718,580 57,846,402 48,751.728 45,023,270 49,784,250 55,436,269 66,051,239 92,389,751 99,835,079 111,375,851 110.705,836 98,717,640 97.432631 136.911,396 154,589,095 156,337,788 183,171,736 221.693,116 199,462,068 220,592,130 171,629.253 168,630,000 70 94 114,182,222 True average . . 2,330,250,696 .84736 --20. 41= 84.282,532 123.746,634 .847 .0415 .526 .544 2,750,649,728 20.41 unit= 12 66 13.10 1894 95 Value of comm / 6,657,388 9.446,308 odity ton. I'nit fur Pig Iron. 160,376,477 227,561,560 73-95 1 2.237.053,192 .791 2.827,393,145 a From U. 8. Statistical Abstract, 1894, ptige 274, unless otherwise noted. b From U. S. Statistical Abstract, 1891, page 41i. Prices of No. 1 Anthracite iron at Philadelphia, the prices from 1870 to 1878 inclusive reduced to gold basis. The prices are presumably based upon the long ton . c From Mineral Industry, Vol. II, page 354, reduced to long ton. d < "omputed. e Estimated. Actual return not received. f Revised fignres. 42 TABLE 17. Production and value of Copper in the United States. Gold Basis. Product in Poonde o Pbioe pee Total Value in Dollars c Commodity Units Pound Price per Unit of 6.4191b i Ybab Cur- rency $ b Gold $ b Number of Units d 1870 71 72 28,224,000 29,120.000 28.000,000 .206 .226 .33 .179 .203 .294 5,063,386 5,-96,800 8,223,600 1.15 1.30 1.885 4,397,299 4,536 896 4,362,400 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 85,344,000 34,720 000 39.200,000 40,320,000 42,560,000 47,040,000 48,160,000 51.520,000 60,480,000 71,680,000 91,646.2.32 117.151,795 145.221.934 170,962,607 161,235.381 185,227,331 231,270,662 231,246,214 265.115,133 295,810.076 353,275.742 337,416,848 .29 .2.32 .225 .21 .186 .165 .171 .225 .255 .209 .196 .189 .178 .164 .171 .19 .17 .174 .154 .122 .107 .103 .114 .146 .116 .116 .13 .107 .095 19,183,786 8,850,128 8,192,800 7,894,6^.6 8,026,816 8.3.59,008 7,883,792 8,809.920 11,491,200 12.175,600 16,038,091 18,064.807 17,789,687 18,292,999 16,527,651 21,115916 33,8,33,954 26,907,809 30,848,797 38,455,300 37,977.142 32,054,601 1.443 1.636 1.341 1.257 1.211 1.141 1.051 1.098 1.22 1.09 1.123 .989 .786 .687 .658 .7,32 .939 .747 .747 .834 .69 .61 13,296,595 5,409,376 6,107,360 6,281,856 6,630,848 7,328 832 7,503,328 8.026,816 9,422,784 11.167,744 14,278,483 18,252.250 22,625,577 26 635,974 25,120,472 28,858,418 36,031,969 36 028,160 41,304,938 46,087,210 55,040,361 52,569,545 70-94 3,106,603,955 True average . . Value of comm 360,844,218 381,106,868 408,774,460 .84736 H-. 132 = 33,141,142 38,682,346 .845 6.419 .589 .651 484,008,896 IbB. Unit for Copper. 56.219 529 59,376,450 1894 95 odity .132 unit= .092 .102 73-95 1 461,414,162 .787 586,308,280 o From 1870 to 1880 "Mineral Resources" 1883, page 215, reduced to pounds. From 1880 to 1893 inclusive, from Mineral Resources, 1893. 6 To 1880 from Mineral Industry, Vol. II, Page 253, Lake Copper at N. Y., and from 1880 computed from amounts and values given in Mineral Resources. c Computed to 1880. Below 1880 from Mineral Resources. d Computed. 43 TABLE 18. Production and value of Silver in the United States. Gold Basis. Commodity Units Product Price per Oz. Gold Cominerc al Commercial Value Price per Unit of Year in Troy Oances Value in Dollars Number of $ .8140 oz $ c Units a b c c 1870 12.375,360 1.328 16.434,478 1.081 15.209,317 71 17,789,465 1.326 23,588,831 1.079 21.863,250 72 22,254,002 1.322 29,419,791 1.075 27,350,168 70-72 52,418,827 1.325 69,443,100 1.078 64,422,737 73 27,665,712 1.298 35.910,094 1.056 34,001.160 74 28,865.418 1.278 36,890,004 1.04 35.475,599 75 24,533,993 1.246 30,569,355 1.013 30.152.277 76 30,010,054 1.156 34,691,622 .941 36.882,356 77 30.783.509 1.201 36,970,994 .977 37.^32.933 78 34.960,000 1.152 40,273,920 .937 42.96.1,840 79 31,550,000 1.123 35,430,650 .913 38,774.950 1880 30,320,000 1.145 34.716.400 .932 37.263,280 81 33,260,000 1.138 37.849,880 .926 40,876,540 82 36,200,000 1.136 41,123.2U0 .924 44489,800 83 35,730,000 1.11 39,660,300 .903 43 912.170 84 37.800,000 1.113 42,071,400 .906 46 456,200 85 39,910,000 1.065 42,504,150 .867 49,049 390 86 39,685,513 .995 39,487,085 .809 48.773,495 87 41,721,592 .978 40,803,717 .796 51,275,837 88 45,792682 .939 42,999,328 .764 56,279,206 89 d 51.354,839 .935 48 016,774 .761 63.115,097 1890 54,517,440 1.046 57.025.242 .851 67,001,934 91 58,331,314 .988 57,631,338 .804 71,689,185 92 e 65.000,000 .871 56,615,000 .709 79,885,000 93 60,500.000 .78 47,190,000 .635 74.354.500 94 f 45,230,000 .635 28,721,050 .517 55,587,670 70-94 936,140,893 True average. . 976,594,603 .847 1,150,517,156 1.041 Value of comm odity unit= .84736--1.041= 81.40 oz. Unit for Silnr. 1894 g 49.846.875 .635 31,652,766 .517 61.261,809 95 h 47,000,000 .654 30,738,000 .532 57,763,000 73-95 940,821,219 1 .818 1,149.531,558 a From Mineral Industry, Vol. II, page 313. b From U. a. Statistical Abstract, 1894, page 34. Same 1895, page 42. c Computed. d As compiled for Eleventh Census. e As compiled for Mineral Industry. All quantities, except ri and e agree nearly with the estimate of the director of the mint. / Wells, P'argo & t'o's estimate. g Corrected for 1894, Mineral Industry . h From Mineral Resources. 44 TABLE 19. Production and value of Anthracite Coal in the United States. Gold Basis. Commodity Units Product in Tons Peioe peb Ton Total Value of Price pr Unit Number of Year 2000 lbs. ?^ll Gold rency ^ Product in Dollars of .2407 ton Units a b b c c c 1870 15,650,275 3.92 3.41 53,367,438 .821 65.011,242 71 19,464,877 3.98 3.565 69,392,286 .858 80,857,099 72 24,734,172 3.34 2.97 73,160,791 .712 102,745,750 70-72 59,849,324 3 27 195,920,515 .788 248,614,091 73 25,626,631 3.81 3.35 85.849,214 .807 106,453,026 74 24,267,472 4.06 3.65 88,576,273 .879 100,807,079 75 23,120,730 3.92 3.41 78.841,689 .821 96,043,512 76 20,721,132 3.45 3.10 64,235,509 .743 86,075.582 77 23.327,560 2.31 2.205 51,437,270 .531 96,902,684 78 19,717,893 2.875 2.87 55,690,353 .68 81,908,128 79 29.279.811 2.41 2.41 7 0,564 ,.345 .58 121,628,335 1880 26,249,711 4.04 106,048,832 .973 109,041,299 81 31,920,018 4.04 128,956,873 .973 132,595,755 82 32,614,507 4.12 134,371,769 .992 135,480,662 83 35,418,353 4.05 143,444.330 .975 147,127,838 84 36.558,478 3.95 144,405,988 .951 151,863,918 85 38,335,973 3.66 140 309,661 .881 159,247,632 86 39.035,446 3.57 139,356,542 .859 162,153,243 87 42.088,196 3.62 152,359,270 .871 174.834,366 88 46,619,564 3.76 175,289,561 .905 1 93,657,669 89 39,656,6.35 3.61 143,160,452 .869 164,7.33,662 1890 46,468.640 3.505 162,872,583 .844 193,030,731 91 50,665,431 3.44 174,289,083 .828 210,464,200 92 52,472,504 3.55 186,277,389 .854 217,970,782 93 53.810,214 3.48 187,259,545 .838 223,527.629 94 d 53.810,214 3.48 d 187,259,545 .838 223,527,629 70-94 851,634,437 2,996.776,591 .847 7,537,689,451 True Average. . 3.52 Value of C!omm odity unit= .84736-^-3.52= .2407 ton. Unit for Ant. Coal. 1894 e 52,010,433 3.48 180,996.307 .838 216,051,339 US / 51,785,122 3.13 162,087,432 .753 215,115,397 73-95 2,956,680,270 .846 3,496,714,467 From Mineral Industry, Vol. II, page 218. From U . 8. Statistical Abstract, 1894, reduced to short tons . Prices at Philadelphia. Computed. Estimated . Return not received . Revised from Mineral Industry, Vol. Ill, page 130. From Mineral Resources Sheet, 1895. 45 TABLE 20. Production and Value of Bituminous Coal in the United States. Gold Basis. Prodnct in Tons 2,000 lbs. a Pbioe Value in Dollars c Commodity Units PEE Ton Price per Unit of .3336 ton c Year Cur- rency $ h Gold $ I) Number of Units c 1870 71 72 17,353,040 1 9,843,933 25,675,866 4.215 4.215 4.16 3 67 3 67 3.70 63,685,657 72.827,234 95,000,704 $1,224 52,024,414 1.224 59.492.111 1.234 76,976,246 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 62,872,839 29,474,307 27,369,533 30,000.299 30,607.085 34 044,429 34,787,541 38,909 819 47,398,286 56,327,412 65.588,241 72,663,765 73,8.36,730 74,273,838 75,624,846 88,887,109 98.850.642 98.460,067 109.604,971 118,878,517 127,926,713 127.049,296 d 127,049,296 4.32 4.02 3.88 3.455 2.81 2.55 .2.49 3.68 3.80 3.61 3.38 3.10 2.68 2.53 2.49 3.35 3.35 3.13 2.59 2.23 2.01 1.875 3.08 2.32 2.32 2.32 2.32 2 23 2.14 2.01 231,513,595 112,002,367 98,804,014 101,401,011 94.881,963 91,239,070 88,012.479 96.885,449 158,784,258 188,696,830 205,291,194 188,199,151 164,655,908 149,290,414 141,796,586 273,772,296 229,333,489 228,427.355 254,283,533 275,198,159 285,276,570 271,885,493 255,369,085 1.229 1.268 1.204 1.127 1.034 .894 .845 .831 1.117 1.117 1.044 .864 .744 .67 .625 1.027 .773 .774 .774 .774 .744 .714 .67 188,492,771 88,363,972 82,053,860 89,940,896 91,760,041 102,065,198 104,293,048 116,651,637 142,100.061 168,869,581 196,633,547 217,845,967 221,362,516 222,672,966 226,723,288 266.483,553 296,354,225 295,183,281 328,595,703 356,397,794 383,524,286 380,893,789 380,893,789 70-94 1,650,485,581 True average. Value of comm e 117,950,348 / 135,118,193 4,185,600,269 .84736^2.54 = 237,080,199 241,861,565 .846 .3336 .670 .597 4,948,155,769 ton. Unit fiitam. Goal. 353,615,143 405,084,343 1894 95 odity 2.54 unit= 2.01 1.79 73-95 4,177,659,353 .813 5,137,468,695 a Mostly bituminous, by difference between "Total Coal" and "Pennsylvania Anthracite." See Mineral Industry, Vol. II, page 21S. b Average price for Cumberland coal at Baltimore, reduced to short tons. c Computed. d Estimated, return not received . e Eevised from Mineral Industry, Vol. Ill, page 130. f From Mineral Kesources sheet, 1895. 46 TABLE 21. Production and Value of Petroleum in the United States. Gold Basis. Product in Barrels a Pbice pkb Valne in Dollars d Commodity Units Babeel Price per Unit of .9489 bbl $ Year Car- rency $ b Gold $ c Nnmber of Units 1870 71 72 5.205.234 6,2t)3,194 4.34 3.64 3.88 3 24 20,196.308 20,3&9.949 3.68 3.074 5 486,317 6,633,026 70-72 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 11,498,428 9.844,744 10,926,945 8,787,506 8 968,906 13.135,475 15.163 462 19.785,176 26.286,123 27 661.238 30,510.830 23,449,633 24,218.438 21.847.205 28.064.841 28 278,866 27,612,025 35,163,513 45 8->2 672 54,291.980 50,5(19,136 e 50,349,228 1.83 1.17 1.35 2.56 2.42 1.19 .859 3.53 1 61 1.05 1.17 2.30 2.31 1.18 .859 .92 .92 .789 1.10 .851 .879 .712 .667 .649 .767 .772 .56 .51 .64 40,586,257 15,850.038 11.473,292 10.291372 20 628.4-4 30 34-2,947 17 892,885 16.995,466 24.183.233 25.448.339 24 065.988 25,790,252 20 59 ,966 19.198.243 19.996,313 18.877,094 17,947,620 26.963,340 35,365,105 30,526,553 25,901,436 / 32,223,505 3.35 1.528 .996 1.11 2 18 2.192 1.12 .815 .873 .873 .748 1.044 .807 .834 .676 .63 .616 .727 .73 .533 .486 .607 12,119,343 10 376.360 11.517,000 9.262,031 9,453,227 13.844.791 15,982.289 20,^53 576 27,705,574 29154.945 32,158,415 24,715,913 25,526,234 23,026,954 29,58",342 29 805,925 29,103,074 37,(62,343 48 297,(96 57,223.747 53,23(5,629 53,068,087 70-94 572,176,370 True average. . Value of comm g 49,344,516 g 52983,526 511,143,728 .84736^.893 = 35.522,095 57.6Jl.279 .848 .9489 .683 1.033 603,073 894 1894 95 odity .893 unit^ .720 1.089 bbl. Unit for Petrolenm 52.009,120 55,844,640 73-95 563 770.845 .807 698.808,311 a From 1871 to 1879 inclusive, from Mineral Eesources, 1883, page 201, and from 1880 to 1392 inclusive, from Mineral Resources. 1892, pages •? to 11. 6 From Mineral Resources, 1883, pRge 203. c Computed from 6 to 1879. From 1880 computed from a and d. To 1880 computed. From 1 88') Mineral Resources. From Mineral Industry, Vol. II, page 527. Computed from c and e. From Mineral Resources. d 47 TABLE 22. Showing the number of commodity units, the value per unit and the total value of the 21 principal productions of the United States based upon an average valuation of $1.00 per unit for all articles for the period 1870 to 1872 inclusive. Also showing for each year the difference between actual value and value at prices prevailing during the period 1870 to 1872 in- clusive, or the amount of the depreciation. All values in gold. Year Number of Commodity Units Price per Unit Actual Value 21 Principal Commodities in U. 8. Dollars Difference between Actual Values and Values at Prices of 1870-72 Dollars 1870 3202,443,041 3,270876.852 3,468,611,441 $ 1.021 1.023 .958 3.270,126,820 3.346,450,218 3,325,036,677 71 72 70-72 9,941,613,715 3 558.282 287 3,513.204,400 3.809 422,121 3 891.648,588 4.127.233.309 4.416.789,862 4,703.564,990 4,936,037 367 4.731,811.889 5.203 963.049 5,513,852 771 5 753.472 553 5.714 U26,.325 5827.289,782 5 842 169,128 6 358 245.861 5 871.500,790 5,667 452,687 6 327,323 148 6.248.573.370 6.878,957,898 a 6,529,595,072 1.00 .9413 .9687 .8438 .8314 .8146 .7587 .7774 .8493 .9717 .9160 .9150 .8634 .8542 .8251 .8785 .82.34 .7856 .8537 .8018 .7641 .7619 .7141 9,941,613,715 3,349,418,984 3.403,083,705 3.214.185,646 3.235,681,229 3.362,187,716 3 351.494.426 3.657.046,161 4.192 446 469 4 597 951,799 4 766,699.663 5.045,259.380 4.967.177,449 4 880 809.153 4 807 944,254 5 131.615486 5 234 894.670 4,613.166,186 4 838 250,909 5,073.835,731 4.774.502 107 5.241,158,445 4,663,500.762 73 74 75 76 77 78 79 1880 81 82 83 84 85 86 87 88 89 1890 91 92 93 94 208,863,303 110,120,695 595.236,475 655,967,359 765,045,593 , 1,065 295,436 1,046 518,829 743,590,898 133 860,090 437,263.386 468 593,391 786 295,104 833217,172 1,019,345,528 710 553.642 1.123.351.191 1,258 334,604 829201.778 1,253.487.417 1 474.071,263 1.637,799 453 1,866,094,310 73-94 94 95 115,424.417,247 b 6600489.401 c 7,269,586,347 .7130 .5870 96,402,320,330 4,706.206.123 4,267.047,027 1,894,283,278 3.002,539 320 70-95 132,706,511,638 .834 110,653,676,433 22,052,835,205 73-95 122,764 897,923 .820 100,712,062,718 22,052,835,205 a Pig iron, silver, anthracite and bituminous coal estimated and estimate need In determination of common value of commodity unit. 6 Revised and complete. c Complete except tobacco. 48 I CN < DC O < t3 n3 d *-• I I- «8 00 ^^ rd 6fi d • I— I o nd 02 o «4-l iD tJ o ■^ 03 rd «3 -^ © > rd o 03 * — , -4-3 T3 O d ^ rH cn o3 «ri S Is d ® *-l r— I Ph<| 03 „ ■^ .13 0) O -^ a ^ a .2 § 1—1 != d be o «d d © o rd V^S H S o ft © CD a o o rd a d a. "t! ® 2 © 43 'd ® OQ P-l c8 O Q S^ Worn 03 r-H © v-^ O rd ^ ^ ^ ® ® © ^ 3 r^ m ^ ^ © © O M o d o d 'o '"' O ^ Ph 58 d © ©2d ^ Q OQ 49 50 DIAGRAM 22 Showing gold price per unit | and number of commodity units produced |2l ARTICLES 6000 6000 4000 SOOO 200O 1000 Year 1870 ;i n 73 74 73 7G 77 78 70 30 si 82 m H4 SJ S8 87 88 so 90 ftl W »:! 94 li,^ :>6 '.IT 51 TABLE 23. Index Numbees. Comparison and combination of seven systems, six reduced to" a basis of 1870-1872, inclusive=100, and one system upon basis 1867-1877=100. United States British Fbench Gebman Indian ■a Sauer- This Paper 21 Com- modities London beck Palgrave '-S bo Yeae Treasury Dept. 8 Groups Econ. 47 Articles 45 Articles Basis Soetbeer 22 Classes Soetbeer 114 Articles 7 Articles Prices Reduced ■s ^ Year 22 Classes 1867-77 =100 to Gold < 1870 102.1 95.8 98.0 96.0 91.5 95.6 101.0 97.3 1870 71 102.3 100.4 97.3 100.0 102.9 98.9 95.3 99.5 71 72 95.8 103 9 104.7 109.0 105.6 105.5 97 102.1 72 73 94.1 99.6 109.9 111.0 105.2 107.6 97.8 102.3 73 74 96.9 97.5 ]08.4 102 97.2 106.0 102.2 101.5 74 75 84.4 92.6 103.1 96.0 95.4 101.1 85.2 94.0 75 76 83.1 85.6 100.4 95.0 95.6 99.9 85.0 92.1 76 77 81.5 85.3 101.4 94.0 96.4 99.4 94.8 93.3 77 78 75.9 81.6 93 8 87.0 91.9 93.9 104 3 89.8 78 79 77.7 78.9 82.3 83.0 87.6 91 1 104.1 86.4 79 1880 84.9 87.3 94.2 88.0 88.6 94.9 93.8 90.2 1880 81 97.2 86.3 87.5 85.0 86.9 94 2 83.1 88.6 81 82 91.6 88.6 89 9 84.0 84.8 95.1 75.2 87.0 82 83 91.5 86.6 86.2 82.0 80.3 95.1 84.5 86.6 83 84 86.3 81.2 81.5 76.0 88.9 84.9 83.1 84 85 85.4 75.9 76 1 72 84.6 78.8 85 86 82 5 75.0 73.8 69.0 81.7 76.4 86 87 83 < r87.9 82.3 78.6 85.4 80.2 76- r75.6 76.9 76.9 75.4 75 3 75.2 81.4 79.8 81.6 81.2 77 9 77.4 76.0 70.2 68.0 70 72.0 72.0 72.0 68.0 68 63 62 76.7 77.6 76.8 78.6 77.2 74.1 73.9 70 1 87 88 88 89 89 1890 1890 91 91 99. 76.4 76.2 71.3 58.7 ' 92 93 93 94 P4 1895 63 6 1R^-^ 1 Note— Since the completion of the cuts of the Diagram of Table 23 the Sauerbeck numbers for '70, '71 and '72 have been received, and show the series as above printed to be too high by 1.7 in 70-72 to 1. in '95. In Diagram 23c the black line in 1895 should be at 63.6 instead of 64.5 as shown. 52 DIAGRAM 23 INDEX NUMBERS cy ^ Treasury Department 8 Groups kdoCv Ur>/tec/ ^fdf&s Dsp^eff ^/ Co/^/r?oc/rffes -* * Ba^/S f870 - 72 = /OO tH70'" '' 1^ '" '^ '6 " T> ■" 80 "' *^ 83 (»-> as e* 87 »« 89 go 91 a? 93 9* t£ se si »« . i 53 DIAGRAIVl-23-a INDEX NUMBERS L onaon Economist 47y4rNc/es =*=«= ( Br/Z/^t? j ^aurbect' 4-3 Articles acmoK BdSIS 1870- /a lOO^^a /8G7-77= /OO 1870" '^ ^ " '* " '" '* '* 60 *' *^ "'' *^ "^^ *'' *' *" ^^ ^0 ^' *^ ^^ ^* ^^ ^ *^ ^* ■*? 5i DIAGRAM 23-b INDEX NUMBERS Soe^tjfier 22 C /asses :i4- Arficles Fre nch /nd/dn _ _.^ _^ / 3^ IS IS ji ?7<: 7 72 —I /oc ) . __ -— . P 1 ^ E ^ E - E E E E E E =: - E E — E E E E E MU ^ E j 1 E — E ^ E E E E E E E E E E i E E E E E 100 r; 1 — P r- Ns — — ;:: ii: — = E E E E E E E r^ 1 ~ E i- E 1 a ~ ^ 1 E E E E E E 90 iz: ^ E E E 1 3? 1 - — 1 E E E E E E ~ ZZi E ZI E ^ 5 = F=^ t ~ izz E ^ ~ — — 1 — — — — 1 i — ■ ^ \ — ■ — — - \ — I — — QO — 1 , — — „„ \ !_ 1 1 , — — = = = = = — ^^' = 5 = = = zz: := rz = -:=. "ZZ zz z; ZZ ZZ 1 — ~ :d ZZ ZZ ZZ ZZ ZZ ZZ = — — — — -i . — I — — — — — — — — — — 1 — — /u — — — — —^ — t — — — — — — — — — — 1 — 1 1 — — — — — — ' — — — — 1 1 -. ._ — — — 1 — ' — — — — — — — — — — — — — ^ — — 1 — — — — — — — — — — — — ZZ iz 60 — — — — — — — — — — — — — — — — — ziz. I^ ■zz. zz — — — — — — — — — — — — ZZ ZZ =: — — == — — — = ::z: — -F 1= — — := — 1 30 — _ , " — ~" -— . ■^ ~ — — — — — — ~ — ^ — — — — , — — — — — — — — — , , . . .. , — ' — — — — ; — — — — ■~ — "~" ■"■ '~~ ~ ■"■ ~~' ■~ ^ ~" — — — "" ~~ — — — — — — — — — — — , , ~~ ~ ^r~ — — — ~ — — — IT — — — — ' — — ' , JO ~" ~ ~ ■^ " ■~" "" — "" — "" -f — — — — — — — — — — — — __ 1 ;£5 ~ — — — 1 — — —~ — — = ZZ =: _ " — — — — — — — — — .-.0 ~ zz iz E 1 E 1 ZZ 1 1 z 1 1 1 1 1 1 1 10 E E ^ E j E = E E E E E - E E ~~ E E E = = zz • ' IT — ~ — — ~ ZZ E — z: E E E E E 18 70 ' 2 T3 * 6 6 n - a 7 ^8 10 ii ~ 83 s* t ^ at, I n t 8 i9 ', w - ~ ~ « 9* IT" ~ ^"" T^ 55 DIAGRAM 23 -c INDEX NUMBERS Ji'yar O S CO'ning V^/ue 1/^9^9 per az)./00 .^ /i-J-iis /r/ai^y A'a/z/Oerj, /e70-7^ .- /OO 1870 " "'^ " '" 'i '<> I"" ve 73 eo a' « »3 «- 8i 5 11 3» »i 56 TABLE 26, Showing total amount of gold in the civilized world, after Soet- beer; gold in the great government banks of Europe and Aus- tralia; total circulating gold in civilized countries; the approxi- mate population of gold standard and double standard countries and the circulating gold per capita. Millions of Dollabs Gold and Double Standabd Countries Yeab Total Gold in World Gold Id the Government Banks Total Gold in Circulation Population Milliona Circulating Gold per Capita a h a— 6 C {a—b)-^c 1870 2555 312 2243 199 11.3 71 2606 417 2189 202 10.8 72 2658 564 2094 205 10.2 73 2709 611 2098 258 8.1 74 2761 705 205 5 262 7.8 75 2812 748 2064 265 7.8 76 2863 800 2063 268 7.7 77 2915 689 2226 274 8.1 78 2966 675 2291 277 8.3 79 3018 630 2388 281 8.5 1880 3069 629 2440 284 8.6 81 3092 626 2466 287 8.6 82 3115 707 , 2408 2320 290 8.3 83 3137 81 T 294 7.9 84 3160 848 2312 297 7.8 85 3183 863 2320 300 7.7 86 3212 884 2328 303 7.7 87 3240 905 2335 306 7.6 88 3273 926 2347 309 7.6 89 3317 1 947 2370 312 7.6 1890 3357 I 971 2386 315 7.6 91 3408 J1112 2296 361 6.4 92 3474 ^ ] 1232 2242 365 6.1 93 3583 /l217 2366 369 6.4 94 3699 \1388 2311 373 6.2 95 3862 / 1551 2311 380 6.1 e Mohleman's Monetary System of the World, page 155. f Economist. Quoted from J. F. Vaile, for beginning of 1866. Diagram 26. 'W Showing amount of gold, total and circulating, in civilized countries, and the population of gold standard countries, of gold and double standard countries and of gold double and silver standard countries. Total gold represented by dotted line. Circulating gold represented by line with circles. Population of gold standard countries by single line. 57 Population of gold and double standard countries by double line. Population of gold double and silver standard countries by triple lines. 500 40O 300 ^00 yoo Vooc 3000 JZ.OOO /ooo Millions. 500 2000 1000 Tear 1870 "• 72 73 74 75 76 77 78 79 80 81 82 83 84 85 8G 87 88 89 90 91 92 93 94 95i9«i 97 98 99 58 TABLE 27, •Showing the world's product of silver for the years given, as per U. S. Mint Report; also, an estimate of the non-monetary use; the effective monetary supply; the coining and commercial value of the stock of silver in civilized countries; also, the pop- ulation; the circulating gold and the commercial value of the silver, total and per capita, for civilized countries, for years 1872 to 1895, inclusive. Millions of Dollars Commercial Value of Gold 1 AND Silver in Circulation IN Civilized Countries U.S. Coining Value World's Stock OP HiLYEB Popu- lation Circu- lating Gold in Civi- lized World Total Mil- lions Per Capita D ollars of Civi- Year Product of Silver Non- Mone- tary Use Effec- 1 tive Mone- tary Supply Coin- ing Value Com- mercial Value lized Coun- tries Mil- lions a d e / h c b=c+h b^i i 77.1 72.3 4.8 1495.61495.6 2094. $ 3589.6 With U. S. Omitting C. S. 1872 19.50 $10.64 378 73 82.9 72.3 10.6 1506.21506.2 2098. 3604.2 9.41 10.56 383 74 88.7 72.3 16.4 1522.61504.3 2056. 3560.3 9.15 10.28 389 75 91.9 72.3 19.6 1542.21486.7 2064. 3550.7 8.99 10.12 395 76 94.4 72.3 22.1 1564.31398.5 2063. 3461.5 8.65 9.75 400 77 98.2 72.3 25.9 1590.21477.3 2226. 3703.3 9.14 10.33 405 78 101.9 72.3 29.6 1619.81443.2 2291. 3734.2 9.09 10.28 411 79 105.6 72.3 33.3 1653.11434.9 2.388. 3822.9 9.17 10.39 417 1880 109.2 72.3 36.9 1690.01497.3 2440. 3937.3 9.33 422 81 115.2 83.6 31.6 1721.61515.0 2466. 3981.0 9.32 427 82 117.1 83.6 33.5 1755.11541.0 2408. 3949.0 9.14 432 83 119.0 83.6 35.4 1790.511536.2 2320. 3856.2 8.82 437 84 120.9 83.6 37.3 1827.81573.7 2312. 3885.7 8.79 442 85 122.8 83.6 39.2 1867.01536.5 2320. 3856.5 8.63 447 86 120.6 113.2 7.4 1874.41441.4 2328. 3769.4 8.36 451 87 124.3 113.2 11.1 1885.51425.4 2335. 3760.4 8.25 456 88 140.7 113.2 27.5 1913.0 1390.8 2347. 3737.8 8.11 461 89 155.4 113.2 42.2 li)55. 2 1413.6 2.370. 3783.6 8.12 466 1890 163.0 113.2 49.8 2005.01622.0 2386. 4008.0 8.51 471 91 177.4 123.0 54.4 2059.411573.4 2296. 3869.4 8.11 477 92 198.0 123.0 75.0 2134.41436.5 2242. 3678.5 7.62 483 93 214.7 123.0 91.7 2226. ll 1342. 3 2366. 3708.3 7.60 488 94 216.9 123.0 93.9 2320.0,1139.1 2311. 3450.1 6.98 494 95 2.6.0 1 123.0 103.0 2423.01226.0 2311. 3537.0 7.07 500 Total 3181.9 2249.7 932.2 1 59 DIAGRAM Z7 C/rcu/ating Gokf per c^ptfa Co//ii)rerc/d/ fa/ae c/rcu/a.f/nq ao/c/% s/Z^'er per cjp/fd //?(/e): ////m/ters IVor/c/s fY/ccd SO 70 CO SO^ 40 30 MILLIONS 4000. geoo 2090 §; lliliiilll 90 80 70 GO 50 40 3o MILUONS ^OOO 3000 ZOOO loop Yearl870 71 72 73 74 75 3B 7778 79808182838485 86 87 88 8390 W 32 93 91 95 36 97 98 S9 7b/d/ yit/Lje ofcircu/df/ng Co/d dmJ S'^^'er ir> c/n/ued cou/rrnei> o :: : „ co;n/ng m/i/e of s/fter /n ciy///se(/ countries • — • — • .. (ommen/i/ . » " - » - • — • — ■ L L_. 60 DIAGRAM - 25.PER^^/p.TX7rr^rT^kr (9« C ? FOOD PROOUCTS ' Con}. O'TS. niin-hCo Shan-' ■> Swin vi'B. 1 ■ Un,^ ^0.9 ^ — ^ .8 , 1 — — — — ^ ^ 1 70 60 — ■ — — — — — ' — 1 — — — 1 1 _ p- — 1 1 — — — 50 ~ ^ ^ ~ ~ UniTi 13 ^ i=r =3! — tz p.-,. 40 \ _ — . ■ . ;<3< S5t 6a 76 53 ^9 9^ ; ^ z 9 rr + ? s MANUFACTURING PRODUCTS Cotton. Wool, Pin Iron , Copper, Z885 S6 87 aa 8^ 5>0 9/ 92 43 94 95 4 (73