UC SOUTHfRN REGIONAL LIBRARY FACILITY AA UUUb3bb22 a V CiBcrun Xo. S. United vStatcs Department of Ai^riciiltiire, DIVISION OF STATISTICS. THE FARMERS' INTEREST IN FINANCE. LETTER OF TRA^^SMITTAL. Washtts-gton, D. C, December J, 1S06. Sir: On iJJ'ovcmbcr 23 you addressed to ino the following letter of instruction: U. S. DEPAnTMENT OF ACRICULTUnE, Office of the Secretauv, Waslnngton, D. C, November QS, ISOG. Siii: 'With agricultural protliicts farmers buy money — that is, when others buy food, libers, or tobacco from the farmers tboy sell money to the farmers. The i)ur- chascrs of farm staples demand the highest quality in the things tboy buy. Ameri- can farmers can not sell pork, beef, fruit, cereals, cotton, or tobacco that will not pass iusi^ection in any markets of the globe. Money is bought to sell again, because the exchangeable things with which money is bought have only the specific purchasing power to buy money of those who want those things. But honest money has a general purchasing power all over the world. to buy anything which is for sale. Therefore the farmer should buy with the things ho sells that money which will, in return, when he again sells it for other things, bring him a value at least equal to that witli which ho parted when he bought that money. Therefore American farmers are interested in purchasing with the fruit of their toil the best quality of money— that is, money having a purchasing power with a minimum lluctuation in all countries. ta view of the foregoing and in accordance with the act creating the United States Department of Agriculture, which prescribes its duty to bo "to diffuse among tho people of the United States useful information on subjects connected with agricul- ture in tho most general and comprehensive sense of that word," you arc hereby instructed to prepare a special report which shall show tho popular sources whence comes any demand for .-v reconstruction of the coinage and monetary system of tho United States, and wliat interests probably prompt such demand. In preparing this "useful information on subjecto connected with agriculture," carefully collate from tho work of tho last national census such facts as may serve to bring out plainly tho population, the agricultural wealth and tho intelligence, tho manufacturing interests and tho investments of each State which at tho recent election declared for tho free coinage of silver at 16 to 1 or for tho present gold standard. A largo number of citizens havo contended that tho relative value of n silver doll.ir to a gold dollar depends npon an ruaetcd ratio; In short, upon n Ixv.' a*" Congresa. 1 Bat a larger number of American citizens have contended that the relative value of ,. ' ' ' ' or coins is entirely depcntlent upon the relative commercial value , lined in those coins. It is desirable, therefore, in this connection to show also vrhat relation, if any, exi the prices of either of the money metals and the price of any farm Bta; .ii-at, for instance. And the rei>ly, taken as a whole, ou^ht to show whether the luint value of a money metal can be made by statute greater than the bullion value thereof. Very respectfully, yours, J. Stkrlikcj iloitiox, Sccretari/. IlKXitv A. RouiNSOx, Esq., Chief of the Difision of Staiiaiics, U. S. Department of Afjricnlture, 111 accordance with the above iustiuctions, I directed ^Nlr. Henry Farquhar, assistant statistician, to undertake the preparation of tlie rept>rt. which he has completed, and which is respectfully transmitted for your consideration and approval. In addition to the facts requested he has also undertaken to show, in both tabular and graphic form, from data collected by the Division of Statistics, the inirchasing power of the farmer's product, accompanying the same with the necessary explanations. Respectfully, IIeniiy A. Eobinson, tStatistician. Hon. J. Steeleng Mortox, Secretary. THE SOURCE OF THE DEMAND FOR A CHANGE OF STANDARD. The States which gave a majority for the present standard of value appear to bo as nearly as possible equal in number with those which gave a majority for free silver, classifying Kentucky with the former and Wyoming and South Dakota with the latter, namely, 23 and 2L*, respectively. SOURCES AX"D METHOD OF COMPIL.VTION. In the accompanying table the States arc arranged in the order usually followed in the Abstract of the Eleventh Census, from which all the data, except for area and savings banks, are taken. The square miles of land area are as given in the reports of the General Land Ollicc. The number of depositors in savings banks for the year ended June, 1895, is taken from poge 513 of the last report of the Comptroller of tho Currency, and the estimated population for that date, entered on tho page preceding, is used to derive the percentage ratio of depositors to population. lu two gold standard ' and three free silver ' States tUo number is "partially estimated." •For convenience, the terms "f;old standard" and "free silver" will bo used to di»tin(;ulBb tho States giving a majority for tho prestent gold ulandard ond for free ooinngc of silver, respectively. Table I.—I'opulatiun, education, wealth, etc., accordiiifi to the Eleventh Census, of State* arranged hij Presidential vote in 1S9G. SRLF YRL states. For gold elandard. Maino Now llainpiiLiro .... Vonnoiit MassarliiiflPlla lilioilo lolaiul (.'oniii'cticut Now York Now Jersey I'ciiiisjlvauia Delaware ilnrylaiid WeMt Virginia Ohio Indiana Illinois Miclii^an ^Vi3cou8in Minnesota Iowa North Dakota Kcntiitky Orcfioii California Area. F.lec tural vote. Total Torcentago .. For free silver. Virginia North Carolina. South Carolina. (Icorgia rioriila IkLiasouri South Dakota.. Nol)ra.ska Kansas Tenuiissco Alabama Mississijipi Lfouisiana To-'.as Arkansas ilontana AS'Toniing Colorado Utah NoTada Idaho Wa.shington ... Total Percentago. Total of States... Sqtiart m ilex. L'o, «o:) O.OOj 0, i;i5 H, 0411 l.OSJ 4,S4'., 47, O'JO, 7, 4t,:,. U, 085 i/jco; '.I, 8(iii 'Jl,(!l.'> 40, 7tiOl :i5, 910 50, OOO' 07,430 54, 450 79, 205 55, 475 TO, 195 40, cool 94,560 155. 9S0 l>ii|)ula- tion. lUlterato whites 10 year* of ago and over. Number of native. n 4l 4| r. 4 (1 31) 10 3-.; 3 H G 23 10 24 14 12 9 13 3 13 4 9 938, 495 35.2 273 Cl.l 40, 125 4S, 580 30,170 53, 980 54, 240 08, 735 7G, 850 70, 840 81,700 41, 750 51,540 4G, 340 45, 420 262, 290 5.1, 045 145,310 97,575 103. 015 82. 190 109, 740 84,290 06, 880 001,080 :i70, 530 332, 422 5, ll'.i7, 85;)| 1,444,93:; 0,258,014 163,493 1, 042, .'i'JO 702, 794 3, G72,31G 2,192,404 3, 820, 35! 2, 093, 889 1,080,880 1,301,820 1,911,890 183,719 1, 858, 035 313, 767 1, 208, 130 Ratio of DO- tlvo. 39,624,035 03.8 1,720,235 64.8 12 11 13 4 17 4 8 10 12 11 9 8 15 8 3 3 4 3 3 3 4 11,443 3, 079 7,211 0, 727 4,0h7 4,300 57, 3C2 21,351 110,737 0,008 32. 105 (o, 420 82, 073 78, 038 04, 380 27,010 15,013 7,11 20, 049 929 178, 159 3, 80: 10,113 Ratio of total. 822, 074 40.7 174 38.9 2, 004, 730 44: 1,005,980 1,017,947 1,151,149 1, 837, 353 391,422 2,079,18.1 328, 80S 1,058,910 1,427,090 1,707,518 1,513,017 1, 289, oon 1,118,587 2, 235, 523 1, 128, 179 132, 159 00,705 412, 198 207, 905 45, 761 84, 385 349, 390 Feret. 2.! 1.5 3, .8 2.3 1 1.8 2.7 3.0 0.2 5.9 12.9 3 5.3 3.1 2.0 2.1 1.4 1.8 1.8 10.1 1.8 1.7 Scliool espeudlturea. Total. 3. 22, 492, 776 36.2 02,110,811 103, 265 173, 545 59. 003 113,945 10, 085 112, 938 1,811 7,412 17, 157 170,318 100, 235 44,987 72, 013 89,829 92, 052 1,020 427 9,235 2,219 173 867 2,467 14 23.1 18.1 10.5 11.3 6.8 1. 1, 2 13 18. 11.9 20.3 8.3 16.0 1.6 1.3 3.8 2.3 .8 1 L3 Feret 5.4 0.8 0.7 0.1 0.0 5.1 5.4 5.7 0.4 7.4 7 13 4.7 5.8 4.0 5.7 CO 5.9 3.0 5.8 15.8 3 4.5 Tor cai)ita. 0.1 1,197,603 59.3. 11.4 13.9 23 17.9 16.3 11 7 4.1 2, 2.9 17.8 18. 11. 20.1 10.8 10 4. 3 4.8 0.1 4. 3. 3.1 ♦1,114,902 814,301 080, 017 8, 280, 002 017,900, 2,123,839' 17, :!02. 274 3, 457. 525, 12, 828, 045; 329, 008; 1,910,003 1,284.991 10, 755, 240 5, 000, 233, 11,28S,529 5,440,410 3,711,280 4, 033, 510' 0, 477, 250| 020, 940 2, 020, 552i 880, 36'J 5, 119. 097, 107, 415, 050 77.9 1,577,347: 718,225 400, 200 907, 590 470, 503 5, 128. 200 1.173,757 3,301,119 4, 972, 967 1, 300, 351 547, 880 1,097,910 704, 5S0 3, 173, 104 1,019,000 364.0831 152,918] 1,081.379 394, C77 102. 597 108, 3is; 941,190 11.4 2,019.73; 6.1 7.0 30, 487. 087 22.1 $1.C9 2.10 2.08 3.70 2.00 2. 85 2.90 2. 30 2. 41 1.93 1. e.i 1.08 2.03 2.60 2.95 2.60 2.20 3.10 3.30 3.45 1.12 2.81 4.21 2.71 .95 .44 .41 .53 1.22 1.91 3.57 3.12 3.52 .85 .37 .83 .03 1.42 .92 2.75 2.52 4.03 1.90 3.55 1.99 2.70 1.37 137.90-' 74.!I 2.23 TaBI.K I. — PopMlutio 'th, lie, accordiiuj to the Eleventh Censutt, of States lienlial role iti l^iX) — t'outiiuud. State*. Far f«ld tiandard. ih'in. • tta. :.d.. y. 1; ( .t .. > ]• lia. 1 Oh,. Imli Illiii 5 \ Total value. PrrsoiMl prapertjr. lO Ural proj)- tTty. 11 Fitnii laoils. 13 Farm prinl- iicls. 13 iaua.. low.i >"o:tli Dakota. Keutiicky On'K>'U Cslil'omia u- iSi. 409, 69. 340. 190, 421, SOT. 7T2. y-tj. TJ4, C37, 0U5. 161. 460, 210, 8G2. J2"'1.0«0, 5r.9; iTi. ni, 00(11 1-J l-i. 4'. U 5:i8. L'S-l ST:!. 479 271, 509, 958, l(xi, 227, 127, 012, 709, 72o, 957, 088, 047, 089, 438, cia! 142 26.T 2761 131 404 SCO g89 279 818 932 772 323 407 928 391 972 54:i. J. 817, 901, 3,781, 105, 745, 248, 2. 530, 1, 288, 3,294, 1,149, 1, 098, 1. o:t4, 1,261, 175, 711, 380, 1,671, 42!,8«1| 704, 667; 013. 972' 177,285 720, 5191 307, 917, 727, 477 255,018 1, 163,7371 042,440 1, 290, 454 350, 591 163,1.55 701,010 917,099] 793, 385 174,803 113,655 95, OOU 9("i,-<, i:;7 595- 2?rt l.'i9. 262. 840 922, 240, •J33{ ;19, 580, CritJ 175, 058, .'.50; 151.880.300 U.'.0,031,828 754,789. no 202, 870, 587 550. 19(1. OTOl 477, 524. 507 340, 05'.l, 470 857,581.022 75, 310. 30-5 340, 330, 300 115,819,200 697.110,030 $22, 049, 13,701, 20,304. '2». 072, 4,218, 17,924. 161, .593, 28, 997, 121,328, 6,481, 26, 443, 20, 439, 133, 232, 94, 759. 184, 759, 83, C')l, 70, 990, 71, 2.38, 1.59, 347, 21. 264, 65, 94.8, 19,020, 87, 033, IJeal estate mortgages. Total aiiioiiat. Averajje interest rate. 14 15 220 050| 980- 5(X> 300' aiO' OO&l 349- 348-, 590- :m ooal 498' 262' 013 390 045- 230', 844 938 485 12W 290l $32, 027, 18,988, 27, 907, 3i<, 277, 38, 778, 79.921, , 607, 874, 232, 565, CI 3, 10.5, 18, 122, 64, 577, 19. 70-J. 259, 842, 110, 730. 384, 299, 150.472, 121,838, 197. 745, 199, 774. 25, 777, 45. 693, 22 9*^8 24l! 05oi 208 2.59 (•87' 668 243 07 1] 301 ! 9191 802 690' 8U3| 505! 188| 643 150 700 168 989 171 480 749 437 181 Total 17, 189, 807, 38829, 599, 995, 024 9, 439, 358, 156 1, 462, 924, 735 4, 833, D^^'J. IVrcciitago 68.3 76.l| 71.2 59.61 For free tilver. Vir;.'iiii;l Morth Carolina. South Carolina. Gorsia Florida ML-.-ouri South Dakota.. >'ohr;uska K" .- 'I I. T.-i..s Ark:!nKad ... V -. ... N- ... rtah Kcvada I.Ul. \V:i^]ungton. Total Percentage. Total of .States. 391, 305, 224, 437, 193, 959, 218, 567, 859, 404, 351, 245. 223, 885, 221. 24" 51- IC ^ - 112, 244, C75, 173, 382. 070, 874, 171, 218, 272. 813, 194, 409, 849, 3.39, l."i8, 292. 2»y 333 517 773 851 065 990 744 098 416 323 633 560 664 751 995 291 7«4 57 7, 063, 940, 575 31.7 470, G42, 553 278, 975, 226 176, 528, 452 415.3:19,384 195, 614, 398 1,438.731,201 200, 923, 201 708,413.098 939, 530, 176 483, 761, 510 271.36.3,944 208. 393, 024 271,901,846 1,220,417,771 233. 855, 131 207, 770, 797 92, 493, 357 003, 326, 165 183,117,253 92. 222. 975 05, 606, 807'j 510, 365, 149 254,490.600 183.977,010 99, 104, 600 152,000,230 72,745,180 625, 858. 301 107, 466, 335 402. 358. 913 559, 720, 046 212,700, r^io 111,051,390 127,423.157 85,381,270 399, 971, 2 >9 118,574,422 25, 512. 340 14, 400, 880 85, 035, 180 28, 402, 780 12,339,410 17, 4.-! 1,5.80 83,401,600 9,311,353,418 23.9 25,153,753,063 38,911,349,042 3, 809, 479, 173 28.8 13,248,837,329 42, 244, 458 50, 070, 530] 51,337,985! 83,371.4821 12, 086. 330| 109, 751. 0241 22, 047. 279| 66,837.6171 95, 070, 0801 55, 194, 181 1 66,240,190 73, 342, 995 54, 343, 953 111,699,430 53, 128, 155 0,273,415 2, 241, 590 13,136,810 4,891,460 2, 705, 660 3,848,930 13, 074, 930 Perernt. 0. 15 .■v. OS 5. 97 5. 44 .^72 5.64 .5.49 5.73 5.61 .5.71 5.86 6.06 6.56 6.81 6.70 7. 13 6. .84 7.66 7.63 9.35 6.25 9.45 8.81 993, 538, 484 40.4 2, 450, 463, 219 28, 691, 726 21, 471, 4281 13. 780, 3021 27, 387. 590| 1.5,505,119' 214.609,772; 36. 115,773; 132, 902, 322 243,146,820 40,421,3961 39, 027, 983; 19, 075. 980! 28, 513, 909 93,864,178 14. 366. 595 8, 729. 907 4, 967, 005 85, 058, 793 8, 040, 829 2, 194, O*.*,' 3,167,249 44, 078, 449 1,125, 118, 18t'. 18.8 5, 958, 700, 20 1 0.20 6.02 7.72 8.37 8.09 9.78 7. 68 9. 46 8. 30 !^.68 7.98 9.30 7.67 9.60 9.06 10.01 10.22 8. !i7 9.70 9.48 10.60 8.34 8.30 0.63 Table I.—ropulalion, education, wcallh, etc., according to the FAevcnth Census, of Stato$ arra^jcd hy I'icsidenlial vote in ISUG — Contiimctl. States. For gold ttandard. Maine Nuw lliiiiipaliiro Vcriiioul Miissiicluisi'tts lihodo IhIuiuI Comipcticut Now Vork New Jirscy I I'eiinsvlvauia Total value. Maimrncturcil pi'ujuctd. lO Celiiw !iio Mnr,vl:iiiania Mississii>i)i Louisiana Texas Arkansa.s Montana Wvoniing Colorado Utali Nevada Idalio AVaaliiucton — Total Percentage. Total of States. $'jr>, Otto, r.oo K'.. 77(1, r. lit, "Wnges of employees in uauulucturiug. 17 rroiliiclion of silver mines. 18 Ouneei, $20, 5J0,2I7 2», L'l«, lC.4' 10. ' , <• JO. Number. 11> Untie to .pop- ulation. '20 248. l.VIl, 35 «, l,;i31, ;t7, 171, ;i8, 641, 220, 908, 277, 218, 102, 125, 5, 120, 41. 213. .,oo, ..ii4; 577, 071 1 .173, .^7I 7U»,H01 571,848 812, r>'.»3 7U2, 125 CSS, 004 825, 082 01(1,280 8'JO, 700 540, 104; 033, 478, 049, 183 028, 107i 710,857 432, 174 403, 900 •I- 8, 152, 123, 307 87.4 3u5, 9, 41, 8, 1.58, 51, 171, CO, 51, 38. 25, 1, 27, 11, 51, ,V.11,II03 8'.>2. :'..'J7 ri2ii>:;2' .'1311, '.i97 Per emt. l.'.5,70l 23. 4 103. 7o2 41.9 94. 901 28. 5 1,2I7,( •.(1.0 131, <;. .:t.5 337, 2.'.4 41.1 l.ei.'i, 178 24.0 144, 100 8.8 204, (i42 4.5 18, C48 10.4 148,342 13.5 708, 883 . 740,970. 523, 570' . 347, 708: 843, 70S'. 180.230'. 878,007'. 002,881'. 701,740'. 535, 220j 5j8, 780 14, 007 80,183 15, 030 94, 724, 1,430 42.777 77, 800 17,851 1, 062, 578 1,803 108, 638 1, 999, 507, 2CD! 88.2 88, 3G3, 824 40, 375, 450 31,920,081 08,917,020 18, 222, 800 324,501,003 5, 682, 748 93, 037, 704 110,210,805 72, 355, 280j 51, 220, 6051 18,705,834 57, 806, 713 70,433,551 22, 659, 179 5, 507, 573 2, 307, 001 42, 480, 205 8,911,047 1,105,063 1, 396, 096 41,768,022 1,095,030 2.3 1, 178, 030, 980 12.6 9, 330, 154, 287 19, 644, 850 7, 830, 530 0, 500. 983 17,312,190, 0, 513, 008 70,417,304' 1,0;'8, 418 12,084,571' 10,:t2S,4g5 10, 809. 351 12, 070, 020 4, 913, 803 13, 1.50, 504 18, 580, 338, 5, 749, 888 1.048,213 878, 040 12,285,734 2.715,805 445, 503 324, 202 12,053,614 10 3,000 179 350 4, 810, 340 08.7 6,039 17,418 5, 747 1,148 104, or. 8, 703 9,018 323, 438 13,511.4551 2,844' 18,37.5,5511 7,00.5,193; 4,090. 005 . 3. 137. 508 . 28,4041 0,271 5,512, 207, 902. 221 U.8 47, 180, 511 97.7 2. 207, 529, 490 48, 281. 547 63, 600 1.3 4, 873, 040 2.2 "'.7 2.3 .1 2.0 3.8 12.1 11 .4 1.5 .3 .2 .8 i.3 '2.5 i" .3 The comparison iii respect to illiteracy is coiifinetl to native whites, thus excliuliu^- the most illiterate classes of the population — the colored in the free silver territory and the foreign born in the gold standard territory. Coluinn C shows the ratio of illit(M-ates to total population, for native whiles over 10 years of a.ue. In coluinu 7 the corrcspoiuling ratio for all white illiterates, both native ami foreiiju, is shown, so that 6 eitlier tijnire maybe available, accordiiip: as one or tlie other is deemed uu»re siiruilicaut. lu column 0. showing school exitonditure per ciipita, the numbers lor some of the States are i^aeator than Avould be obtained bv division of the total reported expenditure by the population in the fourth column. This is explained in the census report as due to the fiiilure of certain counties to furnish statistics, aiid the subtraction of the population of those counties from the total population; allowance is made for this circumstance in finding the averages for the two series of States. All valuations are *'true," not "assessed," those included as personal being divided in the census statement under the headings of (1) stock, implements, etc., on farms; (2) mines and their products; (3) precious metals; (4) machinery and manufactured products; (5) railroads and their equipments; (6) telegraphs, telephones, shipping, and canals; (7) miscellaneous. The " real " valuation of course includes improvements. The real estate mortgages include those on acres and on lots together. Percentages relate to totalslbr the States, the Bistiict ol Columbia and the four Territories being excluded. AREA A^-D rOPULATION. It will be seen that the area carried for tree silver is nearly double the area for the gold standard, while its population does not greatly exceed halt the hitter. The average of inhabitants per srpiare mile in the jrold standard States is three and one -fourth times that in tlie free silver States. The percentage of electoral votes is larger in the free silver States than that of population, showing that those States are iavored by that method of choosing the President. EDUCATION IX THE TT\*0 AEEAS. Of the total number of illiterate native whites, the free silver area contains nearly three-fifths, Pelatlvely to total native white popula- tion over 10 years of age, the percentage of illiterates in the free silver States is three times that in the gold standard States. Including all whites in the comparison, the percentage in the free Eilvcr States is not increased. Over the -western part of this territory the foreign born of the white population are relatively more illiterate, in about the same degree as throughout the gold standard States; while over tlie southern part the native Avhites are, except in Texas, relatively more illiterate than the foreign born. The percentage of illiteracy in the gold standard States, owing to the relatively' large i^roportion and deficient education of the foreign element in those States, is greatly increased bj' including it. The general average is, however, brought very little above one-half of that for the free silver States. The rei»orted total exi>enditures for schools (excluding "colleges, academics, normal schools, and other educational purposes") in the gold *taiul;ird States arc tlircc and a half times as great as iu tlic free silver States. This is higher than the ratio of population, as is shown also by the data in column 9. It is also higher than the ratio of personal liroperty, and even higher than the ratio of real ])roperty. The average expenditure per capita is in the gold standard States very nearly double that in the free silver States. The gold standard list includes one State, Kentucky, whose vote was so nearly an even balance that its decided position in either rank Avill perhaps bo questioned. The inquiry may, therefore, arise, how the gold standard average would be altered by omission of that State, llenco it appears worth while to add that the 10.7 per cent of native ■while illiterates would thus be reduced to 31.0, the ratio of such illiter- ates from 3.7 to 3, little more than ono-fourth of the free silver average, and the ratio of total white illiterates from G.l to 5.7, just half the free silver figure. The average per capita school expenditure would bo increased to $2.79, more than double the free silver average, by the same omission. rROPERTY, IIODUSTIIIES, AND PRODUCTION. Property, both i)ersonal and real, shows a higher percentage than population in the gold standard States. The farm lands (column 12), though the disj^roportion is less for these than for other real estate, show an excess in the same direction, while the total of agricultural products (column 13) gives for this territory a percentage somewhat lower than that of population, this not very large difference being all that the census tables have to tell us of the relatively greater devotion of the free silver States to agriculture. Notwithstanding the fact that they are less agricultural, the gold standard States exceed the others far less in value of personal than in that of real property, showing that real estate values are relatively lower and not higher, as a rule, among, agricultural peoples. On the average, for each inhabitant of a gold standard State there are $37 worth of agricultural products, and for each free silver inhabitant $14 worth. The total value of manufactured products per inhabitant is $52 in the free silver States, while in the gold standard States it rises to $20G. The latter States, as the table shows, produce almost seven-eighths of the manufactures of the country, the scope of manufacturing being extended far enough in the census to cover grist- mill, bakery, dairy, slaughtering, and masonry products. The ratio of wage rolls is nearly 7.^ to 1 in fiivor of the gold standard States, showing not only a concentration of manufacturing industry, but a higher average proportion of wages to total product. MORTGAGE INDEBTEDNESS. Of the total amount of real estate mortgages, the percentages in the gold staiulard region greatly exceeds that for population, showing a far higher mortgage iiulebtedness i^er inhabitant. It considerably exceeds 8 the poirentajie for real estate, sliowing a much hijjher ratio of iiulebt- eiliK'Ss to vahio of i)ioperty moitjra.ircd. isew York, aloue, owes on re;»l esrate 43 per cent more than all the free silver States combined. Column l."> i)resents a comparison of the rate of interest in the two areas. Not only is the jxeneral average for the free silver area more than one-third higher, but there is a delinito limit, Tg per cent, above which are found but three gold standard States, while but two free silver States fall below it. Ot the nnuiy factors by which the prevailing rate of interest ia aflectcd, the most important is credit. As the one rises the other falls. Detining interest as the ditference in value between a dollar in hand uow and the prospect of a dollar in hand a year hence, it directly fol- lows that nothing can operate more powerfully to increase it than enfeebling that prospect. COMPARISON OF SILVEll PRODUCT. The production ot silver shows a proportion of 42 to 1 in favor of the free silver States. But one of the gold standard States, and that a close one (California), produces more than an insignificant amount of silver. The free silver territory is made up, as is shown by comparison of column 6, of (1) twelve States in which the ratio of native white illit- eracy is higher than the average for all the States (higher, also, than every State but two in the gold standard series); {2) of the five States of largest silver production, and (3) of States immediately adjoining the last, and doubtless inlluenced by sympathy with them. SAVINGS-BANK DEPOSITORS. "Reports of savings banks are made annually by the Comptroller of the Currency, who endeavors in some measure to fill out incomplete returns by estimate, and offers his figures for all institutions not under the national system as "such information as the Comptroller has been able to obtain," from the courtesy of State oflicers and the banks them- selves. If the institutions reporting may be accepted as representa- tives of those that fail to report, it is to be inferred that the depositors in the savings banks of the gold standard region outnumber those of the free silver States by 75 to 1. The free silver movement was sometimes characterized in the cam- paign preceding the election as a crusade against all credit, and par- ticularly against such credit as is embodied in savings-bank accounts. The figures in columns 19 and 20 of Table I, imperfect though they doubtless are, furnish emphatic testimony as to the views of the deposi- tors themselves. ILLUSTRATIVE MAP. In the accompanying map (fig. 1) the two series of States are dis- tinguished by dillcrence of shading. The territory comprising the gold stamlard States, except for two detached Pacific States, is a 9 crescent- shaped area stietcliiug from Maine ou the east, by Kentucky on the south, to North Dakota ou the west, about the Great Lakes as a center. The territory comi>rising the free silver States, extending from nortliwest to southeast across the country, in a broad continuous 10 band, corcrs most of the moimtaiu States and all the cottou States. The leadiug States iu silver productioi), five in nnniber, are contignons and are indicated by inclosure in a donble border line. THE PURCHASING POWER OF AGRICULTURAL PRODUCTION. For the prices of the products which our farmer has to sell, a receut publication (Circular No. 1) of the Division of Statistics, giving tho ''Acreage, Production, and Value of Principal Farm Crops in the United States, ISGG to 1S95," is followed; the prices from 18GG to 1878 being reduced to a gold bases by applying the average gold premiums stated in the introduction, and tho three leading crops being weighted according to importance, as gauged by amount of product, thus fur- nishing an adopted average. THREE niPORTANT CHOPS. The total product and total value of the country's six leading staples for tho average of eight years ending with 1S95 are approximately as follows: Articles. Prodnct. Corn bushels . . 1, 7S3, 000, 000 Hav tons..! .11,200,003 Wlicit bushels.. I 470, OCO, 000 Cotton pounds . . ' 3, 750, 000, 000 Oata bushels..' 688,000,000 Potatoes do I 197, 000, OuO Valac. $6.^0, 000, 000 451 ""> ■'■'■ Tobacco, which probably comes next in order, has a total value less than half that of potatoes. From the prices forming the adopted average, that of cotton is excluded, first, because the returns of that crop for these thirty years are not given in Circular Ko. Ij secondly, because its abnormal price for the early years was due to circumstances peculiarly affecting the cotton-growing area, and not to be accepted as an indication of tho condition of agriculture throughout the country. The inclusion of this crop would have made the average fall in prices more abrupt, par- ticularly for tho earlier years, while the effect of including oats, the next crop in order, whose price fluctuations have been hardly more marked than those of hay, would have been to lessen that average fall. There is no reason for doubting, on tho whole, that tho use of the three leading crops leads to practically the same results that would be reached by making tho computation more extended and compli- cated. TABLE OF GOLD VALUES. For convenience of calculation, numbers nearly proportional to the average product above tabulated were used as weights in combining the prices of tho three leading crops. Using a divisor from 17,000,000 11 to 18,000,000, we derive as an average proportionate prodnttion for every 100 bushels of corn raised, 3 tons of liay, and L'7 busliels of wheat. Table II gives the farm value, reduced to a gold unit, of loo bushels of corn in dollars, followed by that, of the correspoiiding amounts of the other crops .similarly stated. The three nundxMs, Lcingmbled, givo the farm value of the combination, or aj>[)roxima(eIy the relative value, to the farmer himself, of a constant unit ot his prcjduition. tsiiice tlio comparison is with a gold dollar, a fall in this sum may be accepted as indicating a proportionate rise in the purchasing power of gold over agricultural product. Tarle II. — Gohl rahtea oj farm products and Bilrer. Years. IBflfl 1W'>7 IMiS ISI^.l IhTO ItTl is:;! 1874 1S7.') iK7t; 1877 I!<78 l>i79 18S0 1881 1--,; 1Kp5. 1--- 188!) i.sao. l.sui, 18SI2, ]):93. laiu, 1S05. Gold value of— of com. I "^'^-^J- $49 58 45 67 48 43 35 4-2 5rf 36 33 34 32 37 39 64 49 42 i 36 33 37 44 34 28 51 41 39 36 46 25 $31 31 29 '2» 36 43 S9 33 36 32 2(i 25 21 28 33 35 2} 25 25 26 25 30 2C 24 23 25 26 26 26 25 27 biiali- iIm of 'nlieat. $42 38 27 19 24 30 80 27 23 24 25 23 21 30 26 32 24 25 17 21 19 19 25 19 22 23 17 15 13 14 Sum of tbrci. $122 r.'7 101 105 108 110 104 102 117 92 84 87 74 95 100 131 102 92 78 80 81 93 85 71 96 89 82 77 85 64 37.125 I 100 Kr.iiiin of l)UHlieIs silver, of wheat. $104 103 1U3 1U2 103 103 102 100 99 90 S9 93 80 87 80 88 88 to 86 82 77 76 73 72 81 76 07 60 49 51 $150 144 102 71 01 113 110 102 85 88 93 103 77 111 05 119 88 01 65 77 69 68 93 70 84 84 54 40 51 The sixth column of Table II gives, for comparison, the commercial value ol the amount of pure silver, 37,125 grains, that goes to the making of 100 standard silver dollars; in other words, the ratio per cent of bullion value to "coining value" of silver. EXPLANATION OF THE DIAGKAM. The accompanying diagram (fig. 2) shows graphically the gold values in Table II. In addition to the crooked lines connecting the two series of yearly jmces two straight lines are draAvn, the tirst of them representing, as nearly as a uniform rate can represent it, the general course of agricultural values, and the second the general course of silver values since 1872. The value of the ad(tpted combination of three croi)S in this ai)proximalion becomes equal to ^100 in 1871, 12 13 14 dimiuisbii)^ by $1 lor every year covered by ihe table, from $103 in IsiiG to $79 ill 1893. Tlic value of silver similarly becomes $100 in 1^)73, diminisliinp: by $1.80 auuually, so that it falls from the same value as that of the combined crops in 1872, $102, to $00 in 1895. The straight line for silver price in uo way represents the market value of that metal for the years back of 1871; that for agricultural commodi- ties, on the contrary, applies to the early years no less than to the later. It will easily be seen that if the Uuctuations from year to year are ascribed altogether to varying seasons and business adversity or prosperity, a uniform change of price being assumed for farm jtroducts and lor silver, the same rate of change will not do for both. rLUCTUATIONS IN AGKICULTUUAL THICES. It Will be observed that the years in which violent oscillations of the agricultural i»rice line show themselves arc usually years wheu tho price of some one of the three crops is especially allccted, and in most cases there is little difliculty in discovering the reason. For exami)le, the effect of especially short corn crops in 1867, 1871, 1881, 1887, 1890, and 1891 in increasing the price, and that of especially abundant crops of the same cereal in 1884, 1885, 1889, and 1895 in cheapening it, are jilainly shown in the table, not only in the corn price, but in that of the sum. Short hay crops and high prices affect the whole combination in the years 1871, 1880, and 1887, while good crops and low prices pro- duce the reverse effect in 1878 and 1884. Low prices for wheat coin- cided with abundant wheat crops in 1878, 1884, and 1880; high prices with delicient crops in 18GG and 1871. These exceptional crops in largo measure account fur the violent disturbances of the price line. I II some of these an abundant yield of one crop is offset by a deficient yield of another, and in other years, such as 1807 and 1891, prices in this eouiiiiy were upheld by exceptionally strong demand in Europe. The prices in the years last noted are relatively higher for wheat than for other crops, as the table proves. Besides the Uuctuations depending on vicissitudes of season, affect- ing the price for a single year, there will be noted a few otliers extending over several years of varying seasons. These arc explained by com- mercial conditions. The period of low prices from 1875 to 1878, fol- lowed by a sudden revival in 1879; the fall from 1884 to 1S8G, and tho bimilar one beginning in 1893, are all reflections of business depressions and recoveries. If these factors had not existed in addition to those already noted, the movement of agricultural prices for tho thirty years covered might have nearly approached the uniform diminution shown in the straight line of the diagram. FARM niODUCTS AND SILVEB. The price of wheat has often been used as a test of the value stand- ard, and great stress has been laid upon the general correspondence between the jirice variations of tliis grain and tliose of silver. The 15 farm value of 100 bushels ul" wheat is j?iveii, on a {^^ulcl basis, in the last column of Table II, and a comparison of its course with that of the conunercial value of 37,125 grains of silver shows some points of agree- ment and some points of contrast. There arc divergences explained by exceptional crops and others by exceptional foreign demand, as shown above. Moreover, in tlie wheat i)rice is observable a greater sensitiveness to linanrial conditions, which is dmibtless itself an elVect of foreign demand. Attending only to Uh; points of agreement, and assuming that agreement as exact, the inference is easily drawn that, in order to denote a constant purchasing power over wheat, gold ought to have been abandoned and silver followed as soon as the relative commercial value of the two began to show a wide dineronce from the accepted coinage value. lint without denying that some such correspondence exists, it should uevertheless be lirndy borne in mind that wheat is not the oidy crop grown in the United States. It is not the most important crop grown. It does not even stand second in importance. If we consider the prod- ucts which outrank it, we find in neither the lirst nor the second of them any such corrcsi)ondence with the price of silver as is shown for wheat. While the gold price of corn and hay has somewhat diminished in the course of the thirty years, their silver price has increased in greater measure; so that if, by a failure to pass the mint act in 1873, the country had been reduced to a silver standar