The figures of the same table show that in 1873 a coined silver dollar of 412½ grains would buy 51⁄3 pounds of cotton; to-day 412½ grains of uncoined silver will buy 6¾ pounds of cotton. From this it appears that silver has not fallen relatively to cotton, the great staple of universal use, but that, on the contrary, it has advanced somewhat in its purchasing power when compared with that article.
In order to present the question from another point of view I submit another table showing the number of grains of silver that are required in 1890 and the number which were required in 1873 to buy a bushel of wheat, a bushel of corn, &c., by which it will even more clearly appear that silver has not fallen in value in respect to commodities.
Comparative purchasing power of silver bullion, in grains nine-tenths fine, in 1873 and 1890, respectively.
| Articles. | 1873. Legal tender. | 1890. Commodity. |
|---|---|---|
| Grains silver. | Grains silver. | |
| Wheat per bushel | 474.3 | 468 |
| Corn do | 223.9 | 209.25 |
| Cotton per pound | 77.55 | 61.42 |
| Beef, mess per barrel | 8,662.5 | 7,560 |
| Pork, mess do | 5,465.62 | 6,750 |
| Lard per pound | 31.97 | 35.1 |
| Butter do | 76.31 | 89.1 |
| Cheese do | 47.44 | 59.4 |
| Sugar, refined do | 42.07 | 39.82 |
| Eggs per dozen | 96.52 | 76.68 |
From this table it will be seen that in 1873 it required 474 grains of standard silver, in the form of coined dollars, to buy one bushel of wheat; in 1890, only 468 grains of standard silver (and that merely in bullion form, or in other words, at its market value) are required to buy a bushel of wheat. This does not show that silver has fallen in value, in its relation to wheat, but, on the contrary, that it has risen in value.
In 1873 it required 224 grains of silver to buy a bushel of corn; to-day only 209 grains of silver are required to buy the same quantity. These figures fail to prove that silver has fallen in value, in its relation to corn. On the contrary, again, it has risen.
In 1873 a pound of cotton could not be had for less than 77½ grains of silver; to-day the same pound of cotton can be bought for 61 grains of silver. Silver, therefore, has not fallen, but risen in value in its relation to cotton.
In 1873 96 grains of silver were required to buy one dozen eggs; to-day only 76 grains of silver are required to buy the same quantity of eggs. Silver therefore has not fallen but risen in value, in its relation to eggs.
These comparisons might be continued with the same results as to a great majority of the articles entering into general use.
These figures demonstrate that in its relation to all commodities that enter into the daily consumption, silver has not fallen in value, but, as is clearly seen, while holding a remarkably steady ratio to commodities, has slightly increased in value, as is shown by the fact that a less number of grains of the metal are to-day required to purchase the same quantity of the commodities mentioned than were required in 1873.