Page:Speeches, correspondence and political papers of Carl Schurz, Volume 5.djvu/303

Rh rye, oats and corn rose above the price of 1872, while cotton declined. In 1874 wheat dropped a little; corn made a jump upward; cotton declined; oats and rye rose. In 1875 there was a general decline. In 1876 there was a rise in wheat and a decline in corn, oats, rye and cotton. In 1877 there was another rise in wheat carrying the price above that of 1870 and up to that of 1871, years preceding the act of 1873. Evidently so far the 200-cent dollar had not made its mark at all. But I will admit the possible plea, that, as they say, the act of 1873 having been passed in secret, people did not know anything about it, and prices remained measurably steady, in ignorance of what dreadful things had happened. If so, then it would appear that, if the knowing ones had only kept still about it, the gold dollar would have modestly remained a 100-cent dollar, and nobody would have been hurt. But, seriously speaking, it may be said that when the act of 1873 was passed we were still using exclusively paper money; that neither gold nor silver was in circulation, and that therefore the demonetization would not be felt. Very well. But then in 1879 specie payments were resumed. Metallic money circulated again. And, more than that, the cry about “the crime of 1873” resounded in Congress and in the country. Then at last the 200-cent gold dollar had its opportunity. Prices could no longer plead ignorance. What happened? In 1880 wheat rose above the price of 1879, likewise corn, cotton and oats. In 1881 wheat rose again, also corn, oats and cotton. In 1882 wheat and cotton declined, while corn and oats rose. The reports here given are those of the New York market. They may vary somewhat from the reports of farm prices, but they present the rises and declines of prices with substantial correctness.

These facts prove conclusively to every sane mind that for nine years after the act of 1873—six years before