o47H ConcRESS,
2d Session.

| HOUSE
s

SPECIAL

OF REPRESENTATIVES. } DocuMENT
No. 25.

CONSULAR

MONEY

AND

REPORTS.

PRICES

IN

FOREIGN COUNTRIES,
BEING

A SERIES OF REPORTS UPON THE CURRENCY SYSTEMS OF
VARIOUS NATIONS IN THEIR RELATION TO PRICES
OF COMMODITIES AND WAGES OF LABOR,

ISSUED

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FROM

THE

VOL.

XITI—PART

BUREAU

OF

STATISTICS,

WASHINGTON:
GOVERNMENT PRINTING
1896,

I,

DEPARTMENT

OFFIOR.

OF

STATE.

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MONEY AND PRICES IN FOREIGN COUNTRIES.
On the 25th of July, 1896, the Secretary of State sent an instruction
to diplomatic and consular officers of the United States, in which he
Said:
In view of the great popular interest in this country in the currency question, the
experience of other nations becomes a matter of immediate importance.
You are
therefore requested to prepare, a8 soon as possible, for publication by the Department, a brief report upon the currency of the country to which you are accredited,
showing—
(1) The nature of the standard of value, viz, whether it is explicitly a gold unit
or a silver unit, or whatis generally known as the double or “limping” standard,
1.e., where gold and silver are maintained at a parity or alimited amount of silveris
circulated at equal value with gold.
Ifit be a silver unit, state the number of grains
of silver, fine, and its actual value, at the date of your report, in exchange on London. Also, whether the unit is determined by law and exists in practice, or if the
legal unit is a measure of value nonexistent and a name only.

_ (2) The total amount of money in circulation, specifying the amounts in gold coin,
in silver coin, and in paper, discriminating as to the last, if possible, between State
or Government

notes and

bank

or private

issued directly by the Government
redemption

issues.

Is the Government

or through banks?

of such notes in metallic money?

paper money

What provision is made for

(3) The amount of money in circulation per capita of population.
(4) If there has been a change in the monetary system of the country, in the
abandonment or curtailment of the use of silver or paper currency, give the date of
the change, the precise nature of it, and the reasons that induced it.
(5) The practical effect of the existing currency on manufacturing industries and
the rates of labor, i. e., whether manufacturing has been stimulated or not, and
whether the wages of labor, skilled or unskilled, have increased or diminished.

actual rates of wages, expressed in the currency of
equivalents in United States currency at the date of
for as wide a range of occupations as possible, with
wages paid in the same occupations in 1886.
(6) Prices at the date of your report in the currency
States equivalents of—

The

the country, and also in the
your report should be given
a comparative statement of
of the country and in United

(a) Agricultural and pastoral products exported.
P ) Products consumed in the country as well as exported, especially articles of
ood.
(¢) Products consumed in the country but not exported.
(d) Products imported, especially the necessaries of life or of industry, such as
articles of clothing, boots and shoes, tools and implements, hardware, drugs and

medicines, raw materials for manufacture,

been affected appreciably by tariff changes.

stating whether

prices

have or have not

For comparison with these figures, the

prices of the same products ten years ago, i. e., in the year 1886, should be given.

(7) Whether the mints of the State are open to coinage of either or both metals.
State the mint price for gold and silver per ounce fine, and whether the price has
varied since 1886.
It will be of service to depend as far as possible upon official figures, stating
authority when so obtained.
The object of the Department is to set forth the actual conditions in every country
of the world in order that the people of the United States may be accurately
Informed as to the practical effects on industrial activity, prices of commodities,
and wages of the various systems of currency in force.

The reports at hand in answer to this instruction are given substantially in the order of their receipt by the Department.

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6

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

In addition to the foregoing, extracts are printed from the annual
reports of consular officers, Who had previously been directed to include
in them statements as to prices of commodities and wages of labor;
also a series of reports from consular officers in Mexico, in response to
a special instruction, as to present conditions in that country.
The reports of diplomatic and consular officers still due in response
to the instruction of July 25, 1896, will be printed as soon as practicable in Part II of this volume.

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UNITED KINGDOM EGREAT
IRELAND.

BRITAIN

AND

Referring to your circular of the 25th ultimo, I have the honor to
transmit herewith a report on the currency, etc., of Great Britain, containing replies to the different interrogatories contained therein, accom-

panied by tables and statistics as to the various branches of industry,
prices of commodities, wages, ete.
I.—STANDARD

OF

VALUE.

The answer to the first question is that the standard of value in the
United Kingdom is explicitly a gold standard, the unit being 113 grains
of fine gold, or 123.27447 grains of standard gold, which are coined into
sovereign.
Standard gold in the United Kingdom is eleven-twelfths
ne,
The matter was explicitly settled by the coinage act of 1816 (56 Geo.
III, C. 68), which was passed in view of the early resumption of specie
payments after a period of inconvertible paper which had lasted from
1797,
(Specie payments were actually resumed in 1819.)
_ It may be interesting to quote the exact words of the statute declarIng that gold alone was to be the sole measure of value and unlimited
legal tender. This declaration is as follows:
(Sec. XI) And whereas at various times heretofore the coins of this Realm of Gold
and Silver have been equally a legal Tender for Payments to any amount and great
Inconvenience has arisen from both those precious metals being concurrently the
Standard measure of Value and equivalent for Property, and it is expedient that the
Gold Coin made according to the Indentures of the Mint should henceforth be the sole
Standard Measure of Value and legal Tender for payment without any limitation of
amount and that the Silver Coin should

bea legal Tender to a limited

for the facility of Exchange and Commerce;
Be it therefore enacted, That from and after the passing of this Act

amount only

the Gold

Coin

of this Realm shall be and shall be considered and is hereby declared to be the only

legal Tender for Payments (except as herein after provided) within the United Kingdom of Great Britain and Ireland and that the said Gold Coin shall hold such weight

and Fineness as are prescribed by the present Indenture with His Majesty’s Master
and Worker of the Mint for making Gold Monies at His Majesty’s Mint in London

and with such Allowance called

said Indenture, which Weight

the

and

Remedy

Fineness

as is given

are hereby

to the said

declared

Master

by the

to be and shall

remain to be the Standard of and for the lawful Gold Coin of the Realm so far as
relates to
Gold Coins of the Denominations at present in use and specified in the

said Indenture; and in case any Gold Coin or Coins of any other Denominations
shall hereafter be coined at the said Mint under any future Indenture, such Gold
Coin and Coins shall hold the like Standard in Fineness as the Gold Coins of the

present

Denominations

and shall

weight of the present Gold

hold such weight as shall

be proportionate to the

Coins according to the Value for which such

or Coins of any new Denominations shall be declared to be current.

Gold Goin

In this connection it may also be interesting to quote the declaration
as to the intention regarding the standard which was made on the sec-

ond reading of the bill.
the bill and about that

Mr. Wellesley Pole, the official in charge of
time master of the mint, made the following

statement in introducing the measure:
When

the committee

took into their consideration

this short view of the history

of our circulation he believed he should be anticipated in his opinion that it could

not

be expedient

to allow the

coins of both the precious metals

to be equally legal

tender and standard money of the country to an unlimited extent.

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It had been the

7

MONEY

8

AND

PRICES

IN

FORELGN

COUNTRIES.

opinion of, he believed, all the eminent men who had written upon the subject that
Sir William Petty, Mr. Locke,
there should be but one standard measure of value.
and Mr. Harris upon this point had all concurred. Mr. Locke says that money as the
measure of commerce ought to be kept as steadily and invariably as may be, but
this can not be if your money be made of two metals whose proportion, and conseSir William Petty
quently whose price, constantly varies in respect to one another.
declares there can be but one of the two precious metals of gold and silver fit to bea
Mr. Harris observes that only one of these metals can be the money
matter of money.
In latter times, aftera further
or standard of measure of commerce in any country.
experience of the evils arising from the collision of two standards from the competition raised between the coins of the two precious metals, these opinions had been
strengthened by the writings of Mr. Aleome and Dr. Adam Smith, the late Lord
All these authorities
Liverpool, and lastly by the report of the bullion committee.
had agreed that the standard measure of value, the standard coin of the realm, should
He believed, therefore, that it
be composed only of one of the precious metals.
would be universally admitted that there should be but one standard coin of the
realm, to be at once the measure and equivalentof property. (Hansard, Vol. XXXIV,
April 26 to July 7, 1816, p. 950.)

With regard to the actual unit—that is, the actual weight of gold in
the coin—reference may be made to the coinage act of 1870 (33 Vict.,
C.10), which gives in a schedule the weight of different gold and silver
cvins, the remedy allowances, and other particulars. This schedule
has added to it the following note, which shows that the weight and
fineness of the gold coins were the same as prescribed by the above
coinage act of 1816 (56 Geo. IIT, C. 68):
The weight and fineness of the coins specified in this schedule are according to
what is provided by the Act Fifty-six, George the Third, Chapter 68, that the gold
coin of the United Kingdom of Great Britain and Ireland should hold such weight
and fineness as were prescribed in the then existing Mint Indenture (that is to say)
that there should be nine hundred and thirty-four sovereigns and one ten shilling
piece contained in twenty pounds weight troy of standard gold of the fineness at
the trial of the same of twenty-two carats fine gold and two carats of alloy in the
pound weight troy.

Actually, it may be explained, no “sovereign” of the present weight
had been coined before 1816, the unit before that being a coin known
as the

guinea, which was worth 21 shillings.

Silver

in the

old times

having been the principal money, and 20 shillings in silver having been
regarded as the equivalent of a pound,! it was decided in 1816, in making a new departure, to coin a sovereign which was the equivalent of
(See the
20 shillings, and this sovereign is now the pound sterling.
supra,
et
debates on the coinage act of 1816,? Hansard, Vol. XX XIV
p. 1023 et seq.)
As to the question “whether the unit is determined by law and exists
in practice, or if the legal unit is a measure of value nonexistent and a
name only,” the answer is in the affirmative to the first part of this
The unit is determined by law, as above explained, and it
question.
exists in practice. The pound sterling is a certain weight of gold, and
all contracts and all debts are estimated in that medium, and payment
in it is compulsory.
Some delicate arguments have been raised regarding the latter point
on the ground that Bank of England notes are “legal tender,” and no
one can refuse payment in them, but as the Bank of England is bound
to pay its notes in gold on demand, and does pay in gold on demand,
this criticism is usually regarded as hypercritical. The gold standard
has been maintained in effect since its formal establishment in 1816.
1The

pound

was

originally a pound

weight

of silver, but

the weight was

in the

course of centuries reduced to about a third of that weight, though still called a
66
pound. ”
2 Reference may also be made to the definition of the pound sterling in Sir Robert
Peel’s famous speech on the bank charter act of 1844,

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

9

Negatively, with reference to the question put, it may be useful to
add that, although there are token currencies of silver and copper, which
are legal tender for small amounts only and have a limited circulation,
there is nothing of what is called the “limping” standard.
There are
no coins but gold coins which have unlimited legal tender.
II.—AMOUNT

OF

CIRCULATION.

The second question is as to the total amount of money in circulation,
specifying the amounts in gold coin, in silver coin, and in paper, discriminating as to the last, if possible, between State or Government
notes and bank or private issues. This raises, as will be seen, some
questions as to what is the strict meaning of “in circulation” which
ought to be considered in using the figures, but these questions will arise
in detail.

(4) GOLD

COIN (INCLUDING

GOLD BULLION).

The question relates to gold coin only, but as in the English monetary
system gold bullion in reserve in the Bank of England is used as money
as well as the gold coin, such bullion must here be dealt with as well as
coin.
The answer as to gold coin itself may best be given in the words of
& special paper appended to the last report of the master of the mint in
the United Kingdom.
Dealing with this very question of the amount
of gold in circulation, he states as follows:
VOLUME

OF

THE

GOLD

CURRENCY.

The results of the mint inquiries of 1888 and 1895, taken together, by giving an
insight into the condition of the gold coins in circulation at the beginning and end
of an operation of some magnitude, undertaken in order to improve them, afford more
complete data for estimating the volume of the gold currency than have hitherto been
available, while methods of investigating this complex question have now for the
first time become possible of application.
In discussing this branch of the inquiry
it is essential to bear in mind that these methods are based on the assumption that
the coins collected on the two occasions are fairly representative of the entire circulation, and that the volume of the active currency in 1895 did not differ materially
from that in 1888.
The two inquiries afford data for estimating the volume of the currency by five
distinct methods, which, however, as will be seen, are not of equalvalue.
They may
be briefly described as follows:
First method.—The proportion which the light sovereigns bear to the total number
in circulation has fallen from 45.97 per cent in 1888 to 11.86 per cent in 1895. This
reduction has been effected by the withdrawal of 19,600,000 light pieces from circulation in the United Kingdom.
It is evident, therefore, that if the number which
fell light between 1888 and 1895 is ascertained and subtracted from this 19,600,000,
the balance is equal to (45.97—11.86 or) 34.11 per cent of the entire sovereign currency.
A precisely similar method is available in the case of half sovereigns.

AMINE

Result.

5s ict bh Sxiadan xian ca Lbs danuav baeuydiadeaVincdhcteu, £44, 120, 000

Half sovereigns..... Canie

uacigs tose ss 540066 Ksdh5s padewseMEkavewness

WOME SS Saas tndoke So euhbds does acoek ni dvad
Second method.—This is based on the reduction
1895 in the proportion between the pieces issued
tion. This reduction was caused almost entirely
although it is necessary to make

allowance

seensedede sBoesa caeeen
61, 880, 000
which took place between 1888 and
prior to 1885 and the total circulaby the withdrawal of light pieces,

for the

disappearance,

otherwise, of a few full-weight pieces from among these older coins.
PIN

by melting

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and

Result.

by on ns oa kel ohwalve dae ban axgb doen nn keS Gown ee coud ehoeed (Guan

FIGHT GOVOROIGIR 0 aca concnesutedawess
«dss echi suave dusecenneded outs sane

Wit

17, 760, 000

ie

a

a) ee

aa

£44, 100, 000

19, 600, 000

63, 700, 000

10

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Third method.—This method is analogous, being based on the increase in the percentage of the newer pieces, i. e., coins struck subsequent to 1885, in view of the
number of such pieces known to have been issued.
Result.
Inapplicable to sovereigns.
PERI SOVELCIOUS 5.1. dno oso i scnebugases eels sesGenweeheceheeed
bMaads Vaan £17, 810, 000
Fourth method.—This depends upon the improvement which has taken place in the
condition of the currency between 1888 and 1895, as shown by the gross value of
the deficiency on the coinage taken in connection with the cost of effecting the
improvement,

Result.
BOVERCIONG. 1 ss0cu< bans Swe wee eeneEseeehosgeay
sondie bace ca e¥anessdpase
Ela SG WOROISUE . i. cksdicacte ede elses Mages «ome Uecip wns boda delete abhatwes
OUAL

Sab cacaay sneha cee sb eeu enea soos fakes

£43, 400, 000
17, 950, 000

yeast deca sds tee

61, 350, 000

Tn other words, the active circulation of gold coin in the United Kingdom—that is, gold coin passing from hand to hand and not kept as
reserve in the various banks, including the Bank of Hngland—is ascertained to be about £62,500,000 ($304,156,250), but if the coin in these
reserves is included, the figure would be about £90,000,000 ($437,985,000).
In addition, as already hinted, there is a large amount of gold bullion, including foreign gold coin, in the Bank of England, which serves
equally with the gold actually coined into sovereigns as the reserve of
the bank, and so fulfills, so far, the function of money.
This bullion is
very variable in amount, but is probably not far short at the present
time (August, 1896) of £30,000,000 ($145,995,000)., The total gold in the
Bank of England is now (end of J ce 1896) £46, 600,000 ($223, 859,000),
and as the amount usually held in gold coin is £10, 000,000 to £15, 000,900
($48,665,000 to $72,997,500), this would leave about £30, 000 000 ($ 145 Dy-

995,000) ‘at least for foreign coin and bullion. 4

The gold money of the ‘United Kingdom (£90,000,000
is thus about £120,000,000 ($583,980,000), of which little
isin active circulation outside the banks, while the banks
in British gold coin and another fourth in bullion, which

the purpose of reserve.

+ £30,000,000)
more than half
hold one-fourth
equally serves

(b) SILVER COIN.
The silver coinage in circulation in the United Kingdom has not been
the subject of severe investigation like the gold coinage.
A figure of
£19,536,000 ($95,071,944) was given officially to the Depreci iation of Silver ‘Committee

in 1876, and

exactly the same

figure

appears

to have

been given by the mint authorities ini 1884 to the United States Govern-

ment.

(Report of the Director of the Mint for the fiscal year 1884,

p.-72.) The figure of 1876 was arrived at by starting with a previous
estimate in 1860, adding the amount of silver coined in the interval,
and deducting the light coin withdrawn.
But this method is obviously
inadequate.
Assuming an estimate of £20,000,000 for round figures,
about 1884, as near the mark, a proportionate addition for the increase
of population and rather more would give a round figure £25,000,000
($121,662,500), which may benear enough for present purposes.
Experts
are inclined to believe, after the experience acquired respecting the gold
circulation, that the amount is probably less than £25,000,000.
1 This is not based on any actual return from the Bank of England at the present
date, but see Mr. Palgrave’s Evidence Report of Gold and Silver Commission, Vol. 1,

p. 4, as to the amount about that time. JI understand that the figures of £15,000,000
for British gold coin and £30,000,000 for foreign coin and bullion are about the mark

at the present date, August, 1896,

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MONEY

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PRICES

IN

FOREIGN

11

COUNTRIES.

(c) PAPER.
The amounts of the paper issues in the United Kingdom are well
known.
According to an official return to be shortly issued, they are
Summarized as follows for many years past:
Statement

showing the monthly average

aggregate amount of promissory notes payable

bearer on demand in circulation in the United Kingdom
years, with the average of each quinquennial period.

ta

in each of the undermentioned

[Compiled from returns of the inland revenue.]
Monthly averages.

Means of

Year,

er eee eee AE eo

previous

| September.|

December.

monthly
averages.

Million £&.|

Million &.|

Million &.|

Million &.

37.9
38.0
37.8
37.6
39.9

37.3
38. 0
37.0
36.7
39.1

March.

June.

Million &.|

39. 8

38. 8

36.9

38.3

1
et
1
Ere
HF.

38. 5

ere
eee
Ee:
|i Acocova sed
ode wwendina

38,2
- 37.6
38.5
87.8
40,2
38.3.
BS. G4 atuscaceess
37.5
36.1
a areas
38.1
36.9
57 Toil dee bis o Kein
37.2
36.7
oy eps ta!
38. 0
36. 4
96.6 |i.csec neces
38. 2
36.9
37.8
37.4
38.1.
a ee
2 eee
40.6
38. 8
BUG Vecaus senses
39.3
38.7
Gilt ehaes ee
40.9
39. 6
Cee UE
39.5
39. 4
G1. 8 Venkd
oh shoe ne
39.7
38.9
40,5
39.8
39.9];
39.7
MW ned dieecde
42, 2
42. 6
06S becduesesaeys
43.8
44.1
WO, AN eccevenusen
42.9
43.2
CAD ee
44.3
43.5
Coe? eerie
42, 8
42,6
43.5
42.6
45.5| 45,6 |
86.8 | aisicabenses
46.9
46,2
WS leccgstkasess
47.1
45.7
et penis
45.8
43.9
45.0 Les concasenes
45.5
42.5
roe E a eeeyhat
46,2
44, 8
46. 0
45.3
43.0
41.8
$0.8). ciswepas ens
43.1
41.4
42.6 <cusausdxns
43,2
42.5
8 I cletianneek
43.1
40.9
ES Wied
40.8
40.6
Mick Pickca ayes
42.6
41.4
42,5
41,
39.6
38.9.
Si, 8 locas cuueads
39. 2
38.7
80,1 | atdesedeces
39. 0
38. 1
BB. Bi | accross
ein tue
38. 6
38.6
WD, 8 |i, koeacaat
39. 6
39.3
a. bed acscadeeuh
39.2
38.7
40. 0
38.8
40.3.
30.5.
B.S ikea cx eile Sia
40. 0
40. 4
ot 7 eee
41.0
40.4
WG lec cnwnannnve
41.3
40.7
OE Ncowevceumase
39. 8
39.8
WAL 8 Nevex Adaces

Annual average 1890-94 .........-.

38. 6

40.5

40. 2

40.9 |

SUD casa <pkkenscumeciesaancbudreaiaiubes,

39.2

41.2

41.0

41,4 | Pod at sees

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40.0

a2

MONEY

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COUNTRIES.

Supplementary statement showing the average aggregate amount of the note circulation of
the banks of England and Wales, Scotland, and Ireland, in the month of December, 1895.

England and Wales:
Banle Gh PMG) am
Country banks—

Million &.
2. reseasieewcuvea scene Season s0lecrcoms snen wanes ate seb ees 25.9

asia e, PSG) ain. oe as See Vee Wee a a bl ecies uted muni de welemes Selene ll v0't
OCs Stocks Panes
Hat auc as «cet ol es ne SRA xs. dn acy ene om ones nates co eean — Lal

Scotland:
Chartered and joint stock banks ir... sss svcese ce ccde cece cenane cenees cs
Treland:
Dark Of IOlAnG: tec seva cece asc beet eeewa deel cscs Het <'wess wees ewndes soles
ola SOC WOSetlas
sp nwakeasd
basal. amteoytaka
awe awa + s8e5 st
600 sae eee

2.5
3.9

52 .<\ss ewes nas aea ence ante cwsece aame seneenienes

41.4

Total tor Uinved KinetOm

Ls

Answering the latter part of the question, as to whether the paper
money is Government or not, it should be explained that all the issues
are by banks, the Bank of England being by far the chief issuer, and
the remainder being issued by joint-stock and private banks in England
and by joint-stock banks in Scotland and Ireland, the issues of the
private banks in England being now a small amount.

To a certain extent all the issues are under Government regulation,

the various banks being controlled by law in the amount of their free
issues, and being compelled to hold specie when the amounts are
exceeded, but there is no regulation which amounts in any way, it is
In addition, the Bank of Engbelieved, to a Government guaranty.
its note issuing separate from
keep
to
regulation
strict
a
under
is
land
it holds notes in its reserve
banker
as
capacity
In its
its banking.
the gross amount of the
but
which it has issued as a bank of issue,
issues is usually disregarded, and the active circulation of the Bank of
England is popularly reckoned to be the notes which are in the hands
of other banks and the public, and it is the figure of this active circulation which is included in the paper money above stated.
Another

question

arising

about

these

paper

issues is analogous

to

that above raised in the distinction between gold coin in reserve in the
A considerable proporbanks and the gold coin in active circulation.
of as in active cirspoken
usually
notes
England
of
tion of the Bank

culation consists of notes held in reserve by other banks, but the exact
amount can not be stated.
Adding all these forms of money together and without any deduction

for what is held in reserve or addition for the token money of copper,
which is unimportant, the total would be as follows:

Pahl ns dae showed eek Wome ede Se bene FoR Re pend snahas Sousies £120, 000, 000 = $583, 980, 000

SOT ek cereus gins sopitees dames bade abioge dan its gs8s bans

Paper...

sees ceenee cece cee eee cere ceteee reece seeeee es

25,000, 000—= 121, 662, 500

41, 000, 000—= 199, 526, 500
186, 000, 000= 905, 169, 000

But it will be distinctly understood on the one hand that gold includes
not merely gold coin, but gold bullion (inclusive of foreign coin) held

in reserve in the Bank of England; also that gold coin held in reserve
in banks and not actually circulating freely is included, and that to

some extent a portion of the paper circulation, that of the Bank

of

England, is held in reserve by other banks.

Another very important point in the English monetary system has to

be noted.

The most important part of the money circulation is neither

gold nor silver coin nor what is usually meant by “paper,” that is, bank
All important transactions,
or Government notes, but itis “cheques.”

as a rule, are settled by cheques, and the habit of paying by cheque

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MONEY

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PRICES

IN

FOREIGN

COUNTRIES.

13

has gone so far that cheques compete in making small payments and
remittances.
The amount of these chequesin circulation at one time can
not beexactly stated. Theamount passing through the London Bankers’
Clearing House exceeds on the average £20),000,000 ($97,330,000) daily,
and including the cheques which pass through country clearing houses
only and the cheques which transfer money from one customer’s account
to another in the same bank, the daily issue and canceling of cheques is
probably not far short of £40,000,000 ($194,660,000), while the amount
in circulation at one time may exceed that sum. The exact amount of
cheques circulating at one time appears, however, unimportant in view
of the elasticity of this element of the circulation. The “circulation”
can be increased many times in a moment if there is a call for it.
Occasionally on the issue of great foreign loans the circulation of one
day has been enormously increased, and every Stock Exchange settling
day the clearings of the London Bankers’ Clearing House alone run
up to £40,000,000 or £50,000,000 ($194,660,000 to $243,325,000) and
upward.

In the view of some writers notes are considered “‘money” in a
Sense that “cheques” are not, but this is not the place for theoretical
discussions, and the facts are stated as received by high authorities in
England, from Tooke downward, who consider cheques and the deposits
on which they are drawn as much “currency” as bank or Government
notes.
III—PER

CAPITA

CIRCULATION.

The considerations stated in the last paragraph make it difficult to
work out a figure of the circulation per capita of the population.
The
gross figure of £186,000,000 ($905,169,000), above stated, works out as
Lt 15s. 1d. ($23,129) per head of the population, but the active circula-

tion—that is, the circulation outside the banks—must be little more

than half the amount.
At the same time the gross figure, including,
as it does, gold bullion, includes something which is not usually dealt
with in statistics as part of the monetary circulation.
It appears necessary, however, to a proper understanding of the subject that such
distinctions should be made in dealing with a complex monetary system
like that of England.
IV.—_CHANGE

IN

THE

SYSTEM.

It will have been obvious from the records referred to in replying to
Question I that a great change has been made in the pastin the Hnglish
monetary system.
It was formerly bimetallic; now it is monometallic,
with the single standard gold. The formal change was made, as above
explained, in 1816, for the reasons already stated.
Silver was demonetized as standard money and gold made the sole standard.
As regards
the change from bimetallism to gold, it seems unnecessary to add anything except that when the change was formally made in 1816 it was
made unanimously, after full discussion, and with the assent of all
parties. The only dissentient was the Earl of Lauderdale, who agreed
—
should be a single standard, but wished that standard to be
Silver.
_ There have been long controversies, more or less familiar to experts
In the subject, as to whether the formal change effected in 1816 was
not preceded by a period of about a century in which there was a gold
standard de facto, but it would cumber this paper to go into so controversial a matter.
What happened in 1816 appears to be quite precise
and beyond controversy.

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14

MONEY

AND

PRICES

IN

V.-CURRENCY

FOREIGN
AND

COUNTRIES.

WAGES.

The fifth question asks for a statement as to the practical effect of
the existing curren¢y on
manufacturing industries and the rates of. labor,
i,e., whether manufacturing has been stimulated or not, and whether
the’ wages or labor, skilled or unskilled, have increased or diminished ;
and also for a comparison of wages in 1886 and at the present time.
As far as the latter part of the question is concerned, it relates to
facts only, and an endeavor will be made to answer it; ‘but there is
some difficulty connected with the first part of the question, as the
object of a good currency is not considered by financial authorities in

England to “be the stimulation of industries or the increase of wages,

and there are no writings that I am aware of representing orthodox
opinion on currency matters in- England in which the monetary system
is discussed from this point of view. The opinion seems rather to be
that industry may be impeded by a bad system of money, and great
social mischief and confusion produced; but a good monetary system
can do no more than let the various forces of industry work unchecked.
It is held also that the English monetary system is of this sort. There
is no doubt about the standard money; there is an abundant and even
indefinite amount of currency for all payments and transactions; credit
is vastly developed.
But the system has been in existence for generations the same as now, and there could not be any noticeable stimulus
due to a monetary cause between the dates mentioned, as there has
been no change in the system in the interval.
On the opposite side, however, there is the opinion held by bimetallists who attack the present monetary system of England to the

effect

that the system, in consequence of the appreciation of the standard
metal, gold, has become injurious to trade and industry. The appreciation, it is alleged, has aggravated the weight of debts, and by injuring
the debtor class

has

injured

production as well,

This was contended

at great length by Professor Foxwell, a leading bimetallist, in his evidence before the royal commission on agriculture a few years ago. (See
Report and Evidence of Commission, Vol. II, p. 331, etc.) But his views
were sharply criticised by the chairman, Mr. Shaw Lefevre, and by Sir
Robert Giffin, who cross examined him severely on this point, and who
evidently held that the appreciation of gold since 1870 had not diminished production. It was also admitted that the appreciation, whatever
its effects, had not increased so much during the last ten years—that is,
between 1886 and 1896, the period referred to in the above question—as
in the earlier part of the last quarter of a century.
Having noticed these various opinions, I do not think it would be
advantageous that I should enter further into so controversial a subject.
Coming to the latter part of the question, viz, the rate of wages at
the present time as compared with 1886, I find, in the last Statistical
Abstract for Labor, issued by the board of tr ade, several statements as
to wages, one of them a general summary of an exhaustive character,
giving the results of an elaborate census of wages in all employments.
which was commenced by the board of trade in 1886, As the best
answer to the question, therefore, as far as 1886 wages are concerned,
I append a copy of this general summat y. (See Appendix A.)
From the same Blue Book, also, I extract a table giving trade-union
rates of wages and hours of labor in certain principal ‘industries in
large towns in 1894, and another table giving a comparison of rates

of wages

in var ious industries at the end of 1893

Appendices Band C.)

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and

1892.

(See

Between these two last tables and the general

MONEY

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IN

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COUNTRIES.

15

summary for 1886 a comparison can so far be made.
It is evident that
there has been no great change, as a rule.
I have also received from the labor department of the board of trade,
with whom I communicated on the subject, the following note as to the
changes of wages between 1886 and 1896:
Rates of wages in the principal occupations are somewhat higher than in 1886,
except in agriculture.
The rise began about 1888 and culminated in 1890, since
which there has been some fall, but not of equal extent to therise. ‘Thus the change
in wages, especially in the fluctuating trades, such as mining, iron and steel ship
building, etc., which are especially sensitive to changes in the state of the market,
has not been a steady and a progressive one, but has been of the nature of an upward
followed by a downward movement.
The lowest point touched in the downward
movement was probably in 1895, The present year so far shows an increase,
An exception to this fluctuation of wages is afforded by the building trades, in

which

wages have progressively risen since 1886.

Agricultural wages began to fall about the winter of 1892, and fell in 1893 and 1894.

They

are somewhat

lower than in 1886.

The most fluctuating industry as regards rates of wages is mining.
figures show the changes since 1886:

The following

Rise in standard rates of wages in coal mining since 1886.
1890 (com- | 1896 (com-

Locality.

pared with | pared with
1886).
1886).

Midlands, Yorkshire, and Lancashire ..............0.-2eceeceeceeeecceuceeece
South Wales..............ccccceeeee Shin
theese Tech agrie eo stackuaysetaakeraed
POEMS.
aslehs basciavanes saeco ehudaa ane mtsit wets edd octcis oa ee
PMOL MUU
AUN: wag yan aS Uexapiun ws Lie
beacteh eared) os nas
ha eta hoe
FeO ON
oath thas lawsneyrdvndvnadni
sap decetacecccc
ksisan
t ee ccebsadhe
rh
Pet CONG
5 ca slenieni
dosendan
nasil indalen
sens
(asa enei
sosdeee uectv s
coma d

Per cent. | Per cent.
40
45
33
264
114
314
33
564
63
DO
lksavecd beans

Thus wages in 1890 in mining were about 40 per cent above those of 1§86, and now
stand at about 10 per cent above 1886.
Taking, however, industry as a whole, the change since 1886 has been far less
marked than that shown by mining.
The record of changes in wages now made by
the labor department from year to year shows that the general wage level changes
very slowly.
‘hus in 1894, a year probably of unusual change, it is found that in
mdustries employing about 7,000,000 persons the net annual amount of the
recorded
changes in rates of wages was a fall of about £45,000 per week, or 14d. (24 cents)
per head.
The number of persons affected by the change was 670,000, of whom
fewer than 540,000 were engaged in mining, in which industry the fall amounted no
to
1s. 4d. (32.44 cents) per head, showing a much more rapid fluctuation than in industry in general.
_ Further information as to rates of wages and recent changes therein will
be found
In
the

Abstract

of Labor

Statistics, appended

to the

Second Annual

Report of

Labor Department of the Board of Trade (C. 7900, 1895), the General Report the
on
the Wages of the Manual Labor Classes (C. 6889, 1893), the First and Second
Annual
Reports on Changes in Wages and Hours of Labor in the United Kingdom
(C. 7567,
1894, and C. 8075, 1896).
VI—PRICES.

The sixth question is so specific in its demand for prices that it may
be convenient to quote the exact words of the question:
Prices on the date of your report in the currency of the country and in United
States equivalents of—
(a) Agricultural and pastoral products exported ;
5 () Products consumed in the country, as well as exports, especially articles of
ood;
(c) Products consumed in the country but not exported;
(d) Products imported, especially the necessaries of life or of industry, such as
articles of clothing, boots and shoes, tools and implements, hardware, drugs
and

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16

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

medicines, raw materials for manufacture, stating whether prices have or have not
For comparison with these figures, the
been affected appreciably by tariff changes.
prices of the same products ten years ago—t. e., in 1886—should be given.

Answering this question, I have to ask leave to depart from the exact
order stated for the purpose of introducing two well-known summary
statements as to prices, viz, the index numbers of the Economist and
Mr. Sauerbeck, which will show generally what the course of prices
has been for a long series of years in the United Kingdom.
The Economist’s index numbers are contained in Appendix D. This
shows that on the average the principal whc.esale prices dealt with in
that index number have fallen as between 1st January, 1886, and Ist
August, 1896, as from 2023 to 1925, or about 5 per cent; but the fall

would be rather greater if the starting point had been either 1st Jan-

uary, 1885, or a date intermediate between 1886 and 1896, especially
1st January, 1890, and 1st July, 1890, when the index numbers were
2236 and 2259, respectively, from which to the present point the fall
is about 15 per cent.
Mr. Sauerbeck’s index numbers are contained in Appendix H, which
shows a fall as from 69 to 62 as between 1886 and 1895, or about 10 per
cent—a much greater fall than that shown by the Economist index
number between 1886 and 1896. In 1896, also, there is a further fall in

Mr. Sauerbeck’s index number, as will be seen, the latest report, that

for June, 1896, showing the figure of 59.3. How the difference arises
between the Economist and Mr. Sauerbeck does not appear, but they
both agree in a fall. The fall would also have been greater, according
to Mr. Sauerbeck as well as the Economist, if 1885 had been the starting point, or if an intermediate year, such as 1890, had been taken.
Beginning with these general figures, I have now to refer to Appendix
F, which appears to contain a complete answer to sections a and b of
I have put the two together because the agrithe above question.
cultural and pastoral produce exported especially referred to in A are
quite insignificant.
The general effect of this table is to show a reduction of prices corresponding to the reductions indicated by the index numbers of Mr.
Sauerbeck and the Economist.
The table in Appendix F, it will be seen, is compiled from the actual
export returns of the United Kingdom, and is in substance the table
published at page 148 et seq. of the Statistical Abstract for the United
Kingdom issued by the board of trade. They show for every article in
the export returns where quantities as well as values are given the
Such values are
average values at which the articles are exported.
are made for a
ns
obviously highly useful, especially when compariso
series of years when records of prices are required.
With regard to section ¢ of the question, there is obviously a special
difficulty, as the United Kingdom hardly produces anything which is
consumed exclusively in the country and not exported, except agricultural products. These, however, with the exception of milk, appear to
be exported in sufficient quantities to furnish prices (see table in Appendix I), while if further prices were obtained they would mainly be local
and not easily illustrative of the general course of prices in the country.
In Appendix G, however, a statement is given from other sources than
export returns of the average prices of certain leading articles for a series
of years, including, however, articles that are undoubtedly exported.
With regard to section d, an answer is furnished by Appendix H,
which deals with imports into the United Kingdom on the same plan

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COUNTRIES.

17

as the exports are dealt with in Appendix F. Prices in the United
Kingdom are not affected by any tariff changes between 1886 and 1896.
These tables, it will be observed, rather go beyond what is asked, as
they give prices not only for 1886 and 1896, Lut for the intermediate
years as well. The additional information 1t is believed will help to
make the comparison only the more intelligible.
VII.—WHETHER

MINTS

ARE

OPEN

FOR

BOTH

METALS.

It follows from what has been above stated that the mints in the
United Kingdom are only open to the free coinage of gold. The silver
coinage is entirely in the hands of Government, which makes a large
profit on it.
There appears to be no mint price for gold. ‘The enactment on this
head is section 8 of the coinage act of 18706 (33 Vict., ¢. 10), which
enacts:
Where any person brings to the mint any gold bulion, such bullion shall be assayed
and coined, and delivered out to such person, without any charge for such assay or
coinage or for waste in coinage.
Provided that—
(1) If the fineness of the whole of the bullion so brought to the Mint is such
that it can not be brought to the standard fineness under this Act of the
coin to be coined thereout, without refining some portion of it, the Master
of the Mint may refuse to receive, assay, or coin such bullion.
(2) Where the bullion so brought to the Mint is finer than the standard fineness
under this Act of the coin to be coined thereout, there shall be delivered
to the person bringing the same such additional amount of coin as is proportionate to such superior fineness.
No undue preference shall be shown to any person under this section, and every
Se ong have priority according to the time at which he brought such bullion
o
the Mint.

_ Practically, individuals do not take gold to the mint, which would be

Mconvenient, but the Bank of England under its charter is obliged to
give its notes for standard gold at the rate of £3 17s. 9d. per ounce.
The difference between this and the sum into which an ounce of gold is
coined, viz, £3 17s. 103d. ($18.946), is frequently spoken of as a mint
charge, and £3 17s. 9d. ($18.916) is spoken of as the mint price; but the

facts are as here described.

_ The enactment under which the Bank of England must give its notes
In exchange for standard gold at £3 17s. 9d. per ounce is as follows

(Bank charter act, 7 and 8 Vict., c. 32, sec. 4):
From and after the 31st day of August, 1844, all persons shall be entitled to demand
from the Issue Department of the Bank of England Bank of England notes in
exchange for gold bullion at the rate of £3 17s. 9d. per ounce of standard gold. Provided always that the said Governor and Company shall in all cases be entitled to
require such gold bullion to be melted and assayed by persons approved by the said

overnor and Company at the expense of the parties tendering such gold bullion.

JAMES

Lonvon, August 22, 1896.

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1354——2

R. ROOSEVELT,

Secretary of Embassy.
.

AND

MONEY

18

PRICES

FOREIGN

IN

APPENDIX
WAGES
RATES

AVERAGE

GENERAL

A.

IN 1886.

WAGES

OF

COUNTRIES.

IN

INDUSTRIES.

VARIOUS

SUMMARY.

the average
Statement showing for the undermentioned trades in the United Kingdom
(Abstract
1886.
October,
in
,
overtime)
of
rates of wages for a full week’s work (exclusive
)
reports.
Trade
of
from British Board
[The figures were reduced from British to ve
e

ss
Mint.

currency by the United States Bureau of
Lads
boys.and

Men.

Trades.

aa
Women. | Girls.

Metal trades.
ee eee eee
Pig iron (blast furnaces) ..-----+--+++++-+ser--eeeeeee
Tron and steel shipbuilding.......--....--.-.----------seeee++
Engineering, ete...-..---- LgeeeweSocteryEaccesenst-csasseamhees
see eee eee seer eter tees ees
Tin-plate WOPKers...------++esseeeesee
Brasswork and metal

Re ny Song
wares......-. TR ee

$5. 96
wil
6, 26
8.13

gu. 60
2.96
2, 21
2.73

7,20

2. 04

5. 57
4, 01
6.18
5. 37
5. 33

2. 61
1.70
2..BD
1.98
DOU.

6.14

2.27

|.
f

.

3.14

1. 50

Mining and quarrying.
Coal, iron ore, and ironstone mines.........----++-+++--2ee2-eee eee e eee ese eee eee ees
Metalliferous MineS .......--.------Shale mines and paraffin oil works .......--------------++----222222 ee rere ee
Slate mines and quarries ....-....------------+25 see eeeeee
Granite quarries and Works ......------2--+-----+2

+s eeee ee sees e terete estes
Stone quarries...-----------220-2-China, clay, and china stone Works......-.-.----+++-+++++---+-

5. 80
4,54

2.40)
2.12

1.35
1.98
1.15
1,41
|awnnwcannslendiveews
has nacre ebay e prea
miter a
esta noeamallly

+ panes
|oscevasce
1,64 |accsuees

Textile trades.

Cites AGRA

ond dave dacaneseonessnseiverviesvavanivnys

8.71|

1.66

cee cen nt eneeeeeeee
Woolen manufacture. ..........cccccecnnnne
eee e errr es
Worsted and stuff manufacture......0..-0------eeee
.--. 20sec cccneenee cence een nn ce cee necenee
Linen manufacture...
2. een ne cee eee eee ee eee ees eeeee
Jute manufacture ......-----Hemp, manila, cocoa fiber, etc., manufacture......-------+---abou dys.gs ORE KE REE
Silk manufacture....- ACen elicbewetcasaine
eee ee eee eee eeeeeeecereeetees
Carpet manufactUre....0..e-seee-

5. 64
5. 68
4.80
4.70
5. 72
5. 40
6. 46

2. 06
1.58
1. 52
1, 62
1. 46
1.74
2. 02

3, 22
2. 89
2.16
2, 33
2, 86
2.45
2. 69

1,80
1,60
1.19
1.14
1. 28
1.37
1. 68

cnc ce cne enc crececcecseesee
manufacture. ....-..0cc.secses
cece ese ee cence eeneee
wares manufacture. ....-..-..-eneeee
and shoddy manufacture. ......--.---------------++eeeselastic web, and lamp and candle-wick manufacture.....

6. 62
4,90
5.14
6. 07

2.27
1. 64
2.50
1.80

8.08
2. 61
2.37
2.39

1.50
1.39
1.09
1. 48

ee
Hosiery manufacture...... ore
Lace
Small
Flock
Hair,

en

5. 93

2.31

2.79

2.00

Woodworking trades.
2.

See csacaiasslehsiceutiaaeeeuanens wtawacaway

5. 89

cece ne cn terete reer cence tees ee cees
Cooperage WOrKS ....-----+-see seen eee
Coach and carriage building..--..--.---.2+.----+--+
Railway carriage and wagon building........--++-+++----+++--

7.50
8. 46
G41

1.
DOO bicwens aunvis wba teae
1.70
3. 22
2.55

8.18
7.10

2. 08
1.70

5. 89
5. 89

2. 02
D387)

1,33
8. 04
leancesaes otesewnx

5. 60
5. 55

2.39
2.19

Ds 12 leeacg eas
1.84
2.27

Ne

eee

iit

eee etree eee e neers
Wood shipbuilding .......-----+-+--+0----+

Printing and engraving

6. 88

1.

trades.

cerecs seen eee c ee eeee re ceenccrnnes
Large WOrks.....----2----eeee
sec e eee ence ence nce e ent en eeennes
Small works....---.--------

Newspaper printing works........2.+00---++esseeeeseeecerenes

9.01

2.02

2.85
2.57

2. 94

1.35
1.54

1.58

Miscellaneous trades.
2... 220-02 see cece en ceneenccoecaes
Boot and shoe factories....-.
sense sere
BreweiesS.....-cccesscccene

eee eeeneeee
Distillories.......0--0---20-Chemical manure works
Brick and tile works....

4,90

2.39

D229

lnaswuwes

Employees of local authorities—Gas and water companies,
Police.

2... 2. ewe e ec eee eee eee ence ene enw enc cweweesneeessoeees

+++ --+-eeen reece ce ee es
Roads, pavements, and S@WEeIS....------

ee
tery
Gas works....-.-.00- errr
screen cececseseousesere
Waterworks...ccccccccccncccccncscenenn

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@ Women

and girls.

6.66

|ccsecscessleccsecsves|sosceses

6. 60
6. 01

S:08 |Aecssansclxnnsanes
GT |, scceeges<|eaweence

5. 04

2.31

G21D

|renaawe ‘

PIG-IRON

PRICES

AND

MONEY

AND

MANUFACTURE

IN

STEEL

AND

IRON

19

COUNTRIES.

FOREIGN

SHIPBUILDING.

Statement showing the average rates of wages in various districts in the United Kingdom
for a full week's work (exclusive of avertime) in the following occupations, in October,
1886.
(A) MANUFACTURE
Num‘ber of;
shifts

District.

OF PIG IRON

FURNACES)—MEN.

Coke | Mine
fillers. | fillers.

Fillers or
chargers.

Helpers.

Slaggers.

Keepers.

per

(BLAST

—

which

rates|
were

Time. | Piece. | Time. | Piece. | Time. | Time.|

Piece. | Time. | Time.

paid.
Cleveland.......----Cumberland .........
Lancashire ......--..
Derbyshire, Nottinghamshire,
and
North Staffordoe aes
BDIPO.csodses
South Staffordshire..|
Monmouthshire and
Glamorganshire ...|
Heotland ..<cceasseee

$6. 42
$5.56 | $8.06 | $9.40 | $6.03
7h | $10. 62 | $12.79 | $6.84 | $8.04
7.96 (coal fillers included in
oak
Oe) | eeeeeeeleWabe
QVOL joweesaes
vey
the average).
G17
7.21
S40 |isswecee
TetO |smesawe s|ncad sues|
10; 86" |. cee eee)
qT

|.«sseee.
7
W Al aaseae

(B) IRON

5.79 |
|isccsaas

Or 82 || Wesevees
4, 64
8.00

5. 65
5,09)

Bye \ewneeas
5. 42
|saceesen

AND
;

Piece. | Time.|

Northumberland and
UPHAM

.<cccess<s

Lancashire ........-.
ONGONscsstasenceces!

.

q

"

L068

leaccnaes)

South Wales

i

The Clyde...........

a

‘

East coast of ScotPONE ssavexceaaeaes Seends <ldawenees

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STEEL

Riveters.

Platers.

Time.|

8. 22
5, OD

.

;

SHIP

BOBO

2 anna

10. 46 | $4. 87

$6.00

6. 50

le ace vealewon tes exaeees

‘

8.84]

4.21

W.19)|
O58

64,18) |peetsene
lescisdes|essamene

Ti

ndshi

i pois hem cp oo
(time).

6.08

6,09 | ewwension veapenslecesestal

Laborers

(time).

Piece. | Time. | Piece.

Si 97 lnncccaeclescouas|sseseces

HB)

a 5.83
65.16

BUILDING.

Helpers.

Piece. | Time.|

7.45
6. 32

_¢ Including lime fillers.

6 Including some lime and coal fillers.

a Including some lime fillers.

mee
District.

6.56
6, 23

6. 46
4, 64

10.48
7.1L

8.81}
6. 80

7
7

$7.36

$4. 65

7.37

8.01

7, 32

4,30

9, 25

10. 21

9. 53

5. 88

| $7.13

8. 67

|

$8.05 |

5. 69

9, 45

6. 63

7.50

9, 33

38. 84

GO Or

7.06

6. 26

3.70

MONEY

20

AND

COUNTRIES.

IN FOREIGN

PRICES

Statement showing the average rates of wages in various districts in the United Kingdom
for a full week’s work, etc.—Continued.

| Riveters

(time)

| Laborers (time).

BRASS

(time)

AND

Smiths’ strikers

(time).

screwers

IRON

Smiths

and

(time).

Drillers

Fitters (time).

(time).
Turners

or
Fettlers
dressers (time).

molders
Iron

District.

(time).

MACHINERY WORKS, INCLUDING
FOUNDRIES—MEN.

(time).

AND

Pattern makers

(C) ENGINEERING

England and Wales.

Northumberland, Durham, and North

| $4.58
...---.|$7.28 |§6.91 |$5. 89 |$7.18 |$7.06 |$5. 51 /$6. 87 ($4. 82 [$7.74
Riding of Yorks (Cleveland)
(excepting

West

Riding

of

Yorks

Sheffield) .....-----+-----22eeee0ee

7.12 | 7.34|

5.07 | 6.55 | 6.61 | 5,21}

Salop, Gloucestershire (except Bristol),
Sai oo
cha
Herefordehire, oe
arwickStaffordshire,
Cheshire,

7.14]

4.70 | 7.06]

4.58

7.56!

4.25

| 7.72 | 5.49 | 7.74 | 5.21 |...--.] 4.68
| 7.12 | 5.09 | 6.91 | 4.46 | 7.70 | 4.38
4.38
| 7.76 | 5.29 | 8.01] 4.91 | 7.68]

w

| 7. 10 or tae 7.32 | 4.561

>
©

oo
a

- 8.21 | 8.98 | 5.78 | 7.89
seers e-s:
-----e--er
Sheffield .....--.2+
and
Westmoreland,
Cumberland,
| 4.91 | 7.14
North Lancashire ...--.-----+------ 7.16 || 7.34
| 5.82 | 7.66
8.66
8.43
..
......
orhood
neighb
and
Manchester
7.06
ster)! 7. 48 7
re
Manche
(excepthi
South Lancas

7.51 | 6.26 | 3.99 | 6.59 | 6.24

|......
(\a4.$1

5.78 | 8.73 | 6.43 | 3.91

| 6.95 | 4. 42
naire and Worcestershire.......+. 7.19 | 7.85 | 6.19 | 7.32 | 7.40) pect) 7.42 | 4.74 | 6.71) 4.42

6.73 | 4.54 | 6.61 | 4.58
Notts, Derbyshire, and Lincolnshire. | 6.91 | 6.78 | 7.30 | 6.35
Hants,
Hants,
North
hire,
Leicesters
| 4.23 | 6.39)
Herts, Beds, and Oxen.....-+---+--- 7.62 | 6.89 | 4.29 | 6.53 | 6.67 | 4.58 | 7.06
Norfolk,

Suffolk, and

Essex..........

6.95

| 5.76 | 3.97

| 6.14 | 8.47 | 3.95 | 5.51

cence neers 9.59 | 9.20 |} 6.41 | 9.51 | 9.12 | 6.39 |
London....----------+2-22ss
Metropoli(extra
Surrey
and
Kent
|
tan), and Berks and Hants.......--- 7.48 | 7.22 | 5.07 | 7.08 | 7.84 | 4.48
and
Devon,
Dorset,
Somerset,
Wilts,
ees 5.88 | 5.90 | 3.89 | 6.14 | 6.00 |......
Cormwall . .....-------s-0---eceee
Bristol, Monmouthshire, and South
4.91 |
..cccecccscessceece weececesnee 7.22 | 6.67 | 4.91 | 6.41 | 6.87 |
Wales

| 4.03 | 6.16]

4,901
3.79

9.39 | 6.20 | 8.82)

5.66

6.95 | 4.27 | 7.06]

4.46

5.74 | 3.67
6.89 | 4.03

|...--6.39 |

Scotland.

3. 60
4.17

GAR BOW. ..<cavendecssscesscasecesoess 7.26 | 7.98 | 6.55 | 6.93 | 6.69) %4-07%) 6.99 | 4.50 | 6.81)

4.18

Lanark (except Glasgow) and DumDartonshire. ..s..cccececseosseesseee

|
| 6.45 | 4.29 | 5.82)
6.87 | 7.40 | 5.62 | 6.89 | 6.59 | 4.95
5

4.21

6.79]

4.18

5,25 | 6.53 | 6.81 | 5.01 | 6.48 | 4.48 | 5.01]

4.42

6.71 | 7.44 | 4.38 | 6.87 | 6.39 | 4.68 | 6.04 | 4.07 | 6.12]

4.09

Renfrew and Ayrshire........-----++- 6.87 | 7.52 | 5.11 | 6.93 | 6. 19) oer 6.93 | 4.21}
Stirlingshire, Edinburghshire, Linand Berwick.|
lithgow, Selkirkshire,
East counties of Scotland (north of
the Firth of Forth)..........--.----

6.85 | 7. 10

Ireland.
Belfast ..cccccccescseenesccnerscceces
cc sdscscccsdseccisccencscesecs
DED

Other places in Ireland............---

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a Drillers.

7.08
8.27

| 7.26 | 3.32 | 6.59 | 6.59 | 3.73 | 6.53 | 3.62
| 8.27 | 4.66 | 8.05 | 7.79 |.....- 7,68 | 42)

6.73 | 6.77 | 4.18 | 6.95 | 6.81

|...-.-

b Screwers.

6. 02 | 3,30

|....-javsann|

|...06

3.16
Se 0!

38.34

MONEY

AND

COAL,

IRON

PRICES

IN

FOREIGN

ORE,

AND

COUNTRIES.

IRONSTONE

21

MINES!

Statement showing the average rates of wages in various districts in the United Kingdom for
a full week’s work (exclusive of overtime) in the following occupations in October, 1886.
Lads and
boys.

Men.

a
i¢gi¢jl¢
&.|8
c-|elasle
|e]¢{elé.|
sa|S)sei~
| ‘A2] B/S
8 |8s/8e}
S81
», | Se
lee
r]/es]

Districts,

e-|
ba

oo
pa}
Be)

£3

a
=

©

ed | @°
©
A

|folaz|
PH]
ao

oe
q
FSi
oe
| 2315
nD

aa

|se/S2|
ef
ia
|

g

1

o8las|

fs

| Se
| 3
se

oO

=[=|
©

|

Ay

Ao

BlSs|

ea

|3

2
ty

| &8)
a0

ioe)

wn

co

Pes

3
|[3¢

-@ |]| G8
os
32

| eas
8.2
| 36
2 | 88

>

a/0

cn21

®

ee)

o

A

Co
ica

|

England and Wales.
(orthumberland and Durham........
umberland and northwest LancaSo

$7. 03 $6. 33

|$5. 05 hag 78

|\$5.01

|$4.17

|$5.94

|$4.42

[$1.82 | $2.04

rf| 6.00
as eaatilieamaipi n \6. 8596.7
‘iS 5.29 'b4.68 | 4.95 | 4.54 | 5.62‘ | 4.52 |......

2.57

South Lancashire..............ss---0- 6. 95
6.08 | 6.06 | 4.64 | 5.03 | 4.38 | 6.75 | 4.62 | 2.19 |......
Yorkshire (Cleveland ironstonemines) | 6.33 |c5. 60 | 5.21 |...-.. 5.35 | 4.68 | 5.76 | 4.29 | 2.92 |......
orkshire (west and south)........... 7.12 | 6.81 | 6.16 | 5.53 | 5.09 |d4.64 | 6.24 | 4.74 | 2.63 | 1.98
Middle

Derbyshire and Nottingham-

PueC sania shnis ee ePades cena tae een
North Staffordshire .............0.00South Staffordshire, South Derby,
Warwick, Leicester, and North
5 wi Soceter Ae ERNE GE i Pav aneeaa aes
outh Shropshire and South Worcesa
en
orth Somersetshire and Forest of
BAM eres yi cih cr te araistals ak siete
sche

Flintshire, Denbighshire, and North
q

DROWSHIGG

6.49 | 6.49 |c5. 82
7.14 | 6.18 | 5.64

|64.17
4, 44
6.26 | 4.35 | 2.37,
|e4.19 | 4.60 | 4.46 | 5.09 | 4.21 | 2.21]

2.35
2.61

6.57 | 6.93 | 5.83 | 4.25 | 4.35 | 4.88 | 6.49 | 4.33 | 2.85]

2.61

rfia4. 50
5.450
O3}/ 4-21 [03.95 | 4.20 178.71 | 4.70 |... BOB Lisines
4,95. | 5.87

oo cencncscucussaaacucsosleewune

|.sa.s.

5.21 | 4.82

5.13

4.11

|

|......

4,07

outh Wales and Monmouthshire.
...| 6.69 | 5.49 | 5.37 | 6.00 | 4.64 | 4.441

G. 19

|B. BO

6.68

| 8.80)

5.64 | 4.19]

cawalless
ven
| sdss52

2.23

2.48]

2 39

Scotland.

Lanarkshire, Stirlingshire, and Dum-

bartonshire Pie shies Keswnuw anos sead ers
yrshire, northwest Dumfrieshire,

_ and Cantire Ce

ifeshire and the Lothians

ee ee

cwceerceee

5.41 | 5.51 | 5.03 | 4.93 | 4.29 | 3.91 | 5.21 | 8.88 | 3.04]
BiGl | OAT

4.16}

S27

lceens b4. 64 | 4.64

Vecanws

|d4.31 | 5.51 | 4.05]

2.89

2.81]

4.84 | 4.50 | 3.97 | 5.62 | 8.97 | 2.53

2.37

|......

Ireland.

Counties
Sligo

Tipperary,
Ee

ee

te

Antrim,
Te

ee

and
eee

ee

3. 83
be aAlgnant

ila

tidied (iptia

iil

iba

athe

| banding

(ices

2.71

i

'The rates of wages of coal miners at September,

| al

tle *

1895, are higher in all districts than at October,
In Lancashire, Yorkshire, the Midlands, and Cumberland
rates are 30 per cent higher on the
standard field prices, and in the Forest of Dean, bristol, and Radstock
districts by 224 percent. Rates
of wages in Northumberland and Durham are higher on the standard by 10 and 132 per cent, respecgvely; in South Wales and Monmouth, under a sliding-scale arrangement, by 74 per cent, and
in
out, Staffordshire and East Worcestershire, under the ruling of a wages
board, by 30 per cent. In
the west of Scotland the advance amounts to about 21 per cent, though
in Ayrshire, with the same
chan €s asin Lanark, etc., but with a lower initial rate in October, 1886, the
Ste
igher. In east Scotland rates for September, 1894, are 124 per cent higherpercentage increase has
on the standard than
1086 for October, 1886.
It should be understood, however, that these percentage increases
in the field
price for getting coal do not necessarily mean that the weekly earnings of the
workpeople rose in the
same proportion, the earnings depending on the output and on the allowances for bywork.
@ Iron ore miners,
¢ Ironstone miners.
eSometime workers included.
6 Iron workers,
1886.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

dSome pieceworkers included.

J Screenmen and tippers.

22

MONEY

AND

PRICES
THE

IN

FOREIGN

COTTON

COUNTRIES.

INDUSTRY.

Statement showing the average rates of wages in various districts in the United Kingdom
for a full week’s work (exclusive of overtime) in the following occupations in October,
1S86.

|

Be

|e

ges]

22 | «

eal
Balsa)
of
|]
adsm|o08

oe lees

285| 2/88]

qt

[ats

&

eae

nD

1H

{a

|e]

.2/23|

88

oe | a8

«

(Sol so]
o2{[am}

o

Mo

}H

|H

8 | 88) °25) ee)od 158°
|S less)
a
=|BRO|
Oo | 4

Seueslu
gon!
S
_
8

oO

aga

®

ag

wee) Se | Seine as)
as

g

Sele

cloth.

an
~
TEES
|e' | $5/¢2
|2 eele*§ | Sle
eles
2 | §
=
“4a | oa
lesleo!3slac
8
\S2-|
o
918eh.|/8a
8
orlsso| ¥
REISE
8B
|ee|
&B
Slat

ae
es-lEoi/S
fese|
ho)

istri
Districts.

2

Cotton

g

|e 3

mules.

16

28

Be

Self-acting | 2 af

rr

Girls.

Women

ace

Men

|A8

se

|

|&

[5

England and Wales.
$4.09 |$4.91 [$1.80 | $2. 69
Ashton and Stalybridge........-..--. $7, 50 |$5. 21 ($3. 44 |$2.2.6385 | |$3.8.5085 | [$3.12
2.41
2.81 | 3.58 | 4.31 | 1.84)
OHOStOD. seas asansssescaaeeencess 8.25 |....-- 3.71 |
| 2.02 |......
soem etwas eben des taccses S07 |taees 3.69 | 2.67 | 4.08 | 3.32 | 3.60 || 4.80
Cain
4,62 | 2.04 | 2.35
3.00 | 3.58
Rochdale and Heywood.........-..--- 7.60 | 4.76 | 3.62 | 2.41 | 8.50 || 3.16;
2.33
3.83 | 4.21) 1.64)
WOUOM sac oegaecesOceuseomedaas'basee5s 8.37 | 4.58 | 3.10 | 2.08 | 8.42
2.45
| 3.40 | 2.69 | 3.87 | 4.46 | 1.82]
Stockport. ....-..-----eeeesseseeeeeees b7.58 | 4.78 | 8.24 | 2.21
2.88 |...-.-|------]------ LOZ! ae dee
Middle Derbyshire.........----------- 7. 26 |------ 8.71 | 2.14 || 3.24
| 2.98 |..--..]------ He 76) eae ace
SIA ones on seataeseacsesianssGewaes 6508 |ccseae 3.12 | 2.06
2.65
| 3.34 | 4.01 | 5.08 | 2.12]
3.89
|....-3.30
5.11
|
6.12
-cesss6
us
seweuviosea~s
ea
base
BIAGKRDUUN
2.57
| 3.99 |..-..- 8.71 1 GSS | cccex

Wi

Burnley and Colne....-....---.-----++-

6.61 | 5.25 | 4.01 | 2.67

5.39 | 3.58 | 1.94 | 4.44 | 8.18 | 3.99 | 5.09 | 2.04]
| 4.72 | 8.71 | 2.59 | 3.40 | 8.24 | 3.58 | 4.70 | 1.96 |
| 4.66 | 3.40 | 2.25 | 3.60 | 2.92 | 3.54 | 4.60 | 2.23 |

2.63
2.35
2.37

|inws=oe 8.44 | 4.385 | 1.54]
3.10 | 3.87 | 4.46 | 1.80 |

2.29
2.37

Darwen, Accrington, and Clitheroe ...|
Todmorden and Bacup.<.....s.0.0..+.
an weeancecceeesces
IBULY 40552 sececeesen

7.18
6.00
7.92

Carlisle, Lancaster, and North Lan
asthe wise ocdemeaws
GasNTO.saueeed
Lancashire (not otherwise specified) ..|

6.51 | 5.39 2.67 |..-.-- 8,00)
8.01 | 4.87 | 8.16 | 2.02 | 3.40

sgetees
PrestOH «Wc eacstosssxes5ucensss

Scotland...... Sewassanaveseaees<oceses

|.....-

7.08 | 5.88 | 8.30

ONS

|ncunse|sescce| asec

lcanwae

Bi.8B.

DAD i winds

4,35 | 5.05 | 2.04]

lesmews

8; 20!

1.43 |

2.98

2.08

e Counts 4's to 140’s.
d Piecers.

a Young men.

b Counts 4’s to 180’s.

APPENDIX
WAGES

B.

IN 1894.)

Trade-union rates of wages in the large towns in 1894.
of
[The figures in these tables were reduced from British to United States currency by the Bureau
Statistics, Department of State.]

Pattern makers.

——|+

Name of town.

Weekly
WRB ER:

|

Engineers.

7

‘ounders
Weekly | wee Ky”
hours of | wages.
=
labor.

Turners.|

Fitters.

$7. 90
7. 66

$7. 66
7. 66

$7. 66
7. 66

$7. 66
7. 66

53
53

Weekly
hours of
| Smiths. | labor.

Weekly wages.

England.
Northern counties:
Newcastle-on-Tyne .....Sunderland ..........---Yorkshire:
Bradford saccssenseeonsens
HN aomiassatacatnasann a
TGOUs ckaceceeechnsesdeeas
GHeMOIG ciacanacaswaesy=os
Lancashire:
Blackburm «.-..-2sseeess
IBOROR. 2. olss pacincssesaee
Liverpool. . .«.«<=.2Manchester
Oldham. . ....65.c0ce0e00%
Preston ....--.sccesse---e

$8. 14
8.14

53
53

8. 26
8. 26
8. 26
8.75

53
53
54
54

8.
8.
8.
9.

26
26
26
25

7.30
7.54
7.30
8. 75

7.30
7.54
7.30
8.75

7.30
7.54
7.30
8. 75

53
53
54
54

8. 26
8. 26
8. 50
9, 25
8.50

53
53
54
53
53

8.75
8.75
8.75
9. 25
9. 00

7.80
7. 80
8. 02
8. 26
7.30

7. 80
7. 80
8. 02
8. 26
7.30

8. 26
7. 80
8.50
8. 26
7. 80

53
53
54
53
53

8. 26

53

8.75

7.80

7.80

7.80

53

|.

towns only,
1The rates of wages given in this table are higher on the average, being for the large

than would be shown for all the towns in the United Kingdom.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

23

Trade-union rates of wages in the large towns in 1894—Continued.
Pattern makers.

Name of town.

Weekly | Weekly
ces,

Engineers,

; cei
r

ean

Weekly wages.

Weekly

| Loursof |) wages.

WABER

hours of

labor.

Turners.|

Fitters.

| Smiths.

$8. 26
7. 80
7. 30

$8. 26
7.80
7.30

$8, 26
7. 80
7.80

| labor.

England—Continued.
East, middle, and western
counties:
BiTMINGhaM .. 4... 000+.
$9. 25
53
PRMISUON «ac waned Sanne
eecwaveuwas eeleeeeeteaes
MRA COR DOD Gack xn Senco Sasi /cvad atwcablacdaeeeeus

UGE WHOL

aceevanscceaeeesulysueldaskslbauscunees

Nottingham..............

8.75

sasnicis'swh saveacwnseneae

|

MAUS lob

54

London and neighborhood....
9, 80
54
Southern counties:
PE HOOLG 5 <ciyeccea nae unl seneess Saal ae bance
POPUSTHOUtD v0.c0 eu ceced welcuercenced|ocaeeceens
Wales

ORI

$8.75
7.78
8.26

53
54
54

eu 61 Ges clweeyee ed wel ewe kee cots aNGeaerees

8. 26

8. 26

8. 26

8.75

54

8. 26
8. 26

8. 50
8.75

8. 50
8.75

8. 50
8.75

54
54

9. 25

9. 25

9. 25

9, 25

54

8.75

51

8. 26

8.75

8.75

8.75

54

ADOVACON ...0 22. ccs ecdacceces

7.05

Bel

ct vebeews

6. 32

6, 32

6. 32

55

DURMOO .cecs cease cs varduccees
Edinburgh ee
ee

7.05
7.54

OD ln. descusace
O4& liseceweens

6. 56
7.39

6. 32
Toko

6. 56
Vdkdcavken

55
54

8. 26

Ob

7.39

7.39

7.39

54

8. 02

55

7,80

8.02

7.80

7.30

55

tes ddlanaceeesculbasianwose

8. 26

7. 80

7. 80

8. 26

54

Scotland.

ee Wied ease asosanan
laa Ke
Ireland

Bel

cas cusccascsdcnsuacests

WORD

dWkiens san etis bean

lvstxesdeas

Compositors (Typographical Association).

Minimum weekly
wages.

Names of towns.

| Maximum weekly
hours of labor.

Book
Daily
Book
and
newsand
jobbing. | papers. | jobbing.|

Daily
newspapers.

England,
Northern counties:
Neweastle-on-Tyne vigbad sobs ainaeteneestesaasise ees
RUC OTIANG sscoue cade cssccadsooudbbwhuecedactecedudaceees

$8.14
7.80

$10. 21
9. 25

PRM
Hig bien. 14s, pe iu gt heétecneeieehaswacsehoaors
Uo
Aa
OS
a
as
ae aa te coon ANC NT LIN G9)

7. 80
7. 66

mame tue khan eos

ete toes

Yorkshire:
RRO

lead big ia sn. REL hns dd dancsdenatesesualtehacseten

RE
ancashire:

LO

aI

tie

ala aac Sie iel

a

hce acce wa he

ee

a, Ser

NON
ee ee oO les ed ewe
ethgy ee cama tal
WAINGIDOO id xwaciedsveksd evecseveducasadaceueeessecosevace’s
ESCO ge a sch Catster ene dled ah demedtinnionre ihe etic

53
54

50
50

10. 21
10, 21

524
54

51
50

8. 02

8.75

54

53

7. 66

8. 26

54

52

8. 26

11.18

54

8. 02
8. 62
8.50

8. 02
10, 45
10. 21

52
51
52

7. 80

7.80

514

acy as cuaueeacdccu
ae uns dae ubebereeawsnoces

8, 02

10. 94

54

London and AO UGRUANNGGH cts avauene kanes scenreasssenaweeceens
Southern counties:

O20

biwedas er

PEA

SO

East,

seeded ae eh Lain caida Vee Ed pitsua duh bot uwse mace ten

ei ethan 5 Sal sn a 5g Paligl-nciv bee aN e bs ALE

midland, and western counties

PROM

ON ie A bh ce we e'diu ccs os hw deee ts obiaeerowaklyeseiuae
a MOORGOT) cape badeveecsay cy tinkis coecivceseatias
theater
ONG Well a ais Wieralevea:s Tew Mes hk dans w'ss's4 x doe adanab ve bekweees
OUMNH.
ys gccu ads vawadsdcawsvacedaa adevsccesessewe>

righton...... per

ns ates his Pheer

Portsmouth....... Te

9 2G0)|\ ccatakent
7.30
7. 80
5.59
7. 80

Aika aelaseaern ded

7.30

MU een te hazed vied aes

7.30

ee

er

er

ee

®, OB

9.73
8. 50
8.50
8.75

DE

52
50
48
514

Wecdecetyey
50

54
De
57h
54

54
Peasteceeas
50
50

i a

Sous

9.01

60

9.73

54

osenceees

48

D4

56

fisweus ses

Wales

Cardiff...... 0.0... kcad e

each

54

Scotland.

Pe REO g 0 s'x0 says Nusngaiesiewauss¥eneemsiuseeusoendacace¥es
AGO pore KanWihicw aakecKs Gin vas Chae

Reichs ccocctrseertea hatte tel
Bolfasb.....cscccecusce

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7.06

9, 01

51

51

7,30

10. 21

51

51

7,92
8. 26

9. 73
9.73

524
524

51
51

54

54

| EE Lcd:;

Ae bec

MONEY

24

AND

PRICES

COUNTRIES.

IN FOREIGN

Trade-union raies of wages in the large towns in 1894—Continued.
[In the following table the board of Trade returns gave the wages per hour, with the number of
For convenience of comparison with preceding figures, the weekly wages
working hours per week.
have been computed

by the Bureau

of Statistics, Department

*
a
Bricklayers.
Names of towns.

of State.]

Weekly wages. | Weekly wages.|
Sum-

| Win-

| Sum-

mer.

ter.

mer.

Plumbers
(honse).

Carpenters
joiners, and

Masons.

| Win-

Weckly wages. | Weekly wages.
| Sum-

| Win-

ter.

mer.

ter.

mer.

$9.00 |

| Sum- | Winter.

England.
Northern counties:
Newcastle-on-Tyne-..----+----

Sunderland .<.-..--------0--Yorkshire:
Bradford....-.-20--e+eeee+----tionion vice ot eo tieaidinie a scte mie
PU

<9 «ert gem> §
aaa eots
THOGUG. cose
sce.
MhOmiOld =. se<caakssnesssa<r
Lancashire:
0.600

BlBOR DUP

cn ewer csccses

BOON sas0ses<2=-s Peasy Sols es
Liverpool.....---------+---++--

$7.82]

$9.00]

$8.92

$8. 92

9. 00

8. 64

9. 00

8.10

8. 50

8. 50

8.18

8.18

8.90
8. 48

7. 82
7. 76

8.42
8.74

8. 42
8. 00

7.92
8. 48

1.72
7.52

8.12
8.48

8.12
7. 52

8. 50
8 90

7,82
6. 80

8.50
8. 92

8. 50
8.10

8.00
8.42

8. 00
8. 42

8. 00
8.02

8. 00
8.02

7.22

7. 84

$9:00 | $7.36 | $9.00]

8. 82

7.92

8. 90

7.96

9. 00

8.50

TO, 82 |nesecees
WMGNGHOSTOR< ««.1025<s0sss00=
7. 86
8. 90
cine st tcee
OUCH a eae cicwnec
7.92
TETOSCON cos saenosic< dace ws cote ns [ao oceans
Fast, midland, and western counties:
8.10
9.72
65
Birmingham... -<.-22--.029.
ses uk
Bristol.ccesa« We Catan ensan
sescaccacaessuss
TiGIOGSUG? vanes
INOEWION 206s Sac tasa oho eatesens
NOUHMEROM .nss<cscensccsces
London and neighborhood......-...

8. 64
9. 04
7.28
8.18
9.50

<2 .ceeess0s+-+--5005%

9. 04

Southern counties:
Brighton

8. 62

7. 84

7. 82

7.48

7. 60

8. 76

7.90

8.50

7.60

9.00°

8.56

8. 84
8. 64
7.92

7.56
8. 64
7.92

8. 84
9. 00
8. 26

8. 00
8.34
8. 26

7.92

8. 84

8. 76

7.92

8. 76
8. 34
8. 92

7.48
6.48
7.56

8. 76

9.72

8. 64

0.72

8. 64

9.72

8.10

7. 68
7.68
6. 24
8. 00
8.74

8. 64
9. 02
7.38
9, 36
9. 50

7.78
7. 08
6. 50
8.10
8.00

8. 64
8. 62
7. 84
8.72
9, 50

7.68
7. 68
6. 7%
7. 76
8. 60

8. 64
8. 64
7.28
9, 28
9. 40

7.
7.
6.
7.
9.

7.68

9. 04

8. 08

8. 84

8. 84

9. 04

68
68
24
60
20

7.68

7.06

9. 04

7. 84

9. 04

7. 68

7.90

7.90

7. 84

9.16

8.16

9. 08

8. 08

9.18

8.08

OTS le vackvae

Scotland.
neleavesns
cau] asnernee|acessie
IR WORAGE Dine codon soSencd sc eosonbaecweleceeba

7.66

6. 82

7.14

6.10

7. 66
8.16
8. 68

6. 82
7.20
7.76

8.16
7. 66
8. 68

7.38
6. 76
7. 66

Treland.
7598 Vxacsawslsosasens
8. 64
secs ae cs phaiwe
ROMGAD ccawadecennwisl
VSI oc ewawn cee hae x seee ss deak und ease Soaldeeacas 3 SeeewRes| sma eeaed

8. 36
7. 96

8. 36
7.96

8. 64
8. 64

8. 64
8. 64

POLISMOUN

ssescve cicececccss-

Wales.
esveneeawes
oxadnas uas
CRG, cc ntagi

WhO wa eeeies ona ns oes cc ke eases eamansed| a cas bees
8.10
9.18
aman any
EME DUL EH Gissen see's ceases
8.18
9.18
Glasgow ..-..---------+------e2---

8. 46
8. 66
8. 66

7.48
7. 66
7. 66

a Bricklayers, masons, carpenters, and plumbers are paid by th e hour, the rates running from 13 to
The weekly hours of labor in sum18 cents per hour—16 and 18 cents covering th e principal towns.
in winter 45 to 54 hours—45 to
mer run from 50 to 56—52, 53, and 54 covering t he principal towns; and
49 hours covering the principal towns.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

APPENDIX
WAGES

COUNTRIES.

25

C.

IN 1892 AND

1893.

Statement showing for each of the undermentioned occupations the wages changed during
1898, i. ¢., the average amount per head of such changes, distinguishing net increases
Srom net decreases.
[Extract from Labor Abstract of the Board of Trade giving a comparison of rates of wages in various
industries at end of 1893 and 1892.]
Net effect of changes on weekly wages.
Weekly average per head.

Trade.

Increase. | Increase.

WO

Building trades.

UOT

s stadcisnekeisitelbeweat
t= a6sscuwaNankena sa sabees

NEE ceciin cwluarea sv aceian mishs eee bt ta tsb 4 URRESISKCE cant Sas
WOHTDCHLOTS Gd JOMOLS «case yecoaaceesecs debvosedumenseone s
2

i

ee

Plumbers...

ee

a

mee

ree tee

Plasterers ....0.0-.-+s00s
“>
PMEUCES ANE. COVOPALOLS consewasewenseseesausasesevenesica
eats
PGNcivena’ IANGTOIS:. «s<essesadeecensceseass vasceneesese< ss

PUGHE AO DEIOTA bukscuixe aliens dcebasedstaswwasteesaepsanens
WARUOCODN ISDOTONE isdn aasescaes'cacess csveeceaseeceesessvee.
BNOPErS (UNMIS

STIBNOM) i000. << ssannae seeneccucssciacsanes

Miscellaneous ocoupations.......0s...+.sc0-eecceccesecsecess

WOT cdacand
se edesnane Siew cpus ace ydc sidecases
t genes
Metal, engineering, and shipbuilding.

s.

d.|

2
1 44
1 64
3 0
1 u
2° 1
2 i
1- 10
2 03
2 1h
2 64
2 5
1 9

Bi ctctadcnpdiiegunabawthnelbasthy) veeesaenasaecorce es

Oents.

SG

ae

ae

|Decrease.|
8

d.|

Decrease.
Cents.

Waweratukele ttlaganys

0 103

214

Mining and quarrying.
Coal mining............. . Cited : cvs : dvhtussaae eves renee) was
POM
sar iukaradannis bes sonkeduaneeeecdsceddnees
Keres 5

1 04
OF, besaatsissklvvare nine
peasy. AR Pe be
0 44
9
COE TAGIGS vascccsatsnescvecvnvacvesacs sonsenscacvavenennns
0 9
BOG Wok cecaat lewendents
2%
DO. d sxisecameiwanatibes
Quarrying ......... KiachvawasTheakbase cexaaeieksssanieceewas
AION
bs wawhduanies.obe
nd tinddes aeseseeiwaswas Spasetacss
0 114
SR
eee ere
Textile trades.

Be
Pe
0 43
9%
1
J ESBS
¢ IR Sy
ET
ee
te er
ne ener
ee
tes b is caviar anchaa ads
0 5h
11
MMBOF 15016 6c. ones navne oc cneec cece cnvececovesescaascoes
0 9
S66 caetsesaded hoes
rinting, dyeing, bleaching, and finishing works............
2 02
iD eran
ae SD
WOU sc eElng ehig end Phase Guukeetecchseeeidehiedieeksive PE
BE Seer
0 44
9

ice
a oe a aia
AST
ne
Aa
WV GOIGA AM WOPGIOR.....ccscsceccesscccscosessececcsscacsese

Boot and SER

Clothing

aint

trades.

ee

ee

ee

ailoring ...... ibinddeak ens trrsketestaeeeeaet cisaeraee
OCU sa

yeh kan Wad bk vkumeunwanidbad MEdaekendiwaasivan’

et

ee

1 63
2 03
17

ccecssmnans

| ee,
SEN a ORS
AGE levedintens sleetscuteees
OT caccodiknarchacs
ished

2 13
Gh es
Pere
0 7
153
os a a eae Py
©) GS ibssenass
Tramway service ...... BBSEE SSS ys
3 it
75
Se deRs SHS EK Estas 4sS ase ee
Carters and lurrymen
1 6
36
Miscellaneous trades see ecenonenase PCorcceseseanecccesecsessoes MR,
OE Sib
Total .sccccesccece eeececeecesencsoun. ee erececcecesceacs spigumerac venkaewiced

Employees of local authorities........-....2scccscceeeeeeceee

Police............. eas hoharssenseanehan
eu wecdaaleaereracaesbas
\

Total

;

Grand total......

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tee eercccce

eee

eee

eee eee ee

eee ee ee ee eee

eee

1
1
1
1
0

6
9
6
63
5

Kits eoitgtsteaeetaes
2 02
494
sot ei ems
Be! Dae 53"
wipers
‘liceacaennenexseneh
ssageesasa[esseess aa"
Th
0 1
2

GR - te canekcadnebant same
SAL. cxrsnngeselanbeawture
Oe. Exstucaredesiaes wae
|
es a4 s0dnion
Bid, lhaseseveys] <sesesaens

26

MONEY

AND

PRICES

IN

FOREIGN

APPENDIX
“ROONOMIST”

PRICES

OF

COUNTRIES.

D.

TWENTY-TWO

LEADING

COMMODITIES.

Extract from the Economist newspaper, showing that journal’s ‘‘ Index numbers representing
the combined prices of twenty-two leading commodities” at the wnder-mentioned dates:
January 1, 1885....... Lecsest voesse
JawUery 1, 18865.
s5e ence cess oassns
Jomlany UL, 1887 2s ciecccaweeeds
cee
OME Y L, DEES ois: ia Wem hak neu cas
duly ty ASS.
so ecetaaasay
ese
Jamey dy 1880..<<
secs es asesae
cas
SULA LOO seekers
awe bE
January 1, 1890\....2. «ses --July Th, TSO0) . tons aces en essa ares enw
Jantary bo Wess.
ss sess <5.
Oily
Gel aoces
256. bean es
January 1, 1892........--.:
Oy Ty BOUe ry occ2 cosh <aies'sd oheddees
Jattary i, WS9s..c5 6.2.25 cue
July 1, LOGS «oes
vans oon. see

Janmary 1, 1804. .<c sweseda
cere Cane
OULy 1, WGOk ois onions cane ateavasnn’
Janvary 1, US9G. ceases
cede ocee 554
APPLE, USOD. case a sues bak end ga ne pe
Puy Ds VOD ss. Cin dawbanebooneseens
October 1, 1806: 2. cans sesaesceswes
PAHUELY 1, PBOO as. w weed once suse a eeie
Pobruary |, 1806.2 .6 5.506 sce9asn52.
Marvel 1, 1806.ssic<y snee ood <oeneemas
April by 1806 vsss sada'sdec ieee eeedes
May 1, 1600. 600 250s sanhcaen
neh 0 aie
PONS Lh MSIOw si venee ss se wtee Meee ey
PUY Li SIG i Saas aede aden elesasweas
Amguss 1, 1806. ..66 sce s0s nese secs

APPENDIX
SAUERBECK

PRICES

OF

2082
1974
1923
1921
1931
2009
1908
1900
1992
T0ED
1959
1966
1947
1925

FE.

FORTY-FIVE

COMMODITIES.

Statement of the index numbers compiled by Mr. A. Sauerbeck, showing the course of prices
of forty-five commodities during the last ten years, as compared with the index number for
Mr, Sauerbeck’s standard period, 1867-1877.
[Summary of index numbers.

—

Vegeta-

| Animal

ey

al

ble food | food | SYZ8™| Total | Miner-|
food.

als.

,

| tiles.

vile,

| tials.

| Sova

68

88

63

74

66

65

76

70

72

87
79

60
67

72
70

67
69

63
65

69
67

67
67

69
68

67

82

65

72

78

64

67

69

70

65
65
75

86
82
81

84
85

75
70
71

69
75

75
73
igg

75
80
76

70
66
59

68
69
69

70
yl
68

72
72
72

55

80

65

66

64
a The corresponding number
May, 60.1; June, 59.3.

sted fea

|

‘Tex. |Sundry) Total | Grang

65
64

65
59

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Groups of articles, 1867-1877 = 100.]

78
for

62

73
72

64

71
68

57
59

64

53

62

52

67
68

64

65

65
65
60

60

January and February, 1896, was 61.4; March, 60.7; April,

68
68

63

a 62
60.3;

MONEY

AND

PRICES

IN

FOREIGN

APPENDIX
AVERAGE

PRICES

COUNTRIES.

F.,
OF

EXPORTS.

Statement showing the average prices at which the following articles of British and Irish
produce were exported from the United Kingdom in each of the undermentioned years,
deduced from the declared quaniities and values of the exports.
Articles.
PUES

1886. | 1887. | 1888. | 1889. | 1890. | 1891. | 1892. | 1893. | 1894. | 1895.

ieee
aa Babhageens ewt.,s..}

5.73)

5.66)

5.22)

6.60)

7.50)

7.20)

6.37]

5.45]

£&..| 55. 83)

57. 85)

65.86} 69. 02)

58.27]

46.74)

50.15)

39.53]

27.38)

25.50)......

ITC APING .cc<covadines each, 8..| 37. 16)
Gunpowder ........--- lb.,d..|
5.97|

34.75)
6.46)

31.78}
6.45)

28.09)
6.15)

29.75)
65.87]

28.77)
5.87!

34.71)
6.15)

29.71]
6.08)

81.41!
5.79)

36.80]......
5.41)......

3.98)

3.98

76.14)

76.14)

74.93)

74.52]

73.28)

73.08)

72.78)

70.92]

70.42)

68. 06

epee

Horses ..... each,

5.17|

fe

4.99]

5.44

rms, ete. :
ags, empty......-...-- doz.,s..|

3.86)

Beer and ale.....-...--- bbl.,s..|

75.32)

Biscuits and bread....cwt.,
£..|
leaching

materials....cwt.,8-.|

Books, printed ........ ewt.,
MUUHOD

£..|

4.07)

4.45)

4.85)

4.53)

4.54)

4.51)

4.07]

2.86]

2.75}

2.75)

2.89}

2.85)

2.81]

2.78)

2.72]

2.65)

2.65!......

6.49]

7.51)

7.68]

7.39}

5.83]

6.90]

8.04}

8.30]

7.82)

7.09]

9.08)

8.81)

8.72)

8.35}

8.16)

7.99)

7.73)

7.68)

7.23)

6.67

6.80/......

5 duis d's bad bv vde-<e owt., 8-112. 96/112. 81/113, 56/115. 46/118. 67/115, 50/116. 74117. 40/114. 94/110. 47|......

Candles, of all sorts.doz.lbs.,s..|
CMON
2

5.40)

4.66)

4.39)

4.40)

4.63)

4.75)

seaneeeesdbeesst ewt.,8.-|
2.02}
a ee
ewt., 8..| 79.18)

1.94)
79. 26}

1.90)
79.34)

1.95)
76.51)

2.04)
77.86]

1.98)
77.77)

1.06]

1.06}

1.08}

1.09)

1.10)

1.11)

10.21) 12.62)
50. 83) 47.31)

12.16)
45,92)

7.86)
10.79)
11.13)

7.81)
10.48)
11.47]

2.24)

2.30)

Clay, unmanufactured..ton,&-..}
Coals, manufactured fuel, ete.,
BO Rigs o cwnbiewcaubadekesd
Cordage and twine. .... ewt.,s..|
orn:

1.07)
8.45}
40.89)

8.32)
8.41)
45.67) 46.52)

pC
ee
ere cwt.,s..|
7.77)
8.29)
8.75)
Wheat flour ......... owt., 8..| 10. 23) 10. 40) 10. 23)
Cotton VOU ccaawewnteqes lb., d..} 10. 84] 10. 88) 10.94)

Cotton manufactures:
Piece goods, plain..... yd.,d..)
Piece goods, printed or dyed,
ee | kd eee aguceeatnseensiaue
GN
Thread

2.21)

3.96/......

1.66]
77.92)

1.62)
1.65
73. 10}......

1.06}

1.12)

1.19)......

11.04)
42.39,

9,90)
41.91]

10.50)
38.51)

9.383]
8.83
37.15!......

9.41)
12.08)
10.94)

8.87)
10.88)
9.97)

6.95)
9.05}
10.52)

6.94)
7.84)
9.44)

7.53)/......
7. 70|......
8.85)
9.59

2.31)

2.18)

2.18)

2.00)

3.08}

3.15)

ao <5 tss chase eseanee
5.53)
5.13}
5.22)
for sewing .-.-lb.,d..; 35. 85) 35. 06) 35.15)

5.47)
37.37]

5.46)
89.71)

5.22)
43. 22)

socks,

doz.

3.17]

2.27/

4.13)

2.97;

and

8.18}

2.27)

4.45)

1. 83!
1,70)
78.46) 80.70]

3.08)

Stockings

| sa

5.04)

Horrings .....+<. bbl., s..} 23. 66) 20. 62) 22. 76) 21.50)

22.34)

26,29}

5.00,

2.98)
4.58)
42.56)

21.52)

8.02)

2.86)

4.91)
41.82)

5.35)
41.19]

21.58)

21.01)

;

1.94]

2.06

2.83)

2.94

5.42)
81.87)

5.73
29.45

22.83)......

ass:

Plate, rough or silvered, sq.
Pi ntesn tek vas vieks teeeXe

1.09)

1.12)

1.20)

1.25)

1.24)

1.29)

1.08]

1,02)

1.09)

1.10)......

DURID geben ew cde ccenweed cwt., 8..| 47.81)

48. 64]

44.02)

45.40)

46. 69]

44.37]

48.12)

51.71)

47.18]

45.50)......

Common

9.49)

9.45)

9.38]

9.46)

9.27]

9.39)

9.56]

9.57)

9.52)

Of other sorts........ ewt., 8-.| 15,65!

bottles...... cwt.,8..|

15.42)

15.58!

15.15)

17. 76}

17.45)

16.48)

16.28]

15.81)

15.19)......

1.82)

1.09!......

Tease, tallow, and animal fat,
ORS
nd Sovveewkendwascovess

1.19)

1.16)

1.09]

1.22)

1.19)

1.82)

1,34)

1.43)

19. 08}

18.81)

19. 53]

19.15)

18.84)

19.14)

18,49)

8.79)

8.76]

9.18)

8.91)

9.16)

9.47)

9.46]

58. 38) 57. 94] 54. 47)

53.74]

54.56)

54.05)

51.55)

48. 98] 48.28)

46.86

14.62) 13.58)

Hats,of all sorts....... doz., 8..| 19. 18)

eather, tanned :

nwrought ......... owt.,

Ae

Wrought:

1

£..}

Boots and shoes,

Linen and jute yarn:
BOD

9.55)

8.94)

VOU Bis sew saves
cas b., d..| 14.12)

9.59

17.89] 18.08 ......

9.08)

|

8,95!......

|

|

47. 08

18.77]

14.48)

14.52}

18.82)

14.84]

14.50}

18.60)

13.34

DEG VAIN 2 2b. .c20ceces Ib.,d..]

2.14)

2.32)

2.46)

2.88]

2.70)

2.47)

2.67)

2.44)

2.58]

2.46)

2.44

Linen manufactures—
White or plain...... yd.,d..]
Printed, checked, or dyed,

5.98)

6.07}

5.57)

5.57)

5.42)

5.42)

5.30)

5.387)

5.14)

4.68]

5.05

yd.,d 98a TS SU seeds epveds<
6.26)
Sailcloth and sails ..yd.,d..| 11.09)
hread for sewing ..lb.,d..| 82.72)
Jute manufactures. ..yd.,d..
2.01)

6.12)
11.01)
29.74]
2.02)

5.88)
10.51)
30.58)
2.16)

6.31)
11.05)
31.29)
2.47)

5.70)
10.58)
28.81)
2.30]

6.12)
10.71}
30.04]
2.14)

5.95)
11.05)
30.23,
2.31)

5.21)
10. 65}
28. 88]
2.18)

5.37)
10, 77}
28.00)
2.11)

4.74)
10. 29)
26.38)
2.04)

5.58
9.18
25.58
2.18

Linen and jute manufactures:

als:
Iron—
NGievassdvecseedtus
Pig and puddled

2.68)

2.86)

2.74)

2.95)

8.85)

8.19)

3.08!

2.82]

2.66]

....ton,s..} 43,17)

on,&..|

47.26]

42,58)

50.21]

61. 10;

52.51)

51.49)

46.92]

46,04)

47.94!

46.57

5.50)
4.56]

5.57)
4.58]

6.44)
4.89]

7.44)
5.78)

6.74]
5.49]

6.62)
4.80]

6.25)
4.50]

6.88]
4,43]

5.93]
4.15]

6.22
4.71

13. 58)

13.46)

14. 89) 17. 59}

16.93)

16.77]

17.48]

17.90}

16.84)

15.14

9.20)
18. 63)
6.75)
14.00]
11.72]

8.41!
14.09}
7.28)
15.98)
18.17]

10.13)
9.69]
18, 22) 12.27)
7.19)
6.90)
13.48} 18. 16]
18, 64] 18.48]

9.13]
11.49)
6.68)
12. 26)
12,91]

8. 65'......
11.03 ......
6.37)......
11,58) 11. 46
12.90) 13.30

ar, angle, bolt, and rod,
NOOO
.caneveqnnsavevesens
5.65}
Railroad,ofallsorts.ton,
£..} 4.99]
Wire (except telegraph),
OR, Bassas eaWods dcaeges 13. 84)

Sheets and plates...ton,
£..]
alvanized......... ton, £..|
CODE
ss i554
see neeas ton, £..|
Tinned plates ...... ton, &..}
Cast or wrought... ton, £..|

10.29}
12.07}
6.11)
14.16}
10.90)

9.06)
8.64)
11. 75) 12.74)
6.06}
6.07)
13. 56) 14.17}
11.16} 11.41)

9.23]
14.90)
7.77)
15.08)
13.14}

2.60/......

@ The official trade accounts for the United Kingdom are made up for calendar years, and it is
therefore impossible to state figures for 1896 exactly corresponding to those for the earlier years.
The

Drices for July, 1896, have been computed from the quantities and values of the exports during that
month as shown in the Monthly Accounts of Trade and Navigation.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

28

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Statement showing the average prices at which the following articles of British and Irish
produce were exported from the United Kingdom, etc.—Continued.
Articles.
Steel—
Cast in ingots

1886. | 1887. | 1888. | 1889. | 1890. | 1891. | 1892. | 1898. | 1894. | 1895. indy,

or blooms,

“HOT Econ tes ages seminal
an 4

8.79|

4.01)

4.15)

4.50}

6.84)

4.58]

4.70)

4.54)

4.20]

4.59/......

Bars, of all kinds...ton,
£..| 18.46!
BHOGISis
+ <.0s0 seins oe ton, £..} 10.45}

18. 06)
8.80)

16.27!
8.96)

15.33)
9.15)

16.44!
9.76)

16. 06]
9.09]

16.34!
8.47]

14.17]
7.25)

13.61!
7.35!

18. 68/......
7.20/......

Manufactures

of

steel,

LOH Gs cobseasesecdaowacee

Copper—
Unwrought—

Ingots,cakes,etc.cwt.,&..|
Wrought orpartly wrought:
Yellow metal....cwt.,£..)
Of other sorts...cwt., £..|

he

of allsorts....cwt.,%..|

29.99) 29.93) 29.27| 30.27] 30.31) 34.77] 32.84) 25,88] 26.69) 26. 59)......
2.19}

2.26)

2.05]

2.08)

2.60)

2.58)

3.74)

ead:
Pig, sheet, and pipe ton, £..} 13.85)

Tin, unwrought. .... cwt., £..|
Zinc, wrought and un-

5.03}

WOUEHE <<< 60-50 ewt., 8..] 13,56}

3.75)

3,88)

2.36]

2.92)

2.78!

2.44)

3.30)

2.67]

2.86)

2.80}

2.47)

4.15)

3.01)

8.40)

38.33]

8.00}

4.90)

4.51)

4.72)

4.53)

4.20)

2,41)

2.19)

2.28)

2.55

2.34)

2.16)

2.11)

2.58

2.86)

2.69)

2.69)

3.12

11.00] 11.88]

11. 94

8.98!

13.75] 14.99) 14.56] 14. 62| 14. 15] 12.18] 11.31)
5.48)

5.81}

4.81)

4.90)

4.76)

4.82}

13, 91) 15. 68)

15. 63)

19.82)

21.07]

1.68

1.66)

1.64)

19.11, 21.63)
(c) | (c)

21.20)
8.22)

7.15)

9.92)

4.50)

18.24} 16.81)

3.73)

8.69)
18.82)

3,91]......
3.38]

3.29

13.20]......

Oils SeGde.esscden
cet ass ton,£..)b 1.70} 20. 87} 20,43} 21.72) 23.03 21.80) 19.67) 21.73)
Oil and floor cloth...sq. yd.,d..| 12,83] 11.92] 11.35 11.48! 11.382 10.17] 10.40)
9.67]
Paper (other than hangings),
|
|

20.96, 20.15! 18.92
8.95)
9.17|......

1,84)

1.74

1.65)

1.72)

1.56)

1.51)

1.58)......

PIGUULGS « wabeeseneonss each, &..| 25.69]
POEHUOGS ca scee scenes cwt.,8-..|
(¢)

22.61)
(¢c)

13.82)
(c)

18.61)
(c)

24. 80)
3.84)

30.40
3.86)

31. 05)......
4.14)......

7.78)

7.74)

7.89)

8.04)

6.97)

6.92)

5.75)

5.96)......

9.66}

9.76]

8.88]

8.43)

6.47

2.17)

2.12)

2.05)

1.99)

2.17

OWilit, Diwcawacensceecaswecnes<

Rags and other materials for
OD awoke canwoens se ton, £..)

7.51)

Balbcdtpansatmenergcsests ton, 8..| 14, 61) 12.82} 10.81! 16.15) 17.98
Silk:

Thrown,

twist,

or yarn,

ID) Bxeceases -cutnsuduceeceseca
Silk manufactures: Broad
piece goods......-....-

15. 72) 15.39) 14.13)

d.,s..|

Slates
.8.
BOSD -s-06.
<0
Spirits, British
a
Sugar, refined.......... ewt.,s..|

Wool:

3.97)

4.15)

Af
‘
;
14. 23)

5
4
;
18.19}

Sheep and lambs .....- Tb., d..] 10. 07}
Flocks andrag wool...lb.,d..}
4.97]

3.86)

18.32) 11.48

and

worsted

|

|

3.07)

2.67

2.30)

. 20) 10.47)
9. 30} 20.41}
°
7.01}
15.05) 16,14)

10.96
21.51
6.98
14.26

10.81)
21.79)
6.69}
14.39]

10.70) d9.91|
5.50)
6.07)

10.11]
6.17)

11. 25) 10.34)
4.89)
5.08)

INGUIN sc accccnsennaeseas Dh;Ciad ennaen[seacse|so0desluncees
Combed or carded and tops,
et or
eee Saubdns
inteaewen|ssewesl erenesbewens

Woolen

17.77) 16.49) 15.86) 15.71) 14.75)

10.88) 10.52) 11.41)
21. 68) 21. 29] 21,55)
6.98)
7.02)
7.14)
15.17) 16.09) 14.05)
9.13)
5.81]

9.48)
5.66}

40. 04) 39,56)

9.51)
9.58
5.53/......

16. 65) 17. 07] 15.72} 15.86) 15.59} 15. 70].....-.

Wik Cie waka
smWeed tees se amc 23, 19) 23.73) 22. 81] 22,97) 28.87) 22.65] 21.74) 21.71]
Woolen and worsted:
39.56)

11. 70)......
20. 78)......
7.51)
7.55
11.88) 12. 66

15. 16) 15. 46) 13.74) 13.79) 18. 20). 12. 09)......

yarn,

Manufactures—
Cloths, O60. ..<ineciee yd.,d..|
Woolen tissues—
Heavy broad—

9.08)
5.55)

13, 64

21.36] 21.11) 21.50

40. 55)......]...... sekaeelgenawuaweoue ieenantoewiins

All wool........ Vey adlecunelieua
ssl ageee leameee
Mixed....<.se0ce Fei Gaclesescclteneadieeenaeecess

58. 25) 55.99) 55. 43) 57,13) 55.32) 49. 80) 52. 21
23. 53! 23. 03) 23.15) 22, 86) 23. 63! 22. 39) 23. 11

All

ie venalade motinadte’

85. 78)

87.04]

38.16)

35.57)

Light broad—
All wool........ Pd Met coscclssacnellexeuaelceaeee

32, 28)

82,08)

31.38)

31, 25) 30. 44)

Heavy narrow—

wool........ FO Paalie vanes

IMIX60 se nscwewes VidiGl. dieecess|
sown sale eves enema
MISO" .xncsew'ex. Vda

C.<bnswgalcecscleecksclinaces

Light narrow—

34. 67)

35.38]

32. 82

19. 61] 19,17] 19.61) 19. 22} 18.25) 19.46) 17.57

28,75) 28. 38

14. 48) 14.50) 14. 81) 15. 17] 15. 68) 16.08) 15. 62

All wool........ FOO. nuwkodreweel Vaeeaaleses we 16. 93) 17. 32) 17.82} 18. 36] 17.49] 15.81) 16.87
Mixed <ccescscen TO Mi Jowes|aeauesl
pase eelbesaae
8.72) 8.18} 8.90) 9.00} 9.44) 9.73] 8.86

Worsted tissues—
Coatings, broad—

All wool........ VO.iGodshenee|sseeealiqwewnlscnses
Mitediscicsessus Veliey
Pa decectalsececs|-esscelacevae

Coatings, narrow—

52. 62)
36, 12)

49.70)
34, 31)

48.83)
32.40)

44.11!
29.31!

46.35)
30.07)

39,34!
28.54)

47, 37
26.13

BN WOOls cawees ou C- | csensnlesees'<|ieaeedl
sense 44,10} 40.71] 39.97] 40. 55) 42. 89] 39.19] 38.19
WIROW
wos ccewece Vey Wools ccens|-c0ees|anawsslescase
30.31] 31.24) 29.81) 27.37) 26.27) 24.77] 22. 39
Flannels...........-yd.,d-.|
9.18}
9.14}
8.28)
8.73!
8.76)
8.54)
8.47)
8.38]
8.20]
7.73]
7.90
Stuffs, etc. .......... Wondesp
O25!
SiS) - SiGe
Si) S2l\ cndalcnekcaleccwaelexwacelleaundalewewonlamens

Worsted stuffs—
AMD WOGlsss cosases Vou icslaseenctaceebelacescslesesen
Mixed ..... ecceees Vols

Qee|eceee<|seesdelenvewelestas's

Carpets, etce........- yd.,d..|

Yarn, alpaca, and mohair

hair

OF WOOL: cnccnwsssccns «ol,

10. 67} 11. 72} 11. 67) 11. 08] 11.48) 11.80) 12. 60
8.45)

8.20}

8.29]

8.45)

8.46)

8.35)

9.12

25.41| 24. 26) 24,76) 25.24) 24.92} 24. 84] 24.50} 24.78] 23.58) 24.73) 25.09

28.04}

21, 29) 20,42) 21.21) 21.75) 20. 06) 19,91) 22.33) 21.57] 25,52] 24.55

aThe official trade accounts for the United Kingdom are made up for calendar
years, and it is
therefore impossible to state figures for 1896 exactly corresponding to those for the earlier years. The
prices for July, 1896, have been computed from the quantities an
values of the exports during that
month as shownin the Monthly Accounts of Trade and Navigation.
6 Gallon.
e Can not be given.
d The classification of wool was slightly altered in 1890.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

PRICES

IN

FOREIGN

COUNTRIES,

APPENDIX

G.

OF BRITISH

PRODUCTS.

29

Statements as to prices of articles produced in the United Kingdom (but not export prices).
(1) GAZETTE

AVERAGE
PRICES OF WHEAT, BARLEY, AND OATS,
QUARTER, IN THE UNDERMENTIONED
YEARS.

Year.

Wheat.
8.

Barley. |
d.

2 ree

31

Reais: eaiodexiaay
DOS cnccakwcay swear
POGOe
viahaw dercawmss

32
6
31 10
29 9

TOO bas cu eecseeex'siaox

37

USO 8 cts dwadacaane:

(2) AVERAGE

8.

0

0

PRICES

OF

da.

Year.

8.

d.

25
4
27 10
25 10

28

8

TG"
WG>
21

S|)
Oi
JO

28

2

20

0

26

81 11

Oats.

7

TOO
18

8s.

8.

d.

26 4
22 10
23
1

25 7
24 6
21 11

18
iv
14

9
4
6

22 11

2.

14

6

30

Ives cseesecsecaes
WSUse.
sewn eeeeeses
WSOB., asenaseacwecs

August

AT

15).....-

THE

dad.

8.

Oats.

d.

TSSR e swewiescceses

MEAT

IMPERIAL

Wheat. | Barley. |

7 || 1896 (week ending

BUTCHERS’

PER

8

26

2

19 10

1

METROPOLITAN

CATTLE

MARKET.!
Beasts.

Sheep.

Second
Infe- | and |Fourth|
rior. | third | class.|

Year.

class.

aa!

ad)

Calves.

.

ur Secord
Infe-|
and
|Fourth Lambs. Coane Small]
rior, | third | class.
‘| prime.|

Pigs.

Small
Large}
neat
hogs. | pork-

class.

ers.

“ae a@&l

aad)

aa

ed)

&ad]

adi

awa)

ad)

ea

65|

410)

3 6}

56 7}

6 4)

7

4

4

5

9]

8 2]

45

0|;
4 3/

410]

310);

5

510]

6 9}

4

2]

5

8]

8

4

4| 4 4| 410|
4 6| 5 6| 6 3]

7 34

4 2| 510]

9}
1|/

4 4)
41)

411)
4 9|

6108
4 18)
(@
(a)

PBED fade becasines sea
PORE Sy awaldsdie
mech oixs
ee Fama sawn sane
re

381i]
49]
5 8] 4 6) 5 2] 5 8] 6 9] 4 8] 5 4] 8 G4 4 8
3 3! 4 8
10}
4 2;5 5] 6 O| 6 8] BIR5 2] 8 14)
4 6
30/3 8| 45137
4 8] 5 8] 6 5H 8 98 5 0] 211d}
4 4
9
4|-4-2)-410)
8-81 412|-6 0} 6 6) $108 5 2) 2114) 4 2

1889 ..

24/4

2}

3
8

9]
9}

5 3;
411]

8)

510)
5 7]

4

2)

4

8 OR4 1

5 7}
(a)

211)
(a)

38 9
(a)

0|

41]

4 9]

8

4 8!

5

5|b5

33

Bb4

3%

b4

O%04

8h

5/

811}

4

38 7|

5

2]

510)05

%

b4

6

b3

7

8

8B)

2:2)

2:9)

310)

&

Ll

BO

S|

8a)

4}

3

8)

6]

linda cca|veccveatecgeccleenceselscaneee

4

6)

810)

4

4

5 11 [6 5 114

4

4]

38

4

6]

5

0]

(b4

2]

5

5

b4

44

4

62

7

11

Not

4

0

stated.

1 Per 8 pounds.

a@Can not be given
b Average prices of meat (English) per stone of 8 pounds at the London Central Meat Market.
¢ The figures for 17th August, 1896, are from the Mark Lane Express.

(8) STATEMENT SHOWING THE AVERAGE PRICE PER TON OF PIG IRON, AND THE
AVERAGE PRICE OF SCOTCH PIG WARRANTS PER TON,IN EACH OF THE UNDERMENTIONED YEARS.
[Extracted from the Trade Circulars of Messrs.

Year,

Pig iron. fs te

Pek SGecravendeeusds)Ceteeeue
+ eee
; PE
ed wen nescig’ Neteaeee
be a
ae SEE,

$300 bevidys bias conneis csalad.
SPARES FeiKdekaorcacresit

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a Can not be given.

s.

a

&.

Year.

4.

39 11
BO
By
BP 1G |
ATO]

SB. * Til 1600
Gay 8
LO8G6
Bee WMG
4B YO! PS0D

4.2).

40°

49

6|

47

James Watson & Co., of Glasgow.]

cweesvaawocdnes chssaeee
cs acvenagvassesivsaccienc
wus os ckceeweeneenssenwas
cn ewsecesscesnsesascessee

6 || 1896 (August) ..........00-1

Pig iron. Rt Be
&

41
42
42
44°

(a)

b From The Statist for August 15, 1896.

d

10
4
8
5

8.

88
34
35
36

b45

d

OB
10
9
3

7

30

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Statements as to prices of articles produced in the United Kingdom, etc.—Continued,
(4) AVERAGE PRICES OF COAL

AND

METALS

PRODUCED

IN THE UNITED KINGDOM.

[Compiled from the Statistical Abstract for the United Kingdom, forty-second number, page 200, with
additions for 1895,

oat

Coal, per | Pig iron,
ton.
per ton.

Year.

8:
A

Ce ee eesee
USS: ccc escssncekeeke
sees csescu
Ce
ee
Cee
ee
WSO 22. bevengstoeeveenewhaukse
NOOR uso dda wee es estore

Genin

tne beekeceeceeghiebes

adutce ee

cau ee laeadeetaeeuseees

NGOS s caenceerccsewscocoeounes

BUbe vusledbanhex
test tenccerxs°

mi

White

:
Pat

a

|.

Zine, per}
ton.

Silver
from
lead, pex
ounce.

a.

[S86 .ccascccecesncaeeesesccece

Got

Fine | Metallic}

eeauer
ner tan,

10

é.

£2, 27

£44.5

£13. 2

79.6
55. 2
61.6
56.5

16.0

3. 87

1. 85
2.45
3.05
2. 62

113.0

&15.7

5
08
6
424
eee)
8
0

12.9}

£101. 4

13.9
13.0
13.4
12.4

117.8
96.5
97.7
94,2

19.1
20. 4
23.7
23.9

3.57
8.56
3. 98
8.76

7

34

2.57

2. 28

48,3

50.0

10.8

96.5

21.8

8, 32

6

8

2.30

43.7

9.6

72.6

16.1

4

6

6

93)

2.35

93

0

48, 2

2. 40

47.1

APPENDIX
AVERAGE

9.9

PRICES

88.9

10.6

67.2

3.72

18.1

2. 97
2. 42

15.3

2. 49

H.
OF

IMPORTS.

Statement showing the average prices at which the following articles were imported into the
United Kingdom in each of the wndermentioned years, deduced from the declared quantities and values of the imports,

Articles.

1886. | 1887. | 1888. | 1889. | 1890. | 1891. | 1892. | 1898. | 1894. | 1895. wars

Animals:
Oxen and bulls. .... each, &..}
OSINES. 5 sacos
See bes each,

£..|

Sheep and lambs...-each, s..|

IBSCOU .asiwas
see sere tase ewt., 8..|
RATE 406s semen
suns sbee ewt., S..|

18. 06] 17.35]
3.93]

17. 86;

18.41]

18.05]

18,87]

18. 48)

18. 43)

17.48!

17.80]

16.14

3.87]

3.64)

38.84)

4.00)

38.67)

3.91!

38.70}

4.30]

38.89}

5.11!

86.41)

3.89]

5.75

37.73)
47. 43)

42.19)
51.93}

44.79)
52.84)

Dt a
ee ere ewt., 8..|
Bones, except whalebone,
COM Osekicece
saeco sswecibenien
Books, maps, and charts,
CWO
tes Wevasias
des seetnna vs

43. 68)

41.44)

35, 26) 38. 85) 38. 49}
41.60)
51.16)

42. 67| 41.21)

36.82)
47.45)

37.89)
46.34]

31. 79| 28, 25) 33, 22)
40. 86| 53. 02)
47.30) 58.48!

40. 63} 40, 53] 40.78]

40.92]

5.53)

5.30)

5.15)

5.41!

5.65]

6.83]

4.941

4.65]

8.87}

8.60}

8.02)

8.12)

8.50)

8.80]

Brimstone: << <seceses cwt., 8..|
IBPISHOS: .ssveesesoeceess Ib., d..|
BAUGr. sceveeseacscncs cwt., £..)

8.49)

4.96]
33.13]
5.27|

4.75)
88. 62]
5.29)

4.48]
32. 42)
5.83]

4.34)
33.89]
5.31)

4.55!
35. 60]
5.23]

6.04)
35.04]
5.43]

2.88)

43. 82)
49.07]

4.53]......

6.21)

6.02)......

5.67|
35.13]
5.48)

4.851
85.92]
5.48)

4.39]
34.77]
5.23)

3,99]......
33. 67/.....5.04]
4.68

1.76]
53.39]

1.63}
55.28)

1.66]
54.63

1.73]......
57. 56|......

2.84)

2.81)

2.74)

3.04)

2.87)

2.94)

2.86

1.61|
63.42)

1.58)
56.08)

1.711
50.57)

1.65)
55.01)

Caoutchouc........2.. ewt., £..)
Manufactures of ...... Ib., 8..|

11.41]
2.64)

11.39]
2.25!

11. 60}
1,86)

11. 08)
2.03!

1.70]
54. 82|

1.82)
55. 85)

Cheeseiss ihasceedaucects cwt., &..|

(Cocoa ...---------+------ b.d..|

2.23)

7.85]

2.46)

7.98)

2.37)

7.53)

2.35]

7.25]

2.32)

7.58]

2.36)

7.62)

7.72]

7.89]

2.48)

2.42)

COHCG ascavecedunesess ewt., £..|

3.27)

4.06)

3.77)

4.17)

4.63)

4.73)

4.65)

4.82)

2,31)
,

§ 2-28)
2.09]

2.37)
2.07}

2.42)
2.08)

2.12)
2.02)

2.13)
1.93]

19, 28] 15.27}
1.45)
1.47)

12.27]
1.47)

18. 06]
1.47]

15.89]
1.48]

succades,
Confectionery and
OW te
the a ciekscendacuws be gil
are
WHE vos ewt., &
r
ork:
Unmanufactured ....ton, £..| 17.23}
Manufactured......... Ib., 8..|
1.40}
Orn :
WHOSE

centavvenense x cwt., 8

7.55)

7.65)

7.68)

7.69)

7.80)

8.88)

Barley....- eteowenace ewt., 8

5.78)

5.28)

5.70}

5.71)

5.98)

6.80)

5.89)
4.91)

4.82)
4.84)

4.90)
5.43)

5.59}
4.74)

6.14)
4.54)

6.59]
6.27]

ORS. cactatisccacsacec cwt., 8..|
MBIZO 5ccge Feeecn es cwt., 8..|

37. 25

7.66]

3.34]

12. 02}
2.28)

34. 53
42.57

4,85]

s+... cwt., £..|
studs, not of

12.37}
2,02)

39.01)
44.95!

38. 84! 37. 84!

INOUE Sosec diese eas gross, 8..|
Candles of all sorts, doz. lbs.,d..]

Margarine...
Buttons and

33, 46) 30. 77

10.96)
2.87)

11.35]
2.34!

10.82
2.78

2.72)

2.61

11.01! 10, 44
2. 81!......
2.19]

1.95

4.82)

4.88!

4.46

1.80)
2.02)

1.90)
2.04)

1.81)......
1,99)......

15. 01] 12.85]
1.84)
1.31]

11.17]
1.292]

11. 71/......
1.17/......

2.438)

7.70|

7.97/......

7.66]

6.44)

5.35]

5.51]

4.69)

4.65

6,40]
5.33)

6.16]
4.80]

5.21/
4.50)

4. 80)
4.60)

4.49
3,59

6.04!

5.06]

4.54)

5.57

Other kinds ......... cwt., 8..|

6.20)

Flour of wheat...... cwt., 8..]

5.86)

5.76}

6.30)

6.15)

6.82]

11, 20]

6.45]

11.10)

5.92]

11. 27}

5.18]

11.65)

5.28)......

11.51]

12.18]

11.10]

9.57]

8.36]

8.36|

7.97

2.18

Flour of other kinds.cwt., 8..|
Cotton:
RAW scasue aT eee cwt., £..}

WAM acisdweiztayecses Ib., 8.-}

Piece goods .........-yd., d..|

9.71|

6.07)

5.75)

8,51]

8.00}

8.27)

8.27]

8.67]

7.10]

8. 74 sees <=

2.49)

2,51)

2.59)

2.64)

2.67)

2.59]

2.39)

2.43]

2.06]

1.94]

4.01]

3.72]

3.92)

4,35]

4.46]

4.55]

4.511

4.58]

4,211

4.93/......

1.11)

1.12}

1,10}

1.08)

1.08)

1.07]

1.05]

1.05]

1.02]

1.09/......

a The official trade accounts for the United Kingdom are made up for calendar years, and it is therefore impossible to state figures for 1896 exactl y corresponding to those for the earlier years. The

prices for July, 1896, have been computed from the quantities and value 8 of the imports during that
month as shown in the Monthly Accounts of Trade and Navigation,

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

31

COUNTRIES.

Statement showing the average prices at which the following articles were imported into the
United Kingdom, ete.—Continued.

Articles.

1886. | 1887. | 1888. | 1889, | 1890. | 1801. | 1892. | 1893. | 1804. | 1895. | 7U!Y.

Drugs:

Bark, Peruvian..... cwt., &..|

Opium

Weacheeeanas

aes

, 8..|

5.51)

4,62)

3.81)

8.32}

2.92}

2.35)

2.17)

1.95)

1.83]

1.83)......

11,81)

12.93]

12,45]

12.18}

12.53]

10.90}

9.28)

10.04)

9.99)

10,11)......

6.40]
23.07]

6.22}
24.18)

6.55)
24.73)

6.20)
27, 02)

6.54)
26.15)

6.01)
23, 63)

6.19)
21.76)

6.09)
21.30

Dyeing or tanning stuffs:
Cochineal, granilla, and dust,
DWH ERs ciatcic aie 6 Mintle « Siaoah ee
Cutch and gambier ..ton, £..|

5.85)
6.61)......
QT, 08) B17) s.sc6

TNGIBO. <csveerisanecs ewt., &..| 22.36] 21.81) 21,79) 19.70) 18.59) 20.51) 19. 01) 2C. 74) 19.18) 16.76) 16.58
Sumach ........ dasa ton, &..| 13. $4] 12.02] 11.24] 11.23) 11.03] 11.49) 10. 88) 11.10} 10.76) 10. 07|......
VORA ..secsieceseens ton, £-..| 14.14] 14.81] 14. 28] 14.49] 19.85) 19. 43) 18.85] 12,90) 12.69) 11.12)......
WOWOOUS sccscccnascens ton,&..| 5.33] 5.64) 5.74] 5.87| 6.21] 5.96, 5.53] 6,65) 6.82) 6.65......
8.02| 8.15} 7.88! 7.96] 8.00) 7.92) 8.18] 8.42] 7.65) 7.55, 7.10
EER Serva csecmubascaice doz.,d..|

Feathers, ornamental. ...1b.,8..| 37,36] 81.10| 24.92) 20. 66| 26.26] 27.54| 22.71] 20.72] 21.43) 20. 78|......

PIED victewawccnsscneks: owt.,8..| 25,71] 25. 33] 24.37] 26,04) 24.49] 28. 86, 21. 64) 23, 13} 20.71] 24, 23)......

Flax and hemp:

Flax, dressed and undressed,
WM

Diver edaceescs
gases eae

41, 52] 36.34!

33.98]

35.75]

33.57)

85.04)

34,82)

37.25)

87.08)

34.14)......

and undressed...... cwt.,8..|
28, 45] 29. 25] 30.96]
Fruit
SECURE Oe ROC ES HRES > owt.,8-.| 11.24| 11.25] 12. 44!

34.93]
14, 16]

31.54)
13. 34)

30.92)
12.19)

27.02)
15.22)

25.87]
13.18)

22.45)
13.64)

20.98'......
11. 12, 11.12

Tow and codilla of flax and
a0) ae
owt., 8--! 23, 57| 23.68] 22.86] 23. 01) 18.29) 18.46} 16.99} 19. 71! 22. 25) 18, 15)..... .

Hemp and other like substances (exceptjute), dressed

AIMONAS

. 0060600. owt.,

&

8.06}

3.17}

2.98]

8.18]

3.57]

8.59)

6.57}

6.00}

4.88)

2.94)

2,95

eR Renee cwt., 8.-| 25. 65]

26.13]

26.57]

24.22)

28. 63)

23.21)

23.14)

14.70]

18.16)

ADPIEB...05.c0ceee0s bush.,s..|
Currants che aS

5.26]

5.80)

5.43)

5.39}

6.11)

3.36)

5.59)

-

oheges

5.83-......

14,14 -.....

CUA DOR Swi <eseersss bush.,s.-|

(b) | (0) | () | (6) | (B) | (b) | 10.83] 10.84) 11.30) 11.26 ......

Plums eas Ser ep QNie 6s bush.,s..}

(b)

(b)

6.78}

6.42}

Pears CE

ae bush.,8..]

(b) | (0)

| (B) | (6) | (0) | (b) | 9.81)
(b)

(b)

(b)

6.01}

5.92}

6.11}

| (b)

Raisins............... owt., 8..| 82. 94] 31.31] 30.34) 31.76] 35.84] 33.81)
cypTanges and lemons-bush., 8..

e ass: Window........ ewt., 8..]
ey RRPR USS canaceies ton, &..}
yutta-percha... at td cwt.,&..|
Hair: Goats hairorwool.Jb.,@..|
Hid JaSweaie ven ssedes ses ton.,&..|

6.14)

7.59)

6.28

8,19-......

9.68)

8.53)

7.77)

8.28......

6.07]

6.00)

5.60)

5.58)......

30. 23) 27.00) 24.83) 24.99 ......

12. 58)
7.81]
6.63]
14.08]
(b) |

12.18]
8.22}
6.48]
10. 99}
(b) |

12. 04]
8.04)
8.08]
10. 22)
(b) |

11.59)
6.98}
12,02)
11.37]
(&) |

11.25)
6.07)
11.38]
10.53}
(b) |

11.47}
5.87)
12.06]
10. 83)
(0) |

aon ® Gebs yas Gis Oak co senenane

2.96]

2.72]

2.58]

2.51)

2.42)

2.49)

2.20]

2.81!

2.17)

2.22)

2.35

oots and shoes.doz. pairs,

3.18]

3.07]

3.00]

3.50)

8.34]

8.16]

3.15)

3.10)

3.02,

3.02,

2.91

9.64)

9.42]

9.43)

9.40]

9.42]

9.52)

9.27]

9.39}

9,43)

9.34)

8.90

2.18]

2.03}

1.97)

2.10]

2.09;

1.99)

2.05)

1.99}

1.91)

1.79}

2.00

2.71|

2.60]

2.54|

2.55]

2.65)

2.43)

2.44]

2.62]

2.69)

2.88)

2.51

6.85}

6.96]

8.64]

7.69]

8.13]

8.24)

6.37]

6.01)

5.96)

5.76).....-.

ides,

raw,

dry,

and

wet,

11.36] 10. 74; 10.33) 10, 29)......
6.80) 5.17) 5.12) 7.87)......
11.42) 7.50) 9.55 8,10......
10.79) 11.79) 10.44) 12.85) 14.38
4.24) 5.26) 4.62) 3.40)......

Toe weet t cece ee eee eee cwt.,&..|
2.91] 2.95] 8.70) 3.58) 4.67) 5.02} 5,12) 5.58) 4,09) 2,97/......
Lard steee ere
ton, 8..] 18.17] 13.61] 12.59] 14.09] 13. 96] 12.12) 11,99) 12. 90) 12.30) 11. 20)....-.-.
Konak Sa SSeeesaesavenees cwt.,8..} 34, 50| 35.35] 41,11} 36,50) 32. 86] 32,72) 35, 88) 50. 24) 39.39) 33.76, 28. 65
B, OD is acteenn's sccee' om Ib., d..} 17,08] 15.89] 15.51) 15. 27] 15.14) 14, 67) 14.17) 13,93) 13. 32) 13. 61) 12.72
£..|

Gloves .......... doz. pairs, s..| 21.70] 21.52) 21.74) 21.65] 21.49) 21.56) 21.38] 21.49} 21.51) 21.45) 20. 92

Men yarn ............., b.,d..|

eat, unenumerated :
Salted or fresh ...... cwt., &..|
oa
a” other than salted,

oth

©

setteeeeeesenseneeees

Copper:
P20 « --wrersesreesenston,

&..

Uren UBS «-.se scenes ton, &..| 22.74] 23,51] 87.49] 27.92] 28, 67] 26.77) 24.54] 23. 86] 22,42) 24,47) 25. 01
lee

ag

and

partly

£..} 42,30] 44. 66] 78. 40! 52.23] 55.91) 53, 48] 47.28) 45.56) 41.44) 43.06) 48. 84
..... .-..ton,
Tro wrought
io OTO.~- 200 dstwesss ton, 8..| 13,16) 13.53] 13.87] 15.01] 16.08] 15, 43] 14.37] 18.73] 13.50) 18.38) 13.89

rte bi bars .......... ton, £..} 9.07)

8.76]

9.06]

9.25|

9.96]

9.71}

9.12}

9.01]

Lead spect eseeecnes ton, £..| (b) | 5.68!

5.61]

6.85]

7.13]

6.89)

6.74]

6,32)

irders, heams, and pillars of

in, , pig and sheet ..ton, £..| 12.73] 12. 63] 13.92] 12. 91| 18, 23] 12.60] 10.81)
an ganese

Ore ....... ton,

Quick silver............

&..]

8..|

in, in blocks, ingots, bars, or

3.27)

1,67]

3.02

1.91]

2.79)

2.23]

2.98)

2.21)

3.10]

2.64)

38.21]

2.16)

3.11)

1.85;

8.78)

6.17]

9.86)
2.92]

1.73

8.11|....-.
6.31).....

9.36)

10.15) 11.00

2.64]

2.26)......

1.58)

1.80).--.-.

4.81] 5.53} 6.28] 4.65] 4.71] 4.55) 4.66] 4.31) 3.47) 3.16, 3.01
flabs, and regulus.cwt.,£..|
Sate in cakes ....ton, £..} 14.32] 15.07] 17.43] 19.05] 22.92) 22.72) 20.89] 17.70, 15.50] 14.94)......
N

anufactured

....cwt.,..|

0.90}

0.90}

1.01)

1.09]

1.25]

1.28)

1.22)

1.08

1.01)

0.97j..-.-.

uts and kernels, used for ex-

Oy 7es*ing oil therefrom, ton, £.. 11. 32] 11.00} 11.33] 11.07] 12.70) 18,15) 12.19] 12.19
22. 86] 21.09} 19.19] 21.01] 20. 65} 20.70) 19. 66] 19. 55
20. 92)

19.48]

19. $3)

21.17]

22.90]

23.30)

22.10)

88,29] 36. 48]

86,29)

35.73]

88.92]

40.51)

37.24] 37. 91

-| 27.84] 27.46] 25.34) 26.05} 28.38]
-|

24.94)

28.34) 28, 26) 26. 12

2

@ The official trade accounts for the United Kingdom are made w p for calendar years, an’ d it is there-

:
fore impossible
to state oane for 1896 exactly caentepend ing to those for the earlier years. The
prices for July, 1896, hav C) een computed from the quantities and values of the imports during that

month as shown in the Monthly Accounts of ‘Trade and Navigation.

b Can not be given.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

32

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Statement showing the average prices at which the following articles were imported into the
United Kingdom, ete.—Continued.
Articles.

1886. | 1887. | 1888. | 1889. | 1890. | 1891. | 1892. | 1893. | 1894. | 1895.

Maly a

Oil—Continued.
SC6U) cccuterunsessewe’ ton, £..|024. 28) 24.12)

25.37)

27.10)

26.90,

26.50)

25. 23}

28. 83) 21.83]

20.03/......

TUPpPORtiNG....<06s=+ cwt., 8.-| 26.62)

28.85)

32.48)

30.39)

27.27)

22. 88)

21.72)

21.20)

20. 65)......

11.37)

10.04)

10,16}

9.67;

9.29)

9.60}

9.19)

9.17}

8.60

5.11)
6.17)

5.02)
5.65)

4,82)
5.56)

4.86)
5.44)

4.84)
5.14)

4.69)
5.48)

4.48)
5.12)

4.24)
5.30)

4.22
4.96

26.28)

Oil seed cake........... ton, £..| 6.37| 5.87)
ONIONS, PAW 6<000s«-5 bush.,s..|
2.79)
8.38]
Paper-making materials:
Linen and cottonrags.ton,
£..| 12.45) 12.18)
Esparto and other vegetable
GOOG. c<ccacccadaans ton, £--| 5.12} 4.81)
Pulp of wood..-.....-. LOT: Lies ae:
6.43}
...... ON,

8.

6.65)
3.49)

6.17)
3.74)

6.81)
3.48)

86.8}
23.8)

6.84)
38.35]

6.22)
2.89)

5.11)
4,96
2.48/......

sheseees

5.53)

5.33)

6.62)

6.10)

6.97]

8.20)

7.61)

7.65)

7. 25)......

1.54)

1.38)

1.29)

1,19)

1.27)

1.44)

1.36)

1.06;

1.09)

1.05)......

9.89
7.04

9.85}
6.52)

9.49)
6.52}

9.11)
6.04)

8.65)
5.48)

7.78]
4,98!

7.67)
4,51]

7.48!
8.94]

7.77)
8,66)

7. 18)......
4.56)
4.94

Peraiun vox. <aeguacces cwt.,£..|
Pasteboard: Strawboard, millboard, and wood-pulp boards,
OW. Sicecucacsstec
enon ueen si
POtPOleUM. soc. 0-008 6s gall.,d..|
QOH,S deecageseseduaphseesssee

2.36

2.17)

2.11)

2.31)

2.47)

2.45)

2.12)

1.84)

1.90)

POP Giscye oh fesbenesaass cwt.,8..|
POUAG@CB 2555-552 0e08 50. ewt.,s..}

33.98
5.90

Pyrites of iron or copper-ton,
s..| 36.98
Cc i eee
owt.,s..|
7.48]

86.07!
17.06}

85.71]
7.47)

37.61)
6.73}

88.11!
7.46)

35.11)
7.90)

37.61)
8.17)

30.07}
7.36}

33.79]
7.50}

34. 20}
6.32

40.39,
6. 41!

38.09)
7,62)

36.77] 27.31
6, 28) ..s5.4

IGA we kv asses i eeter oes ewt., 8
SAlGPOte? 50300 snnse- ewt.,8..|

5.00]
17.78]

4.57)
17. 24)

4.10)
17.02)

4.41)
17.56)

4.63)
18, 08)

4.88)
18. 01)

4.57)
17. 38)

5.02)
17.63,

4.56)
18,36)

4.86)......
18. 70)......

9.94|

9.59}

9.59}

9.38)

8.30)

8.60)

8.53)

9.29

9,31)

Clover and grass..... ewt., 8..| 40.82)
COUCH 5 xn cass oan aed ton, £..| 5.86)
Flax or linseed ......- qr.,&..|
2.05)

41.19}
5.58)
1.84]

41. 26) 41.02)
6.44)
6.87)
1.89}
2.01)

39,95)
5.57)
2.04)

48.05)
5.84)
2.07)

42.72) 47.51)
5.77)
6.18)
1.96)
2.04)

47.82)
5.59)
1.89)

a
eeds

of lime and

rock,

cubic niter ..cwt.,s..|
:

gue teins
ilk ;

merry qr.,

£..}

Knubs or husks and waste,
OWongae Tuxaoenteasua
se <ae <<<

Raw

1.36}

|

1.18)

11. 99} 12. 38]

...--+secee-+------1b,,
8.-| 13.73] 18.65}

Thrown..... Hagbiscebs lb., £-.|
Skins:
Sheep and lamb, undressed,

0.94)

0.91;

CRON): Wine sceeun
ack ehecincon a 25. 26}
DOA! so -2tereseecesss< each,s..} 16.30)
Perey, undressed. .... each, d..| 25.39]

25.68)
16.76)
26, 85!

pices :
"Ttignasnies SaReeenee sans Ib.,d..|
Pepper. ....... ecoeees lb. ..|
Of other sorts......... b.,d
Spirits
BUN ..cc6etesaede pf. gall.,s

8.07}
7.40}
4,74)
1.58)

VAHGY ,<ssssences pf. gall.,s..!

9.61}
8.23}
5.82)
1.59)

37.13!
8,56)

36,55!
9.03)

1.61)

1.79)

1.81)

1.49}

11.83]

11.32)

11.22]

10.62}

12,29] 14.04)

0.83}

14. 20) 13.50)

0.84]

0.91)

0.86)

26.54] 26.41}
16. 24} 18. 28)
26.57) 24.61)

24.79)
19.81)
24.11)

26. 01
20.30
23. 60

7.23)
5.86)
5.60}

7.21
4.71
6.50

7.61)
7.68)
5.28)
1.64)

7.61)
6.90)
6.22)
1.66)

1.77)

35.19)
8.89)

1.76)

1.49

34.77) 34.07! 33.90)......
7.85) 7.62)
7.30)
6.97

1.29)

1.36)

1.07)

11.40)

10.08}

9.68)

13. 09) 12. 88} 18.06)

0.88)

0.87)

0.88!

8.14

7.90

43.18)......
4.68)
4.54
1.71;
1.51
0.94)

1.18

8.98......
12,64)

11.94

0.81)......

1.88

9,10!

9,32)

9.19}

9.21)

9.04)

8.97

2.89}
3.35)

8.00)
3.94)

2.42)
4.08)

2.19)
3.12)

2.81]
3.10)

3.58
3.02

1.56)

1.33!

1.40]

1.46]

1.54)

1.57

GWiy Bane <wasenaswens=
sanes%
ROW sevsnenatsdqceans ewt.,8.-|

16.70]
13.07)

15.63]
12. 16}

17.54]
18.56)

19. 69] 16.32) 16.51]
15.51) 12.64) 12.96}

7.34]

6.54)

6.26)

17.06)
13.14)

18.36)
14.30)

15.52)
11.67)

GINGOKG,6

18.37]

12.54]

18.49]

18, 26)

12,11)

12.92)

12.33)

11.21)

10.21)

9.21)......

25. 68} 23.99]
11.77] 10.58]

25.00}
10.99}

26. 46) 24.94|
10.79) 10.65)

25.85)
10.70)

25.41)
10.07)

27.72)
9.74)

25.52]
9.59)

23. 67) 20.51
9.63)
9.87

47.39]

44.82)

45.70}

47.37)

52.63)

50. 16) 48,59)

47.61)

40. 67) 42. 89)......

10.93]

10.43}

9.76)

11.46)

10.58]

10.23)

9.20)

11. 22} 11.53]
7.23}
7.24)
7.03)
711)

11.18}
7.53)
7.30}

10,47)
6.94)
7.43)

10.87}
7.64)
7.27)

11.05]
8.56)
7.13)

9.98)
8.18]
6.95)

Other foreign and colonial
SPITTG...«0. 0000s pf. gall.,s..}
MUONEG ~ saxo sersents ess Ib.,8-.]
Straw platting for making hats
and bonnets........... Ib.,s-.|
Sugar:

Refined

and

sugar

candy,

Molasses ..... Seheess ewt., 8

6.40]

5550: 9ce0e<s ewt.,8..|

Tallow
and stearin..... ewt., s..|
DO
ita tes cennigg
oake~ sé b., d. |
Teeth, elephants’, sea cow, and
sea horse .....0..-- owt., &..|
Tobacco:
OTTRRSo ecsumncncmcesie=, Ib., 8..]
Cavendish or Negrohead,
PES
Cer
oe
ie Gieaers Ib.,d..}
gall.,s..|
load,

£. |

6.66)

6.32)

5.86)

6.80}

5.31)

4.70)......

6.20}

7.99

10,23] 10,78)
7.46]
6.91)
7.23)
6.98)

10.15
6.91]
6.87]

1.40)

1.34)

5.89]
5.90)
10. 68) 10.31]

6.03
10.50}

13, 46
9.64

7.378
6.61
7.62

1.58)

1.49}

1.59}

1.77)

1.63)

1.50)

--load,£..| 5.68)
eveee---load,
&..| 12.18)

5.52)
10.41)

5.41!
11. 57)

5.78)
11.94)

5.70)
11.30)

5.89)
11.27]

2.20)
4.07|
8.27)

2.10)
4.11)
8.14)

2.24
4.10)
8.80}

2.50)
4.08)
8.89)

2.35)
4.29)
9.06)

2.14)
4.53)
9.36)

2.18)
4.36)
8.90}

2.14)
3.89)
8.63!

2.17]
4,10)
7.97]

2.09)......
4,11)......
17.77|....-.

9.08]

10.15]

9.77|

9.80!

10.30]

9.36)

8,74)

8.74]

8.52)

8.15}

eovecss-load,
£..|
load, £..|
Mahogany ..-....... ton, £..|
Wool:
Sheep, lamb, alpaca, and
the llama tribe........ lb.,d..}

1.50)

6.03)

13.30]
9.73}

1.36
sail
9.67

2. 03

8,47

a The official trade accounts for the United Kingdom are made up for calendar years, and it is thereThe
fore impossible to state figures for 1896 exactly corresponding to those for the earlier years.
prices for July, 1896, have been computed from the quantities and values of the imports during that
month as shown in the Monthly Accounts of Trade and Navigation.
b Tun.

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Federal Reserve Bank of St. Louis

ee

Phosphate

——

Other materials

6.24)
3.68)

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Bs)

Statement showing the average prices at which the following articles were imported into the
United Kingdom, etc.—Continued.
Articles.

1886. | 1887. | 1888. | 1889. | 1890. | 1891. | 1892. | 18938.

Woolen rags .........-- ton,

£..| 20.91}

20,97}

20. 80}

21.36)

20.67]

20.78)

19. 89)

/1894. | 1895.

20. 05}

20.42]

19.43]

fat
18.67

fancy purposes...... Ib., d..| 44,58) 43,18] 42.10] 42.27] 42, 64) 43.03) 40. 80) 42,12] 44,15) 42. 54]......
Yarn for weaving..... 1b,, d..} 28, 73 28. 48] 27.12) 27.77] 27.19] 26.65) 26.50, 25. 47] 24.20] 23. 85]......
Woolen
manufactures:

Stutfs,

WO ncaa sskaneaaGentre
tescase
Yeast, dried........... owt.,£..|

21.56) 21.11) 21.18) 21,10} 21. 25) 20. 64) 20.59; 19. 01] 18. 02] 17. 24! 16,80
2.76) 2.72 2. 73| 2.77) 2.67) 2.67; 2.60, 2.60) 2,57) 2.55)......

@ The official trade accounts for the United Kingdom are made up for calendar years, and it is there
ore impossible to state figures for 1896 exactly corresponding to those for the earlier years. The
Prices for July, 1896, have been computed from the quantities and values of the imports during that
month as shown in the Monthly Accounts of Trade and Navigation.

CANADA.
I—STANDARD

OF

VALUE.

The single gold standard adopted by Canada under the act of 1871
was that of the British sovereign, of the weight and fineness prescribed
by the laws of the United Kingdom, to pass current at $4.862. ProVision was also made that until otherwise ordered by Her Majesty’s
proclamation the gold eagle of the United States should be legal tender in Canada at its face value when it is up to the standard weight
and limit of tolerance prescribed by law, viz, fixed weight 10 pennyWeights and 18 grains troy, and of the fineness fixed by the United
States, act of 1834, i. e., 889.225, and that of 1837, i. @., .900.
The Canadian act of 1871 provided for a special gold coinage for
Canada, but none has been minted under the act.

The silver pieces are of the denominations of 50, 25, 10, and 5 cents.
he copper piece of 1 cent is the only minor coin.
The silver and copper coin in circulation is coined by Great Britain.
gue provit to the Dominion from such coinage for the year 1894 was
3,467,
The largest silver piece weighs 179.32 grains and is .925 fine. The
Smaller pieces are in proportion.
These are legal tender to the amount

of $10,

The copper coin is legal tender to the amount of 25 cents in

any one payment.
There are seven different kinds of money in circulation in Canada,
viz, gold coins, subsidiary silver coins, bronze coins, provincial notes
(issued prior to confederation), Dominion notes, bank notes, and fractional notes.
II AND

IIIl—AMOUNT

OF

AND

PER

CAPITA

CIRCULATION.

The following table shows the total circulation:
Description.

Total.

$16,000,000 |
5, 000, 000
1, 000, 000
35, 000, 000

$3.20
1.00
-20
7. 00

57, 000, 000

11. 40
|

i

Government money is issued from the finance department to any

applicant,
135A.

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3

34

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

The whole amount of paper money actually issued consists of—
Sern nie 00: (ei ae
a ee eee uo
Sere ee ry ot
ey eS ey er een ere
DoMiiion NOS =: 7 seeesaee es Adesre as eelwe caweac sees eseuawEN ES ee SHEE
NOUaAL.

cage sete bs hoo os bara seas ean

Chartered banks.—The

amount

$31, 000, 000
23, 000, 000

es ceud aeeycaewen ea ane sheen

54, 000, 000

held in trust by the Dominion Gov-

ernment for the bank circulation redemption fund on June 30, 1895, was
$1,821,371.
There were 37 chartered banks in the Dominion on June 30, 1895,
with 512 branches.
Through
concentrate their funds in any
demand arises.
The following table gives
deposits, discounts, liabilities,

these branches the banks are enabled to
part of the Dominion whenever a special
the average bank capital, circulation,
and assets for the ten years ending June

30, 1886 to 1895, including the deposits of the federal and

provincial

governments:
:

.

Capital paid|
Pp up.

Year.

$31,
32,
82,
82,
82,
38,

of

eee
discounts to}
people.

eee
Liabilities.

Assets.

cxeeeeebense
rer
aT eee
Asinseann
ees
evs Ja Cawiews
casceeternnse,
cekcntwoewen

1802.

Jel. swaeaws!

61, 626, 311

83, 788, 679

166, 668, 471

193, 455, 883

208, 062, 169

291, 635, 251

TSGE

ce aes SRE

1SQ4 oo
oo case us

62, 009, 346

60, 068, 871

33, 811, 925

174, 776, 72

206, 623, 042

217, 195, 975

302, 696, 715

TSOGi

61, 800, 700

80, 807, 041

190, 916,839

229, 794, 332

316, 586, 510

wa teeoes

662,093 |
860, 561
845, 0385
229, 752
974, 902
700, 697

Total

Total of
deposits.

SAGs
Bote
LS8S
TOO
1800:
PSOE

ahi

$61,
60,
60,
60.
59,
60,

.

Notes in
eiretlaitene

030,499 | $111, 499, 365 | $132, 833,313 | $146, 954,260 |
478, 118
112, 656, 985
189, 733, 755
149, 704, 402
205, 259
125, 136, 4738
141, 002, 373
168, 990, 797
207, 144
144, 650, 782
149, 958, 980
178, 029, 602
834, 511
185, 548, 704
153, 301, 835
173, 207, 587
061, 042
148, 396, 968
171, 082, 677
187, 332, 325

31, 166,008 |

181,743,890 |
|

204, 124,939 |
208,780,800

|

221, 066, 724

$228,
230,
2438,
258.
254,
269,

061,
393,
504,
789,
546,
307,

872
072
164
803
329
032

307, 520, 020

The amount of banking capital in circulation is shown in the following statement:
Y

es
pe eth hy

sail

Circulation
per capita.

Deposits
| per capita.

Discounts
| per capita.

| Liabilities
| per capita.

Assets
| per capita.

1871....200------

$10. 30

$5. 75

$15. 48

$23. 33

$22, 07

$34. 46

TOG]: sesswsswacs

12. 56

6. 54

35. 40

35. 40

88. 75

55. 72

a

13. 76

6. 60

21.81

27. 04

29. 40

46, 38

The amount of reserve held by the chartered banks on December
of each year since 1886 was as follows:
BORG sig and dyen Sedi oads RSs e eas nee cannes Lawehd MWENSs tp and se Cen WEED WORE seas $17, 930,
TT ik eee a ees 44 0220 eens dweeba oda seeande kyele S4pe bees es toed bee eSigs 17, 798,
Co
rr
ere
es het eee errr ere eee
eS 19, 050,
FOS

Tisabep
Ree

ingewalnk 4 ides e 0h oda. 5 open ced

samcheee Ui veate ee getaways s enalen

eae ah cuss ~¢ Tach ces wan's (Wyn aban OF+<o 7a Ween aeeeOn gown wives
et eee ee ee eer ereT ren
terror. cre t boat ee eee

DOO Le Sth o.oo uwek coated bak lca

eed

eee

RUE BLE vile Fe PRE ees e's

31
141
814
565

20, 371, 332

21, 940, 369
23, 665, 827
25, 086, 615

FOG dilaapd wadawd os uh gs dex ks Sa RUE Sy Cee FRNA TS Kebbhynwewienhe ses aereces 27, 470, 026
oe
er
rer rie errr rie rir) Soret eer ere er eee 27, 233, 799
Savings banks.—Post-office savings banks were established in 1868,
On June 30, 1895, there were 731 offices and 120,628 depositors.
The
average amount to the credit of each account was $222.22.
Government savings banks were also established in the Maritime

Provinces and British Columbia.

Interest is allowed at the rate of 34

per cent.

There are also two special savings banks, one in Montreal and the
other in Quebee.
The chartered banks also have savings branches,
but the amount on deposit in these branches are not separated from
other deposits in the returns.

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Federal Reserve Bank of St. Louis

35

COUNTRIES.

FOREIGN

IN

PRICES

AND

MONEY

_ The following table gives the amount deposited with the Government

in the two branches under Government control, and the deposits in the
Special banks.
Post-office

savings

Year ended June 30—

| Other Gov-

|ernmentsayings banks.

banks.

y

$204, 589
8,
2,
18,
15,

052
484
553
540

207,
754,
245,
090,

17,159,372 |

19, 497, 750
20, 689, 033
28, 011, 422

91,990, 853 |
21,
22,
24,
25,

738,
298,
158,
257,

648
402
194
8€8

26,805,542 |

$1, 483, 219
2,
5,
15,
17,

958,
742,
971,
888,

170
529
983
536

20, 014, 442

21, 334, 525
20, 682, 025
19, 994, 934

19,021,812 |
17,
17,
17,
17,

661,
231,
696,
778,

878
146
464
144

17,644,956 |

a Rate of interest on deposits in post-office and other Government

4

Hy gaa

Total.

Sig |

gs

:

$3, 869, 799 | $5, 057, 607
6, 786, 662
5, 631,172
8, 851,142
9,191,895

|
|
|
|

12, 933,
14, 128,
38, 068,
42,170,

884
185
697
971

9,177,132 | 46, 350, 946

10, 092, 143 |
10, 475, 292 |
10, 761, 061

50, 924, 418
51, 846, 350
2, 717, 419

10,908,987 | 51,921, 452

10, 982, 282
12, 286,100
12, 828,886
12,919,578

|
|
|
|

50,382,
51, 765,
54, 673,
55, 955,

258
648
494
599 -

13,128,483 | 57,578, 981

savings banks reduced from 4 to

3} per cent.

IV.—CHANGES

IN

THE

In the early days, all sorts of coin were

SYSTEM.

current in British

North

America.

The first step taken in Canada for the revision of the currency was
in 1795, when, to remedy the evi 1s resulting from the coined money in
circulation being reduced in weight, debased in value, and composed
of every variety of pieces peculiar to all countries trading with this
continent, an act was passed

the average

intrinsic

Britain, Portugal,

worth

fixing a standard of value

of

the

gold

Spain, and the United

and

founded upon

silver coins

States.

Some

of

Great

assistance

was given by this measure, but the increasing business of the country
demanded improved facilities for exchange.
Canadian, more frequently called Halifax, currency was established
by an ordinance which changed the monetary nomenclature from
French to English, adopting as the money unit the shilling, equal in
value to the old French livre. The denominations were dollars, pounds,
shillings, and pence, 20 shillings being equal to $5, the dollar being
originally the Spanish pillar dollar coined before 17 72, and containing
385 erains fine silver.

From July, 1812, to near the close of 1815, the people of Canada
used a currency composed for the most part of promissory legal-tender
“army bills,” issued

by the

Government,

as a financial

aid in the war

with the United States.
Various subsequent acts by the provincial legislatures established a
valuation to the coin current in British North

America.

Finally, in 1858, the Province of Canada adopted dollars and cents,
pounds, shillings, and pence as the only moneys of account.
In 1871, the Federal Parliament passed the act (chap. 4, acts of 1871)
respecting the currency which gave the provinces of the Dominion a
Under this and other acts, as heretofore stated,
uniform currency.
there are seven different kinds of money in circulation.

Gold and silver coins—For description of gold and silver coins in

circulation, see standard of gold value, at the beginning of this report.

issued notes to the
Paper currency.—In 1866, the Province of Canada
used to replace
be
to
were
which
00
of
amount of $8,000,000, $3,000,0

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Federal Reserve Bank of St. Louis

MONEY

36

AND

PRICES

IN

FOREIGN

COUNTRIES.

notes of banks surrendering their power of issue.’ It was provided
that 20 per cent of the notes issued should be covered by specie
reserve and the remainder by provincial government debentures.
On the formation of the Dominion, the issue of $8,000,000 was continued, any amount in excess of $5,000,000 to be covered by 25 per cent
in specie, or in specie and Canadian securities guaranteed by the ImpeFor the remainder, the security provided was
rial Government.
unguaranteed bonds issued by authority of Parliament.
In 1870, the issue was fixed at $9,000,000, with a 20 per cent specie
reserve, any excess over the nine millions to be fully covered by specie.
In 1872, in consequence of the growing demand for paper currency,
the issues in excess of $9,000,000 were required to be covered by specie
only to the extent of 35 per cent.
In 1875, 50 per cent specie reserve was required for $3,000,000 over

the $9,000,000, and for any excess over the $12,000,000 a full cover of
specie.

In 1880, the law authorized the issue of $20,000,000 to be covered by

at least 15 per cent in gold, 10 per cent addition either in gold or in
Dominion securities guaranteed by the Imperial Government, and the
remainder in unguaranteed Dominion bonds, any excess over the

$20,000,000 to be covered with gold.

In 1894, an act was passed providing that the issue might exceed
$25,000,000. This act, however, did not provide for any additional
security, and was therefore replaced by chapter 16, acts of 1895, which
provides that Dominion notes may be issued in excess of the sum of
$20,000,000, provided that the minister of finance, in addition to any
amount required to be held by him in gold under the act of 1880, holds
gold sufficient to cover fully any excess over the $20,000,000.
These notes are full legal tender, redeemable in specie on demand,

and are of the following denominations:

$1, $2, $4, $5, $10, $20, $50,

$100, $500, and $1,000. The reserve held for the redemption of these
Dominion notes on December 31, 1895, was as follows:
- 22... ee een e cee e eee eee cee cerns cee e ee cen eee eee eee anes $10, 650, 702
Specie...
1, 94.6, 667
ee cece eee eee e.ene
....--.
cee ee cece
Guaranteed sterling debentures....
17, 250, 000
eee
Te
Unguaranteed debentures......---..+-------- ee
TPOtAN Ec xate veces e (es ceu aswnos caste eswaaeeoene¥aessseeassanaes>

28, 847, 369

It will be noted that the amount of specie and guaranteed debentures
in excess of the legal requirement was $5,183,368, and $2,250,000 in
unguaranteed debentures.
The officers charged with the distribution of specie and Dominion
notes to the several banks are: The comptroller of the currency, and
an assistant receiver-general located in each of the following cities:
Toronto, Montreal, Halifax; St. John, New Brunswick; Victoria, British
Columbia; Charlottetown, and Winnipeg.
The average monthly circulation of Dominion notes since 1890 was
as follows:
NOG cdc el Vedabaen Ullah de edP le ncde ea paAs sa0 Ey Peles S805 Sand tewens Ke wens $15, 501, 360
TAGS gs alcciteast Mega haehal Kha hbwk s aeKR Eb RECESS Oa One F800 Veen c4cete ees 16, 374, 460
TEOD cea wne de dune 646s a ceweas Sune eben ee enn seen wees hecens case ce ceee ones 17, 407, 440
18, 966, 100
TOs St advo cd bane bse obs cdbves Sussnre ays baw he skins cweace a ee
ee hen ueuwe ete eieek ONG Ate DR MCEN Esc ce Conees dine wpeiege 20, 749, 200
Sok
ee
BOGE cane Seg sean ches dats beer +aebnd Vangts cease Osiny Saba sean den ings 21, 397, 750
1The banks were offered 5 per cent on their circulation and one-half the estimated
cost of their unissued notes as inducements to surrender their power of issue. The
Bank of Montreal was the only one which agreed to do so. In consequence, the act
was repealed in 1870.

Digitized for FRASER
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Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

37

COUNTRIES.

FOREIGN

rnment issued notes for
Under authority of the act of 1868, the Gove
provide the country
25 cents in 1870, the chief object of which was to
n consequent upon
with fractional currency and thus relieve the strai
. The amount of
silver
s
the removal from circulation of United State
$462,000; in Octofractional currency required was: In August, 1870,

ber, 1870, $482,000; and in December, 1870, $450,000. 472.
$157,
By July 31, 1888, the amount had dropped to

On July 31,

1896, it had increased to $288,697.

of Canada, with slight
Chartered banks.—The present banking system
provisions of the
amendments, has existed since 1871. The principal

banking act are:

e of the treasury
1. No bank can commence business until a certificat
$500,000 capital has
board! has been obtained, showing that at least
been bona fide subscribed and $250,000 paid.
per annum shall be
9. No dividends or bonus exceeding 8 per cent
debts, a reserve
paid unless it has, after deducting all bad and doubtful
fund equal to 30 per cent of its paid-up capital.
of its cash reserve
_ 3, Every bank must hold not less than 40 per cent
in Dominion notes.

4, No bank shall issue notes of less than $5.

shall not at any
5. The amount of notes of any bank in circulation
al.
capit
time exceed the amount of its unimpaired
sum equal to 5
6. Every bank shall pay to the minister of finance a
lation, to form a
per cent on the average amount of its notes in circu
be used when
fund called “the bank circulation redemption fund,” to
suspended
necessary for the payment of notes and interest of any
the
Payments from this fund are made without regard to
bank.
amount contributed.
of Canada meets
It is generally conceded that the banking system
ever necthe requirements of business, the circulation expanding when
ches located
essary to meet special demands; and as each bank has bran
its surplus
place
to
led
in different parts of the country, it is thus enab
funds where needed.
AND

V.—CURRENCY

WAGES.

acturing
Tn the census taken in 1891, the average wages paid in manuf
ied.

and mechanical
as follows:

industries

are shown.

These industries were classif

(1) Industries having an annual output of $25,000 and more:
eens cere cceeccse sce $296. 20
Wages per employee, 1881. ..---- +--+ -se-e ener
346. 60
--++ +++ eee eene eres eee reer ees en sees
Wages per employee, 1891...
50. 40
202+ eee nee cern ee ene e crt eee ttt
Increase in ten yeaTS......-.
18.3
rete

Percentage increase....-..-----

se-cee cree cette

tert eters

$500 and less than $25,000:
(2) Industries having an annual output exceeding
rrtt
ees
srtcr
+ee
ree tre
cert------.
..Wages per employee, 1881..
set
erect
ceeret
seer
+--+
+
-----20
1891......
ee,
Wages per employ
cane
es
cece cree
omen eec
.-s
cee cee
--Increase in ten yeaTS.......see
ttt
--0
sees

216. 68
244. 24
27.56

12. 07

e+te nesses
cee -++
--cere
Percentage increase...--..---

=
ry board
The treasu

ris a

hug

consisA ts of the minister

of

on

finance

and

appointed from time to time by the governor-general in council.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

any

;

sulle

five ministers

38

MONEY

AND

PRICES

IN

COUNTRIES.

FOREIGN

VI.—PRICES.

The following table shows the wholesale prices prevailing at Montreal
in 1886 and 1894, most of the articles being imported:
[This table is given as transmitted by the consul-general. It will be noted that in some articles the
quantities for which prices are quoted are not given.]
Average.
7, ee
1886. | 1894.

Articles.

Average.
Articles.

Boots.

1886.

Dyestuf's—Continued.
$1.45 | $1.10 || Indigo:
Bengal
1.57
2.38)

Split Balmorals, men Si ceases pair..
ee pair..|
Butt Balmorals, men rr

Kip boots, men 's Svsseswacsos

Pere.

cae euiewkissetsanes

RK Ib..}

Vikan vapiendanetangees Ib..|

OG

DMI

1.66

1,88]

Split boots, men’s ..------.--- pair..|

288 |

2.38 ll Gambier. <cecnews
des evsnes ances Ib..|

Calf boots, WICH Ss osccevcccess pair.-|

8.50 |

3,32

Butt Balmorals, women ‘g....-pair-.)
Split Balmorals, misses’ weeaee Pi ir...
Buff Balmorals, misses’......pair--|

1.13]
. 83
1.03

1.00
-74
-81 || Herrings:

Split B: ulmor als, W omen’ 8....pair--|

.93

Split Balmorals, c hild’s ......pair..|

958

Butt Balmorals, child’s....... pair..

. 70

MAGUO?

|

clavlabasvisyovss-sedneren

Labrador No. 1 ..<.260-+++-- bbl..|

57

Labrador

8.85

Sa Yiaw Ss iawiacceasdacces
scan sae
se s¥we<e
O)AS vas: saeabiwncusudvens

1.49 |
1.45 |

1.20
2.00

MNONISOOS ««venayceassten
Sacnsne ese

1.54]

Wi HOPO). dpuans<qeseseet<esss5<00na

Oysters ...c.00c0scs+cssceneeeeeeaes

sans ss <aeaxac
< wat teeugague
IRORGNGR
Do
Coinae fon ee eens
POars.«--«+~44+-<+4s++0--+
Bactloth
SUPA DOPPIOS <6 ccce kccancangs cscsen
RASPDOLTiCS << accessseveceeeveceeces
Blueberries. seas ~ oe 2200+ s2056<0

CreOBacOH in... .ssasesereeen-

Roast
CHICK siasde se udacodectaies
Roash GUPUO.dsdek eteneeesdoee
esceee

iat DEOL aos o+ ass cans Senses be<=s

Finnan haddies..

case of 50..|

TROGSU WOOL cusk abies <o2s0s..005ta-de:o.47

po

—

82 | 1.00

1.45]

2.25) |
9.
a 4
1.91 |
1.78 |
1.00

2.98]

2.65

a

hl

ere

por

ob =:
CAPERS
= ceceseecessBy CAP O-oawns
oe

«s||

dia weed ex 100 Ibs..}
ead, cei aaiieds

BONE ceases Lfauee caesicsacs
chee Ib..}

Camphor, Bing. Tel. cacusesens>- Ib..|
Camphor, Re f. TINGS ase nde cesmas Ib..|

OUI BON 05d sec ccwansseweres Ib..|

6 es
+36

BS
.14

£10

JOR

“4 no

: .

sail
—

ice

4.50|

5.95

1
18

21
: 29

se |

ee

(ai

ile and Morrisbure.. bl

serene unnresse Se)

a6)

86]

COMMOUES 241d sid anleaddts
ane 100 lbs.-}
1.01
CTC: VATED . con 54. eden'cawenss Ib..)
85
Wpsom: salts <..-2<0s2nse00% 100 lbs..}
1.36]
ode
GL VOGT: <cncanwat oeaecmsoseee EDivll.!
GU HAIG secs sc, ws vwsere
eed Ib.-|
.76)
Gut tragacangh « o1s.<cssuse0 Ws. || <9 1S
MGR PDT .5.205e cinawiasansecad oz..|
1.67 |
OMIGiG).c.
bar an cnanaeceseenveenes lb..|
3.66]

.58

«OS
«20
1.62
718
.69
. 69
1.75
4.40

. i
:

Pork :

:

:

eatin

eres

l)
||
|
|
||

as

2
.16

fot

i

bbl..|
Canadian
bbl
os
at short-cut........-.
tent

. 69
65

ih

ala ro 5
e. laa
TELS. wcenecnreveve aeescccseces doz..|

2B]

rae

eer ena Mena eat

sa

PotatOes....--+++eeeseeeeneee- bag..|
Grai

.60

OBES. .u diss Sad bss weddes seen sex bush..|
Barléy..cscuncscessonsecesc bush...
POHBs<sdeansecasameeweeiseye: bush...
RYy@ ~2-<0<ssesee ssececeseecs- bush..|
Corn, in bond .......-..0-sseeee
seen

.31
58
68
.59
52

—

Tn

18.95 | 17. 80
on
“ig

1.83 | 1.90 || 5 ae WeStOrN..----+-eeeee2- ier
.42
.34

:

Farm products.

PEGE D Scrre ece

¢

5.21
6.21

bere all se s
13.46 | 15. 00
11.88 | 11.06

sii

emis tetris a Ibn}

p

4.63 |
5.58 |

=

Cc : os F
lb
Townst ae
a
lala tae ele

Drugs and chemicals
.

4,'76

16.01 | 18. 99

pte,

1.95 |

5,29

3.08 |

19.02 | 20.00

1.65)!

5.25 | 4.95

3.67]

ei

eee
_—

2.60 | 2.33
2.75 | 2.78

.18

No. 1

Boneless Ash

1,95
. 92

+38

No.2

1.90

27511

Gage

es
ge amen
ot
British Columbia ..........- bbl..}

;
Lie

.05

3.07 | 4.96

is sac ie eon oe

n Ge

2.08

2.94

2.75|

-bbI

wee

Nod

.86

330

No. 2 ..<<<scsonees bbl.

Salmon fy Ve
Ser

1.40])

85

06

90.00 | 72. 55

Cape Breton ....s<s.ss0.-0<- bbl.-|
Mackerel NO. 2. cac<ceasescnsss bbl..|

6.88 | 6.40 || Cod:
10.45 |

4.85

Fish

55

SATCINGS, cc0sesscatcscceoneseccwsane

$1.63 | $1. 68

sans dbseweskeeacsubawka Ib.

82 ||, BONIAC .0s.saencceenvesseannsen ton..|

Canned qoods.

CNIING

|1894.

eh

- 66
38
. 48
. 68
54
55

Flowr.
P

m

8.87
vsccccbbl..]ney 448Oe | S80
patent brands
see sseeeeeeees Ib:.] + “12eS | -1001 | Mtanttopa
Oxalic acid....00.
ee
ae een

IPHOSPHOPRS . c.\eeeves oowsdceee TDsak

Potash; bichromate...s..s0se.02 TO.
Potash, Jodie < 4650. <0usesesnen Ib..|

3. 82
: oy

2. =
4 Ma

4.59 |

3.40

4.10)

4.04

Soda
AAD LIAO Tbs] £65
| 1.75 | Japan,
common to: medium...1b.-|
Soda, bicarbonate....-..-.- 100 Ibs..}
2.48 | 2,40
Tans = Flere
rs ge seis a

.20)=

.18-

Youngliyson,commonto good.lb..

21

. 20

.48
— . 30
| . 56

41
. 29
45

QUIRINO.

at heh aye

<cwsewewaqene
sooner
.

isin

ax 0z.-|

taal 1b

Bleaching powder ..--...-- 100 lbs

BiGe Vil.

<< scsencuwtesss 100 lbs

Pelstone « <avcces cesseans 100 Ibs..|
St

Ale

12
3. 82

* z

f pd

.87

oe
»
Dyetays
urehit
ATG
COM ...0s sssececeeseceess
+
CUlON .ccacdavenceccnsidasesness hoe
Logwood:

Extract ....---0-senceeseeseee Ib..|

CHIPS csscsevaccenctuscesvosens avs|

89c

2, 13 |

2.70

5.63 |

4.85

2.46]

‘

non wanes alia 100 Tbs..)
PURO: «kgs

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.08
8.82.|°

Straight roller
oe aes
hk

Memit
Bee ease
ss krs 43 bere, me x«|
anitoba, strong baker’s...... bbl..|

Beds PERGOS ccasavnavseeecnencs pbl..|

Oatmeal.....-.+seeeeeereerene bbl..|

7

200 ]| moa,

9

eee?
rt .

Eo

apan,

aH

A

Groceries.

finest

a>

3.96 | 3.45

to choicest...---

ae

42

«as

4, 02

86

~
oe

. 28

. 08

. 08

Congo, common.....----...--- tb.
Congo, medium to good....... Ib..|

18
32

.18
. 26

.08

.12

Congo, tine to finest..........- Ib...

50

. 39

2.97 | 2.2

foung Hyson, fine to finest..-lb.-]
Gunpowder, common to good-Ib..|
OplION ...\ ece¥etwins evedseer< Ib..|

TWavkay : i. ssnuccetcesusacess Ib..|

«26 )

«if

3g

COUNTRIES.

FOREIGN

IN

PRICES

AND

MONEY

Cont'd.

Table showing the wholesale prices prevailing at Montreal in 1886 and 1894, ete.

Average.

Average.
Articles.

Articles.

Hardware—Continued.
saadsecwew one
bonaased
OHO MANS tcmw
Out spikes. ...+-.-s-s-esseeeeeseensCasing, box, flooring, shook, and tobacco box nails ........-. 100 Ibs..}

Groceries—Continued.
ae
ot
i
Ja RS
Ma ll

[80.28
i “98

$0.23
: "30
sl

Tb..|
he talc ihe geal | i
Ts Dla ae aaa aie el

“31 | 199 || Finishing nails:

y “ote -:eiaiasadetlaaanigiccnmies ae

Bein. ---ceeeereeeeeees 100 Ibs..]
Bx OF tnelic. -snccseoesss 100 Ibs..|

| apical algae We}“ef110 | .279.
aaa ae aaa laaa © Uaaill cel Mle
OES
14) 2d
Seow sete tsneenen eee erertes es th..|
_

aah

074]
.06)
054

Paris, lumps....-----++++++++- Yb..}
Granulated. .....----s+--+-++- Ib..|
Branded yellows -...--------- ibea

»B6 ||
32

aise <7 Gags earn ae gel..)
oe
Tolasses, Barbados -.--------- gal..

ae erly

box..)
oose Muscatel.......-----seis sstoun- box..|
Layers, TLomdony.

24 x 82 inch.......---.--- 100 lbs..|

100 Ibg..|

1S SIS Chi .cc tens cageea

05
.04
035

tl FN Se 1001bs..|
Sy Rae
100 Ibs
a, See
“lic
me oe
Clinch ine

88

sooccatekeovaoes « 100 Ihs..
SAiGlis
93% 98 inch.......0s+-- 100 Iba.

.30

eee

a

eee

“06

BYRC Use cwidec owas aemieeei-n 100 1bs..|

|

.12

dindeots

hala aa ean iS
eae
. i.
..-.--------. : ial

. os

"04

Ib.

ne

niece

adeia

—

Py

log || Sharp and flat pressed nails:

606 |

ak a ib |

O4 x 39 inch......-..+-+-- 100 lbs..|
inch........0--0++- 100Ibs..]
100 lbs
12X & MW23 inch

106 | 206
eer se eet 1b}
are
eal---a Ib..|cee«29 | ae
gah lig..---------1Shelled aalmonds.
.26
15

.. 5.5 00s ome

Soft-shell TaTracouw

cnnoeeeibe eetinr aan svasiss ne)

he

eae

eee

Ais.

100 lbs..|

ess sun. on 100 Ibs..|
Horseshoes «sue.

Drager”

Bk

_

Siowens Now bsewesds cscs ton..|

Ne
Jamaica, bleached .....-..---- Ip:.}

21)

.20

.<shsdsesauscaceass
NaldOD
is
pone

....-+---Ib..

unbleached

Jamaica,

‘os

ees oy 4

aati

lalla

He

,2
‘

18'})
Si
|i od
~

20

|r

ceca

RMMICTION

cednue con

PCMAG sc asanpawecnercnnt ton..|

a,
Ordinary crown. .......-- 1001bs..}
Best refined ........ _..--1001bs..]
SWedeS ....--s0---0ee-5- 100 lbs..|

b
23
.

ir

3.35 | 8.56

Sheet
te

eae 100 Ibs.)

4.86 | 4.78

Hoops Gl DAES waives.
Tine
cea
ASE
fe ee

ee ee

a

j001bs..|

er

ANGOcedanaxceaeswr wewnlz 100 lbs..}
Qt pk..|
Golatin...s.secess-sceeeed
Mormicelli. ...cs.seccesss+ 2qt.pk..|
IMIGCSTONL: «a ciscin< die tae sanidevents lb..|
Macaroni, ROR csceadewweewer Ib..|

:
Starch
Canada

laundry....-..------- Ib..|

Silver gloss eS ae te ey re Ib.-|
Benson’s prepared com ...-..- Ib..|
Perea prepared com .--.--. Ib..}
ee:
Telephone.....-.---++-+eeeeeee

Fe ms set esos sv anytencves
13
fmn

s
bases
elrree Se nentgettnnstcaawen
Cote

i

soy

I riple ia:

pig gianni

saab gal..

ee eko < gal
= , ied col apeeen
gal..|

PiOkUINg ~.+.+ 4604264

a ee
eam Sina eSseueeateesbe
eseauys en
—
gal

Cider

PSLOOK

is wviale va Veeder

c.
a <eesss
Block seraigts —cssws0
: SOLLUGR:
Copper

cage Gee kh

eas eentes eeheSE

sie
kentcsrynversga
PE acsshegcesemntanedsee
esess
UCSC iidkewsadaws

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ite

1,98] 1.72 |

3.30

85

4.50

8.33 |

3.40

7.85 | 5.00

17.68 | 16.97

ep ieomen cere

ey
bmpuraivatims

100 Ibs..|
eee
Ghoeb.......seeeneneeeees 1001bs..|
NG ancvidsowaesqeetesns 100 Ibs..]

PiPO.

6asees

c+.

eaessee 100 Ibs

‘ 41

; 41

28)

-28 || Barbod wire ............-- 100 Ibs..|

pe

26

|. 26

4

eo

17 ms

.

17. 37

19. 88

17.05 | 18. 42
16.84 | 18.12

16.34 | 18.31
1.65 |
1.92}
4.13}

1.68
2.19
3.2

2.3

2

2.2.24

1.92 |
;

2.382
9

“chat

(cabal

10
11a
3°13 | 2.91
2.32
990]
2, 98
5. 70
a

| 3,10

3.75
4.38 | 3.74

.10
499
Ete

3.82 | 2.89
4.35] 4.12
5.382 | 5.65
5.02

|

5.25

4.96

680 | 52ST

Bing, GHGS .-.cskcwsasnsesr 100 lbs..|

4.42]

Plain twist, 2 and 3 wires..100 lbs..|

3.65 |

3.63

|

4.09

29

Wey GED

pre

fe

6.25 | 3.73

.

Hides and tallow.

122
Montreal

green

hides:

bb oenenete 100 lbs..|
WO) Uideis veges

sea 100 Ibs..|
mandee

8.24

No) Bi.eacinethellaneests 100 Ibs..|

6.24 | 2.09

Sheepskins.........---++-++- each..|

24 | .19 || Calfskins, uninspected..---.--- Dbis|:

e300

:

i. ssinsdss evegeres Ib

4.85]

5,20 | 3.50
3.65
5.50 || 3.85
5.85

....-----.--- a Uae5.13 |
Russian sheet iron
06
eng Ane 1001lbs_.|
|CoS ini
07
z
07 || Lion and Crown tin sheets 24g, 100
|
a
ae
ee
tates
ginko
eReen
goa,
2, 62 | 3.40

30

Din:

[4:50

. 09
07

XXX........--+++-++- gal ns

Avbitaony...

2 itt PEte”

;

.05 | .04

. 54

viii

vases cesses

5.51 | 5.12 |] * Boat
SKI ime ae
Re coc ogee
1.09
1,90)
eivhe ens
ihre : Diario
.06
.08)
ak Ei SN ual eee
Sisigh show a
.06
.08]
tie
«18 | 12 |] pin plates : ail ale aa cae

20}

an

ee,

aioe aaa

6.84 | 5.12 || Canada plates, Goog sta beet ania

basseews enetscsssees gal...

PULO INA

Oider X.....-. .ssccescseee. wal}

0x

Gartsherrie ....2<«.esstsceee ton..|
CSTHDTOC iecu05sssapimeeecnee= ton..|

Standard ....0.+-+++++++- 100 Ibs..|

Panlen. SSeS
as
a

3.15

) | 3.35
i. 00

on

| 19.56
Coltness ....04.--.csseeeeeesses ton..|_.| 17.78
17.65 | 18. 98

1

1d)

ae al clea Stara i i. sts
Pie, ny as
0
a
Be ne a Exe eeeea ers eT
ly
Ogee
Th...
es
fete
peta
wheieuwéscec
Black
j --Ib..
iat
Oa
Do, in ats te ee 4 ie tae =|
Peers
oe
Rico: att
=

3.00
3 15

eee

al

aes

ag an

a

3.35

3.93}

3.75
4 68
4.68 | 4.25
:
hem

a

oe

lie

ert

re

Re

3.30 | 2.85
3.00
3.30 | 3.15

3.80]

Te | lor || AEC SB. 2--eracreeseeecce. doz..| 12.00 | 7.89

Grenoble

itl

2.89

3.46 |

100 Ibs. J

ee

in lla dia el io

Gerrans martes

$2.65 | $1.92
2.65 | 2.37

1001bs.. (| »

14 x 13 inchpra RO 100 lbs
a.
idmoh

| 2.37
2.59
2.60 | 2.29

| 1894.

1886.

| 1894.

1886.

HO We <it

7.24 | 3409
«94

-78

|

.19

TLambskine. s<...5-<scs10soe each..

. 50

43

25 |

.20

Wowep WidGs «.dce secon verse sach..|
Tallow:

8.43 |

1.10
7.

23

13|

-19

.11

|

.16

WoRAGd «5 .0dtbatbonsmadomansreesa«|

Rough

...+--eceeeee6 Steeees cout

05

4.87 | 5.36
2 00 |

2.50

AND

MONEY

40)

IN

PRICES

COUNTRIES.

FOREIGN

Table showing the wholesale prices prevailing at Montreal in 1886 and 1894, ete.—Cont’d.
Average.
Articles.

Average.
ee

Articles.

1886.

Leather.

1886, | 1894,

Poaints— Continued.

No: 1, B.A 8016s. <senceue sounc< Tb-.|
INOv 2, Bey B01G 4 ca ncuns yeoscaax Tiedt.
-+- Ib..|
No, 1, ordinary sole.......c.00

$0. 25
582
28

White lead—Continued.
cated 100 Ibs..}
«Aa aa teeta
WO.
DIY sa.tatcoexexsseenecze 100 lbs..}

Ib..|
TD.s|
Ib..|
Ib.-|
Ib..|
Ih..|
lb

..20
26
.29
.385
=.87
.36
. 40

Venetian red, English..... 100 lbs.-|
Yellow ocher, French ....- 100 lbs..}
Whiting:
London washed ......-.. 100 lbs..}
Paris washed...........- 100 lbs...
Portland cement...... iach Rags bbl..|
Wine PICKS <.24..cbwesieases 1,000..|

Ip..|
Ip!
Ib..|

85
6 %0
.55

Glue

No. 2, ordinary sole .......------ Lbsal/*

DRIRZIDO a oe o00 v a8 vs beer seue sss
Slaughter NO, 1...4¢...02--=ie2s
EV APHOSS wipraniayicib!a
3 Gece Sane araretereie
Wpper Neavy s.ccsecescee~sase-Wipper light . .. sc seaccevenes-Grained Upper .....sse<we-0--Scoteh grain ....4..cce0e senses
Kip skins:
PVENCH «cde eceseesonascseses=<
MSS conswcepecsseenewewe=s
ccc. ccccceeseusss
Canada Kip...

French calf

Splits:
Light and medium .....-....- Ib
esses Ib
MACAYYs cewsccqcensaceste
PE 2 ecb ste aaee scgeyeaee Ib..|
Leather board, Canada -....-.... Ib.
Mnameled CON. ..<.+24. 60.0026 foot..|
ccc: Besle
PODbIOG CVA . case seceneses
POU vase ned dinei tens Sass edt ag Ib.)

Brush (cow) Kid... ..sssscoe... foot

UE 2c open ew vawe savas seernesceeses
Russets:
TANG cayareceveeeenndesen
eens lb
CAV Y ask cuccuressessauaneeeys Ib
INO; 2 s Sees ceteeeraseseseeeccas lb
Saddler's. .sss.s0sc<+ssscees side

Salt.
Liverpool:
WIOVGNS 04. sce ecesccssseeetasecd
cos
IDWiGIVOS) sx dsnnnensensewagenses
Caniadian.«s<<cssssscens small bags..}
DO yacusnwesteaeende quarters..|
vee
Baotory fled sccaeaidvcitosinnncsRice's pure dairy......--. per bag..|

51
48
2.91 |
. 36
1.17 |
2.00 |

. 62
42
2.43
30
1.03
2.00

Black chewing:
seve ceweewnas Ib...
Wo. 1 Caden
os <lDae
INO}, 1 DONCScs s canemensewsn

40
37

49
48

chewing ...... ipeeatass Tbs.

46

. 56

538
.40

. 65
50

2.43 |
1.63]

2.52
1.

Bright,

. 80

Bright, SMOKING... .6sssssees-e: Tb...
DOC 120 snes in ceascwcanteass Ib..|

56
O4
54
. 83

Wines, liquors, ete.
Ale, Bass’s:
Quaid: a sxcnawasaseeuunaes doz..|
howe aca ee doz .|
PHS poise e ceca

oO
59

Canadian spirits.

2.50 | 2.

.68'

£058 .eeeen Skee ys ira

BY CRQUS
sates ccdnees gal..|
Ey 10 barrels.
ES Danrels: <. -.s<eeeceees
ss gal..|
gj

:

re

In single barrels .....--+---. gal..|

Sherry,

Pemartin

4.63 | 4.20
1,23 | L3
3.98 |

.....-...-.-.0+---

Champagne, Pommery ...---------Brandies:
HONCSSCY Since vseee<s--seueet gal..|

|.

WOn

dade ease.
casas kppeteres~e

3.75

12.75 | 16.50

30.00 | 32.00
6.12
.|

: 25

12.00 | 12.00

Martel’s.--...--00----00---- case..| 12.00 | 11.99

.195
23
*s

.24
oi |
.24
5

«25

Glave.

aa

Scotch whiskies .-....--...-. case..|
Trish whiskies:
caves sees case..|
scans newguss
WROOs
una ville
| WU
VIMO - ss. .ceeeseseess hesse..|
Holland sin:
\
oo
to. caaeeeane case..|
BBN CASO Laka.

st ecesuesee case..|
GUCCl ec srsecedcc

8.50 | 10.00

9.00}

7.50zi |

9.75

77.63ee

8.81 | 10.97
4.72 |

5.72

Wool

United:

00 to 25 Inches: ......+2 066. 50 ft..|
26 to 40 inches ........----- 50 ft..)

1.64
1.74

:
Fleece...... MCC

41 to 50 inches
51 to 60 inches

3.88
4.24

Pulled:
TI WARSORTOE

...........- 100 ft..|
-.....- -----100 ft..|

Paints.
White lead:
(i een
ING, Pies sexs caciese

ec 100 Ibs..}
--100 lbs..}

6.06
5.22

INO, Diasec estscesaneus ce 100 1lbs..}

4.63

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3.15 | 3.85
1.04
.90]
1.51 |) 1,69

Aleool) '65'O) Pe .022swesiteces gal..|
Spirits, 000: Pac cecseacsees-es gal...)
Ryo WHISKY...=+s<=<6sstwecenr gal..|
Ports:
T. G. Sandeman & Co.-....--+.+-+:
este
TP RUPAOUD x05 6ecdiesecesacenes

Olarets, good brands 2..04.sseeesss-

2.85 | 3.

Coal oil.
gal..|
sini

52

Tobacco.

38
83
«28
8. 25

taeren tea: aa

.50

DG. danevecunsdewanetee quarters..|

14

+15

Spirits turpentine...........-- gal..|

a

ail

25
24
. .20
«10
.16
avd
18

1,22

. 60
UE -cG5 9 sess Setwemebeceenss
. 63
WOUGCE . csi. cecwaseaweanes's+:
Olive:
IPO a. cas eas ewonensurtcaw
ens gal
1 es
IMFAODINGTY =< 0-240 seseniees gal. | 1.06 | 1.
3,13 | 3.3:
Ext'8, QUATUS <..00-.c000000- case..|

“aan...
T
: lef

12

«08
.19

Linseed:

ee

12

13

cas Th...
....csssees's

13
. 21

Cod oil:
Newfoundland
Gaspe..........
BR. pale seal .6. cues cones
aa. ue
Cod liver Ol .s.<esescceseces<<
Lard oil:
ESOP: op nsescccassvesenesess :
INGO: 2 cae epat wamae soessca
tee g

:

. 65
.60
1.05
19}
2.17
2.87}
25.43 | 18. 68

French, in barrels .......-.+.--- Ib...
American Whit. ...-...0e-s000- Ib..|

Oils.

DING se oot exe Sees ewase'se case..|

1.63
2.12

75
. 60

Imitation French calf........-.. lb

WXtV8, PMS... sss505h<0se- ease..|

1.63}
2.01 |

Domestic broken sheet......... Ib.
French; Wi Ciske:

sae Qeovseneseeeyr
Olt ovvccas
Light.....

4.22 | 4.14

Red edd iso ps20 ess -noeeee 100 lbs..|

Be

4

Hemlock:

$4.13 | $3. 88
5,50
5.06]

Ib...

5 oceans 2s seve sess Ib...

IBIACK vsecxsmstexessseamecncee Ib:
2s Bbs<|
ISEORTON xiv's's.netiewasesatiewes
IN GUSl csr sey bit Seeas owes MeEReeS Ds.)
OGG, <i ss csvsenosiegewswesees’s = Ib
AUSWORUAN =.cnc0aeescevnessncos lb

21

18

24

. 20

val
027
v2
16
19

.16
. 23
16
15
16

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

41

Average prices in 1883 and 1895 of articles produced in Canada and exported.
Articles.

1883.

1895.

$2.52

$3. 22

98

- 98

Articles

Minerals.

arom stone se eeearcees ton...
“e
Copper.....eseee------ ton..
TrN ....22eeeeee
eee ne- ton..|

34, 18
3.09

Timber square:
;
or,

GEL icon A caescatverve ton..| $12.35

ITU ccaceenneawes
«uve ton..|
Elin tt
ar eS ton..|
ites
Mie oh aa ee Femcicl ton..|

129. 30
9.11

poilVer. --+--+00- seeees ton../ 122.00
20.91

| 108.9.

Phosphiito .....00s0-0-5 ton..}

Pine,
white ........-.. ton..|
Red pine.............. tists

26

Fisheries.

PHGGE cccceccnsnneseunes Wien]

77

%51

3. 06

iNT |

PICHON

005 sases4cn=e. bbl..

4. 08

a
obsters:

FatoevenceeKewes Ib...

02

Brosh
..<.eservecseeess pbl..|
‘

6.14

sere
heh lana Sei
almon :

Wresh
-o-ceeseeseeseee-oID-.|
ell
ane ny

GRIMM

SERIE
‘

2. 36

1.91

PIN
...-.s0vees+ss. M feet..|
WPIUCO sw as cnes vinccie M feet../

4.93

PEST

ag h..|

4ath, palings,and pickets.M.

OUINBIGS ic cceereesnentwes M..|
Sleepers and R. R. ties.each..
Stave bolts...........-- cord...

HOOKS saccuscacdwe sos O80le.

guar ola 1b

tines
ue
peed ane
ts a

Abo
ca

FAM: a ceaiinns coheuken Pais Ib..|

7.50
12. 99
99, 03

13.33
| 14.77
8 64
9.45
125.45

58.70
‘ F

89. 03

| 75.91
Ff

ee

- 1112

0976

"1678
er"

* 1243
.

2089}27

=: Re1921

ee
.1017

6.50

Barley ....s0cevensees. bush..|

° 1.40
.7187}

. 0921

Pease ....ccseeseeeeee- bush..|

.9241

45

deer Lt
es oo tie
Flour Whaat. ..co. ae iis.

3
1b te

, /
3.76

Oatmeal

419

8.44

....<cencssess w+-bDbl..|

HOY codksasadwwsnas
aban rton..|

SEE OW Polniass
REGU vee vavessennavans bush..|
Heh

3. 63

82.54

28, 24

1. 46

1,37

12.56
6.57

11.00
4,92

_.4219

1.21
. 8457

Spee

eange |
sepitv

Planks and boar ds, joists and

scantlings ......-M feet..|
Staves and headings Maes M..|

tr at age aie he

wBOUB: Hl Woane..
c.cs cocececac bush..|
ORGS. <cioxaancseovescee ‘bush..

a cord..

| facgghee Sane

ae

7.80 || BRCOM--..--+-0-enr-e-00-ag
Meats, Ganined...ssccccsws IDs<

27.80
4, 64

:

ka kd each..|

eR aT eames eonn'pn cco ne a

34.36
4.94

mane a ab

| $11.35

«1480/0989 |] ae LITT
ewe] oo
| alta
esa venentnssnn: bbl..|
0316 | 0218

Forests.
ae

S.ctes teat

sake” | eae | eRlabinv

“eae
. 5865

Ashes, pot and pearl ....bbl..)
Bark for tanning....... ‘cord..|

POUROS

| Cattle
........0-. TILITeach:.|
.
ac

OBOE

O00... «sadesscnns gal..
-

a

7.66
12.13
20.42

Agriculture.

Hoven
eeenneeeaeneens bbl..|
,
:

_

1895.

Forests—Continued.

NOGA psustnewecsedance
dea ton..}
ty

aa
$A. O11,

1883.

a

ii

9. 62

.8547|
4325

P

|. 7661

7.73

6982
3994
:

davatin

Manufactures.

2.82

1.90

. 2607
3.17

. 5076

EFFECT

OF

OPPaNs ...2.2-sascce.. 00CN..|
OM CRG cca
kenwen nuns & ewt..|

GSUIDSi e's .csecanesseauves ton..|

. 1478 || Ale and beer..........- gals..|
2. 68

21.20

60. 22
1.20

10. 42

41

. 46

Pianos. ........sce0ce. each. .| 282. 00

222. 97

. 0658 || Sewing machines...... each..|

TARIFF

87,95
2.45

7.65

21.38

LEGISLATION.

Canada adopted the policy of protection in 1878, and the tariff then

adopted, with slight modifications, is still in force.

The effect of its

adoption is conceded to have been increased prices of articles taxed,
which are not produced in the country, or in quantities sufficient to
meet the demand, notably, coal oil, pork, pig iron, ete. The manufacture of certain staples, such as cotton and woolen goods and farming

implements, has certainly been stimulated.

It is claimed, on the other

hand, that certain industries have been injuriously affected.
Ref:erence to the report of exports show that they consist largely of the
products of the mines, fisheries, forests, and agriculture.
The value
of manufactures exported aggregated only $7,480,930 in 1895, when
the total value of the exports was $113,638,803.
The home market
being limited to supplying the requirements of 5,000,000 inhabitants,
the manufacture of specialties or goods of a high evade has not been
carried on extensively.
As it is impossible to secure any reliable data as to wages or prices
prior to 1878, the effect of the protective tariff in force is largely a
matter of conjecture.
I wish to acknowledge my obligations to Mr. George Johnston,
Dominion statistician, for valuable assistance in the preparation of

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42

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

this report. The statistical data herein have been largely obtained from
the Canadian Statistical Yearbook, prepared under his direction, and
he has also kindly furnished valuable data not contained in the Yearbook.
JouN B. RILEY,

Consul- General.
OTTAWA, September 1, 1896.

NEW

BRUNSWICK.

[Extract from the Commercial Relations Report of Consul Whidden, of St. Stephens, September 18, 1896.]

Ourrency.—There have been

no changes in currency in this district.

The rate of exchange on New York and Boston is one-eighth of 1 per
cent. Other foreign exchanges conform to the New York quotations.
It appears by the Canadian Bank Statement for the month ending
July 31, 1896, that during the month the average amount of specie held
was $8,085,731; average amount of Dominion notes held, $14,369,939 ;
greatest amount of notes in circulation, $31,172,494,
Statistics as to the actual amount of currency of all kinds in cireulation have not been procurable.
RATES

OF

WAGES,

Factories.—Candy makers, skilled, $10 to $20 per week; helpers, $3
to $6 per week; females, $2 to $4 per week.
Cotton factories.'—Males average $1.30 per day, females average 70
cents per day.
Ladrigans and moccasins.—Males, $7.50 to $12 per week; average, $9;
females, $2.50 to $6 per week; average, $3.
Molding and planing mills—Superintendent, $2.50 per day; carpenters, $1.50; day laborers, $1; edgers, $1.25; engineers, $2.50; matchers,

$1.25; molders, $1.65; sawyers, $2; truckmen, $1.50; turners, $2.
Sawmills.—Mill men, $1 to $1.35 per day; average, $1.25.
Soap makers.—Superintendent,
$1,200 per year; commercial

travel-

ers, $750 to $1,200; bookkeeper, $800; bookkeeper’s assistant, $450;
skilled workers, males, per week, $10.50 to $12; skilled workers, females,
per day, 75 cents to $1; ordinary workers, men, per day, $1.50.

Edge tools—W orkmen, per day, $1.25 to $2.50.
Furniture.—Bench hands, $10 per week; finishers, $9 to $14; machine
hands, $7.50 to $9; upholsterers, $9; bookkeeper, $12; clerks, $6 to $7;
teamster, $9.
Railway employees.—Baggage master, $1.50 per day; conductors,

$2.50; engineers, $3; brakemen, $1.50; firemen, $1.75; freight hand-

lers, $1.25; station agents, 80 cents to $3; switchmen, $2.
Miscellaneous.—Bookkeepers, $500 to $1,200 per year; clerks, males,

$500
to $600; clerks, females, average,
$4 per week;

laborers,$1 to $1.25

per day; tailors, $10 to $15 per week, average, $12; tailoresses, $4 to $9
per week, average, $7.
[Extract from Commercial

Relations Report

of nie

, 1896.

St. John, New Brunswick,

Wages.—Though somewhat lower, wages do not materially
from those of corresponding pursuits in New England.

September

differ

1 Average number of employees when running full time, 700; ages from 12 years up.

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

43

It is difficult to tabulate the wages of labor, of which the value
depends upon the skill of the workman, but the following table will
aftord a basis for a fair judgment:
Class.

Highest. | Lowest.

Day laborers, per Gy .« +..ccssansvawecssvtenseas Pe

et

ye

eee

ee ee

$1.40

$1. 00

Pactary GnOrtiVed) DO! GAY ia. 4vsensaccnvewstsnesGvasacs
seeks sgscbes suena quae
Himber Operatives, POY AAV s.siccspuawssqas
see hedins cosk.cb ebsDeugesy oregon nesses ten

1.50
2. 25

1.00
1, 00

BEGROME: DOL GAY cnsacisvincban \inamcanioneaba son eRenbimeugespuvighaedcee~
heen <cice mellem
Limmeldins enployees, POP UBYy «<<< sessed scstescssnevievescccuvcscwscewssusecnsccsee
DOMGRTIGN POT MONTE. 4.004 saw ewnhashestsdntsicescawpsadeaksamesegn
seated ed seme
HOUMA SMiployees, Por MONTH. 1.4... ccsgse senses desseecesasdenatde
cbacewwercgs ene
Clerks, ead hespete, DOD VORN s ihas ssintwh adam ewe annddwseceesencet
bacds schuatesenes

3. 00
1.75
10. 00
60. 00
1, 000. 00

2. 00
1.30
6. 00
35. 00
400. 00

MOOMAHTOS; POU CRY s<4.canse0 case <onavnss ond sueuiess cleaned Uns cassceeaceseaseecases
PaiOte: DOP GAY csuecccukeas tndbare evs ewes dees

eead bagewe es Pol. uty oe dae aS

2.00

1.25

2.50

2. 00

MANITOBA.
[Extractfrom Commercial Relations Report of Consul Duffie, Winnipeg,

September 25, 1896.]

Exchange at this date on New York, fifteen days after sight, is 1 per
cent.

RATES

OF WAGES.

The existing rate of wages for laborers is 174 cents per hour; domestic servants, from $8 to $15 per month; mechanics, 40 cents per hour;
factory operatives, 30 cents per hour; clerks in stores, from $25 to $35
per month; bookkeepers, from $50 to $75 per month; railway employees, from $1 to $1.75 per day, and other salaried employees from

$25 to $100 per month.
PRICES

OF

COMMODITIES.

This country produces wheat, oats, barley, furs, fish, hides, and wool.
The prices of these commodities are now somewhat depressed, in sympathy with prices in the United States and Europe.
The winters here are long and severe, and this being a prairie country,
imported fuel is of course largely consumed.
Hard coal from Pennsylania costs $10 per ton. Much of this is used for all heating purposes.
Fruit and vegetables are largely imported from the States.
Small
grain being largely produced here, breadstuffs are plentiful; so also is
beef and pork and mutton, all of good quality, costing about the same

as do similar articles in the United States,

BRITISH
[Extract

from

Commercial

Relations

COLUMBIA.

Report of Consul Roberts,
September 18, 1896.]

of

Victoria,

British

Columbia,

This 1s not an agricultural country, and, with the exception of a small
quantity of oats and grass, the home supply of agricultural products is
very limited.
For their food supply, consumers depend chiefly upon
importations, and look principally to the United States to furnish
them; in fact, the great bulk of importations from the United States
to this province consists of food products.
Nor is this a manufacturing

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44

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

district. The supply of nearly all manufactured goods is furnished by
importations, chiefly from eastern Canada and Great Britain.
The chief resources of the province, as is well known, are its mines,
fisheries, and timber, and in these it may be confidently stated that it
is unsurpassed.
The total value of imports to the province, according
to the last trade report for the fiscal year, amounted to $4,336,022.
Of

this amount $2,337,542 were from the United States.

The importations

from the United States consisted chiefly of food supplies and raw products of the farm.
RATES

OF

WAGES.

The wages paid in the various trades and occupations in British
Columbia are high, although the supply of labor, with the exception of
domestic servants, is greater than the demand,
The following is a partial list:
DOMOSHC SEPVOHUS .ccusceies Vecbeewsdaesta wens ovens per month..
TPOUOTS sc 758 pee aah Mews eh eh ees Was es viet a ae Bekeesp Rae per day..
PICKOt tent aa need wea eae keer ae ee hooamad Nene «nee d6 6.
RUONCCUUUC ise ab cay waees been oe se¥e'es Sewer Gbda dps k exonlsinn AG .a0.
SiGe: MASONS f.4 26.2...
sek eee eee Sa apee’s see wa aye ee do....
HPI EOUORE wecesios sevludca Ualb's ds Lwesudeneeoa teenage nmeeeees do....
CRMP CNG
hekma's tools shee bs Fee koe cee seeeetpewsh eeeee SORE do....
DT) CREPOUTOLD toe wen kinked peewee deebun wee ese Eves) ewes ee ee do....
DEGONEBIGH a Gaty's tax t Sead <wnde sexe oe Sea evel an Eh eseeuedet do..-.
MUONS 5 bce ot Ada imo ayn's oan kx Guns & Saw bade en ans Se acie needs do...
Railway employees:
CONGUOTOIS 542 5a0e3s o> Sy dewdbs 65 Ueland Goeedas bah per month..
PW GINGOTS es ods cases eines she cuy boseee Sram ee oo Na SONS reee do....
BBEOMIOW Sa. eye cacs ies fide Uses cose aSeeta ieee ees cee ee do....
PCOLLON LOCH cts 9 iin a Ses Sha Wed e waees chet Series we SR WED perday..
Clerks in stores:
HOURS 14 paces ee kus ace Ket ance ead’ cies oe scawsankese< per month..
BOORKUGDOID 5 asbee dosed 29 cues fh 1H eshb Lew’ cade Ke ebas eee do....

$8.00 to $20. 00
1.25to
2.00
400
«O00
4.50
4.00
3.00to
3,25
4.50
3.00to
3.25
8,00to . 4.00
80.00 to
100,00
60.00
1.40

90.00

40.00 to 75.00
75.00 to 150. 00

BELGIUM.
In compliance with instructions contained in your circular letter of
July 25, 1896, I have the honor to report to the Department upon the
currency of Belgium:
II.—STANDARD

OF

VALUE.

In Belgium the standard of value is what is generally known as the
double standard.
According to an agreement entered into by Belgium
with France, Italy, Switzerland, and Greece, and which is known as the
Latin Union, the circulation of gold

and

silver coin is maintained

at a

parity, the ratio between gold and full legal-tender silver (5-frane pieces)
being 1 to 154 and between gold and limited-tender silver (50 centimes,
1 and 2 france pieces) 1 to 14.38.
Gold coin and silver 5-frane pieces must contain 0.900 pure metal per
gram, or 13.888 grains.

Fractional silver money must contain 0.835 pure

metal per gram, or 12.885 grains,

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1QOverground work is done by Chinese at $1.12} per day.

MONEY

AND

PRICES

II—AMOUNT

IN
OF

FOREIGN

COUNTRIES.

45

CIRCULATION.

As Belgium is bound to four other countries by a monetary convention which provides for the legal circulation of the coin of each of the
contracting parties in the different countries forming the Latin Union,
it is not possible to determine the amount of currency circulating
among its people.
From an inquiry made in 1880 it results that the proportion between
gold and silver of the deposits made in the National Bank during that
year was as follows: Sixty-six per cent gold, 34 per cent silver.
The stock of silver coin (in 5-frane pieces) in circulation was estimated at that time at 275,000,000 frances ($53,075,000)—no figures were
obtained for gold.
No statistics on this subject have since that time been compiled.
The
above-mentioned proportion does not apply to 1895.
The governor of the National Bank believes he can affirm with certainty that since 1880 the proportion has been considerably altered
and that the deposits in silver are much more considerable in amount
than are those in gold. He estimated these deposits at 75 per cent silver and 25 per cent gold at the present time. He believes that the
monetary stock of Belgium, gold and silver, has been considerably
reduced during the last few years. The principal reason for this has
been the exportation of coin to France on account of the habitually
favorable state of the exchange on that country.
Paper money is issued directly by the National Bank, the only bank
of issue in the country. The notes of the National Bank in circulation
on the 31st day of December, 1895, amounted to 476,502,020 frances
($91,964,890), The circulation of paper money is not permitted in excess
of three times the amount of coin reserve of the National Bank, unless
approved by the minister of finance. Bank notes are guaranteed by
available assets of the National Bank and are redeemable in metallic
money of both standards; they are generally paid off in silver coin
(5-frane pieces).
III—PER

CAPITA

CIRCULATION.

As will be seen from the above statement, it is impossible to give any
exact figures as to the amount of money in circulation in Belgium per
capita.
IV.—_CHANGES

IN

THE

SYSTEM.

Soon after the time that Belgium became an independent State the
monetary system of the country became bimetallic. The law organizing bimetallism dates from 1832 and reproduces the esseutial provisions
of the French law of that year. It was abrogated in 1850 in favor of
monometallism (silver) and the double standard was reintroduced by
the law of June 4, 1861.
Under this law gold and silver were freely
admitted for coinage at the mint, and once coined they became full
legal tender.
Some time before 1873 this system underwent an important change.
The silver pieces of 50 centimes, and 1 and 2 francs ceased to be legal
tender, and their use became limited to that of fraetional money only.
Each of the contracting parties of the Latin Union reserves the ri ght to

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Federal Reserve Bank of St. Louis

AG

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

coin its fractional silver money, and the standard of this currency is
fixed at 0.835 pure metal, its legal-tender power being limited to debts
not exceeding 50 francs.
This change did not affect the 5-frane pieces, which kept their character of full legal tender, and the coinage of which was provisionally
suspended.
V.—CURRENCY

AND

WAGES.

Times of depression have occurred in Belgium as in all other
countries.
Mr. Alphonse Allard, an economist of repute, and who favors the theory of unlimited circulation of silver as full legal tender, says that since
1873 there has taken place in Belgium a general decline in prices, and
He
that this decline is due to the scarcity of money in circulation.
products
affirms that the average decline in the prices of manufactured
amounts to about 50 per cent.
The partisans of gold monometallism claim, however, that progress
in manufactures, in improved transport, inventions, and banking have
caused a species of economic revolution which has created these
conditions.
It is extremely difficult to state with absclute accuracy the amount
of the daily wages paid the laborers of Belgian industries, not only
because these laborers are generally paid by the hour—their wages,
therefore, depending upon the number of hours’ work per day—but also
because the wages vary with the great industrial centers of the country.
The statistics that I have been able to collect for the year 1895 show
that the monthly wages of the workmen employed in the principal Belgian industries may be summarized as follows:
Francs.

Glass and ceramic industries....-.
222-22 cece ee eee eee ene cee ceeeee 197. 36 =$38. 09
Minor mechanical material. ...... .--200 eeeee one = ooo ee cece ene wees 175, 08:= 33,79
Art industry ......---. .-- 222 coos ee nee eee eee eee cee eee anne 164. 65= 31.78

Linen, cotton, hemp, and jute weaving. .......-------.----++.++----

eee cee e eens ee eee eee eee eee eee
Building industry. ...-.-.----+-----+
Mining and related industries........-.-.-----.-----. can gee os eaweee
OHEMIGHE PICMSERIOR usck cae coe nist ee dis Hose ae ewan ssctewiaeeeee's
Linen, cotton, hemp, and jute spiuning..-.......
2.04 vesees see nces
Metalware) MMOUsUEY «4.0554 sesces ssc wes sodden youn ss cde ea shee snes
AIPOHSNEAPY WHOUGUTION....0.
oe ca c0 see we co cees tadaee ensue tiawes tapers
CVUEDUY TCHIBORY fo < os on oe sees see ces cane bans cc cegs duemes See -Ee Wee's Clothing accessories industries...
... 2.0. seen ceewen ceeene cere eeees
WVOGION.

UNC HSI

161.92 = 31. 25

157.40=
152. 24 =
161. 24==
149. 35 =
149,13 —=
142.58=
140. 25 =
189, 14 =

> v0.5 lasses se. vec casincs see bouwaede ds aeewnen aha news s 136.50=

30. 38
29. 38
29, 19
28, 82
28.78
27.52 ,
27.07
26. 85
26. 34.

Heavy mechanical material. ............2.
vewees yeteee sees ceee sees US1..67 == 26. 41
Clothing IMGuUustry <2. 5c 56 cso. .- 5s dees naeeem sewnan OFeR Cees pees 4<< 120.17 = 28. 19
Furniture and building accessories industries......---------------- 118. 39 == 22. 85

These rates were practically the same in 1886.
Since that date wages
have not undergone any sensible variation.
Agricultural laborers were then paid as they are now, a daily wage of

2.10 franes, or 405 cents, exclusive of board, and of 1.21 frances, or 23
cents, including board.
For some time, and especially since the beginning of the enormous
progress made in Belgium by the Socialistic party, municipal administrations

have

been

induced to stipulate

in their contracts a minimum

wage for the employment of skilled and unskilled laborers.
The city of Ghent has just established the following schedule

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Federal Reserve Bank of St. Louis

of

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

AT

wages to be paid per hour to laborers employed in the execution of its
contracts, viz:
Franes.

OIG

5k vs

a Ranh we nee KE WHARW eed wx adele ek ua eus woanend ds whe Phe ee wn 0.37 =$0. 071

OT PORGOED 5 nnn nes 0000 9040. cnaess su cunt seas dpbdWabewaccnk seas ohaeece

NN

Oh 6 inn 645 055 ok es

Se Ack

rales KOaKA yon GhakRedEdncadakaeecaee

DARHOW MBP POR TOG. 66 canes esen 4s cic sn bs cane pudnen es chem aces eehabaan
DMM
ik owe run suka oa de were 45 das Sahdwn 6945 G0KA dhie ceudeaadaan
PUNSCEROE NS ABPOOWAION, oa 6) 06nd inn i vew copa tenes dabad venede adSudec tn
ON
es de ku piwhad cone ames eX ene des STAN a kbd GAEL oka Gaekcd kcepibe es

PING PODTOTE. spay x hs keke

dus vaca athe agua deek dosed

vied bedded vauccckce.

Paede PHOTOY’ GAY POOMICO . 2.060. ade yas need Gis ebee onde cone bExe ace es

chip pshpinnipd Te ROE
ECT
Ee
en
Ce
OE
wav chae vee sb bon Peeous ev eRa se daden euekebas oh oeeuldie ch cet

PIOUMS PRINGOTE 66sec vaeveicoved vnlvad save vm sug4We baveduncnscouuleuees
PIER. skies ina08 a9 bisa yoa aan math gh b neh aed sw Canaan anh comensbads

BUOYS

GOMDIOTS ons e nese cn cian dewebyvnns nu cwins wesw ausevaceds opvhneddies

REE
nh FIR iden Lacie dn od ebaked oe has blew lecekenueitltec
PON
cud TO:
Fade Many Sens ease guia sade ae ue M4kd KONESE At ned ard decks

Biss

sO

.384=

.064

20==
oo ==
203,
47 ==

05
4018
,.05
08

VOLES

. 064

203

«05

, 30 ==, 078
=e
OIL

oda ==
34
-3t=

40S
eo Ee

"O61
.064

.064

077
OT7

It is more than probable that the precedent established by the city
of Ghent will be followed by all the other important towns and cities of
the country.
In fact, the Government has been called upon to pronounce itself
upon this question.
A bill to require the insertion in all contracts
entered into by the State with private individuals or corporations of a
minimum wage to be paid to the laborers employed in the execution
of these public works was introduced in the House of Representatives
in the course of the last parliamentary session. Notwithstanding the
Strong opposition made by the Government to this measure, the bill
was voted by the House, but it was defeated in the Senate under the
pretext that it had been introduced irregularly.
Nevertheless, the
Government was forced to promise to examine the question with the
greatest consideration and to introduce during the next session of Parliament a bill definitely resolving this question.
VI—PRICES.

The following, taken from the general statement of Belgian trade
with foreign countries, “Tableau général du Commerce de la Belgique
avec les pays ¢trangers,” are prices, at the present time, of products
imported and exported as well as of products consumed in the coun-

try, viz:

(a)

AGRICULTURAL

AND

PASTORAL

PRODUCTS

EXPORTED,

WT GOs insne vaxnus wees Wane wes otkp deus abassearkeee. per 100 kilos!..
Be Shae don dwn bite ssubs cmv nieces WUSEEWSFAGGA Gerd cablaeasck do....
PUNT aay ce a taWeas cacceetavpucssdyeS
aden vababeabel elas séauys do....
R645
64 E459 GAs ne WON UNE Coes Sesh ce cevEehabe eas Ruta G do....
COPE Kiwwkh-cvekenesun
cedesnsas ven Ulex dass sudewaubs deaxkences do....
PONE dsin wk bak 4 be danas Le swinn dehandunenGeidews
gheeebadiune d6..5.
PUM dat ape sin as 68 5H daa nae euntas dc Oals epane tx eecaodeeceine do..s.

RO
ans agus thaw amee¥¥e\ LA dons dduebn boas exmedasls: do...
CD suas vena tsde eduseeabas vade fy cs bass utes tures ened per dozen..

Dee Shi dn chvciklens55 Oehdel kein sey b 0escks yads bideduks dses per
UO sun chide died ones thames uned Gand dan Ghb-ons 450 aee ees per
BONE doen Seaky éguben bs44sownbd duce neh vb cote ie tile eleenciss
SUE ie 84 kd n bok ny Koda
eke bude shed eadhec Sb ke ue ss vearccul

PON

as caiinada'y ase deas Eines

liter..
kilo.:
dO.s<6
dO. aes

vudebx bwhvauragananns
cunt per head..

EINDUD ioeinsswuena Dane
GAS oi welsne Uarawe'y ieee dae cad oe aecehaeaie dot...
DOE inne ssn Gwha sons tensa heavens dasnuke Uauehbe Luiel tal dO...>
EOOTIOD

exnsen o68s caeane H455 sand chee sulbee sans bvadmane dacdducclliaal,

ROOM x nnststedinecds waters ovkaniioaaxkedanes
teatime ee do...

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

~ 1400 kilos equal 220.46 pounds,

Franes.

13.00==
H1,00=:
14.00=
15.00—
15.00—=
28.00c)
19,008:

$2.50
2,49
2.70
2,90
2.90
4,44
8,67

6.00s=
o4e=

1,16
s16

1s
,03
3,00==
60
wae...
Coss
6

34.50—=

6.66

17.00==.
38.28
#0:00s= . 7, 72
ML OeueitTGe

380.00==.

75. 00

MONEY

A8
(b)

CONSUMED

PRODUCTS

IN

AS

COUNTRY

THE

COUNTRIES.

FOREIGN

IN

PRICES

AND

ARTICLES

OF

wheeled case cee wees Su cnGhcus set eeeee ete swe sos per 100 kilos...

WliGaitiue

ESPECIALLY

EXPORTED,

AS

WELL

FOOD.

BY O ccc ceveceiees conn vetqa cence! sansen Ledendinbe rence nten womens do....
OatS See eos owas oe oo wee and os cao eh ety oo SA a eee er apones ho do....
Barley ..---- --2- -20- cence en cece ee neces cence eens cree nee teeees doz...
boc cae ce ere se Sev oes ehlcslevee Slane seamen s-Geae es heeees do....
Passau
POPRTOCRs cdc sce wew be Ov nee Send = 2s ck le ana tog MASK OSH Sees me se ae d0..23
Vegetables ...... 2.22. e--nee cee cence rennet erences cote cees do...
TGUG cacdiaaen ceackasktae0 Fs tare hh epee are sate eee s ees per dozen..
Wile tags beh aaqoe cuec eae acu ceu eek ww a Shr eeeisan cas «on wie perliter..
sas baeeeedeeat gees ye see per kilo..
hake a acces oes nememnsc.sdelep
Medias

Francs.
= $3, 74
19.40

16,44 8.17
14.86= 2.86
16.00== 3.08
16.00== 3.08
6.00 - 1,16
6. OO 1.16
.19
1.00=
.02
.12=
.34
1.80=

Ag will be seen by a reference to paragraphs (a) and (b), the price of
wheat, rye, and barley for exportation is inferior to that of these prodThe explanation of this difference in
ucts for domestic consumption.
price is found in the fact that the figures given in paragraph (a) refer
to grain imported from other countries and resold for exportation, while
the figures given in paragraph (b) refer to native products, which are
preferred by the consumers to those imported.
(¢)

PRODUCTS

BUT

COUNTRY,

THE

IN

CONSUMED

NOT

EXPORTED.

It may be stated, in a general way, that all products consumed in
Belgium, being a small but fertile counthe country are also exported.
try, produces supplies of food products of all kinds, except wheat, rye,
Its
and barley, in excess of the demand for domestic consumption.
industrial products-are also far in excess of the home demand.
(d)

PRODUCTS

IMPORTED,

THE

ESPECIALLY

NECESSARIES

Products.

OR

LIFE

Francs.

Franes.
2.70
3.47
3.08

36. 00= 6.95
51. 00—= 9. 84
Salt:

ue
WREGRNO ook ic ee se cee cee ecwacsutscaecesnsseesedese
Refined
sper
=o
OOMBC S) an ce ccs eos ene See eres goneus se aneees
& weeulew waceas sues tee ates is os steed sen ae
Nope.
ChICOTY «..0.- 22-022 - ence ence ete e ew ee eee eter eeee
reer T
ee
ax DeReM ee ceduey ete eal crenata ee
GAs

do..-.
Ok sss
Io.
Os» =
(eee
AGst.s

INDUSTRY.

1896.

14.00=
18. 00=
16. 00=

we

OF

1886.

1.80 —$0. 34
20. 00= 38, 86

caniee per kilo...
Wiedtlcopececencewtesossbecewsseaswceseecswemcesee
per 100 kilos...
Ge

OF

8:00
5.00—
1.86=
7. 00=
,50=
OS

GIPWPS cee meas cabs eect cne- este a re renner eee ere eeense per 100 kilos-.
WM cte dnp eee eenas Coen hae Cowes nel otis as aero wie aera per liter..

17. 00=
24=

.58
.96
.36
1.35
.00
OT

3. 28
.04
21

1. 70==$0. 33
18. 00= 2.50
11, 00=
15. 00=
15. 00—

34. 00—= 6.56
43. 00= 8.30
3.00—
5.00—
2.30—
2.40—
.35=
.18=

.58
.96
.44
.46
.07
.08

.84=

.16

40. 00= 7. 72
< 18S" 508

PEGGS .calis -nnnascacee ct sonr eon ns aes tered rernecin gasses per dozen..

1.08=

sees. Enne per 100 kilos...
POhAHOOR Lowa cis sacntewecesetedenencucseee
Petroleum:
Rate rege Pats ll eklgis Yoweri gs Loe va asen sewn Seeaeto rege =ep dO...

6. 00—
7.00=

1.35

7.00=

ote ce ses rena essen cccees WOs.<s

17. 00=

3. 28

17. 00=.

sc ac so snc deuce ese tieenncs

Red

Raw material for clothing:

1.16

2. 12
2. 89
2. 89

6. 00= 1.16
1.35

3. 28

eeetae ses €O...

175. 00=88. 77

145. 00=27. 98

Cotton 1.6.22 nnn ne eee cee ee cee ee eee eee cere e eee e ones do ...
tees ee eeter cc mecs do...
PAX. <n ccc cc cece cee ence mentee cece eee

115. 0022. 19
100, 00O=19. 30

85. 0016. 40
40. 00= 7. 72

WOOL cock ds wna enav ida scecad ss escews secesactened

HOM

.. 2 ne cennccceswe cer ce tee ece sere terrer sce sestoeece dO...

80. 0015. 44

eeede rea per kilo..

70. 00=13. 51
4,00=

.77

-seasere eer CO...

4,50=

.87

8,50

.68

SE Sere state eaten dds...

6.50=

1.25

5.20=

1.00

«<<

cece

weet e nce

sence

ccm

BlGACHOW 2 << bc ad cwecws esac sen ece/swcctos casa
@oloved.2-su.c
Woven

silk goods

sebscuoes-eseess abt

cepedges aeeeew cet a eeee

S

ee

ew Ey

hOKae Ee ee dss 02.56

enevaeemataae
atwws dO...
<cetc
kes cane laegit>enenen
Wate WidOdeevcv

Skins:
maces Gc.
Fld’; cp ce kb deeeece sue natscacs scene Vaserascaaacncnge
Sheep ...ceeccccecccecscccncncnccnenenceceeecccccnsctaes do

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7.72

anes sesesaes GOsce%

RAW.

cee nec ccc cee

40.00=

9. 65

tages ee eas a8 arm QOsLe<
cians see eeseee Geb abedectepobeswayaeaca

daa denea p peuetens ten ty ccvattenset
Gilikica
Woven cotton goods:

60. 0011. 58

50. 00

WUE.

65. 0012.

1. 70=

54

.88

45. 00= 8. 68
.62

3.20—=

60. 00=11.

1.00=

58

.19

Ublinccenee? oxain-tses sleveahaashahekaneey
«17
4,00=
5.60= 1.08

MONEY

AND

PRICES

IN

FOREIGN

(d) PRODUCTS IMPORTED, ESPECIALLY THE NECESSARIES
continued.
Products.

49

COUNTRIES.
OF

LIFE

OR OF INDUSTRY—

1886.

WP OMUNO? cba wu aeumenawnacen
sues ecdieiagwewenasebeutvers per kilo..
Chemical products:
CavDODNTOS: ..csagdecdd
onde mis die be adinnw vanes per 100 kilos..

1896.

Frances.
6. 20= $1. 20

Frances.
4.50= $0. 87

V7.00=s

3.28

17.00=

se TabuNengdisneuaeeeeaecsts 00s. x.

50.00

9.65

46.00=

8.88

MUDURDOS das aeeeshaueeacciutasacacunsuaceemermedeeects do....
Metals:
Steel—
Cast and un wrought ........65..
0.024 eseesesstaubes GOvca.

30.00=

5.79

30.00=

5.79

8.00—=

1.54

8.00—=

1.54

IQRLIG boinc tn aacuied’s nee canenraeastdanoceveentycaseuese GO: «ce

12.00=

2,32

10.00==

1.93

INDETAINGS x. dn qaigg@iae Kb

ues

IW POUDID- sansa sicccencwanurupapescets
casts da we=semss
Copper and nickel—
URW HOUR
scdens cFksel cleats modes guder ee lacets c
DCCs shrdnesdebewnsinoe
st sundae nan civardaatuacnet<
THis nave eadeseucawsabuyseare skeacseeerenean oe reeeae sens
eight

do....|

115.00= 22.19

125. 00= 24,12

do....|
do....|
do.

220.00 42. 46
260. 00= 50.18
270. 00= 52.11

110. 00== 21, 28
145. 00= 27.98
235. 00= 45.36

do. 2s.
Once.
dO...
do...

1.20=
*5.00=
5.50=
15.00=

0.23
0.96
1.06
2.89

-Ob=
18
5.20= 1.00
6. 00= 11.58
15.00—= 2.89

use per kilo..

32.00=

6,18

83.00=

6.37

89. 00—= 17.18
170. 00= 32, 81

60. 00=
130. 00=

11.58
25. 09

24.00=
37.00=

4.68
7.14

iexdanna ean GaSe ole celagwsesueetee
eta
LOWREWEDEAGN Wendel eslewaeee en DEI Kins Kum o anaes Se
Re
ee
ee
ee
ee
ec
DUeMerekunaaecedsnses
sah Sot mach as cheer ekeans tes
Oka

kaw

i

cd wees Bs Liuded eyes pth peers Resear

elect che ale w Rid ara tates ule

dees

aes

LN

ee
ee
ee

ee

ee
ee reer
ee
een

Norte,—Kilo equals 2.2046 pounds;

ey

wate do....| 8,427. 00=661.41 | 8, 444. 00—664. 69
per 100 kilos..
ae per kilo..

per 100 kilos...
cere mars d0....

ee
ee

3.28

ee
ee do....
eee 00.55.

87.00
40.00=

17.14
17,72

17.00= 3,28
55. 00= 10. 61

24,.00—= 4,68
75. 00= 14, 47

100 kilos equals 220.46 pounds.

As a rule the prices of the necessaries of life and of industry, such
as articles of clothing, boots and shoes, tools and implements, etc., have
not been appreciably affected by tariff changes during the last ten
years. In fact,the changes in the tariff of Belgium within the last half
century have not been important.
In this connection, it may be interesting to state that the object of the Belgian tariff laws is not to protect
home products and industries, but simply to constitute a source of a
small part of the revenue of the country.
VIIL—WHETHER

MINTS

ARE

OPEN

FOR

BOTH

METALS.

According to information furnished by the director of the mint, the
Belgian mint has coined no gold or silver for Belgium for more than
twenty years, and the prices for the purchase of gold and silver bullion
were established in 1865 at 129.91 franes, or $25.07, per ounce for gold
and at 8.34 franes, or $1.61, per ounce for silver.
Since that date the
tariff then fixed for gold has not varied and that for silver remained
invariable up to the year 1874, when the fixed price for the purchase of
the latter metal was suppressed.
While the fixed price for gold has
not varied since 1865, as stated above, it is important to remark that
at the present time this tariff is inferior to the price paid for gold in
the markets of the world.

JAS. S. EWING,
Minister.
BRUSSELS, August 27, 1896,

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Federal Reserve Bank of St. Louis

1354 —4

MONEY

50

IN FOREIGN

PRICES

AND

COUNTRIES.

[Extract from Commercial Relations Report of Consul Roosevelt, of Brussels, September 10, 1896.]

AMOUNT

OF

CURRENCY

IN

CIRCULATION.

The National Bank located at Brussels is the only bank of issue in
Itis not a State bank, and the Government does not interfere
Belgium.
in its management, but may veto any action which it considers prejudicial to the interest of the State. The treasury receives a share in the
profits of the bank, fixed at one-fourth of the profits it realizes over and
It also received 1 per cent on the average circulation
above 6 percent.
of the bank in excess of 275,000,000 franes ($53,075,000), and all receipts
from discounts in excess of 5 per cent go to the State. The bank acts
Its capital is 50,000,000 francs
as the fiscal agent of the treasury.
($9,650,000), divided into 50,000 shares of the nominal value of 1,000
franes ($193) each. The law requires that the issue of notes, which is
in no absolute way limited, should be represented by securities which
may be easily realized upon, and shall not exceed three times the amount
of cash held except upon the authority of the minister of finance. The
denomination of the notes are 20, 50, 100, 500, and 1,000 francs. On the
31st of December, 1895, the bank notes in circulation amounted to
476,502,020 francs ($91,964,890) and on the 28th of August, 1896, to
On account of the gold and silver of
438,643,190 franes ($84,658,135),
the so-called Latin Union—Franece, Belgium, Italy, Switzerland, and
Greece—circulating indiscriminately in Belgium, it is impossible to give
The Belgium mint
the amount of coin in circulation in this country.
The standyears.
twenty
past
the
for
has not coined any gold or silver
ard value of American gold in Belgium is fixed at 5;7°5 frances. The
rate of exchange at the present time is 574% franes to the dollar.
WAGHS.

Domestic servants, per month:

Goneral WOUSH KOPVANTS cc cask cecewe cacscsceuets
coun tebews seccus
INGIEROMIDRUS Sone de Uses es be Uved ones BEES do bes eeeesiveeoedeead
ones

$9. 65 to $10. 00
4.80to
5.79

SNU0 sees CREE WERES
ERGUROMI QOS aa os coos Se Sa naan See besloeebewealas
OhamMDSHMAIES Lose cise cece ned can ceeeee aes Nees tans uenssaees ons
WOAGHINGH ..cseamece ses wewsleudeas coasict o ook ew haes pee6 Bee cd cence

6.00 to
13.51 to

Cooks, Males. ..... ccc scceey necees ceew seen enews vsen pose eweces
Cooks, females .... 2... ---..- neceee cece cece en cons tec ees nese sens

POSTION =. om ces c eeve ands dsAnet spon ee coheed Sout beee sens ose
GROOING

cc nceedte seeds

bch

socacee eens Ter

ease

19.30 to
8.70 to

re

BOOK Keepers.
Meus

oe nehe

sl eweacleehs

SReSAe

1ROSSU

OS Cee

14. 47
AT, 80

...-. .2seee cccces cn ewee ce sece cence cence sees sees

cee

5.79
9.65
15.44

8. 68

Bookkeepers, clerks, etc., per month:
Clerks

24.00
11.58

Se Sees

ca wee.

80.60

ASHIAGAITT ClGEKE J. 55 Kdae Goes ssse odcas Dien den Sonkiehed wrvecuw ewes
eniplé GIORKA...5
«dseeses sive conte x eeW ese Eads cee Meee deececdaws

to

33.00

10. 30
5.79

Salesmen, 1 per cent on sales and...-.-.+--+) «+--+ -+-0--0+ eee eee

24, 00

Wy AilG NOUBORION saisda cae

Hees oe REWER Sab e eee hee MONK ee

19. 30

Chiefs of stations. .......<.ssses bean
Cet ee seb ennsw teens cee Cue
CORGHGLORG o<cscides ccs ace bees Gosek bol Vase opto sss cke ewes css een

68. 00
33. 00

(omedd Soc

Railway employees, per month:
ER GHOODS

cacnnaeead

I ROMIOM « .enlgcen Sues
MwA
LO NOL ces VSueed
(ST RS big ee
IROntl PaNON gies caw

oss owed cn 26088 0E ds 48 be ress eee

stene ad ens

auckd -ao5 coemewne tees wake aes 168 ose seen tans
eeGe ’ Ci oeaN Sess FR RN PENS @ bess s Deie de Se0e cee ‘
ad cee a. coe Ree ae ebs Ses See weaned de metus ee ‘
ke ied <escee Sx eoys Hoe bac s Shee Re CeeeNe ede ewe

Pelogvap GPeravors 204 ve ee cee see cbse oe nnee sssd coeessnssoees

General trades, per week:
BYIOKIB VERS «cece secase

ee

ee

ete

eee

NIASOUG «ake aedesecd Jeaes': toe bee keen Aedls.dwees tap ece VERSES
PASTCROED wocc- buss pos eee steuees Sue e ac suds cee 555 oewiees deweee wes
INGOs,
wovas ab aane Se s'es boee bets CUMk ss Vee Sebi ads aa5 shes oo ks
PCOOUCKS <4 ao deahls cee see eee CEA Sau HaSEs .cae tac Boy Ree ae Meee
Gis TOURS awe. weas <6 anne doUekr a vGe ec aases bax eae eebe-auebeaseee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

;

38. 00
21.
21.
21.
20.

00
00
00
00

29. 68
4.56
h.
4,
4.
4,
5.

22
66
97
97
00

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

General trades, per week—Continued.
PG
GIS 5.0. cig: acd o's chine BUEN Send law cries ou Cage phe w Se ey ee Bre eg tale pena
ISPIOKOAKOUS sacwedenahwash Saaeee sobs ode ed SomawSees hae eea hen esoes dees aus
CUPP POLCONS: on aasseMhus ay cee Cee Se eer ewc des caae eye eee omen casa ewN eae
A UOROUN. cn. cnewee bees chou oa com des eek ws hase pose antes eae ees eemetian
BBV IeC CSNGENS 152 aig nec eauaes ws ba Eas oe Cle Hee RR ER Mine's < eew meee wae cae ee
UE ODEN: du al suriw le vice oaks a ee Saw Se ak ens teen ac we Jans Riaeeh poe eeu
Hose
COMMS
MIG KORY i ag2k ss tewn cea StGascees wabducases woke poowds se eeoeeswes ous
(OODCES «ss. acase suse cen soe e8ss Saka chou isc hs s yaeaidews SoEsat ec eee eee
PINOT
40 04 40xw anes Undo Kpoe oon ae gU NO ebaan Naps kb eas ee Saag es eEE
I SEECUDS: ob xh iwlc eat eeumiae ealblawe hes ce GRRE eure edeeas Uhatl cess oy ananieee
DYORS sauce usouse sued te shee 2040 ebwe eee pose es | Se cieeis's oe soree a gone Se sete
WOMREIOUE Cae e8s a0 ssn Weabixd au Sues bh kei w cei Wan esp ae neo dd) Sie sk meee cass
PINOPIVOLE oho aucun cea ck chew PacWees Se EERwee us bob seme Cuvee wa bese ee weye
Ee RiNUONE scab been cedosobnekeueu LG Gulbebe canes tac cus luke OGRE SURO Eee euerens
POUCGLE nays a2aae steely Does capes dd ape See ver aks osceweetee bide s ah ene aoe
MHOC
RONG cols alee des s4eocR bdEEAs BUN ees See E ET abe Sin& ebsd Skee eeewlenawe
Mage

aie

WARNGRS

WIG KORe 2

nis eux ao oes caus So 4s

$5. 46
4, 25
4,63
8. 75
5,38
3. 15
5. 66
517
5. 62
4, 3.
6. 15
6. 3b
6. 45
5. 94.
4. 86
4.56

dad cee oecoeedeseeses

5. 51

POM MPRETO -. bz. nine have sxgheereled wha saan alae +o sees sabe aes als eae oie BEN
EORNONCNS a ewe- sae ae hod wads bie hee ape ae Ee Cee en peek WEE ES © eR Se Seed eeee
CAINIOROUS saneecuae'ndad soe ewe ted ews ensue euerses so 50Useasuuee ce eect clus

4.40
4, 40
9, 91

MUDGEE cies we ay aptadiclet alg oa berles S axa ciewlee Se leet cath Goat t gp en
BOV OP Wit KOS 2x 56 samc Re eae ea
MESCOGAENUG

sane al. oek

hee eee

er

5. 79

dec ook Sete Fo bas SS e Beeic oe neice dane

een

5.79

ween ee ARE See wee aes ke gle wie suru sete on eley oak

8.47

Wade 46a

MOG! TAPS:
ag eau oh bane ee yan eu sees coos Fests eeeas SOP Eobe
PADEOOES naka oe Des Kkpt Ss he ER BES Cee eee
es Cee ee ee ean
Be CIMA NiCd nana mekans Hen ahs cab WEaa VERT Roe @e ta Woes aeals three ak eb
Laborers in—
WOVSLEING WOPKE
2 ce cneces snc cee cee bak silvnee baeede sapanes
BOO! WOEkG+cuaus
seduce ooo useak ude Hence soUee el weet bees
TOI WORN. ue eek Bemus, cates ex bac enetbieth thu can boeces Keer
PAO

WOR

PPA

UATCUCTVER WOKS.

second cos ads stone so baa8 WARE

eba

rece Una s
cee
See
ene oh kote

5. 79
4. 63
19

capkaeasce
tesces eace
Sem new ire

3. 30
3. 90
8. 85

ede hae sued shesee coheceeeas

4,08

Seseemeebe

3.06

Diet, WilONt [O00 coe <budd s«Rdane CoN) G8a6 «candoss coceeled Seed Pabeseubas
NY OMOR WiOnOWwh FOO ss ec cemaeinonacnoecsiad
hes Miaeay Say ee ee cea cet eu st
Mien. With 1600), <cns/tee abe ag te Nesey boomed ek vy had pedewaaead soteee mene

- oo
25
. 24

WOMCN,

14

Agricultural

< cis cass vccccecegnsscee

Geetkactctce

laborers, per day:

WITR 1000.6.

sseacs aux

ens cegmem cane d2as e554 155 e454 ee eee eenvens

Changes in the prices of commodities in Brussels,
Articles.

BYNGY saeavctivcwnseasesncn+ssduewteeneeecensveeeass per 100 kilos...
OWIGOEY xs nceessincacscnsnwtawas
cee sesnes use cecanesenaee per kilo..
OMAN

ic hada n cakes tae et desthvashaterdnad
¥ 0 casted RRESERESERS do....

1886.

1896.

Francs.

Frances.

18. 00 = $3. 47
<O0==
09

15. 00 = $2. 89
.B5==
.07

1,86=

.86

2.30=

44

‘
5
eas

G 00s
4.50
6.50=

ahr
.87
1.26

8.20 ==
8.50=
5,20

62
+68
71,00

emit trate nese a ead ncaa aie
x05 became
ce ka eck ee per kilo..
GAN ogc owa dec uaued Cnene cee el ek ceed WKGskewgenranbweeuanee Go: ces
RUM en omalan kad walt coah Cad ealbg ap eeeuee net eewtnesenuakes per liter...

6.20
13059
.24=

1,20
84
.04

4,50=
LW
Asa

.87
38
- 08

16.00=

3.08

15.00=

2.89

7.00
17,00=
6.00=
40>

1.35
8)2
1.16
507

7.00=
17.00=
6, 00==
18

1.35
38.28
1.16
«08

Cotton goods

Gh

:

WNL
4:.cv ested) SevecBelecdalenciesaededwghagieue
een end
Bleached
P
OOIOTON: 2 vardca Sha ae ccenee anew ene ewier WCU WOR FHE5 ERS eS

s Sec cuehewree tis ya bade teathu gee Cas coaeciones whee per dozen...

Attic

dos cave ttrwsr oaks.

Petroleum:
OIG i Rea
PO iliOtlnc oie
OO GH 5 Be 44
POG. eral cnaees

POCO

orks eeGuscctess inaaeseecs per 100 kilos..

s cane eren wade rede Sbepeeede Coeur eres ow aes es ee
bie naeewecunxee ack sane enn sasneetemewweseepaees
nde OE re a daR ERA Ad be os Seen ewe NEES
s'4saulg ot bab tawa xs tteeveereeisanses
$99 42%0 per

ae kulewened kewewhnnee ewe

ie
GOs. <.
GOs.
kilo..

hr es aes de cons kees seus per 100 kilos...

1.08=

14.00=

.21

2.70

=

11.00=

,16

2,12

Salt
FI

yaxboessucnc
aan ceneseey canwcs <aNewcKUNeRes Waseoue SS do

3.00=

.58

8.00

268

NAR

AG

5.00=

.96

§.00=

.96

5.60=

1.08

4,.00=

.17

oe ce BERL a ak EC ie corer cals 4 anes

tene one teees CO: cx4

Bil: Boots, WOVOM v.vsisiewsede.eweee
«gua ose eedonawsins per kilo...
Sins,
Sugar:

aC

Mid ABO SOOR c..cncnc< ots exsicanns st ewmnensn edhe ao...

Be per 100 kilos..

36.00

6.95

34.00=

6.56

51.00=
17.00=

9.86
8,28

43, 00==
40.00=

8.30
7,72

nieces anvensings irneenyes per 100 kilos..
"WHGAD .<snsessveevesaens

20.00

3.86

13.00=

2.50

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

en

nial

Ra

60. 00=11. 58

6
en
aa aren Sri ep) A eee
do...
SORIA) b Us Riad ada ete nce sauks Grand dagat Sh UReEea eyo ae ese Os.

DUAa

eee

65. 00 = 12. 56

bit eescaeutbebsmacagas per kilo..
avinesohnewstacsreennewenseds

7.00==

1.35

2.40—=

.46

PRICES

AND

MONEY

52

IN

FOREIGN

COUNTRIES.

Changes in the prices of commodities in Brussels—Continued.

se do....|
Sa qaytinn ss Speisiee
WOO acne cebeweece ocdenscWeccbwecemece
ne care ctee ceases ches ee isos

Nore.—1 kilo = 2.2046 pounds;

aes

145. 00 = $27. 98

22.19

85.00

16.40

ge taeekauees do....|
ot <0 a9
ssO.ae%

100.00
80,00=:
50.00=

19.30
15.44
9.65

40.00=
60.00=
40,00.

7.72
11.58
7.92

do....|

70.00=

18.51

45,00=

8.68

100 kilos = 220.46 pounds;

THE

175. 00 = $33. 77

115.00

OOGHOM cc co.cc bt cess santn ss cones tn wt semce's oxox sete nes ed do....|
cocawt

Francs.

Frances.

Raw material for clothing:
FAK.

1896.

1886.

Articles.

1 liter=0.908 quart.

NETHERLANDS.

I—STANDARD

OF

VALUE,

The standard of value in the Netherlands is what is generally known

as the double or “limping” standard.
Il.—AMOUNT

OF

CIRCULATION.

According to the latest official statement from the Netherlands Government there was, on the 31st of December, 1895, in circulation:
Florins.

Gold ic est cewcue ce baes tcecives ces acted tue se ceases teesd>
Giver . 22 ius cece Gewese Gdee ooo too anda cae e se wese eeae cane
Government

notes

-----+ -- 25 eee eee eee ee
.....--.----

Bank notes ...-. ----

Total.

2+

enn

eee cee eee eee eee

eee eee

28, 652, 860 =
57, 523, 606 =

$9, 508, 450
23, 124, 490

206, 084, 405 =

82, 845, 930

15, 000, 000 =

6, 080, 000

.accce cone cees woes coe cecees cece sees ene cons 302, 260, 871 = 121, 508, 870

The Bank of the Netherlands alone is privileged to issue bank notes.
Provision for the redemption of bank notes is made by article 16 of
the law relating to the Bank of the Netherlands, which prescribes that
the ratio between the sum total of bank notes, bank assignments, and
current accounts shall be covered for two- fifths thereof by coin or
coinable material.
:

The sum total of bank notes WaS.-.-.-.-----+-----++-++--

cece te cece cee e eee
Bank assignments. ...--. --------e22e

Florins.

= $82, 845, 931
206, 084, 405

1, 305, 605 =

524, 853

6, 903, 798==

2, 775, 326

Total .....- cess seenns cecccs secceeneceesenccerens 214, 293, 808=

86, 146, 110

Current secount Dalanee .... cs 9.c45- seen osyb ened neers

Against which there was at the Bank of the Netherlands:
Florins.

Gold coin to the value of. ...... e042 eee. 5 eee es eee eo ee

23, 928,570==

Silver and copper coin to the Velie Of -<s5%
saes weedy owes

82,

Coinable material to the value of........-.-.-----------Total ...< sccces scence

nce ceed teense seecss cscs cneas

19, 068, 841—=

9, 619, 285

7, 663, 664

162,615=

33, 029, 371

125, 155, 026=

50, 312, 320

Two-fifths of 214,293,808 florins (or $86,146,110) being but 85,717,523

florins (or $34,458 444), it is shown that on the 31st of December, 1895,

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Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

53

there was a surplus quantity of metallic material at the Bank of the
Netherlands to the amount of 39,437,503 florins, or $15,853,876.
Government paper money is issued directly by the Government.
ITI.—PER

CAPITA

CIRCULATION.

The population on the 31st of December, 1895, as shown by the statistics of the governmental bureau, was 4,859,451; hence at that date
the amount of money in circulation per capita of population was 62.20

florins, or $25.

IV.—_CHANGES

IN

THE

SYSTEM.

In 1816 the Netherlands, which then had the single silver standard,
adopted the double standard.
In 1847 the Netherlands returned to
the silver standard, and subsequently, in 1875, passed a law whereby
it was provided that the mint should issue gold coins of the value of
10 and 5 florins. The reasons for the return to the double standard
in 1875, as gathered from the Government’s explanation on introducing
the bill relating to the issue of gold coins in that year, and also from
N. G. Pierson’s Leerbock der Staathuis Runde (Work on Political
Economy), were the great change in the relative value of gold and silver, the influence of other countries, and the fear of isolation—the
countries of the Latin Union, Germany, Great Britain, and the United
States, having either limited the silver circulation or increased the gold
coinage.

In 1874 N. G. Pierson, who was minister of finance under the late
Government, and prior thereto director of the Bank of the Netherlands, states that the free coinage of silver was stopped, and in 1884 a
law was passed providing that whenever the state of the mint shall
demand it the Government was authorized to withdraw 25,000,000
florins ($10,500,000) worth of silver from circulation, melt it down, and
sell it.
By the law of April 26, 1852, as is learned from the same source, the
issue of Government notes of 10 florins, 50 florins, and 100 florins ($4,
$20, and $40) was authorized to a maximum value of 10,000,000 florins
($4,020,000); and by the law of April 27, 1884, this maximum was
increased to 15,000,000 florins ($6,030,000),
V.—CURRENCY

AND

WAGES.

The statistics with regard to wages in 1884 are imperfect, and are
gathered from statements given by contractors and employers of labor
in various parts of the country to the statistical bureau of the Netherlands.
In 1891 this bureau, which till then had been a private
institution, passed into the hands of the Government, and its operations and researches were extended.
One result thereof is a table
showing the rate of wages earned by Government employees.
This may
be regarded as a standard of the actual rate of wages of the present
time, but for comparison with the statement for 1884 is not altogether
fair. Annexed is a table containing such statistics as are published
by the bureau.

Digitized for FRASER
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Federal Reserve Bank of St. Louis

FOREIGN

IN

PRICES

AND

MONEY

54

COUNTRIES.

Wages per hour.
1884. | 1894. | 1884. ) 1894.

Occupation.

1884. | 1894. | 1884. | 1894.

Occupation.

Florin. Florin.
Florin.| Florin.
0.164! $0.06 | $0. 064
0.154
0.13 | 0.13 | $0.05 | $0.05 | Carpenters .......-Day laborers ........
. 064
oli | corneas
.05 || Coppersmiths ......|..--.-ViShleenseen
INGVVICBS aiass cadens lasseaa's
. 064
.06
.173|
.154
....-..|
Blacksmiths
||
.05
-134)-.-----205-sancanceeoss|e
WOLCMEN

.15|

.14|]

.06;

.054/|

Tinksmiths........

244!

Field laborers ....-.-|.------

14

leeeeese

. 054]

Bricklayers ........

164!

Oantens sasxoadsoneas

14

SODVELS ssoecseeeee-

Woodmen .......-.++|.---+-Railroad men.....--.|------Gardeners.....-+-++-|------16
Shipyard men
16
<< +s05<> ,
PRNTCLS, .5..

vlG |

Basket makers .....-

.054,

15

- 15d] «+ ----15$)-..-6.
016 [22-22
=. 06
. 153}
. 06
«16

06)

40

.06 | Plumbers

418 |

6064)

=. O74}

07
. O74
- O74
08

. 094

.08

.24|

=. 064

= «. 06 4

«=. 07

07
09
06

19
.19
02h

. 20 |

Stone carvers ......

.06

09 |

c1SE eee ese

Furniture makers..|......|
and
Quarrymen
Peis)
stone hewers.....
22%
Plasterers..........
s16|.
Street pavers.......

.06 |
06 |
- 064),
.06 |;
.06 ||

«617 |
.174|

.194|

.........-

VI.—PRICES.

The prices of agricultural and pastoral products exported and consumed in the country, as taken from the latest quotations of the Netherlands markets for August, 1896, and from official statistics for 1886,

are:

EXPORTED.
1886.

1896.

Articles.

¢
Florins.
¢
:
as
$17.28
=
43
UTTOD ..scawrcccsecdscsenccasessscesss per 25 kilogs. (55.113 lhs.)..|

Gaya eeeeeets 7.do...-|
DUC dae dxgan cas tocovrs cera vbahesecaatte)
OHECSC.

ewes]

soctescesnss
oc occas cnccccctccdesnsccsessesceeesesncn

Live COWS OF OXEN.....0.0.--0-000 scenes per kilog. (2.2046 lbs.)..
cece en cen e nee cece en nen ne cenneasences COve as
Live Calves........-c.e

seen eee c nee e en nen ec cnnneeenenes dO. o23
Live pigs... ....ce-ccennee

=

9,24

woes

4

=

38.71

Sos

«84

9.25

+86 ==
120 ==

«27
282

68 =
80 ==

uF

a8 = $0,20

= 17.68

44

2B

Florins.

.34
48

The prices of some of the principal articles of consumption, quoted
from the price list of the Netherlands Cooperative Stores for 1896 and

from official statistics for 1886, are—
Articles.

1896.

sect eeeheanennse per 4 kilog..
condense sbaabesuanonescnints

IROdiSescewe

1886.

Florins.
Florins.
ces
OLSS = SOI8 |. oss ccancwsvese

-20=

.08

Oren

14=

«.05}

CHOCKC. canna enenwcvenscctacssecccnsncmesescneceancandsteemes do....

383

=. 15

POAS pea cos ccéesaswecswwhadewhaqwas caccaseesnaasemuneaeieeees do..-.
4

Meal: snail
ae

Oi

NCAR

PAPA

ae

ene

earn een

wer

A

eee

cs wn cna daw ds ahannrhcsieebesabaseeerteneees do...

2-2. eece ence nc cee nen escccceenmeeeees GO...
Margarine........--0--

0.044—= $0. 014

is

.14=

054 }

06 = —. 024

-18§=

=. 074

eae ce”

og LT

lecxeessieeuaensets

.034

.054=

.02

ties els a4 ceganctanenssawaneneeenss AO. <5
WOR cnsongwcdeeewese

.09 =
clas

400

lseseneancowecaunes

SUGAT. cccccccecnceen ten ecns eens ce ence ceencenesesncecesccsone OQOscas

woes

GOR

casi ccuseucewaes

GAT Clizces aa Ghacecaarete tts iad dee tat sae ba see en ee eoeeemenkeey do....

-09%=
04 =

034
014

.13§=
06h—=

=. 054
. 024

SOAP uae da weed au ct cinslwaenn oe Gesneew ge ade sheeeeeeandteds<eker do....
er ee Ons.
ae
Se
Salt. ..0-sceneeedsenn0se0s ST
(minus excise)...

G06

==

B.79 lo csccscccceccencsa

eee cence nn eens C0t.cs}|

289

=

4, (0

Malt liquor

Spirits...

per hectolitera

22...

eee ee cece ee ence

eee ence

lecnaabecnsenancets

a Hectoliter = 26.417 gallons.

The prices of some of the principal imported products quoted from
the official statistics relating to wholesale trade in 1895 are:
Florins.

sok es cwemed aces 0 on cn eecess cous seeess pert kilo (11023 1bs)..
CORSO.

RieG.c<ed0 seeenceeas sddealese skavssaeinnees isae

Corn:
IAPHOUIGATE cadeandsiccis
FUUGSIS aod sci

Ghis cad ERS g0063-5 00 eo

sacses Baca sheweeasee
teaeds per 2,400 kilos..
s waka shes ceed Kobe see eNe Rees ences

Ped sede do....

RYO sacs cowcascccess coos canncens snes sevecesess ovees DOr 2,100 kilos...

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

0.62300, 25
21S =

.06

166.71 67.02
139.83

=56, 21

105,76 =62, 60

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

55
Florins.

Maize (American). .....--2 eee secs sees eeee cece sees per 2,000 kilos.. 109.39 =$43. 96
Matve (DOnaM) .seno< oxwe Sanend sOue sdneieee sae Hee ss - 93 o2 2 do... 119.52 = 45.22
.05
.12}—
sas ces owen per English pound..
Pepper (black) 2.006. csa0s sceecscees
COUbOEcccxeek}

.58 =

dance sensbws mead buco kehes Gores Se eetns oo ear per¢kilo..

PSRROLOUM, soi dac ens cme l asus aeceoseeens 4 per 100 kilos
paoTets Sees
DOE Ol. vakeeeaa dba ceee ckeeR Yes eee
FOSPO BOC . ane acnons osee ceee caus sees per 2/000 Eilos
TOIROOT ..4 45d ween Was dec nenes ets teSnee< per 1,960 kilos
cose 2a0« «teehee oan Gucews
PARGCOUOIL cuge-astadsscaeke

.29

8.89 = 3.57
lbs.)..
kilos.. 23.034—= 9.25
lbs.) ..222.68 = 89.50
Ibs.) ..282.97 = 93. 64
kilos.. 22.10 = 8.88

(220.46
per 100
(4,409.2
(4,200.4
per 100

Ixcept in the case of salt, soap, and sugar, with regard to which the
excise duty has been removed in the case of the two first mentioned,
and increased on the last, there has been no appreciable influence by
reason of Government dues in the last ten years.
VIL—WHETHER

ARE

MINTS

THE

OPEN

METALS.

BOTH

FOR

The price
The mint of the State is open to the coinage of goldonly.
1885 and
in
which,
Exchange,
London
the
by
for standard silver is fixed
Neththe
of
bureau
statistical
1895, as given by the publication of the
erlands, was as follows: 1885, 483d. (96.39 cents) per ounce; 1899,
2948d. (60.9 cents) per ounce.

WILLIAM

E. QUINBY, Minister.

THE HaGueE, September 4, 1896.

FRANCE.
I—STANDARD OF VALUE.
The standard of value is the double standard—gold and silver. The
coins of both metals have legally and practically their nominal value.
Their parity is maintained at the ratio of 1 to 153, but there is only a
limited amount of silver in circulation.
The unit of value is determined by law; it is the silver franc, weighing 5 grams, 0.9 fine originally, but now reduced to 0.835, like the
These three coins are legal tender
coins of 2 franes and 50 centimes.
only to the amount of 50 francs.
The real unit or standard coin is the 5-frane piece, which is legal
It is a coin of 0.9 fine, containing 225 grains,
tender to any amount.
IIL—AMOUNT

OF

CIRCULATION.

French coins.—There are fourteen different French coins, viz:

Digitized for FRASER
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Federal Reserve Bank of St. Louis

Bronze coins.

Silver coins.

Gold coins.

nage Number to | Denomina- | Number to
Denomina: | Number to ae
the kilotion,
the kilothe Kilo- | panos and
tion,
gram.
centimes.
gram.
contin eg, |
gram.!
francs.
100

31

5. 00

40

10

100

50
20
10

62
155
810

2. 00
1.00
50

100
200
400

5
2
1

200
500
1, 000

5

620

. 20

1000 |odens evenas] asnoncesmune

1 Kilogram = 2.2046 pounds.

MONEY

56

AND

PRICES

IN

FOREIGN

COUNTRIES.

From 1795 to December 31, 1894, the following was the total aggregate value of money coined in France:
;

’ Francs.

Cale ROD i denne nndd ousend coreds stedapineees 8, 772, 156, 150 = $1, 693, 026, 136. 95
Giver PleGOR...es.sccecevecces csncnsceeese saves 5, 316, 508, 826 = 1, 026, 086, 203. 41
14, 088, 664,976 == 2, 719, 112, 340. 36
TR ro wh de nnd dao and OTC
Coinage.—There is no law restricting the right of the Government to
coin any amount of gold or silver, but by the Latin Union convention
of November 6, 1885, France, as well as the other parties to the Union,
made the engagement to coin no more pieces of 5 francs without mutual
understanding with the other parties. Article 8 of that convention provides, however, that if one of the States of the Union desires to resume
the free coinage of 5-franc pieces it can do so on condition that it will
exchange for gold all such pieces of 5 francs circulating within the
The same article provides that the State desiring to avail itself
Union.
of this facility will have to call the other States in conference to arrange
details.
With regard to the silver coins of 2 tranes, 1 frane, and 50 centimes,
France and the other members of the Union have agreed to limit this
coinage to 6 francs per capita. There was no coinage of these pieces in

France from 1889 to 1893.

In 1894, 4,000,000 francs ($772,000) were

coined.
Bank of France.—There are no notes issued by the Government or priThe Bank of France is the only bank of issue in France.
vate banks.
Itis a private institution, but a privileged one. Its charter is voted by
Since the foundation of the bank, nearly a
the Chamber of Deputies.
century ago, it has been renewed many times. The present one expires
December, 1897.
The issue of the notes of the bank is regulated by law. The authorized note circulation of the bank, limited by decree of March 15, 1848,
to 3,500,000,000 franes ($675,000,000), was increased by subsequent
The law of January 25, 1893, raised that amount to
legislation.

4,000,000,000 franes ($772,000,000).

The bank issues notes of 1,000, 500, 100, 50, 25, 20, and 5 franes, but

the notes of the three last denominations are no longer in use.

The notes are guaranteed by deposit at the bank of gold or silver
coins, or by Joans made upon securities, or public funds, or, finally, by
loans made to the State, or drafts discounted upon terms prescribed by
the fundamental laws and regulations of the bank.
The notes of the bank are payable in coin on presentation (law of
August 38,1875).

The bank may pay in silver pieces of 5 francs, but in

fact it pays in gold.
It belongs to the council general of the bank to proportion the cireulation of its notes with its cash in hand and securities.
In time of a crisis the Government can give to the notes of the
bank forced circulation (cours foreé), in which case the bank is released
from the obligation of redeeming its notes in coin.
Legal tender.—Gold coins, silver pieces of 5 francs, and the notes of
the bank are legal tender to any amount.
Total circulation—The total amount of money in circulation is as
follows:
Franes.

CONG so ao0 ae hawd ou se ce sben <eeb Es ee KSwepeeehe es F858 a40s 4, 000, 000, 000==

$772, 000, 000

.. sn cane oden oceans ence ceeens scenes sone seceee- 8,458, 500,000—=
PAPe?.

667,490, 500

ee e-ee eee eee 2, 000, 000, 000—= += 386, 000, 000
Silver (5-franc pieces)......-----.---2-+~—_57, 900, 000
300, 000,000
+--+ ---- eee e ee eee tees
Silver (small pieces) ..........

Total ..c..ececeecec cceccceccececeeesecceeeeees 9,758, 500,000

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Federal Reserve Bank of St. Louis

1, 883, 390, 500

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

57

These figures are for the year 1894. No return has yet been made
for 1895. According to an unofficial return, the total amount of paper
money in circulation on December 31, 1895, was 3,600,000,000 frances
($694,800,000).
III—PER

CAPITA

CIRCULATION.

The population of France being 38,243,192 according to the last
official census (1891), the amount of money in circulation per capita is

255.16 franes ($49.244).

IV.—_CHANGHES

IN

THE

SYSTEM.

There has been no change in the monetary system of France for years,
nor in the abandonment or curtailment of the use of paper currency.
There has been a change with regard to the use of silver. Before 1873
coinage of silver was free. In 1873, Germany having adopted the gold
standard, which occasioned a rapid depreciation of silver, the States
of the Latin Union (created in 1865)—France, Belgium, Italy, and
Switzerland, joined later on by Greece—entered into a supplementary
convention, signed in January, 1874, whereby the coinage of their
5-frane pieces was limited to a certain amount specified therein, which
differed for the different countries. Notwithstanding this restriction,
it was found that gold was disappearing from circulation and silver
becoming practically the sole currency of the Union.
On the 5th of
November, 1878, a further convention was therefore entered into whereby
the coinage of the silver 5-frane pieces was suspended until authorized
by the unanimous consent of the members of the Union.
‘This part of
the convention of 1878 was reenacted in the convention of November 6,
1885, with an additional clause, however, giving to any member of the
Union the right to resume the coinage of 5-franc pieces upon certain con-

ditions, which are stated in a preceding paragraph marked “Coinage.”
The convention of 1885 is still in force, and France has not to this
day availed herself of the conditional right to open her mint to the
coinage of 5-franc pieces.
V.—CURRENCY

AND

WAGES.

T annex herewith a table of wages for a certain number of professions.
It has not been possible to obtain fuller information on the subject.
For the last fifteen years wages, both for skilled and unskilled labor,
have slowly but regularly increased in France.

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Federal Reserve Bank of St. Louis

58

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Average rates of wages in Paris in 1896.
[In most of the other cities of France, particularly in the southern part, wages are not as high and are
paid per day.]
‘i

French

Trade.

|

pry

oar |” Oe.

sia

i

Trade.

42 coccenececess per hour..|

Carpenter <cccssasceesec=s Ons «cz
Bricklayer...
<2 ecaecte«5- Osea
Digger (excavator).......-- MO. -<s
IPMN DCT ys oxen tones aese eset 0.5.
asx ee COs <..
PRNUGY «sexe siasesavaice

rency.

aici i

Painter (ornamental)

.....-do..-.

1.00

W00d CaPVer .c-4ce+snaees- does's-|)...

1.20

MOCKS s deen tee neces GOn 2.2
Locksmith (skilled)....-.--do..-.
Slater Mle? sss caceaeueces's Mess
Chimney builder.........-.d0....
WOMMOT of tat Fehr eet oer @0.2:...
Cabinet maker............. ozs. 4
Sawyer (wocd) .....-...-.-. do....
Sawyer (stone) .........5.- (00 ae
Gilder (on wood) ....--..... @Ox 24.
GIATICE cacuswansews
cs caenws On a3
PAWGR \csecivans
ts ausanes sins dOicss
QURETYMAN:ccveaceceeesaes dou...
NROMCOT, «ua aes vs vowed aeee a. GOs «6

Marbleicntiter..
DOU

casa

ea-+<- Orso

Prone

6,00 |

$1. 20

4:80
9.00
5.50 |
5.75 |
5.65 |

- 90
1. 80
1.10
1.15
1.13

.20' | Gloveinaker

6. 60

1.32

.....senc0ea0 CO. -.4

Pa
90
. 80
Py fa)
Pa)
. 80

.14
a ES
4, AGH
ob
© 25
16

|} Engine driver ........-..- do..-.|
tl MGCHSING
<crnwcccnesnss @0....|
IDPIVGY i cise ackenteesets. 2 do....|
|| Blackemilth ..s02
<4 «se0-000r...)
|| SMT
S. << saceeccnancs 0.20)
|| Smelter (iron) ...-.......- do....}

6.30
6,30
5.50
— 7,50
7.80
5.50

«15
80
. 80
. 70
75
. 65
. 90

.15
«06
16:
oO
15
UB
AS

||
|)
||
{|
||
ll)
||

5,85 |
9.00
8.50
* %00
8.00
8,00
3,00

«85

UOP -sssavencccsescusst do....)

1.00

BLOW! sweddesebadscauee per day..|

5.25

rency.

vid |) (Binder... 7.22.50
sas<dO.s<0|,
Ply
3inder (skilled)........--- doO....!
oL24|)
(NSMHIOP «2.5265 seuweneenies do....|
.16 || Dyer (leather) ...........- do.-..J
«20 || Shoemaker... .sdeneanis-': do....}|

0.75 | $0.15 || Baker ...............-. per day..|
85
85
. 60
. 80
st

ay

cur- | * ag

Francs.

WinnOte

.

French | pe

620 ||) ONO

adden

a crincamee
i cbOsga |:

Engraver (metal) ......... do....|
Upholstorer . .cc<seserawes do...|
BUtCHGr: «nas. vasccecseasoe do....|.
ERO a iaiccee
d) eegeeten kes do....|
Tailor (skilled) .......+..- do....|
<n d0...|
PERH0GTs ae no cacac erences
EiOMOORS 2s 5 osneeseeeaes do-<<s|'

.20 || Carriage maker ........... do....|

.20 || Carriage maker

(skilled)

.do....]

20.)

¢

7.00

9. 00

1. 26
1.87
1.10
1.50
1, 47
1,10

thee

J. 12
1. 80
1. 70
1.40
1. 60
1. 60
- 60

1.40

1. 80

1,05

VI.—PRICES.

The best way in which [ can answer this question is by submitting a
few tabulated statements.
Table 1, annexed hereto, gives the average
produce exchange quotations for the month of July of the years 1887
and 1896 for the different articles mentioned therein. ‘Table 2 contains
a statement of quantities and values of a selected series of articles
exported for the first seven months of the years 1887 and 1896. Table
3 contains the same information with regard to imports.
VIL—WHETHER

THE

MINT

IS

OPEN

TO

BOTH

METALS.

There is only one mint. It is open to the free coinage of gold, but no
longer so to the free coinage of silver, for reasons which have already
been explained.
The mint price for gold is 3,444.44 frances ($664,777)
per kilogram (2.2046 pounds) fine, less the cost of coinage, known as
‘‘brassage.” This cost was formerly fixed at 9 francs ($1.737) per kilogram, but has since been reduced to 7.44 francs ($1.436) per kilogram
fine. The mint price of gold to-day is therefore 3,437 franes ($663,347)
per kilogram fine; that is to say, 96.25 francs ($18.576) per ounce fine,
avoirdupois—110 franes ($21.23) per ounce troy. This price has not
changed since 1886.
The above report is based upon information obtained from officials of
the Bank of France and of the ministry of commerce, as well as from
other sources.
HENRY

VIGNAUD,

Secretary of Legation,
Paris, September 5, 1896.

Digitized for FRASER
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Federal Reserve Bank of St. Louis

.

PRICES

AND

MONEY

FORKIGN

1N

COUNTRIES.

1. PRICES.
Average quotations at the Produce Exchange, Paris, for month of July, 1887 and 1896.
French currency.

United States currency.

.
Articles.
1887.

1896,

1887.

1896.

Frances. | Franes.
Refined

beet sugar, in bond........20..----+ per 100 kilos a..

97. 85

99.00

$18. 885

$19. 107

oe SR aOR O36 per 100 kilos...

53, 91

45. 00

10. 415

8. 685

BAUIGY vianwanaesunsa
seeSaneme bee aa mune: aoek sep en gineee GO.««<

55. 85
51. 62
54,10
24, 22
14, 16

53.25
46. 80
88. 29
19, 29
10. 88

10. 779
9. 968
10. 441
4. 674
2.738

10, 277
9. 032
7.390
8. 728
2. 042

OBihvadackskkewsaxactasdacdielamhend
Qeameames cree eens 0...

15. 75

14. 99

3. 036

2. 893

MNCONO!, OOF ceacvinunsees
aede gusieseae Selene per hectoliter b-.
DaMOW:

ccs scan saa abnt Weta hee SEW eee

43.71

b Hectoliter = 26.417 gallons.

@ 100 kilos = 220.46 p ounds.

2. PRICES

29. 78

|

8. 436

5. 738

¢ 157 kilos = 346.11 pounds.

OF EXPORTS.

Stalement showing the quantities and value of principal articles exported from
during the first seven months (ended July 31) of the years 1887 and 1896.

Articles.

Cereals and flour .........

Quantities of 100
imei cimaaabiaal

French currency.

1887.

1887.

1896.

68, 053

32,550 |

or preserved ...-...sss

55, 032

307,031 |

Table trait ..s02<<.00000%

157, 972

238, 533

4,039,952 |
34, 983
23, 906

4,089,947 ;
40, 814
83, 992

Vegetables,

fresh,

salted,

uaps sasea's gallons..|
WANG).
Brandies, spirits, gallons
of pure alcohol .........
OVUVG OM sa«sevawsceveceses
OHGO8C. dec 4s divaweanseaae

ButiOY <os-.cedeasecnevuns 2
Sugar:

*Rofined ee

GHA

ee

Raw (bone) ..-.--+-+-ccc axnaeans
sees veende

www Lee wars
SN ee ciccacl
lS MOUS scesewsdedecesss
Woolen stuffs..........--Ootton stusle..s..0
000006
CT
A oetlanes
Watches and clocks ......
WROOUS i:a'sc s9 sin eh eweweaeenn s

Frances.
11, 860, 000

iain
United States currency.

1896.

1887.

816, 751

33, 735

1896.

Frances.
7, 124, 000 | $2,230,080 |

$1, 374, 982

9,544,000 | 11,829,000 | 1,841,992 |

2,282,937

11, 033, 000

8, 767, 000

2, 129, 369

88, 032, 823 | 27,156,914 | 188, 539, 000 | 137, 336, 000 | 26,738,027 |

169, 485

France

37,454,000 |
4, 618, 000
8, 807, 000

387,076,000 |
8, 102, 000
4, 338, 000

1, 692, 081

26, 505, 840 .

7,228, 622
890, 274
652, 726

7, 155, 668
598, 686
835, 304

173,266 | 44,857,000 | 30,399,000 | 8,659,301 |

6,963, 507

4,208,558

653, 360 | 80,445,000 | 21,808,000 | 5,875,885 |

993,792 |

5, 401

683

21, 002
171, 897
116, 953
768
793, 670
279, 689

25, 097
187, 869
171,116
494
990, 593
440,962

3,011,052 | 6,163,500 |

1, 080,000 | 25, 835, 000
540, 000
113, 000
3,943,000 | 10, 513, 000

5,178, 388
79, 707
2,028,816

208,440 |
104, 300
715,824 |

| 126,878, 000 | 149, 254, OVO | 24, 007, 849
| 1938, 019, COO | 172, 625, 000 | 87,822, 667 |
| 65, 066, 000
78, 019, 000 | 12, 527, 738
2, 256, 000
777, 000
435, 408
10, 027, 000
11, 127, 000
1, 936, 111
| 387, 836, 000
40, 892, 000 | 7, 205, 848

28, 863, 922
33, 316, 625
15, 057, 165
149, 961
2, 147, 511
7, 891, 963

Dress stuffs:
POP Ws
«+ seeasedenas
For women ....
Patent medicine ..........

Digitized for FRASER
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Federal Reserve Bank of St. Louis

11, 340
4, 692
27, 140

11,014 |
8, 884
31, 200

10,262,000 |
16, 277, 000
7, 574, 000

10,890,000 |
29, 381, 000
8, 626,000 |

1,980, 566
8, 051, 847
1,461, 782

@100 kilograms = 220.46 pounds, being one-tenth of the metric ton, 2,240.6 pounds,

2,001, 770
5, 755, 458
1, 664, 818

60

MONEY

AND

IN

PRICES
3. PRICES

FOREIGN

OF

COUNTRIES.

IMPORTS.

Statement showing the prices of principal imports during the first seven months (January
1-July 81) of the years 1887 and 1896.
Value.
Quantities of 100 kilos.
Articles.
1887.

Cereals and flour ......---

1896.

9,153,118 |

=
French currrency.
1887.

1896.

Frances.

Francs.

| United States currency.
1887.

1896.

5,020, 184 |163, 142, 000 | 77, 526, 000 |$31, 486, 406 | $14, 962, 518

Vegetables, fresh, salted,
and preserved....-.-..-ADS TPUIMUS .0%.4sses acess
‘Wines.....---gallons..|
OMV0 Ol < cevaccosuteaccs
Cheese and butter DUGAN dase
tawees ge eoeew ee
TODS asecscesscesstensea=s
Od) eguseuacseasaeasses-ae
Silk SUUHS +c 5c acveeces
acs
Woolen stuffs ......-...-.
Cotton stuffs ..........66.
Watches and clocks ...-...
POOIS wcceswsss <cusscaeusue

Clothing, linen and woolen.

88, 688
148,502 | 2,292,000 | 4,054, 000
1, 030, 339
655, 706 | 38, 223,000 | 18, 826,000
186,979, 605 | 159, 601, 502 /256, 307, 000 |197, 785, 000
146, 727
145, 079 | 17,161,000 | 10,762,000
127, 248
123, 062 | 20,926,000 | 21,632,000
991, 079
799. 932 | 25,539, 000 | 21, 628, 000
14, 595
13,029 | 2,898,000 | 2,215, 000
52,774,721 | 55,555,910 | 68, 786, 000 | 91,342, 000
38, 806
4,728 | 26, 226, 000 | 28, 772, 000
37, 464
81,411 | 20,371,000 | 26,641,000
46, 614
29, 625 | 31,821,000 | 24, 324, 000
103, 638
148,688 | 2, 818, 000
5, 958, 000
123, 048
117, 861 | 12,796, 000 | 14,750,000

1, 864

1,050 | 2,898,000 |

2,811,000

442, 356
| 7,777, 039
| 49, 467,251 |
| 8,312, 073
| 4,088,718
4, 931, 027
462, 814
| 18,275,698 |
5, 061, 618
| 5, 861, 608
6, 044, 943
548, 874
| 2, 469, 628

558, 349

782,
2, 768,
38,172,
2, 077,
8, 981,
4,174,
427,
17, 629,
5, 552,
5, 141,
4, 694,
1, 149,
2, 846,

422
418
505
066
976
204
495
199
918
713
582
894
750

528, 228

I have the honor to acknowledge the receipt of circular instruction of
the 25th of July last, by which I am directed to prepare a brief report
upon the currency system in force in Germany in the form of replies
to specific questions therein set out, and in the preparation of such
report to depend as far as possible upon information derived from official
sources.
* In compliance with such instruction, I beg leave to report that for the

purpose of obtaining

official data in the manner directed I submitted the

several questions to the Imperial German foreign office, and have been
favored in reply with the greater part of the material which has been
used in the preparation of the requested answers, and I have the honor
to submit the same in the manner following:
I—STANDARD

OF

VALUE.

Prior to the year 1871, the silver standard had prevailed in nearly
all the German States.
It was replaced by the present gold standard
under the provisions of the law of December 4, 1871, relative to the
minting of Imperial gold coin (Imperial law sheet, 1871, p. 404), and the

later currency law of July 9, 1873 (Imperial law sheet, 1873, p. 233).
The unit is a mark

(23.8 cents) having a value of one-tenth of the (10

marks) gold coin, of which 1394 pieces ($332.01) are coined from 1 pound
of gold fine.
The unit—i. e., the mark—is not coined in gold, but is used as subsidiary coin.

The

gold

introduced in the German

standard

has

not, however,

formerly coined are received at the rate of 1
Aside from the thaler pieces, silver is legal
With this exception, gold and thalers alone
eral Council not having as yet exercised the
law of January 6, 1876 (Imperial law sheet,

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been

exclusively

Empire, in this that the silver thaler pieces
thaler for 3 marks of gold.
tender for 20 marks only.
are legal tender, the Fedauthority conferred by the
1876, p.3), to declare the

MONEY

AND

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IN

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COUNTRIES.

61

thaler as subsidiary coin. In addition to the Imperial gold coin, the
law also provides for the coinage of a limited amount of silver, nickel,
and copper coins by the Government under the general control of the
Imperial chancellor.
The total of the Imperial silver coins is not to exceed 10 marks per
capita of the population of the Empire, and the total of nickel and copper coins is not to exceed 24 marks per capita.
IIL—AMOUNT

OF

CIRCULATION.

The amount of gold and silver coined at the end of the year 1895,
under the laws of December 4, 1871, and July 9, 1873, deducting the
pieces withheld as unfit for circulation, is:
Marks.

= $713, 632, 372. 11
cennns wees ensadeennbes 2, 998, 455, 345
GOlG ove sncvnesddcduccesscns
Silver subsidiary coin (Scheidemiinze) ......-.---.-

483, 162, 846—=

114, 992, 757. 35

TOGA]. «wane <ccsnensws dn cengsenee deatecy seness 8, 481, 618, 191== 828, 625, 129. 46

It is not possible to determine to what extent these totals have been
diminished by shipments to foreign countries, by use for industrial
purposes, and other causes.
In addition to the silver coins minted under the minting laws as
above, there is still, as above stated, the residue of thaler pieces in
circulation, in the possession of banks, and public treasuries, the amount
of which can not be fixed.
At the thirteenth session of the German silver commission of May
28, 1894, the amount thereof still remaining at the end of April, 1894,
was estimated by the Imperial commissioner to be about 400,000,000

marks ($95,200,000).

Between this date and the end of December, 1895,

a further diminution was effected by the withdrawal of 13,147,866 marks

($3,129,192) in thalers and their recoinage into other silver coins.

The supply of gold in bars and foreign gold coin in the Imperial
Bank on December 31, 1895, was 370,023,000 marks ($88,065,074).
In accordance with the law of April 30, 1874 (Imperial law sheet
1874, p. 40), paper currency in the form of Imperial treasury notes has
been issued directly by the Imperial debt commission in amount
120,000,000 marks ($28,560,000), which equals the amount deposited by
the State in gold coin as a war treasury, or amount reserved for military purposes (Kriegschatz).
These Imperial treasury notes are received in payment at all the
treasuries of the Empire and confederated States at their face value,
and redeemable on presentation at the Imperial main treasury in coin.
They are not legal tender in private transactions.
In addition to the Imperial treasury notes there are also in circulation in the German Empire, bank notes issued by “note banks” (Notenbanken), under the law of March 14, 1875 (Imperial law sheet 1875, p.
177). Assecurity for its notes in circulation, each note bank is required
to have in its treasury (Schatzamt) at all times an amount equal to
one-third of the total thereof in current German legal tender, Imperial
treasury notes, gold in bars, or foreign coins (the pound fine calculated
such
at 1,392 marks) ($331.30), and the remainder in discounted paper;
must
paper, upon which at least two (usually three) responsible parties
become personally liable, matures within three months as a limit.
in curNote banks are required to redeem their circulating notes
1895,
31,
er
Decemb
On
345).
rent German money (Bankgesetz, par. 18,p.

these bank

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notes

in circulation

amounted

to

1,517,600,000

marks

62

*

MONEY

PRICES

AND

IN FOREIGN

COUNTRIES.

($361,188,800). At that date the note banks had in their treasuries of
current German money, Imperial treasury notes, gold in bars and foreign coins, and notes of other German banks, a total of 987,668,000

.

marks ($235,064,984).

The following is from the published statement of the condition of the
note banks on the 31st day of July, 1896, as promulgated by the minister of the interior:

bats stant aeeeteorewess
Badischebank......-----Bank

IG!

fiir Sud

Deutsch-

setaeuyp viens

eenwas

Braunschweiger Bank...}

|1, 079, 486, 000 |$256, 917, 668 899, 343, 000
4, 871, 000
3, 186, 844
18, 388, 000
64, 075, 000 | 15, 249, 850 | 31, 762, 000

$214, 048, 634
1, 159, 298
7, 559, 356

11,838,120 | 23, 061, 000

5, 488, 518

49,740,000 |

80,000,000 | 7,140, 000

9,000,000 | 2,142,000 |
9,000,000 | 2,142,000}
15, 672,000

Marks.

Marks.

Marks.
Reichsbank.......-eess+- 120, 000, 000 $28, 560, 000
Frankfurterbank .....-.. 18, 000,000 | 4, 284, 000
7,500,000 | 1,785, 000
Bayrische Notenbank....}

zu
Bank
Sichsische
TOVOHAGN ace<esenceconss
‘Wiirtembergische Noten-

Metal in reserve
against notes issued.

Notes in circulation
July 31, 1896.

P
Capital,

Bonks,

|

38,729, 936

22,945,000 |
12,818,000)

5, 460,910 10,396,000 |
3,050,684 | 4,844,000 |

13, 660, 000

8,251,080

2, 619, 000

10,500,000 | 2,499, 000

|

628, 322

4, 721,000

674, 000

2, 474, 248
1, 033, 872
1, 123, 598

160, 412

Wloials sesaentsedens 219, 672, 000 | 52, 281, 936 i 258, 731, 000 | 299,577,978 979, 172, 000 | 233, 042, 936
|

It
The Reichsbank is at the head of the Imperial banking system.
for
provided
which
1875,
14,
March
of
law
was established under the
the establishment of an Imperial bank which shall be subject to the
It is a private bank under
supervision of the Imperial Government.
special control of the Government. Its principal banking office is in the
city of Berlin, with branches in different parts of the German Empire.
It has power to purchase gold and silver in bars and coin, to buy and
sell obligations of the Empire, of German municipal corporations falling due within three months, to discount paper, and make loans at three
mouths secured as by the law provided; to receive deposits at and without interest, the amount of the interest-bearing deposits not to exceed
that of the capital stock and the reserve fund, to receive and hold valuIt receives in exchange for its notes, gold bars
ables for safe-keeping.
at 1,392 marks ($331.30) to the pound fine, the seller paying the expense
of the assay. The rate of interest at which its paper is discounted and
loans made must be published from time to time. Like all note banks,
its circulating notes are redeemable in German coin. Payments made
Its capital stock is 120,000,000
by it for the Empire are free of charge.

marks, divided into 40,000 shares of 3,000 marks

each.

The share-

holders are not personally responsible for the bank’s obligations,
III.—PER

Inasmuch, for
total amount of
possible to give
1895 the German

CAPITA

CIRCULATION.

reasons appearing in the answer to question 2, as the
money in circulation in Germany is unknown, it is not
an exact reply to question 3. At the end of the year
Empire had a population of 52,246,589.
IV.—_CHANGES

IN THE

SYSTEM.

Since the minting law of July 9, 1873, went into effect there has been
The laws regulating
no noteworthy change as to minting in Germany.
the issue of paper currency by the Imperial Government aud the note
banks are referred to in the answer to question 2,

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COUNTRIES.

63

Reasons for the change of currency.—The principal reasons that
induced the change in the system effected under the law of 1873 (begun
under the law of 1871) was to bestow upon Germany the benefits of a
The views prevailing in so many other
uniform currency system,
countries at the time in favor of the gold standard, and particularly
those expressed at the Paris Monetary Conference of 1867, had great
influence in the adoption of that standard.
The stated reasons in favor of this monetary reform were formulated
in the propositions with which the drafts of the two laws of 1871 and
A copy of the
1873 were at the time presented to the Reichstag.
“propositions” (motive) of 1871, with translation, is hereto annexed,
marked 1, and made part of this report. I‘also herewith transmit for
the files of the Department copy of the “propositions” of 1873, with
The latter is very lengthy, dealing largely with the details
translation.
of the machinery for working out the new system, and hence I do not
In the published proceedings
annex it as part of the report proper.
held at Paris in 1881 Baron
Conference
of the International Monetary
von Thielman, first delegate from Germany, is reported as saying:
At the time between 1865 and 1870, when monometallism with the single gold standard gained ground throughout a larger portion of the civilized countries, and when
toward the close of that period a considerable quantity of gold found its way into
the treasury of the German

Empire, the Government took advantage of the occasion

to firmly establish its monetary system and to regulate in a uniform manner, upon
the basis of the gold standard, the systems which up to that time had prevailed in
the different States of the Empire. If at that period Germany had retained the single
standard of silver, or if she had adopted bimetallism, other countries could the more
easily have passed to the single gold standard, for the reason that the establishment
of bimetallism in Germany would have facilitated the sale of their silver. This monetary reform has sensibly bettered the condition of the monetary circulation in
Not only has the general circulation augmented as calculated per capita
Germany.
of the inhabitants, but it has also gained in this respect, that the circulation of gold
has increased while that of silver money and of subsidiary coins, as well as notes not
covered by a metallic reserve, has diminished.
V.—CURRENCY

AND

WAGES.

T am advised there is no suitable official material at hand upon which
to predicate a safe answer to that part of the inquiry which has reference
to the effect of the existing currency on manufacturing industries and
the rates of labor. It virtually calls for the expression of opinion as
to the causes which have led to the existing industrial conditions in
Germany,

upon

which

there

is much

learned

disputation

and

a wide

divergence of views, and in whose creation many contributing factors
may have operated.
It is not possible to estimate and declare the value
of any of these causes with exactness, or to trace and measure its
specific and segregated effect with precision and certainty.
It is.a
fact well known, and in detail often pointed out to American readers
in recent exhaustive reports by the consuls of the United States in the
German Empire, that manufacturing within the last twenty years has
developed and increased in a most marked degree in Germany.
Nor are there any complete official statistics in regard to the general
development of the wages of labor. The existing statistical compilations in that behalf treat only of particular kinds of labor and generally cover only a small period of time. I annex hereto and make a
part of this report a paper marked 2, being a compilation from the best

and latest statistical information attainable, showing—
(a) Minimum and maximum rates of wages of laborers in Germany

1 The Department considers the ‘ propositions” of 1873 of sufficient importance to a
full understanding of the subject to be given herewith as part of Appendix I.

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MONEY

64

AND

FOREIGN

IN

PRICES

COUNTRIES.

in 1885 and in 1893, as appears by the Central-Blatt of the German
Empire, issued by the minister of the interior, and a compilation by
J. Schmitz.
(b) Average wages paid per head in the shops of the railroads under
goverimental control, 1884-85, 1885-86, and 1894-95.

(c) Number of workmen and average wages paid by certain textile
industries in Rheinish Westphalia for the years 1886 and 1895,
(d) Average rates of wages paid in various occupations in Berlin in
1886 and in 1891, as compiled from the report of the statistical bureau
of Berlin.
e

VI—PRICES.

The answer to this question appears in the paper
marked 3 and made a part of this report.
VIL_WHETHER

THE

OPEN

ARE

MINTS

TO

hereto annexed
METALS.

BOTH

Private persons can only make use of the German mints for minting
gold, the conditions of which are in the main the following: The gold
to be minted is to be furnished in bars of at least 5 pounds raw weight.
For ascertaining the grade, a fee of
The minting is in 20-mark pieces.
3 marks per bar is paid to the mint. The cost of minting is 3 marks
per pound gold fine. The mint price for gold is 1,392 marks for 500
erams or 1 pound gold fine (German); reduced to the ounce, troy
weight, gives the mint price per ounce 86.5921 marks ($20.6089),
EpwIn

BERLIN, September 9, 1896.

APPENDIX
OFFICIAL

STATEMENTS

OF

1. Morrve
| Translation of the

“propositions”

PRINCE

F. UHL,

Ambassador.

1.
CURRENCY

or

CHANGES.

1871.

(motive) presented to the Reichstag in 1871 for the adoption of
the gold standard. ]

BISMAROK’S

LETTER

OF

TRANSMITTAL.

BERLIN, November 5, 1871.

The undersigned,

chancellor of the Empire, has the honor, in the

name of His Majesty the Emperor, to transmit to the Reichstag, that
it may vote thereon in the

manner

prescribed by the constitution,

the

inclosed bill relative to the coinage of gold coin of the Empire in
the form in which said bill has already been passed by the Bundesrath.
He likewise transmits a statement of the grounds! on which the bill is
based.
vy. BISMARCK.
To the REICHSTAG.
MOTIVE.

The following currency systems exist at present in the German

Empire:

I. The thaler standard, the thaler having 30 groschen and the groschen 12 pfennigs,

ain), Lanenin Prussia (excluding the Hohenzollern country and Frankfort-on-the-M
ershausen
urg-Sond
Schwarzb
mar,
burg, Anhalt, Brunswick, Oldenburg, Saxe-Wei

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! The grounds (motive), only, is published herewith.

MONEY

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COUNTRIES.

65

and Rudolstadt, Waldeck, in the Reuss Principalities, Schaumburg-Lippe, and
Lippe.
II. The thaler standard, the thaler having 30 groschen, and the grochen 10 pfennigs, in the Kingdom of Saxony, Saxe-Gotha and Saxe-Altenburg.
Ill. The thaler standard, the thaler having 48 shillings and the shilling 12 pfennigs, in Mecklenburg Schwerin and Mecklenburg-Strelitz.
IV. The mark standard, the mark having 16 shillings and the shilling 12 pfennigs,
in Liibeck and Hamburg, where aside from this a special Hamburg bank standard
exists for wholesale trade, the pound fine silver being equal to 594 marks,
V. The South German standard, the flurin having 60 kreutzer, in Bavaria, Wiirt-

temberg, Baden, Hesse, Hohenzollern, Frakfort-on-the-Main, Saxe-Meiningen, SaxeCoburg, Schwarzburg-Rudolstadt.
VI. The thaler gold standard, the Jouisdor or the pistole, calculated at 5 thalers,
and the thaler having 72 grote and the grote 5 schworen in Bremen.
VII. The French franc system, the frane having 100 centimes in Alsace-Lorraine.
Only this need be recapitulated and reference made to the abnormal condition to
show that Germany has a uniform commercial territory with its receipts from duties
and taxes, and nevertheless, has no uniformly regulated currency system,

and it will

It existed in spite
thereby-appear that this condition can not be upheld any longer.
of its imperfections for such a length of time because the condition of public law so
strongly opposed

the

carrying out of a reform that the encountered difficulties could

hardly be overcome.
Since, however, article 4 of the Imperial constitution has
authorized the Empire to regulate the currency system, a legal alteration of the
present conditions can not longer be postponed.
The

Federal

Council

of the

North

German

regulation not only of the currency system
Germany,

and

had

ordered

an

inquiry

Confederation

of North

regarding

already had

in view a

Germany, but, also, for all of
the

currency

question

for

pre-

paring this legal measure by a resolution of June 3, 1870. War prevented the carrying out of this resolution.
The consequences of war have so changed the condition
that it can not be recommended to postpone the reform of the currency question,
which postponement would be necessary until the completion of the inquiry. The
inquiry can be dispensed with the more easily, as there is scarcely any nonpolitical
question which has been the subject of so thorough and heated public discussion as

that of the currency question for the last four years.
only expressed

their opinions completely and

The different parties have not

thoroughly,

but they have, without a

doubt, reached some agreement of opinion, so that an inquiry, whose main object it
would have been to effect this agreement, does not seem necessary any longer.

It must be regarded as settled, doubtless, that the existing silver standard can not
be maintained when the German currency system is changed.
The monetary treaty of January 24, 1857, only admits the German crown and half
crown as gold coins, coins which neither have a fixed and rational proportion to our
coin nor adapt themselves to the currency system of other countries,
They coald
not get a footing in domestic commerce and were just as unable to obtain any importance in international trade, as they, as well as gold, must be reminted whenever
they are to be used in international commerce.
The consequence has been that German commerce had to make use of the silver currency, which is not only undesirable
for larger payment, but is also inconvenient for daily transactions in trade.
The

inconvenience of the silver coins led to the necessity of having a large circulation
of paper

money,

critical times,

which

was

readily

taken

in payment

as a welcome

when distrust is aroused, involves grave danger.

for paper money which

was created by the exclusive

silver

relief, but in

The artificial demand
circulation

forced

upon

the framers of banking laws certain considerations which gave the general German
banking law great difficulty in establishing a thorough and rational arrangement of
their banking system.
The idea that it is necessary in the present conditions to introduce current

gold

coins has been expressed in a precise manner in the confederated laws by prohibiting the regulating of the circulation of bank notes and paper money, the new issue
of note privileges and the issuing of paper money, so as to be able to find the correct
course for definitely arranging the issuing of bank notes and paper money by @
reform of the currency system,

It was

repeatedly stated that a circulation of gold

was being considered when the above law was passed.
If, therefore, the necessity of a circulation of gold coin is regarded as being imperative, it can only be a question whether the so-called double standard or the gold
j
standard should be finally accepted.
As it is impossible to immediately supply the commercial demand with gold coin,
and as it is just as impossible to immediately withdraw the current silver coins, a
condition

will

therefore

for the

present

arise

which

coincides

with

the

so-called

double standard to the extent that the current silver coins heretofore minted and the

new gold coins would concurrently exist as a medium of payment at a fixed rate of

value,

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MONEY

66

AND

PRICES

COUNTRIES.

IN FOREIGN

standard
A practical decision will be reached as to the question whether the double
mintfuture
the
for
ons
regulati
or the gold standard is to be adopted as soon as the
minting
the
for
ealls
standard
double
the
for
;
accepted
ing of the silver coins are
of silver coins of full weight, while the gold standard

ealls for the minting of silver

legal payment
coins of an inferior value, and such amounts only are to be regarded
the law could
of
draft
present
The
coin.
gold
in
paid
be
not
can
which
coin
in that
its domain,
of
outsides
lies
silver
of
minting
notreach this practical decision, as the
in fixing

but

the regulations

the

object

has been kept in view that in the end

the

The basis of the calculation unit of the system is

gold standard was to be adopted.
the tenth part of a gold coin.
is the deciThe second indispensable requirement of the German currency reform
mal division.
in two ways—
The problem before the framers of the law as to this can be solved
by means
coin
ional
internat
l
universa
a
create
to
in the first place, by the attempt
existence
in
already
one
to
system
our
g
adjustin
by
on,
conventi
ional
internat
of an
second,
or,
world;
ial
commerc
the
of
part
large
a
which is recognized throughout
ed to
calculat
,
territory
own
our
of
usages
and
ment
require
the
to
tion
by arestric
system.
national
a
adopt
cover the demands thereof, and in this sense
The pres.
The attempt to create can not be considered an international currency
as to
soon
reached
be
could
nt
ent situation does not justify the hope that an agreeme

nt
the weight and contents of precious metal of such a coin, as such an agreeme
the
would, aside from the chief nations of Europe, have to be sanctioned also by
United States of America.
thereThe consideration looking to an international monetary agreement would, ding
disregar
But,
reform.
currency
national
the
fore, under all circumstances, delay
t
difficulties of arriving at an agreement regarding a general currency, such importan
currency
world’s
so-called
a
of
considerations present themselves in the adoption
over the
that, with all the charm which lies in a uniform currency system, spread

condition of
entire civilized world, it can hardly be thought possible that this ideal

the currency system will be reached.
value
In Germany the greatest stress is justly laid on the maintenance of the full
to

the State
of the money in circulation, and it is acknowledged to be a duty of
h through cireu(althoug
value
face
their
at
mints
its
at
d
produce
coins
the
redeem
ed), in so far as
lation they in the course of time have less weight than is prescrib

they do not show signs of willful or intentional mutilation, and
maintain an unaltered legal currency basis as far as possible.
In

other

countries

such

stringent

principles

do

not

prevail.

in this manner
In

England,

to

for

which
instance, the State does not acknowledge the obligation to redeem gold coins

They are, when prehave become too much reduced in weight by regular service.
them unfit
sented to a bank, cut in two, and are in this condition, which renders

The consequence of this is that everybody
for circulation, returned to the owner.
which have not the circulation weight,
bank
the
to
coins
gold
bring
to
not
is careful
longer and the more certain will they
the
and the more they lack the legal weight
in the territory of the so-called Latin
better
no
is
this
And
on.
circulati
remain in
edge
monetary convention, particularly in France, for that State does not acknowl
which
measures
any
adopted
not
has
e
therefor
and
on,
any obligation of redempti
would lead to the withdrawal of such coins as have not the full weight.
be
1t would only be of practical value if foreign gold coin of equal value could
ance
mainten
the
case,
the
be
to
this
ng
Presumi
own.
our
with
par
a
on
ed
circulat
have
of the very important guaranteed full weight of our coin in circulation would coin
gold
the
of
value
average
the
on
depend
rather
would
It
value.
l
practica
no
guar-

in circulation flowing in from foreign countries which

do not offer the same

antees.

le
It has also been sufficiently proven during the past four years that itis impossib

to keep the paper money

of adjoining States out of circulation as soon

as they have

With international agreements as to the currency
a corresponding currencysystem.
al State is threatened with participation in
individu
every
system the circulation of
the disadvantages which arise through an excessive issue of notes or paper money.
That this danger is important will appear

by giving our attention to the conditions

of the note and paper money of those very countries with whose currency system
In France there is a compulsory ratio for bank
ourown would have to correspond.

notes, and

in Austria, where

gold

coins have been adapted

to the

franc system, the

restoration of their paper money has not yet been completed to its full value.
An international monetary agreement with the nations of the European continent
on the present basis is destitute of the necessary guarantees, and threatens to make
the coin and paper money policy of the individual State interested dependent on the
In other words,
neighboring State on which no influence could be brought to bear.
of the coin
success
of
e
guarante
and
ty
possibili
a
it limits the endeavors to insure
and paper money laws, which are directed to maintain a solvent domestic currency
circulation, owing to the power to supervise the domestic gold market having been

taken out of their hands.

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COUNTRIES.

67

Finally, the fact must be mentioned, that the changing of the existing values into
the franc standard, which would be considered in the first place in an international

system,

would not be as easily accomplished

as it is thought in many

circles, as the

difference between the franc and the 8 silbergroschen, or 28 kreutzer, of South Germman money would amount to about 14 per cent, and this would have to be considered in making the calculation.
The changing to the new system would involve
great difficulty on account of the complicated calculations which would have to be

made on all debts and prices of goods.

As much as Germany is desirous of furthering the peaceable relations of nations
in its politics, and giving its sympathy to endeavors which are directed toward

effecting

an

practical

promotion which would

international

agreement

ever, find no reason for threatening

on

the

currency

be combined with

system,

and

offering

every

its own interests, it can, how-

its satisfactory system,

thereby endangering the

adoption of the new reform by a difficult recalculation of the unit, which forms the
basis of all treaties and commercial intercourse, solely for the purpose of having a
currency system which might be daily threatened, and which would correspond
with that of a few neighboring States.
The advantages which would be derived
from the adoption of the so-called Latin monetary agreement are not to be underestimated; at the same time we must be careful not to overestimate them.
The
interest which traffic has in an international agreement of the currency systems is
to be noticed at once, but no decisive weight can be given thereto. But international

trade, as a rule, does not pay in cash, but in bills of exchange, and bills of exchange

must—although

there be a corresponding standard and unit of caleulation—be caleu-

lated according to the rate of exchange of the market value and, therefore, not
according to their nominal value, The international correspondence of the currency

systems will only be of importance

after international trade has been forced to pay

in cash, thereby saving the cost of exchange on account of its ability to pay in
national coin.
As trade, as a rule, endeavors to avoid cash payments, and as the
cost of exchange, as a rule, amounts to very little, this restricted interest would not

be considered, as compared with the enormous interests at stake for all, which would
favor the maintenance of our currency and paper policy, and for all possible alleviation in passing over from the existing condition of our standard to the new order of
affairs which is to be established.
If, therefore, the creation of an international coin or the adaptation to a foreign cur-

rency system is not considered

feasible the further question arises, Which unit is to

be made the basis of the future German currency system?
Special stress must be laid on the fact that the unit chosen must be known in a
large part of the German territory in order to meet, as far as possible, the custom of
the population.
For this reason the choice of the krone, or any part thereof, or

the South
the

German

precious

gulden

metal

can not

be made.

contained in the

krone

The fact was

was in a simple

brought to bear that

proportion to the exist-

Ing weight system.
But this advantage is the only reason which can be considered,
and it is only theoretical.
To fulfill the demands in practical life a coin must, in
the first place, contain a certain weight of precious metal which can not be altered,
and this weight must be certified by the minting stamp, so that the different coins
an be easily distinguished from each other and in order to detect any attempt to
decrease this original weight.
It is of minor importance to the trade which this
coin is to serve whether the precious metal contained in the coins can be easily

expressed in the units of the existing weight systems.
It is of more importance—
especially with gold cvin, which in daily commerce must often be examined as to

weight—to be able to easily express the net weight of the coin in the units of the
weight system; for it can not be denied that it would be a great convenience to
the retail trade if everybody could be in a position to examine the gold coins before
him as to their full weight with the customary weights.
But the krone does not

fulfill

this

demand,

as

the

net

weight

exactly in the units of the weight system.

value.

If, as is the

case in section

of the

12 of the

single

pieces

can

not

be expressed

Even this requirement is of no decisive
draft, the weights are stamped,

which

exactly correspond with the legal net weight and the circulation weight of the gold
coins, it can easily be established with these weights whether the individual coins
are too light. Against the adoption of the krone it is to be said that it can not

be placed

at a value

which

would

make

it easy for use aside of the existing main

standard systems (the thaler and gulden calculation).
The South German gulden
covers a small territory only. The unit can not be found which would be in a sim-

ple proportion

to the gulden

and at the same time to the thaJer;

and, besides this,

with a decimal division, the division of a gulden into 60 krentzer as it now exists
would have to be dispensed with under all circumstances.
The population of the
South German gulden territory would not find any great relief in the adoption of
the

gulden.

In

reality

the

question

would

be whether

the thaler, the two-third

thaler piece, the gulden of the 45 gulden basis, the one-third thaler piece, or the
mark should be the unit of calculation.

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

The thaler will have to be disregarded, for its decimal division is such that the
subdivisions which now exist (10, 5, 24, 1, and one-half silbergroschen)

could be used

as little as the subdivisions of the South German gulden (6, 3, and 1 kreuzer),.

the

name

alone

would

be

used

for something

entirely

different.

It would

certainly be more difficult for the population to combine a new idea with the accustomed name than to combine at the same time a new idea with a new name,
If, therefore, the mark

is vhosen

at avalue

of one-third

thaler or 35 kreuzer (South German)

as the unit, it must be borne in mind that the same is no longer to repre-

sent the amount of a quantity of silver, but is to represent a certain amount of gold.

As the mark is too small to be minted in gold, gold coins must be selected which are
in a decimal

proportion to the same, and

it is necessary that the mark

contain

the

amount of silver fine, that taking into consideration the value of gold as compared
with silver it represents the value of one-third of a thaler (35 kreuzer).
The dratt
bases the ratio between gold and silver at 154 to 1.
As is known, this is the proportion adopted by the French double standard, which
has stood the test for a long number of years, and will certainly continue to stand
the test. It has the advantage that, in a large domain, the existing currency system
is built up thereon, whereby the market price of these precious metals seems secured
for a long time at this ratio. The public opinion will also easily befriend itself
with this ratio, as it has legal force in a highly cultivated neighboring state.
Hereby the fundamental principles of the currency system to be introduced are
explained, which form the snbject of the present draft of the law.

The explanations

for carrying out practically the measures in view can best be made with the separate
regulations of the draft.

To Sections 1-3.—Sections 1-3 contain the basis of the system.
As 30 thalers are
to be minted from 1 pound of silver nine times the value of 10 marks, there must be,
if the above defined ratio between silver and gold of 1 to 154 is to be taken as a
basis, nine times as many gold pieces (154—1394) at a value of 10 marks minted out
of 1 pound of gold.
The proposed division of the gold coin into 10, 20, and 30 mark pieces coincides
with a positive decimal division, and the 30-mark piece makes the passing to the
new system much easier, for it is ten times the amount of the general coin, the
thaler, which is familiar to the commerce of the entire German territory.
The present division of the mark into groschen is in harmony with the decimal
system, and maintains a coin to which the retail trade of the largest part of the
confederated domain is accustomed, and which is often used in Imperial laws in
stating values,
It is evident that Section 2 forms no obstacle in directly dividing the
mark in 100 pfennigs.
To Section 4.—The prescribed proportion of mixture of the Imperial gold coins
corresponds with that of the silver coins of the confederation, with that of the German coin, as well as with that of the gold coins of the Latin Monetary Union, and
from the standpoint of the minting technique has of late been generally acknowledged as the most suitable.

To Section 5.—In order to obtain a complete harmony of all Imperial gold coins, it

is essential that the form of the minting be fixed by law.

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The sizes chosen for the

wx

fore

ee

According to this, there only remains the choice between the two-thirds thaler piece

(gulden) or the mark at one-half thaler or 35 kreuzer, and there are strong reasons
for the selection of the latter. The adoption of the mark as unit would, by a division into a hundred parts, form the smallest coins and be a complete decimal system,
which would come close to the smallest coins of North as well as South Germany,
while their ten fold again forms a coin existing in the thaler countries. The hundredth part of a gulden could not well be used asa unit in commerce; it is too large
to be satisfactory as the smallest coin, and the necessary division of the same would
lead to.an abandonment of the pure decimal system.
Besides this, the adoption of
the gulden would have the following result: A gold gulden would be created which
would closely resemble the coin introduced into Austria by law of March 9, 1870.
According to this law the pound (0.9 fine) is minted into 774 eight-gulden pieces
(= 20 franes) equal to 620 gulden, while in Germany, for reasons stated hereafter,
627% gulden would have to be minted from a pound (0.9 fine). The same reasons
exist against the creation of a coin under the same name and of about the same value
as that of a neighboring country as when joining a so-called international system
was considered.
The choice can not be a doubtful one as it is furthermore to be
remembered that the division of the groschen into ten parts is still in force in a part
of the thaler domain and is still fresh in memory in another, and that the adoption
of a currency system, the basis of which would be the mark, would not cause more
difficulty to Southern Germany than the adoption of a currency based on the gulden
system.
The value which large circles of South Germany place on the maintenance
of the designation ‘‘ gulden” and ‘“ kreuzer” is certainly a doubtful one if it is taken
into consideration that the new German gulden and kreuzer would be something
entirely different from the present gulden and kreuzer of South Germany, and there-

MONEY

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COUNTRIES.

69

gold coins are in a correct proportion to each other, and guarantee that the pieces of
different value can easily be distingaished.
To Section 6.—The transitory condition created by Section 6 has the purpose to
provide that the necessary amount of gold coins be minted and brought into circulation as svon as possible.
During this transitory condition the minting of gold coins

is carried on. at all available mints at the expense of the Empire, which, through the

payment of the French war indemnity, is in a position to furnish the necessary gold.

This transitory condition will be terminated as soon as sufficient gold coins are at

hand for commercial intercourse for carrying out the new system.
The time will
then have arrived to regulate by law the withdrawal of the larger silver coins and

ar

to complete the currency reform.

To section 7.—The regulations of section 7 guarantee a complete control of the
minting by the Empire.
The permissible deviation of the individual pieces in
precious metal and weight is fixed in accordance with the existing regulations for
gold kronen, which have been found satisfactory. This toleration is to be interpreted
as only admitting a deviation from the fixed maximum with individual coins, while
in general the full normal weight of precious metal must be minted.
To section &.—Through the regulation which makes the Imperial gold coins legal
standard, a double standard is created during the transitory condition, as the obligations which are to be met in legal standard, may, according to the choice-of the
debtor, be paid in Imperial gold coin as well as in larger silver coin thus far minted.
For establishing the valne in rendering payments in Imperial gold coin as compared with the coins of the various currency systems, the adopted ratio of silver
toward gold of 1 to 15} is taken as a basis whenever the silver standard comes into
question,
The ratio of the Bremen gold standard is determined by comparing the
gold fine contained in the Bremen gold thalers with that of the Imperial gold coin.
As the gold krone (= 10 gram gold fine) is calculated at 8% Bremen gold thalers, the

value of the 10-mark piece is to be estimated at $34 thalers Bremen coin.

For Alsace-

thalers

minting

Lorraine the fixing of the value of Imperial gold coin will be settled as is set forth
by the law of June 9, 1871 (Imperial Law Sheet, p. 212).
To section 9.—The permitted deviation of weight of the coins from the normal
weight (circulating weight) must be placed somewhat higher than that fixed for
the mints in section 7.
The further regulations of this paragraph serve for the maintenance of the full
weight of the coins in circulation and to thereby prevent a gradual detevioration of
the standard.
To section 10.—Through the second paragraph of article 11 of the monetary treaty
of January 24, 1857, the States of the Union are obliged to mint a certain amount of
annually.

This

regulation

silver coins of full value would
hew system.

must

be

abolished,

as

the

further

of

increase the difficulties for the carrying out of the

To section 13.—It is of importance to have the half division of the pfennig in
Bavaria on account of the peculiar condition of the small (retail) trade prevailing
especially there. There is no hesitation to admit this division under these exceptional conditions,
2. MoTIvE

[Translation of “ propositions”

(motive) poms?

or

1873,

» ne Reichstag in 1873 in relation to the gold

standard.

PRINCE

BISMARCK’S

LETTER

OF

TRANSMITTAL,

BERLIN, March 18, 1873.
The undersigned, chancellor of the Empire, has the honor, in the
name of His Majesty the Emperor, to lay the accompanying draft of a
coinage law, together with a statement of the grounds on which it is
based, before the Reichstag, in order that that body may vote upon it
in the manner provided by the constitution.
Statements of the amounts
of money coined in the States of the German Empire up to the close of
the year 1871, and of the retirement of coins, together with a comparative statement of the amount coined and that retired, are herewith
respectfully transmitted.

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vy. BISMARCK,

MONEY

70

AND

IN

PRICES

COUNTRIES.

FOREIGN

MOTIVE.

At the debates on the new formation of the German currency system two different
legal stages were taken in view by the Federal Council and by the Imperial Diet for
It was of importance, in the first place, to
the carrying out of this new formation.
regulate by law the minting of German gold coin and at the same time to use the
precaution that trade be supplied as soon as possible with a sufficient quantity of
The minting of German gold
gold coin necessary for introducing the new system.
was ordered by the law of December 4, 1871 (Imperial law sheet, p. 404), and
coin

The minting has since then been
was begun as soon as the last days of that month.
‘promoted, and presumably had reached the amount of 600,000,000 marks, in 10 and
20 mark pieces, by the end of April, 480,000,000 of which, deducting the required

The amount
120,000,000 for the war fund, are intended for commercial intercourse.
has thereby by no means been reached which would be necessary to carry out the

pure gold standard for commercial purposes, but the possibility would be given to
already take the second legal step which would be necessary to establish a new uniform minting law.
By suspending the coinage of silver current (kurant) coin and establishing the
relative value between Imperial gold coin and State silver coin a provisional situation was ¢reated, which lay between the so-called double standard and the pure gold
standard.

It does not correspond with the double standard any more, because silver

coins of full weight can no longer be minted and can not be brought into circulation
at their fixed value. It does not as yet correspond to the pure gold standard, as the
present circulation of gold is not sufficient to enact that the 1 and 2 thaler pieces, by
fixing their maximum value, would be coin for exchanging purposes, and every
It would, however, lead to
amount going beyond it would have to be paid in gold.
a gold standard, because

a gradual

withdrawal

of the

silver current (kurant)

coin

and a further extension of the circulation of gold is ordered by the law or is had in
But as for the time of the provisional situation, the large amount of thaler
view.
pieces which is in circulation, the value of which toward the future system has

been regulated by the law of December 4, 1871, and which are intended to replace
the circulation of gold coin and the large silver coins of the mark system, it will be
possible, as soon as a sufficient amount of the silver mark pieces are coined, to put

the mark system and the gold standard in force, with the condition that the 1 and 2
thaler pieces

be taken

in payment

in place of Imperial

If the definite regulation be
amount.
be minted, as will be the case when all
would thereupon be unavoidable, that
be taken out of commercial trattic, this
of years; for its beginning would not

but would chiefly depend on the possibility to withdraw

and dispose of them

on foreign

coin without

restriction

to

set aside until the full amount of gold coin
larger silver coins are withdrawn, and what
a corresponding amount of silver coin would
regulation would be postponed for a number
only depend on the amount of gold minting,

markets.

the large amounts

of silver

The silver market, however, has a very

It will, therefore, be necessary, so as not to make this
limited power of absorption.
to gradually proceed with the melting and selling
one,
operation a very detrimental
of these silver coins, which are not to be used in making the silver coins of the new

system, and it can not at present be foretold what space of time will be necessary
The inconvenience of such an interim wonld
for the completion of this operation.
in time become unendurable,

as the coin with which

calculations are made would be

withdrawn more and more from circulation, and only such coins would take their
In fact the framers of the Implace with which no calculations are as yet made,
perial laws were not

led

by the presumption

that between

the adoption

of the two

laws a too great length of time should elapse, but to the contrary the selection of
the mark as a unit of value was also considered practical on account of the simple
relation to the thaler, by which a definite arrangement of the coinage system might
be effected in the near future, under the condition that the thaler system for the

present remain in circulation as coin of the mark system so as to alleviate and expedite the change.

The present law has the purpose, in connection with the law regarding the minting

of Imperial gold coin of December 4, 1871 (Imperial law sheet, p. 404), to regulate
the minting of coin of the mark system not made of gold, and to definitely regulate
the entire future minting laws of Germany on the basis of the Imperial gold stand-

ard, as well as to regulate this interim, in order that the new currency system may
go into force as soou as possible.
The most important principles of this project are already given by the law of
December 4, 1871.

In the first place, the question whether a so-called double standard or a gold standard is to be adopted has been decided in favor of the latter by this law and the
negotiations had in connection therewith.
The mark is designated as the unit of the future currency system by section 2 of
the law, which is the tenth part of the gold coin of which 13} are minted from 1

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MONEY
pound

gold

coin, in

AND

PRICES

accordance

IN FOREIGN

with

section

piece as a unit ought mot to be excluded,

but

1.

the

COUNTRIES.

71

Strictly speaking,

the

10-mark

selection of the mark seems neces-

sary, as the pfennig (i. e., the hundredth part of a mark) can not be dispensed with,
and therefore the selection of the 10-mark piece would be accompanied by the
inconvenient consequences that three decimal figures would have to be used in all
calculations.

Furthermore, the ratio of the gold coins (section 8 of the law) as compared with
that of silver is given at a basis of 1 to 15} for the purpose of calculating the value
of the existing silver coin as compared

with the Imperial gold standard.

Finally, it has been ordered by section 11 of the law that the withdrawal of the
State gold and larger silver coin is to be effected at the expense of the State.
Proceeding on this basis, the project contains regulations regarding the minting
of these coins of the mark system, which, in accordance with the law of December 4,
1871, are to be added to the Imperial gold coin, and are to form in the future the uniform and exclusive currency system of Germany, and also in what manner the coins
of the different States are to be withdrawn.
It further orders that, with the consent

of the Federal Council, the Emperor may, by decree, fix the time when the Imperial
gold and mark

system is to take the place of the

systems of the various States, and

finally, it establishes all private regulations which are necessary for passing over to
the new

system.

The entire system of the project rests on the presumption that the Imperial mark
standard can only take the place of the State standards when
coins have been minted for the smaller grade of commerce.

a sufficient amount of
As it is impossible to

fix the time in advance within which the necessary minting will have been effected,
the time when the Imperial mark standard is to take the place of the State standards will have to be decreed,

as stated above.

(Article 1 of the project.)

In consideration of the fact that individual States will have fulfilled the preliminary conditions for the introductions of the mark system before the time the new
currency

under
in

80.

law

will

enter into

force

these conditions it would

those

confederated

Individual

States,

governments

throughout

the

seem advisable

article

1

confederated

territory,

and

that

to introduce the mark caleulation

empowers

those

State

governments

to

do

have already done so in a certain degree, namely, the

Hanseatic cities; others, as the Kingdom of Saxony and both the Mecklenburgs,
were in a position to do this on account of the decimal system of the groschen
introduced there long ago, and still others—the South German States—might soon

feel the necessity of adopting it on account of the withdrawal of their State coins.
In the States in which the goschen has 12 pfennigs, the new system can be adopted
as svon as the 2 and 4 pfennig

pieces (which

will

not

be

carried

over

to the

mark

system) are recoined into Imperial copper coin.
For the individual districts it would, in so far as the introduction of the mark ealculation would be possible (although this would not be the case with the gold stand-

ard), be effected for calculations in Imperial marks only, and only after all State
governments
are in a position to introduce
the calculation in Imperial marks, when the
Imperial

coin at

hand, adding

those

coins which

take

their

place, are

sufficient to

cover the demands of the territory of the Empire can the total minting law by decree
of the Emperor go into force for the entire Empire.
While the State governments are authorized to issue decrees regarding the introduction of the calculation in marks for their territory, they always act as an execu-

tive organ of the Empire, which, for the present, is only authorized to make known
in a limited way an Imperial law intended for the entire Imperial domain.
In order to facilitate the total adoption of the minting law for the Empire as much

as possible, the project intends to adopt for the Empire those coins of the thaler
system of one-third, one-half, and one-twelfth tbaler, and of 1 groschen one-half,
one-fifth, and one-tenth groschen, as well as the copper coins lately minted in Mecklenburg in

accordance with

the

new

mark

system, as corresponding

with

the new

system until they are later on withdrawn, and to restrict as much as possible the 3
and 1 pfennig pieces based on

saleulated

a twelfth division

at 24 and 1 pfennig, respectively.

would only be necessary,

of a groschen,

and for the present

For the countries having thalers it

in order to obtain a sufficient

amount of small

coin before

the mark system is introduced, to withdraw the 2 and 4 pfennig pieces and replace
them by copper coin of the new system.
For the territories which do not have the
thaler system it will be necessary to recoin all of their small currency of less than 1
mark before the mark standard goes into force, and to withdraw all of their silver
coin (scheidemiinze) heretofore in use when the mark standard goes into effect.
Regarding the larger pieces, of one-sixth of a thaler (which passes into the new sys-

tem as one-half a mark), there is for the present a suflicient supply for all Germany.
The 1-mark pieces are in the present circulation represented by one-half thaler
pieces, of which

no more than

18,000,000 thalers’ worth can be in circulation.

Before

the new system is introduced a large amount of 1-mark pieces will have to be coined,
but it will be necessary also to take into consideration that the demand of south
Germany is in part covered by the one-sixth thaler pieces.

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MONEY

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PRICKS

IN FOREIGN

COUNTRIES.

The demand for silver coins of the mark standard of a larger denomination than
1 mark (5-mark pieces) will, as long as the thalers are in circulation, not be a large
one.
Before the Imperial mark standard goes into effect there will therefore have to be
coined: (1) The supply of the confederated States not belonging to the thaler districts
of coins less than one-half a mark; (2) the necessary small coin which is to take the
place of the 4 and 2 pfennig pieces of those thaler countries which have 12 pfennigs
to a groschen; (3) a large amount of 1-mark pieces.
There must be withdrawn: (1) All small money which does not belong to the thaler
issue, or—as the newly minted Mecklenburg 5, 2, and 1 pfennig pieces—belonging to

the mark system; (2) the 2 and 4 pfennig pieces mentioned above, as well as those
coins which are based on a different calculation than that of 30 groschen to a thaler;
and, aside from this (3), a beginning on a large scale will be made before the introduction of the new system of withdrawing the larger pieces of coin not belonging to
the thaler class, because they would be very inconvenient for commerce after the
introduction of the mark calculation.
As an equivalent the 1-mark pieces, the onesixth thaler pieces, and the thaler pieces obtained from banks by an exchange for
gold will have to be brought into circulation, in so far as the Imperial gold coins do
not form an equivalent.
After the Imperial mark standard goes into effect, the withdrawal of the larger
silver coins not belonging to the thaler basis will have to be completed; furthermore, the smaller thaler coins carried over preliminarily into the new system will
have to be changed into Imperial coin, and at the same time a gradual withdrawal
of the 1 and 2 thaler pieces will have to be effected. The project proposes in article
5 that the coin (Scheidemiinze) mentioned above under 1 and 2 be taken out of circulation at the time the Imperial mark standard goes into effect, and for the rest
(article 7) to empower the Federal Council to issue the necessary regulations for the
withdrawal and taking out of circulation the other State coins.
The Bavarian heller is, however, excluded from the obligatory withdrawal or
taking out of circulation of the coins on the south German gulden basis.
For Bavaria
has been permitted, in section 13 of the law of December 4, 1871, in case of necessity,
to make a subdivision of the pfennig in two half pfennigs.
It seems practicable, in
order to meet demands which might arise, to restrict the calculation of the Bavarian
heller to one-half pfennig, which calculation is set forth under articles 14 and 15,
As the 1 and 2 thaler pieces will only be replaced in a small degree by 5-mark
pieces, and

will, in a larger measure, be replaced

by an

enlarged

gold

circulation,

their withdrawal will, aside from the capability of the mints to effect their recoining
into smaller pieces (Scheidemiinze), also depend on the ability of the silver market to
absorb the thaler pieces.

The means which will he necessary to cover the losses inevitably sustained in
withdrawing the silver coins will have to be granted in the Imperial budget.
A
sufficient appropriation will have to be made so that it will cover the annual amount
which the silver market absorbs, and which is, therefore, melted in.
As to the amounts which are to be minted into silver coin (larger and smaller pieces
of the mark system) essential doubts can hardly exist.
The 1-mark, the one-half mark, and the one-tenth mark pieces, as well as the 1pfennig piece, are a part of the system.
The further subdivision for filling up the
gap between the 1 and 10 pfennig pieces might be made by the 2 and 5 pfennig
pieces, which would suffice for the smaller trade.
Between

the 10-pfennig and the one-half mark

pieces a coin will have to be inserted

which would be suitable as an equivalent for the 24 and 2 groschen pieces of north
Germany and the 6-kreutzer pieces of sonth Germany.
In this there can only be a
choice

between the one-fourth

and one-fifth mark

pieces.

The former would

be an

exact equivalent of the 2}-groschen piece, a coin which is deeply rooted in the trade
of northern Germany, and forms the basis of numerous prices, valuations, and rates
of charges, At the same time the one-fourth mark piece would be about the same
in value as the 9-kreutzer piece of southern Germany.
The one-fifth mark piece, on
the other hand, has the advantage that it adapts itself to the factors of the decimal

system, and that it has, in a certain degree, familiarized itself also in the north, and
has exactly the same value as 7 kreutzers of the south.
The confederated governments have thought that they ought to give the one-fifth mark piece the preference,

being guided by the view that on account of its exact equivalent
kreutzer coin the change would

in value to the

be more easily effected in the south, and that in the

north the calculations made with the 2} groschen could easily be stated in the coins
of the new system.
It will also be necessary, in the interest of the convenience of commerce, to fill in
a suitable way the gap between the 1 and the 10 mark piece. The following points
are to be observed in the selection of coins for this purpose: (1) They must fit into
the decimal system ; (2) they must not too closely represent the value of the 1-mark
piece, because the latter, to which the one-half mark piece is already close in value,

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would otherwise be superfluous; and (3) it must have a form which would make it
suitable for the laboring classes, within which the subsidiary coin finds its main
market.
These views have led to the choice of the silver 5-mark piece. The minting of 5mark pieces in gold, which might also be considered, would Jead to a coin which
would only in a small degree cover the views laid down in 3, as it would be difficult
to handle them on account of their smallness, and they would easily be lost.
The 5mark piece in gold would weigh the 3.982 thousandths parts of a pound, and would

only have its equal in the not very popular 5-frane gold pieces (3,0258 thousandths
parts) and dollars (3.3436 thousandths parts). The5 mark silver piece will, according to proposed minting basis of the project. weigh 55.5555 thousandths parts, while
the 2-thaler piece weighs 74.0741 thousandths parts, the 5-frane piece 50.0000 thousandths parts, the kronen thaler 59.0793 thousandths parts, the konventions-speciesthaler 56.1253 thousandths

parts, the

English crown

56.5513 thousandths

parts, the

silver dollar of the United States 53.4586 thousandths parts, and the Mexican dollar
54.1286 thousandths parts.
The 5-mark piece, therefore, has by far less weight than the 2-thaler piece, but
comes close to the larger coins of other nations, especially to the widely circulated
Silver dollar.
It will hardly be necessary to give reasons why the 1 mark and 4 mark pieces are
to be coined in silver, as is the case with the 5-mark piece. In a system which has
as a basis the gold standard, the following principles prevail in the minting and
treatment of silver coins:
(1) The grade of fineness must be calculated somewhat lower than is legally estimated, and which would cover the average ratio existing between gold and silver
for a long time (154 to 1).

(2) The compulsion to accept silver coins in payment
tain maximum amount.
(3) Precaution

is to be used that

is to be restricted to a cer-

no larger amount of such coins

pass

into circu-

lation than are found to be necessary for the smaller grade business, and that
wherever too large amounts thereof appear in commerce a withdrawal of this sur-

plus seems assured.

In regard

to 1, the project (article 2) proposes

every pound silver fine, and
fine.
This currency system
all calculations within this
that in every case a round

and 18 5-mark pieces) go to the gross pound,

a shape convenient to commerce,

able way differ with

that 100 marks

be gained

from

that the silver coins contain nine-tenths part of silver
is adapted to the decimal system, and, as a consequence,
system are connected with no difficulty, and especially
number of pieces (180 half-mark pieces, 90 mark pieces,

the small

At the same

time the coin will have

and through color and cleanliness,

silver coin heretofore

will in a favor-

in use and with

System,

the thaler

The half-mark piece, with a diameter of about 19 millimeters, will weigh 5% thou-

sandths parts, and will therefore be somewhat smaller than the Prussian one-twelfth
thaler piece of the newer issue, which weighs 6.4412 thousandths parts.
But it will
be larger than the

French

one-half franc piece, which

weighs

5 thousandths parts,

and which has not given reason for complaint on account of its small size.

In order

that the pieces have a distinguishing mark from the 24-groschen pieces, it might be
recommended that, aside from the difference in color, the rim be grooved.

No hesitation can exist as to the 1-mark piece with a weight of 11.111 thonsandths

parts,

and

a diameter

of about

25 millimeters.

A grooved

rim

might

also be recom-

mended here, so that they could be more easily distinguished from other silver coins
in circulation.
_ The question would seem doubtful whether the one-fifth mark piece is to be minted

In silver, or in the material selected for minting the coins of smaller value—nickel.

The project has given preference to the minting in silver.
The one-fifth mark pieces
In silver can receive the acceptable dimension of 16 millimeters in diameter; they

distinguish themselves from coins belonging to systems now in use, and in order that
this distinction would be still greater, might receive a grooved rim, As they will

have to be minted in large quantities, they would

of the silver which would

be gained

precious metal, these coins would

be an important factor for the use

from withdrawn silver coin.

If not minted of

have to receive inconvenient dimensions,

so as to

prevent the danger of confusing them with foreign coin of inferior value.
And the
8ize In which these coins would have to be minted would carry with it a disproportionate increase of value of the material.
The amount of silver contained in 100 marks to the pound fine is, it is true, somewhat less than the amount contained in the silver coin of France and England, as
the amount added thereto will be 114 per cent as compared to 7.784 per cent of the

French coins of 2 frances and less, and 8.48 per cent of the English silver coins. But
this will be the less serious, as by the regulations of the project (article 8) precau-

tionary measures are taken against a flooding of the market and that a fear against

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Until now, no
counterfeiting is unfounded, as experience shows.
the silver smaller coin has taken place, which would, on account
have been at least as profitable as that of the Imperial silver coin
dently the reason for this is that the counterfeiter, who always

counterfeiting of
of inferior value,
would be. Eviruns the risk of

detection ‘and risking without profit the capital invested as well as fruitlessly
oceupying his time, can not, as a rule, be satisfied with the mere reproduction, but
must try to obtain a larger profit by making counterfeits containing a smaller proporSuch reproductions are, however, soon detected and do not endanger
tion of silver.

the circulation of the genuine coin.
minting

according to the present

But whoever desires to make genuine coins will,
of a complete

operation, have to be in possession

establishment and of so large a capital that it can not be carried on secretly, and, as
And, furthermore,
compared with the risk, could not be regarded as profitable.
England, from where the unlawful minting of coin is mostly to be feared, stringently

prohibits the reproduction of foreign coin.
The chief advantage of the selected system is that the State coins minted at a
standard of nine tenths can be used directly for recoinage, and that they, regardless
of the loss through usage, still would

leave a small profit, which would be a welcome

contribution to the enormous costs connected with the withdrawal of the smaller
If Imperial
State coin, and of the larger silver coins which are not to be reminted.

silver coin ig issued at a face value which greatly exceeds the silver it contains,, the
of
danger of the heavier pieces being melted in seems removed; the exact weight

the individual pieces is, therefore, not as important as with coinage of almost full

value, and the limit of deficiency can be fixed in such a manner that, in the

adjust-

Especially in consideration hereof the wide
ment, time and expense might be saved,
ndths parts has been accepted.
ten-thousa
of
1,
limit of deficiency, article 2, section
Regarding the outer

coins, section 2, article 2,

silver

appearance of the Imperial

fully coincides with the regulations on Imperial gold coins.
As to the compulsion of accepting Imperial silver coin, this has been restricted to
The Franco-Swiss monetary
amounts not exceeding 20 marks for private persons.
in this, as it makes coins of
further
somewhat
goes
1865,
23,
conference of December
Asit must, however,
2, 1, and one-half franes legal tender up to amounts of 50 francs.
the maxiobtainable,
be
will
pieces
20-mark
of
number
be assumed that a sufficient
mum amount up to which silver coin would have to be aceepted could be fixed at the
value of this most current gold coin. In this manner much will be done for the adopmolestation of com-

tion of the gold coins, and, at the same time, every unnecessary

merce will be avoided.
The further regulations of article 8 regarding
coin at the Imperial and State treasuries up to any
for gold coin, have the purpose of preventing an
‘They differ from
merce with coins of this nature.
conference

the

monetary

the

one-half, 1, and

heretofore

mentioned

the acceptance of Imperial silver
amount, and of exchanging them
overstocking of even local comthe corresponding regulations of
by

the 5-mark

embracing

pieces,

while in said conference the 5-frane pieces were excluded from those regulations,
The maximum amount up to which silver coins are to be minted had to be given at
a higher figure than that mentioned in the aforesaid treaty. For the maximum
boundary fixed by the latter (6 francs per head of the} opulation) has reference to
2 franes

of the

silver

10

coins, while

limit

drawn

was

to the

According to the maximum limit, there are to be 10
minting of 5-franc silver pieces.
for all silver coins, inclusive of the 5-mark pieces.
population
marks per head of the
This amount,

beyond which the limit has been drawn

5-mark piece per head of the population.

here, gives room

for about one

It is questionable whether this limit is

But it will be time to approach this question after the withnot too closely drawn.
drawal of the State silver coins shall have been completed.
For the smaller coins of 10 and 5 pfennigs, the equivalent of the present silver
change of 1 and one-half groschen pieces, the project proposes in article 2 that in

place of the small amount of silver a mixture of nickel take its place, as is the case
With these coins the choice of the
in Switzerland, Belgium, and the United States.
only the views of greater useand
value,
its
of
regardless
made
was
minting metal
The small coins of silver which have only
fulness were taken into consideration.

contained a small amount of silver show only weak traces of that metal after they
have been in use a short time, and as itis difficult to regain it, it does not fulfil its

purpose and must
consisting

be regarded as an extravagance.

of copper

and

nickel

and

perhaps

some

If a mixture

tin

adding any silver, a minting metal will be obtained which
tinguished

by

its color from silver

as well

as

copper,

of white

metal,

or zine be chosen,

without

be

soiled as

can permanently

which

will

not

be dis-

easily as the coins containing a small amount of silver, and which seemingly withstands the wearing off and oxidation better than the minting metal of our groschen
pieces. The coins of this metal can be minted somewhat heavier than the small

silver coins because their color will make it easy to distinguish them from silver and

from copper coins.
amount of saving.

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Belgium has such nickel coins consisting of 75 per cent copper and 25 per cent nickel
which have a diameter of the 5-cent piece, weighing 3 grams 19 millimeters, the 10cent piece weighing 44 grams 21 millimeters, and the 20-cent piece weighing 7 grams

25 millimeters.

The 20-cent pieces are not coined any more, presumably because they are inconvenient and because their face value is too high as compared with their nominal value.

The first two coins are inferior by one-fifth in nominal value as compared with what
our5 and 10 pfennig pieces would be worth.
The material in these nickel coins would
be much

cheaper

than

that used in our smailer

silver coins, even though

advanced in price and would still advance (1 pound now costs somewhat
3 thalers), as 1 pound of nickel mixture would

cost about 1 thaler,

nickel

has

more than

while 1 pound of

the one-twelfth thaler costs 12 thalers and the pound of the one-thirtieth and onesixtieth thaler costs 7 thalers.
If it be assumed that the 10-pfennig piece would weigh about the ten-thousandths
part (100 pieces equal 1 pound) and the 5-pfennig piece about the six-thousandths part
of a pound (1663 pieces equal 1 pound), or the nickel coin could be made much larger.
The difference between the value of the metal and

the nominal value, from which the

cost of minting would have to be paid, would amount to the pound of nickel coin containing 25 per cent nickel with the 10-pfennig pieces, 2 thalers 10 silver groschen with
the 5-pfennig pieces, 1 thaler, 20 silver groschen, while the difference between the
value of the metal

and

the

nominal

value for the

pound

of the

smaller

silver coin

would only amount to 17.7 silver groschen in the 1 and one-half silver groschen pieces,
It is true that it might

be feared that, on

account of the much

smaller cost of the

nickel mixture as compared with the silver mixture, these nickel coins would be
counterfeited ; this has, however, not been the case in Belgium, and they are very well
satistied with the nickel coins.
Technical investigation will show what nickel mixture is to be used, as well as the
advisability of adding some metal to the copper 1 and 2 pfennig pieces, which in
the project are set down as copper coins.
The project reserves to the Federal Council the decision on these points.
(Article 2, section 3.)

For the coins not made of precious metal, the uniform emblem of the Imperial coat
of arms is selected.
The amount proposed in article 4 as the maximum amount of the silver and copper coins to be minted per head of the population (2} marks) coincides with the separate Article VIII of the monetary treaty of June 24, 1857, which was made on the
samehead.
It also corresponds with the regulation in article8, regarding the amount

up to which

payments

in payment,

agreed

made

in coin not made

of precious metal must be accepted

to in above treaty.

Jn accordance with the law of December 4, 1871, all costs
the entire coin in circulation, as well as withdrawing the
coin, shall be borne by the Empire.
The above law has already ordered the State gold and
drawn at the expense of the Empire.
_ The possibility may be admitted that another principle
in the project

before

us regarding

the silver coins.

arising throngh changing
old and minting the new
larger silver coins withmight have been enforced

It is, however,

to be considered

that the change of the currency system is undertaken for the mutual benefit of all
the confederated States, and that it would not be in harmony with this mutual
benefit if the inequality of the burdens which would arise by withdrawing the State
coins would be met by the individual confederated States. This inequality would

haye

its reason

in the different amounts which have been minted in individual States,

and furthermore the coins of the thaler countries have, for the present, at least, been
almost entirely taken over into the new system.
Those States which formerly minted
money on a larger scale than the average, have not only furnished their own but
also other countries with the necessary means of circulation.
It would, therefore,

not be just to impose upon them a larger share of expense than their proportion in
asking them to withdraw their State currency.
The saving, furthermore, which is
gained by preliminarily retaining certain State coins, and which would go to the
States that have circulated them, is to be regarded as an accidental reaction of

Imperial regulations enacted for mutual interests, reactions which, within reason,
must benefit all, as the costs of withdrawal are borne by the Empire.
If, therefore, it must be upheld that the larger State coins be withdrawn at the
expense of the Kmpire, it would be inconsistent if some other regulation were
adopted

for withdrawing

the smaller State coin.

The

situation

is only

different in

so far as South Germany still has the historically inherited burden of an overproduction of small coin that has been defaced by cirenlation, while North Germany has
long ago withdrawn the smaller coin of an older issue.
But the condition also bere
prevails that the new system accidentally also provisionally declares that a large
part of the subdivision of the thaler system be retained, which would lead to an

inequality in burdening the State treasuries in withdrawing the currency, which is
not the intention of the law, and this also speaks for a uniform principle in this

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matter. Aside from this, it is necessary to have in view the entire withdra
the State coins. It can not well be ascertained in how far the individu wal of
al States
would profit or lose by the withdrawal of their State coin, the cost of which
would
be paid by the Empire in accordance with the value of their minting;
but if the
conditions entered upon are borne in mind, and the national importance
of a reform
which does away with the past German currency system—in so far as
you could call
it so—one must have the conviction that not only utility but also
justice would
prompt that the expenses of this reform be borne by the Empire, for it
would lead
in the run of years to a new formation of the entire currency in circulation.
To this must be added that on a part of the smaller pieces of silver coins
Germany the minting can no longer be distinguished, and that, therefore in South
, if the
principle be applied that the State coin be withdrawn at the expense of
the State,
it could not, with a large number of coins, be established who would have
to bear
the expense for their withdrawal.
If from the foregoing the conclusion is arrived at that the expense of withdra
wing the State coin is to fall to the Empire, it goes without saying that
the benefits
derived from minting the new coins must go to the Empire, for these
the natural payment for the expense arising in withdrawing the State benefits are
coins. The
large work of changing our currency system can not be separated in
consideration
of the costs and advantages which fall to the variousterritories in
its introduction ;
it must be regarded as a unity if it is to be carried out so as to give
general satisfaction.
Butif itis to be a unity, the necessity arises that it must
be
and maintained in all its parts at the general expense; that, therefore carried out
, after the
German currency system has been uniformly regulated, the current expenses
which
arise in maintaining the full weight of the Imperial coins, and in
replacing the
amounts which are used for other purposes (manufacturing, etc.), must be borne
by
all. This principle is already acknowledged for the gold coins by law of
Decembe
r
4,1871.
The same reasons prevail for silver and smaller coin.
The coins are made
at the State mints, not for the State commerce, but for the Empire in
which they are
circulated without any distinction being made.
The costs of maintaining this general circulation can therefore only be divided according to the register
ed
only those expenses are to be regarded as costs which still remain after basis, and
have been deducted which might be derived by the various branches of the profits
the minting
department.
The points in view justify the regulations in articles 6 and 9, division
2, of the
project. In connection herewith the fact must be recalled that when
Bremen introduced the mark system at its expense by law of April 30, 1872, it withdre
w its silver
and smaller coin. The expense connected therewith is stated to
be 93,615 thalers
and 11 silver groschen.
It will only be just for the Empire to repay this expense,
which, according to the law presented, would have fallen to the Empire
if Bremen
had not previously introduced the Imperial mark system, as Bremen
would, through
the carrying out of the Imperial iaw, which was everywhere
greeted with
tain a loss. Article 11 in the first division cancels the final date of sectionfavor, sus6 of the
law
of December 4, 1871, for the regulations of these paragraphs.

‘The final

date was
fixed as the time when a law would be passed for the withdrawal of the
larger silver
State coins. The law at hand in part orders their withdrawal at once, and
grants the Federal Council authority to withdraw and take out of circulat in part
ion the
larger silver coins, while it is only reserved to the Imperial budget
to furnish the
necessary means.
As the cost of the entire change of the currency system will,
according to the project, go to the expense of the Empire, it is a necessit
y that the

advantages and costs connected with supplying commerce with
the gold coin necessary for carrying out the gold standard should also be attended
to at the expense of
the Empire.
The canceling of the aforesaid date is therefore justified.
The wish of the Imperial Diet, which was expressed when
it passed the law for the

minting of Imperial gold coin, that the mints of the confederated
territory be compelled to mint

Imperial gold coin for private account whenever they are not
busy for
the Empire, has been complied with in so far that the Imperial
chancellor is to receive
authority to also admit the minting of Imperial gold cvin for
private account.
It is
impossible

to go further

in the matter,

as for a conceivable

length

of time

the

mints
of the confederated territory will be fully occupied with minting
the first demand of
all

kinds of Imperial coin at the expense of
first demands shall be minted, the Imperial
to purchase gold in bars, and therefore the
sons to have gold minted.
If, however, the

the Empire.
As longas gold
Government will be willing
necessity will not arise for
demand of gold coin for the

coin for the
at all times
private percirculation

for the confederated territory [be satisfied]. there is on the
one hand no occasion for
the Government to increase the said currency, but on
the other hand there is no
reason why

the Government should oppose the minting of gold coin
for private
account, if by doing this there will be no overloading of the
Imperial treasury.
It
will, however, be advisable to specify certain mints which shall
do the minting for
private account, for it can be foreseen that a demand, though
it be a small one, will

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continue to exist for the minting for Government account, especially of silver, nickel,
and copper coin, and if this is to be assumed, it would be in the interest of reducing
the expenses of minting as much as possible that the various branches of minting be
divided amongst the different mints.
The main question in reference to the minting of gold for private account is the
fixing of the charges.
In order that this question be answered, the great difference
must be borne in mind that the full weight of the gold circulation is maintained at
the expense of the Empire, while this is not the case in England and France.
After
the completion of the necessary supply of gold coin, and as long as there is no neces-

sity of anew supply for internal commerce, the Empire has no interest in making sacrifices for alarger gold circulation. For private persons there would only be an interest
to have the number of gold coins increased if they would be a current medium for
payment, as is the case with the English sovereign in countries across the sea; but
the Empire carries the burden of maintaining the full value of coins, which is not
benefited by commercial intercourse, and the reverse of the English coins would
occur with our own.
As the sovereign, having less weight, is cut into at the banks
and returned, those of less weight are chiefly circulated in foreign countries.
The
coins of full weight, however, are circulated in their native country; but exactly
the contrary would take place with the Imperial gold coins, as those not having the
full weight, on account of their being withdrawn by the Imperial treasury, would be
circulated in the native country, while the coins of full weight would remain in foreign

countries.

Itis

therefore

necessary that a fee go to the

Imperial

treasury for

all gold coins minted for private account, which would be a compensation for maintaining their full weight.
In accordance herewith, the chancellor, with the consent
of the Federal Council, shall, according to chapters 3 and 4 of article 11, be authorized to fix a minting fee, and a higher fee will be charged than that which is otherwise fixed for the mints whenever the minting is not in the interest
commerce, and this surplus then goes to the Imperial treasury.

The time for fixing rates in this matter has not as yet arrived.

of domestic

Only a long expe-

rience will furnish the necessary basis.

The authority granted the Federal Council in article 12 shall put it in a position
not only to stop the circulation of inferior foreign coin, but also to protect our gold
standard by keeping away as much as possible all foreign silver coin of full weight.
For there is the danger, without a doubt, that foreign silver coin of full weight will
be introduced and cause an outflow of gold coin to foreign countries.
As soon as
this danger appears in a threatening manner the Federal Council must be in a position to intercede at once in behalf of maintaining the gold standard, either by fixing
the ratio (in accordance with No. 1) or by prohibition (in accordance with No. 2).
It is self-evident

that the Federal

Council

has

no

interest

in making

use

of this

authority otherwise than in cases of actual danger.
Under No, 3 the authority of the Federal Council is reserved to regulate the
acceptance of foreign coins and their rate of exchange.
This is to be recommended
In the interest of uniform action and of the effectiveness of the adopted measures,
as well as by the consideration that everything for the maintenance of the gold
Standard is to be attended to by a central organ.
Article 13 regulates the legal private conditions for the introduction of the new
system, taking as a basis the calculations laid down in principle in the law of
ecember

4, 1871, for the debts which

standard thus far in force.

tion of the Imperial

these regulations,

mark

were

The laws passed

calculation

contracted

in Bremen

are only touched

In section 1, as well as in article 16, foreign
footing

coin

of the

with

domestic

coins

had

to

be

State

Liibeck for the introduc-

in unimportant

This project has not to deal with the Hamburg-Banko

tion, as it has already been repealed.
equal

in silver
and

points

by

calcula-

gold coins which

are placed on an

mentioned,

Mecklenburg

as in

and

Schleswig-Holstein certain foreign gold coin is placed on an equal footing with
domestic coin (Danish pistolen equalto 5 thalers in gold).
Article 14 regulates the taking over into the new system the appropriate State
coins until an eventual change of the currency in circulation has been effected on

the basis as stated above.
Article 15 confirms the use of State

gold

coin

in paying

such

obligations which

were contracted with such coin even after the gold standard has been introduced, so
as to make

the

time

of the

introduction

withdrawal of the State gold coins.

of the new

standard

independent

of the

The same regulation applies to the silver sub-

divisions of the thalers, which will, however, be mostly entirely withdrawn from
circulation before the Imperial gold standard is introduced.
The regulation in article 16 which permits the payment of debts which were con-

tracted with State gold
force was prompted

coin in Imperial gold coin

by the observation

that

there

on the day this law enters into
is already

now a scarcity

of the

State gold coins for which these obligations are issued. The reduction of the coins
of the State standards into Imperial silver, nickel, and copper coins, as set forth in

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the same

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article, permits

IN

PRICES

FOREIGN

of their circulation

enters into force.
It was not thought necessary to mention

COUNTRIES.

before the Imperial

that

mark

the Vienna, Dresden,

standard

and

Munich

monetary conferences are no longer in force, as they had been disposed of by the
competency of the framing of Imperial laws, and which competency had actually
been made

use of.

APPENDIX
WAGES

AND

2,
PRICES.

WAGES.

(a) Day

laborers.
1885.

Laborers.

—
Marks.

Men over 16 .......+--.+ iv apepacec
Women over 16...... peasegsat $bcted
Boys uuiler 16.5 ..<.cecepsccevcss+-,

1893.

:
.
United States
currency.

0. 90 to 2.50 | $0. 214 to $0. 593
60
1.50]
.143
. 854
40
1.30]
.09%
381

Girls under 16 ..... Sareae Heese sece'

-80

(b) Rates of wages of the workingmen

1.00}

.07%

Laborers,
not including

oflivials.

1884-85 cs.
cs ccsees secea ve eeeceesens
BARS88 ycasswee cases Prrrer
ec
e
1894-95 ....-. Coens
eecc nes ceseccescnne

1,15 to 2.50 | $0. 272 to $0. 593
.60
1.60
144
. 38
-50
1,80
12
423

. 233

-40

1,00)

0,93

. 239

in shops of railroads under Government control.
Annual

Year.

;
z
United States
currency.

ae
Marks.

47, 048
47, 402
58, 145

wages } aid or ex penses

incurred for laborers.
United Stat

Marks.

sited
wtares
currency.

42, 838, 066 |
43, 306, 825

59, 630, 899

|

Average wages paid
per head.
:
~
United

| Marks.

| —States i

currency.

$10,199, 539. 152
910.50 |
10, 311, 148. 809
913. 60
14, 197, 883. 093 | 1, 025. 50

$216. 786
217, 524
244, 167

(c) Rates of wages paid in the Ith einish- Westphalian textile industries.
Wages

Annual wages paid
on an average per

paid.

head.

Year.

Workmen.

WSS6 .<wextnceeterevassess KGege bone yee
UBOD seeeccascscesssccssnstencsscs cone

§2, 323
118, 438

(d)

German currency.
Trade and class.

Stone masons:
SOUPNSV
MEN sesecsecccesses|
Workman ..... FaReeeceess
ADPTOD
UICC sas0sceacgeeeaes
Marble works:
Stonectibters .scccesesescevs
WoOrkKiNan

~.saessscesteut
wad

Apprentice ...... Se66 RoE ese
Metal work (silver):
POVCHMOAN. .siscessaseseceese
JOUTNOYMAN .<ccscdesscvess

APPTFeENliCe .cccaccccccccce

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Clay

Diaites
Saaves
currency,
?

57, 054, 600 |
81, 556. 817

$13,584, 428.571
19, 418, 289. 762

United

Marks. | States
currency.
-\
Je
618
688

|

$147. 148
163. 857

General trades.

Average,

Per
week.

#7

Marks.

Piecework
per
week.

Marks. | Marks.
80500 | ncssvaes
16. 50 onsen cae
6.78: |. cancaen's

1886.

Average, 1891.

poner

oe S$
:
PiecePer | work
week.
per
week.

SURES er eeaies:
Sp9ee |. seeeees
EPO | osaeaens

|German currency.

Per
week.

Piecework
per
week.

Marks. | Marks.
82.40 | wncesaearns
18; 00 |. rcevcess
0, 00" ese nace

primal

cg
we"
PiecePer | work
week. | per
week.

Ca
eee
A, 286 |. nccue ow
1, 428 |..0'ssaee :

29.50 |. eestcwn

Be BST

lewdenees

20.00 |) cvecnene

6.904 |. .6ce0 ‘

1G. 50

G: 928 |.. aseces

28.00) |e savevess

$286

|lewseeones

8.00 |. seseers
$3.00) bs asengee
28,00
|scesseunst

4 D0;

20S

|ien cae +

Vos cease

9:00

| wssesess

Gs WED le weeaee .

7.807
|seaeres
Oi 256 | secewee!

50,00
(8000

byes pecans
lescvswnes|

11. 006 |e sens wig
7.148) |. cccneine

|ncciexwwos| ; de OTL |e escadee

5,00

|souesencs|

1BO0

jecocdaad

MONEY

IN

PRICES

AND
(d)

General trades—Continued.
Average,

German currency.
Trade and class.

Marks.

tig

ih i

PiecePer
work
per | week.|
week.

lbaensuss. $11,904

|..n00-.|

42.00

24,00

|eeoeeeeee

§. 714

|occceces

24. 00

.....- eusnedeusss

19.50

|.ccacovee|

4.643

|..-----

20.00

|.

20.00
9. 00
21.00

Jecccereee|

Workman

Tin manufactory:
JOUPNOYMAN ..ceccccceeese|
Apprentice ....---+++ suswes
Goldsmith: Journeyman....-«Bronze-zince manufactory :
Overseer. ....-----eeee0e onne
Foreman.....«-es geueviws =

APPTeNtiC® ..-.eceeeeeeees .
Brass foundry:
Foreman. .--.- SOG) 200d RSS ROS

JOUPNCYMAD
Workman

..ccceceeseeee-|

«.«...--++cceeeee.

19.50 |. -eeeeeee
6.75. leessewaae!
21.00 |.ccececee|
46, 50 |. -acccoee|
40, 00) |«siews bevel

eh le
.....2<- diane

Workman

APPTentiCe ..ccceseseeernes
Iron foundry:
OVOLSCE?.
MeChanie
DOIdSD .
POHSUC?

1, 809

1,309

|...

5.50

$0,100

leceoseeel

TolEB

|oonue aoe

50.00

5.857

\asvasees|

20.00

5, 952

16.50) | eencwsn«

8,928

|\canede.

16, 50

8.923)

Overseer... ....cccccese cence | 0200, 00! |. ncocecen|
POPomAl:. «cecsasssss wvcesss|(@l20: 00 |veneesees

20.00

| aescases

16:00 bs daceewas

9.00) | sasecuee

|---veene
4.762
2.143 |. -cceces
|eaceeees
5.00

2130.00 Jucses ccs $30. 952
D. 524 |, scsamns
|sses<0ees

LI. O71 |. .cceee-|-------s
40,00)
OF024) |.naceuns

|-cescowen

Hardware manufactory:

Mechanic......- Wheaties

4. 643 |. 2.0. we]
26607 |nccessee
|--eccee
5,00

5. 50

22.50 |. -eeenne

Piecework
per
week.

Marks.

| Marks.

980500)

.coccewccceeeee|

og

pled

German currency.

Foreman....« copecsesseescal

JOULNCYMAN

1891.

Average,

1886.

PiecePiecePer
Per | work
work
per | week.
per | week.|
week.
week,

Per
week.

Brass work:

19

COUNTRIES.

FOREIGN

|

11.904

j.oeee--e|--eve eee
|....escelsaveccnr

|onsceuns siensenme
|aende ces (anseees

47. B19 |. ccvsees|ncns-----|-o22soccc|etscoeteloneesoe ‘
29, 762 |..eee---|@160.00 | 38.095 |........|------ Pe

A, FOR || caensaan,
8. S00

|saneesee

2.143 |. ncceee

25. 00

BeQbe

18. 00

4, 288)

7. 00

kee say an ese saawe

lnesetene aakee' eee

d, G66: |. sc ccece ccaveews

ses
oais eaeseme
sen cewge siekes
sacs] eele
‘lncewen
42, 00. | cin ves ses TO. GO.
24+ ceccceccencnss
6, 428 Ni cawn veliwass eee
00
27.
ee
ee
lwsesiacas
HO0l
CO
..scvccsscscecess=
7.738
32. 50
Wt. OD lsanceoet $5. T14 |..------eleoeeeeesees saves
scses
segues
ocdanscdci
5.714
24. 00
eke
ica
@seSo
cael
snan
|
DOs
Weseeens
00"
95,
mswas
sces|acen
2.0.5 oesenecce

eee e
ee eleeeeeeee
Apprentice ..--.--.ee
Machine manufactory:
POTCMAM..

2... ccsecsecseess|ecoecnecs

8,00)

28,30)

1,547

|....0c00|---2ne

6; 788. |. weseenes

7.00

BODO sane coes
17.00 jw 005« aoe!

ilsantease

6. 071
6088

lhsosaeees|saascnses

WOW

|peeenwse

1.785

|aeweesee

1. 904

|cactoes
4, B07

6. 50

lesssavan sl
5500):
21,00 Ws csasase
JOUIMCYMAN ......2ee00 enculseremcnns
» ORE (On (Cee ce S857 |. .aceeesleswewsses
Workman ........- veeinn
Apprentice ......0..ss0-0-

6. 75 ls oseneuns

Master workman ...--.« eee
. osc a vncesescncneeis
HROIMOL...
APPTENtieo:....0.ceccccseces

38,00: |eases vee
BA00 || canes een
eee re
Ln

Gas and water pipes, etc.:

Watchmaker:
OVOTSCELD...cesccccccsceness

OID OP sc aseycascennnaeses+

G100,00

18,00:

|owesseese

\ewaneeben

36,00)
9B. 50
6.00

|sanwsnweae
|weacescwe
Jecscccsas|

|weinncnsn 180.00

|....00--|

|neneeu as
0,048
5. 714 |. nnveces
1, 809. |..2eaeee

PB 00D

4, 286

potenens

21,00

Inited
gt

8. SUI. | swdeewe ;
6. BOD leases se
1.547 |. cccvews

42.857

5:00

|---eenee

|-noccces

Average, 1892.

Average, 1886.
x
currency.
German

|eccvcees-}

6. 428

States

|,
currency.
German

Sta ig
nited Bs
ie

Trade and class.
Per

week.

Stone mason:
Journeyman ..... jetecnvers

Piecework

per
week

Marks. | Marks
80, 00: |scesceeues

6.75

|..ccccess

Per

Piecework

week.

per
week,

$7,143

|.sceeee

Per

week.

i G07 lvanedcnn| -~ Qn00-lheewceess

3.5
|..ceccce-|
16.50

2 92
|..--00-]
3.928

Stonecutter..scsvecececscce

O0.'5O-|<caucewacl

DoBOd

lnoweceew

29, 00
9. 00

MOBS [oversees

eeeeeesWorkmance ...000sse
sseeee eewccccces

16,50 |... seal
lweseaewan

1.904

|.ccssens

Foreman .....+.+++++++-++--

HEGOO! | oveneene

TBBT

\owessec.

71, 90d)
B; 72

|\.cusanes
lnaawewes

Apprenti

Metal work, silver:

lcaseeseas
liwastank

50,00"
24.00:

Ls asewens
scwabaene

........06- wewnes|

18)50

lhcsecvees

4 S48

...... ebeeeenns

10) 50:

\veeccecee|

4:698

Brass work:

Foreman...-.-. eeeeueaweses
Journeyman .....- sieabawes

Tinware manufactory:
Journeyman

APPTrentice ...ceccceeceeee-

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

G: 15:

lesxsedase

1, 60?

a Per month,

week.

Piecework

|

per
week,

8
18.00

|-.seneee.]

286 |.-+-+ _
4.286
6.904 |. ccccaes

4.048 \eanes va

17.00

BO) 00°

#1, 496 lasesave

2.143

lisdcosacs|

|.-cccees

Sl, Q02seeeeemne

7 JAB | seuesee
1.190 |.eeeeeee

80.00.
5.00

|. ceeccoss
|ececcece-|

49) 00°
94,00

|nsweaesen|
|.ecaeeee-|

20
5.714

éeassees
|eccceeee

naerea es

90; 00

lisweneees

4, 762

|--ccecee

Iewusedce

20.00

oe aie
(2
leseeeess
1 OVA

29,00
450

JOUTNOCYVMAD . cece seosesace
APPrentiCe ...-00eceeceneee

Workman

600

per
week.

Per

Marks. | Marks.
BP, 40 |\Gensenneslesacenee saeabous

ap erennies sousinagakelcs boas
cue

RING .essassseseesc
hariticVY OTwnetan

Piecework

lecace “ie

9.00

|.cccccece|

|eccecceee|

4.762

2-143

|oscceeee

|--ccccee

80

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES,

(d) General trades—Continued.
Average, 1886.

German currency.

Average, 1892,

alae

German currency. | prising

Trade and class.

:
Per
week.

Bronze-zine manufactory :

Marks.

Piecework

Per

per

week.

week.

Piece| work
per

week.

| Marks.

Per
week.

Marks.

Piecework

Per

per

week.

week.

46,50 ||.2s se2ss: Si. Wil: | saasweeinlaoawss
ea HES

MONOUAR a4 «5.2505 emesee onmas

A000)! |a.Feesat

Brass foundry:
HOVEMAM. «+ cceocmeseesuexde
JOUTNOYNIAD « - 65. <e0e5-sc8e
WORMED \..c29sssensekses
Hardware manufactory:
BOVEMAMs ss 5 5000 seeseeks

S0U00) | cas candnas
22-50) len sawcaen
DBG200! | anwar do

Apprentice ...... Eaetiee tees

OVGPSeGr:

O50! lcxecceeed

My

[us ccean

ete

Tf. UAB conn eux
B01 (oes saae
BOZO |vcataeecw

AO 00

00

Nsccnwene

ea bas, a

a

5.50 |.........

1.309

SOOO) |b ceen ea,
25-00" | reawiex
LG. 00! |e acwese

$30. 952

eee

|.....0e

TE O04! epatewee
$1962 || ca wesinais
S928! lau cedmars

125.00 | 27.381 |

..-. Seuseeecnvenee

@ 200, 00

4. ~dateaew
wtansey |e cee en’

25:00!

|Saavease

6. 902

AS PRODUIOS osissiees<oses8a=<|
ca caceas

B00

licapecse

1, 904

Engines, machine manufactory :

Iiscesayse

6.50!

24. OO

29.762

|ee.ssxs

WOPkatcnevccecaneoss|2600) |Leceens ss) “BvG09 lecesevien| —A8s00) ixcmue acs
ADPHEN ICO stedqsserieeteax|ir
9.00 | asesecs| 2, IAS ccaenes|
WOO) |acsncewes
Tron foundry:
OVEPSCC?.
<<< ssewnens cons ares
A200 |nwx sae ee 10,100 Yea rewa x
4500 | cs -eewsss
MOIQCE
ze ecndbeeaces
eae vers|seee50ce%
ps
eee
DUS eseecawen
S200) lip
POHSHET

per

weok,

| Marks.

OVGRSGCr sic. uot senc<ssecxs>

$024

Piecework

A 2O6
1, 666).

17. 619

|cicw
aa adis
sawieeats

0 ey
eee ee
cwdenae
7. 738
cs esas

5.714

heenecues

Bhs ORE

en acaia

lecpncaaow

G.428

|\-saeeacn

Iron foundry:
seeceveee

28,50

Vsaeacske

6. 738

WOO

J OUTNCYMAD -64s0s045065|J-<bs005-

ALCO

Soe ieee

5. 002

2.50: Le waatemnae

SCOT ||. samieaare

OO

a salee ng.b«

4.048: | weenieoe

1/00) | oma wernise

IK, 580) | enseaaree

.<.<ssess--s

QOVELSOE?.

SINGS

..<semsa

sees

Tae!

[eo tacn tae

GND. haveeat ees
@200, 00

niece eeerenddens|eaciens
ose

"PUVHEP swilwaseredsesees|eecttaecs
JOWMGE .. ..anedmawine
gates loan Udi

|sucsecas:

TOOT

||aetesaae

Gor Onl lecatyess| caenweesaleeeaieuscleessesapiaes
ceees

30; OO

eo wteaw

VeDae lan ameiess

36,00! |e onwasies

8. 571

BO. OO.
26, 00!

icsccaes
\eneseess

WED
ewieg aban
DB; 902: |e asueves «

86,00
SOO0!

8.571
7.143

Apprentie@...024 scenes
9: 00h ca. caecee
Gas and water:
Master WOrkiman sesswwess:|
88,00 |ceccsens
IMOCNANIO..4.555a00cecesues
25.00" ls wae eae)!
FROIN MAUG ..< 60656540 oais0imes
24, 00 |pcecaessAPPUCHCO .0c 602 ciescedsiees
Bs BO |. sacenees
Carriage manufactory :
FOUPNEVNAH . sons s0cases
see
TOGO '|ovetavace
Watchmaker:
EROIPIMGHO:, .o0enenvecdscnce’s
18,00) |s:cconwass
OVGTSCGT. .5ss0<ans- oceticwss @EO0.00 | ncwecgnes
Chemical manufactory:
OV CLSGGP cso tewtscesetessen
30,100 |s-<ce0esa
HOPMAN sceudeucksogwesuses
BOF 00: le xeweunss

Workman ..... aceaawe seems

15,00:

APPPENtICE ..cdcesscvvescs.

10\:00) | ceeceaae

City gas works:
OVEUSCO? Tiidnc il dacsandostes
SMINGD 6444s ave aeeesed
ewe aes
Gaslighte?..ss-seescsecesns

32. 00° lenasentes
89.00" |s xiv ees
0:29.00 |v ccsdecs

MESON

BeOOE Ws oa.edig-e

|scxedecais

Dies

|. .2sa-s.
lwese bee

S ieaweslnawetupesNenecepaeleseneea
kine neces s

9 08S | ccsecesODOR) oeenet
O14 le ccwwees
UVeUe |eeneeeen

BO00
D400!
26:00)
O50!

|. oneness
| cadanees
|e ccwewe &|
|e ccnamenn

SOT
Vesiewew-ee
D1 TLE |anmeenws
6:.390 |icaetics
hOET |e qarkees

4,648 | ian cuses

21500

| ascsncws

D OOO:

|ecessen«

@, 250 |. a caene
B00! |) oa amcor
25809 |. sexeee @I80.00: |cccwescse

Di OUD:
62. E07

ne annie
eax ens

7, IED lassiceews
4. 702 | ..s0xwae

80.00:
20000

|scuweewes
|iseesease

(Se
al eros
©, 476 | o veccns

2, B81 |. cases

15: 00!

heisteeenes.

SLO

8, B71

dhcdcegen

TSH0O4)

ccmew wns.

[GVO
Tc OLO"
6.904

|ocaveaes
|esanes'
fsa ceees

BZ
|cepaeeines
32
es ee
OO 00 leacanwtere

4280 lmudeans
| 5.0008 bee

|
9. 800 ibe acewees
T28 |}. d wsieierme
UeOGL lea tentuls

.i¢scir
au sangss beoede

26.00

Novtaneee

6, 908

cacrcus

BOLOO) Larumie auras

(@o!

MEGGhiARIC (4 camden dssacctes
Soapand fat ware manufactory:
Machine fireman...5...-..OOONGP «4.20 snamsceadedsees
‘Workman .....-....5 waves
Carpet manufactory:

85 00

dates eel

“VOOR

ee keese

28, 46 |. wwssuses

&.58D |ocsenwes

26.00
2e TG)
TO00

lvccoweens|
\cnsdsaese
lpaeesceas

G 290 lacaceng:s
D. 417 |.ccseons
BOGE [ease eee

QU. 00 ls casseees
ea Sk eee ete
TS, BO has wssihene

6) 428 |. seceaes
6) S93 |ecaseeea
4, 20D \esuxswes

NWWGRVORIo

sce Swaine se aeee o¥les cues see

Needlowoman .............
Rubber manufactory :
Overseer....-.--+-55 wecamel

ES00! | ic eeeea:s

DOL 00:

leee'ccwa'ss

ZeOS1.

276

A200

lnencccnad

|

ere

1

7.143

|sadcceee

O00: | re ncad ede

DSS

esau

BOUOO

ty dG

lo emaees

|e fesse sce

OF LID

hiometane'c

..sce0sec.ices-

PS O0 il cveamnue

BUONO!

Weweleseslt.os
ite ealewneecnedlunets qanleedwa ats

WORKTGRR ... cc cbccesauess
Paper and envelope manufac-

15.50 |i cnacenas

Be B00) | csceaexs

POUTNEY MEN

tory:
Overseer..-....6 rags Q05056

Workman .. «ssi. SHE nest
AEPPTONTCE ...0ss secswecen.
Leather manufactory:
TPOUDO?

\csaceescey

19.00
8.06

|ssascowes,
nsces gess|

9088 |i oc tenes

4 524
1, 908

|....005.
icccssne

SORE

| celwand

Eh, 80

ewe eaneee

CS

i

ONC

tecaeeenns|

LO

ae

ores

TEE

bcnsonie

#15 004): cenaseas
Od -l\sqeueces

5.000
1.90%

|<. seen
|.csceges

SS

6, C40

|wctnewes

DVOR <. ssewacectvebenetantes

F300 [a esaeesies

19. 00

ences eae)

£286 |as 200i «

1900 || caiaeweee

WOPrkRIaR e<ecssdsessesssus!
@ Per month,

16:00

leenssecse|

8,909 [occ sae

19,06 | sages ees

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

<cc00 svaase Hedwees es

38. 00

lnacessees

ee

b Expenses and house,

———EE

Workinant

Apprentice ...........Machine manufactory:

4, 643

| casceas

Cy | er

ne

HOTOMAM:. ...6s<eneden<s

MONEY

AND

PRICES

IN

FOREIGN

81

COUNTRIES.

(d) General trades—Continued.

re
an
rade and class.

Average, 1886.

Average, 1892.

.
wanoay | United States
German currency.
equivalent.

wanoy | United States
German currency.
equivalent.

Piecework
per
week.

Per
week,

Gutta-percha manufactory :
Engine leader.....0.seccees
Fireman .....< paubaneseesse
FOPOMAN..<.sscncecesspaces

ELCIPMALO.
Bookbinder:

«4.010000

Marks. | Marks.
26, 00! |nwavssnies
21. 20
A on

Per
week.

Piecework
| per
week.

Per
week

Piecework
per
week.

Per
week.

Piecework
per
week.

$6. 428

|........

BO. T14

|eweeseee|

Marks. | Marks.
27.00 |, 22.6050

Bi 060!
mo TO

|ewoueex
lksaceees

25, 00 l s naseee=s
POTD
lecaae Sewell

DTG: lke eaweane
BeBe
lnvnsawer

sanegsnes

evesenns

$0; UO. coueacus

BI DTE |. xienscns

17.50

|.cseseees|

4.167

JOUTNCYMAN ..4.00200--+---

TG/O0 te saeawass

8,608)...
5 se sic!

16,00

|amevewews|

S572 | sasnsen

APPLrentloe .....5 00080000
B
WOrkWOMAD .ssineseeviass
ox factory:
TPOPCTNMD fo<sssamcswenwawes
Journeyman......... sed
WOrkinalt .....cscccoessacs

Furniture factory :

DORGHIAM) ss. 040 aeceenaeawes
POUPNOVIDAD ....cececes
ass

SU
PUCOUl

ROS ary
ace we’

180,00
20,00
16.00)

Taw aenae
[essaseess
leisicesseee

1. TOW |... co cete
2.86T ||. eeeses

80. 082:
@ TUE:
Oi G28

|esexaes’
|kkakeecs
|i.ceweas

4,00 |. ssereces
LaO0i aware «

SOOO
es evadecn
26, 00"). csaesses
20,00 le ceisen
es «

BL BBB |. csseeee
a: ys
eee
Bien
|saccaxen

GPL
eeaeeews
4. (02 Joa cwa tae

SOUPROVMAN sap nassscase
ss:

pe |

BEBE. lengbwesales awse sn |nebstmencpnas <kesleaakews

Brush tactory:
POLOMON 42660 seeeed<esees

26,00"

|e

indnds

5 O62 jcciae ass

ST GO

$9; 00

lissieusde

A. 286 il. clea wns

PE. 00: |. careaens

OFZ 00 Reaesswcs
Ve
ae
BO) 50) |v cmkiesces

BRAG
lbeceases
B, BBP);
aoe wea
Ts”
dal eae

Journeyman Siciedvscduies.
akery:
BOTOMAR asks sesesseecass
TRGOMCT <cncvanaenveseds
sic
Journeyman...... dveceuwed

Cigar maker:

Cigar maker. ...-..<..+.++CiZET HOLT ..sscececccucs

WONOMAN 6.0. cnceseseserces
tee
ee
oe

ore

ie
D: 06

ee
Nin seames

S..571 la swewkes
BBE Nn cceb sas

18.00

|rsseceaas

30.00 |. ucneeeie
T.80 [isesecada}

B12.60
69: 00)
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lecdaweeae
waawwnaes

H O82 |. cass se5
8. 383 ||: .<c0nc

36; 00) ices amewee
20.00 |. wc cceens

Basket maker:

DOOD
24. OO

|..-..20-

eines

cc's

|.nawd5 gah
leedaseene
lsscsvemes

LW). 904 | ccc ceed
Gs TIE Ne cecean's

Le

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Bi 2O8 Ya cunwane
Rh OOF
Oy ES
1668

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na centaes
|. csceks

Todd Nemawsee
Rn tOe ln sense

JED lis eccvend
TS GO) sacs
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SEG) | zased ees
8. OU animes

BOBS. |s -nccee
4,406 | <0s0s0s

CA

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16,00) | ssssnges

A) 288 |, vcceses

NUS
6,071

lhesedious
leweeneie

BG, OO:
24.00

bidiesdemxe
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GO. 124

lwsatives
|scncene

josovtenes

8.808

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ae

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1908 |v. sceee

LOT:

Hat

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seeeeeeeweeeees

alter:

Foreman .......... de aaduns
Journoyman........s.000-

APPTERGICO ..casenveceseecc
Glove maker:

: oOurneyman ..............-

AUNOD ins wkedewe oubeeuteeuas

Shoefactory ;
WIGNGWIGN Soak nn pedcds casas
Cutter ..... PNESEL
SM oteheede
Bar = OVEMAM ..acsenecncccese.

80) 00 | swadwaenie
29. 00 |saeesnsac

6.00:

Wenwivesn

1, BOR i. wares en

GBD li cewewess

15.00

|adewswnns

BOUL

|xncosese

16,00

1G, 00

)vcesnuee,

BBR.

locanaces

a

24) 00
19,.BD.
1G OO

|raesseaas
|sweesasue
ltassement

a 0
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488 |x octswn.
3. 571 | Spesiwne

1 BS Ain a sone
eee

BOL.00 |ecccesces
21,00) | wewevess
TSAO liwetences

0, 040 cas wes
6. 000 |...c0de05
ee
0 ee

b 10. 50 [eeeardens

2.500: |, sissaeed

arber:

fa POULNSYMAN ..605.<cssc0c0-

615,00 |. csseeees

B. DIL,

Nse0nsss

9 208.

Piccscwss

ason:

VOTOMAN. ..seccccsccececes

Journeyman.........2062..

6.428. lesstswss

MOUOMIGH .<s0ccssecevea
Journeyman...............

B00
QA. 26

9. BBY.
Cio.

Workman

12) PB

bes PPTONLCE --....eeeeeee.
€

12,80 |. scccavee

2,976 |. 2.000.

5; BO"

cweetnnws

SOMO!" sanaee nae

9.00) cxsesenss

10) FES

7, B8T

Wescssaas

lessetees

4,006 [onsasess

snter:

........222..005-

@ Apprentice Seen igeheNtcEex «
tC er:
tate haees Nertad eniecnaes

Journeyman......
Roofer:
Me

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Journeyman.
Printer:
DIDND
<isveecceeee
nes
Typesetter
Cl]

80: 00) li cesaaues

FF OF. Weiscmnwete

.......0.cesece-

apprent TOD Watan
sean ncainas

POT EMAD, o.oo. secaesen een
1emical manufactory ;

aeereeet Pet Sans Shyer eens =

OFOMAM wc .cseeinsesvecce
W orkman Mii casnxuwkwaaasl
DRTORUCG wncsinacescosces

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

@ Per month.

1354 —6

BEF

iseasiwews
|icecevssie

Ve iek wwon

ln wnusgns

20.00 |......00.
224.

00 |. ccwcoccs

26
we C0
25°00)

5.00

GOO

lewessaies
Isaweeees

2.916. |. .use0s~

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4,762 \...se0
6.

71716
4 |.aace
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CS
S120!

DD 0U) Oseaes was}

9,40 seevaces

.uecs tenet

By
5.7 VNB.

Wvecteees

screens

%. BSS

|swcvewee

06.0

lnaacasuee

6 DE2

ZOO:
ccseneeel
15,00 | eavadees
LQ; 00 icxosinmean

lseeawnss

R286 bo. anaes

24.S68.

|occwacenn|.

0; 00'|s ow<c<exs

- 5.000

5.000 |....000.

8 00"
BO)

|..s0sse0s

10, 000: jess sewes
[628 lias sawes

21.00 ..... wee]

¢ |. wanedee
G. 190

lp éeteeec

a
seneueaes

1.190

|........

[ocecse..

OS TR.

5:00

cveravnie

caesusecs

6.845

|.ns0< <<e

SB) GU)

beascW'ss

PG. B0i

cascesdve

3. 928

|..------

a

4h 962
BS, AGE.
2.881

7 oe

Lescce'ec
lencedent
jxiscaesc

S008). anacaaens
20,00.
18.00:
15,00

ssw sone
sdevewdes
rwecscses

b Expenses and house,

1: 000

ee
5.476
4, 286
3,571

(cenaeeny

eee
|.---e00e
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82

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

PRICES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified.
1886.
Articles.

1895.

United
|Statescur-|
rency.

Marks.

United
| States currency.

Marks.

Scraps.
Scraps of iron manufactures.....-...+..+--+00 ceweees
Scraps of glass manufactures, shiver of glass........
Scraps to be used in lime manufacturing... ... eheney

1. 20
2. 60
20. 00

Animal manure, with the exception of guano........
Guano, Aninial ...0sei. csosisessesece
seep mdi etacioaad ous

8.09
13. 00

1. 905
3. 095

6, 00
13. 49

7.50

1.785

5. 64

Ammoniae

Bran,

water,

bee earth

malt dust, scrap Tee...

..........-------ceccseee

. 65

. 5. cece es tener e weswceess

Animal bones, not disposable to carved works.......
Scraps, not separately denominated.............- aaa

8. 00
1.00

PWervibi7OL, APOMICIAL < ic egsciesce saicccig ie sass ew ews weaees| serch

TRO uns
g'akea satea nas eiaasave 1

ae eS

$0. 285
. 619
4. 762
. 155

1.905
238

pear cciloneeesesew sy

1. 50
2.97
22. 00
. 70

9. 00
1.00

3. 00

$0. 357
- 709
5. 238
. 167

1. 425
8. 212

1. 348

2. 148
. 238
714

uieeaes

16. 50

3 929

20. 00

4, 762

Nets, cords, ete ....-..-...... chive
cbse vexbasoresnuens
Scraps of paper, waste paper ......-.--.-. wh dee eased

10. 90
6. 00

2. 381
1. 428

9. 00
8. 00

2. 148
1. 905

Cotton and cotton stuffs.
COttbR: CRUAG= <iadacneas
cba cimsdarwssscecanes eeeeades
Seraps Of COvLOM «cc
scadecacncsasaccnaccesdsnscuceess
Cotton, carded .....
Freedom
dnsne hea 5998% canine
Weadding .....2..+--0seacesene Sacskesedasaceswacsyers

Cotton yarn, including:

1. One threaded, crnde—
From No.1 to 17 English.......- Sauepacagenes

99.
52.
150.
130.

00
00
00
00

23.
12.
35,
30,

571
381
714
952

73.
39.
112.
115.

40
00
00
00

17.
9.
26,
27,

476
286
666
381

135. 00

82, 148

119. 00

28. 333

No, 18 to 45 Bugligh......0cs.c0scesnes

1738. 00

41.

190

168. 00

210. 00
830. 00

40. 000

50. 000
78. 571

IRDOVOINGH TO: tcicrwey aa,02-07's res engsees Pape mme

430. 00

102. 381

480). 00

114. 286

Of not ascertained number. ...........ccecee-

480. 00

114, 286

480. 00

114, 286

From No.1 to 17 English....... kenweenecdaeee
From No, 18 10:45 Bnglish..c<scccosscccnseccs
From No. 46 to 60 English.....-....-.0.-..e.

165. 00
188. 00
265. 00

39. 286
44, 762
63. 095

155. 00
180. 00
270. 00

86. 904
42. 857
64. 286

From

400. 00

95.

From

Prom No; 46 to 60 Bnslish:. ...0<<sesnsvsssesess
From No. 61 to 79 English... .cc.sscecsssecess

2. Two threaded, crude including—

No. 61 to 79 English feasuenceosseues toe

ABOVGUNG: 19 scomcscase
esc cene we cccan ensue ae

Of not ascertained number.................8. One and two threaded, bleached or colored,

ineluding—
From
From
From
From

Above

No.1 to 17 English......... eeweecetae
No, 18 10:40 Huglish ...ccavsccsascaseees
No. 46 to 60 English.......... eSeeseteins
No. 61 to 79 English............ LeaeEeee
No. 79 ....- iobwassecees haeersbs

212. 00
815. 00

50. 476
75. 000

238

420. 00

100. 000

500. 00

119, 048

565. 00

134. 523

665. 00

184, 523

565. 00

134. 628

185.
205.
270.
355.

00
00
00
00

44,
48.
64.
84.

048
809
286
524

165.
185.
250.
370.

00
00
00
00

39,
44,
83.
88.

286
048
333
095

eeeese

490. 00

116. 666

530. 00

126. 190

Of not ascertained number............-..+..
4, Three or more threaded, once or more twisted.

600. 00
885. 00

142. 857
91. 666

530. 00
370. 00

126. 190
88. 095

5. Two-threaded, twisted, cotton of all kinds....
Wick, hot WOVE6D 2.505 c50 sonecu cen eunewacnscciacus

475. 00
115. 00

113. 095
27. 381

480. 00
100. 00

114, 286
23. 809

Cotton yarn, insufficiently specified...... Ventedeusees
Cotton stuff, including:
Weavings, compact, crude........ eee
re
Network, crude and unmustered.................
Weavings, compact, bleached; also dressed......
ViGlVGl: GUO. «ceeccej2esa
sane sostasenera news ees
Weavings, compact, colored, printed.............
Fringes and Dutton Ware...
ccc. acccaccuseseecs

282. 00

55. 238

251. 00

59. 762

TLOSIONY <n<<eaceynqisasaeseessieuaeds Seton

270.
2, 500.
300.
790.
805.
750.

00
00
00
00
UO
00

64. 286
f95, 238
71.42
188. 095
72. 619
178. 571

250.
1, 600.
280.
635.
280.
700.

00
00
00
00
00
00

59.
880.
66.
151.
66.
166,

524
952
666
190
666
666

st buaee

1, 150. 00

273. 809

860. 00

204. 762

Weavings, loosely woven, crude, not otherwise
WCDHIONON p2sndaccpebexnes sanacenveesass -=s0eme
Curtain stuffs, with theexception of the coarser

450. 00

107. 148

400. 00

95, 238

SUUNS .< sk sn nese eeeneeectseecs
dresses dsevesccesn

900. 00

214, 286

520. 00

123. 809

Curtain Stuts, CPUC 545.05 <cccscsccccssesccseues
Others, loosely woven weavings, bleached, colored, printed ........s0se. SWdNOGKER
CHER AMEMMARS
Laces and embroideries............-..--se00- ee--|
ISDS MOUs
week sess enesccs sssancineee
ceases see
Very coarse weavings of scraps of cotton.......
Cotton stuff, insufficiently specified........ Gedaes
Emery and pumice-stone cloth........... jteeen CaReKe

660. 00

157. 148

520. 00

123. 809

490. 00
4,000.00
230. 00
75. 00
444, 00
115. 00

Lead and lead articles.
Lead, crude, lead broken, scraps of lead......-....-TAUNBTOG -cnseskasetencass
weeestesev ios +t saeeee Ries
Lead, rolled, etc., glaziers’ lead for windows.........
Ppinting-bype lOvters ...4 Fs cesceencccccadesecceseswes
Leaden Pipe, WMVATAMIShO 2.6.6 cscs cessccsscgcensee
Lead articles, coarse, not separately mentioned......
Lead articles, fine.......... pavdnsrsthenesis Orr ee
Playthings .....cccccoeccrccerpeeveperenccenenes poser

25. 75
28. 00
27.75
500. 00
28.75
35. 00
123. 00
120. 00

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

116.
952.
54.
17,
105.
27.

666
380
762
857
714
881

500.
8, 000.
870.
60.
382.
100.

00
00
00
00
00
00

119,
714,
64.
14,
79.
23.

048
285
286
286
048
809

6.131
6. 666
6. 607
119. 048
6. 845
8. 333
29. 286
28. 571

21,
25,
22.
480.
23,
25,
110.
160.

22
48
25
00
50
00
00
00

5.
6.
5.
114,
5.
5.
26.
$8.

053
067
536
286
595
952
190
095

MONEY

AND

PRICES

IN

FOREIGN

83

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles.
Marks.

1895.

United
|Statescur-|
rency.

United
| States currency.

Marks.

Brush makers’ and sieve makers’ articles.
Brushes and brooms of bast, straw, reed, etc........
OF Priatios, balls, Cb0s<c<cncevsenesacencenseclscoes

SlOve Makers’ ATWO

......00c0sennsecsscedscovecvcniene

Brush makers’ articles, fine .......0..0eseceeenscenee
Sieve makers’ articles, fine ................----------

Brush makers’, etc., articles, insufliciently specified.

90. 00
150. 00

$21. 428
35. 714

130. 00
450. 00

$30. 952
107. 143

800. 00
240. 00

190. 476
57. 143

2, 000. 00
230. 00

476. 190
54. 762

120. 00

168. 00

28. 571

40. 000

115. 00

847. 00

27. 381
82. 619

Groceries, drugs, and dyestuffs.
Ether of all kinds,

celloidin,

collodium..............

Volatile oils, not especially mentioned..............Drawing pencils, colored crayons, pencil colors.....ODIGPOLONM 5sonsacsvesneensaracvensedauengicasiicngeme
Essences, etc., alcoholic

or ethereal...........-...----

450. 00

107. 143

523. 809
71. 428
57. 148

1, 897. 00
120. 00
300. 00

451. 666
28. 571
71.428

400. 00

95, 238

850. 00

83. 333

20. 00
240. 00

4. 762
57. 143

105. 00

25, 000

277.
52.
120.
150,
800.
62.

65. 952
12, 381
28. 571
35. 714
71.428
14. 762

2, 200. 00
300, 00
240. 00

Empyreumatic oil ............- reag
wee tnss cantata. ieee legs | Gaetan oes
Varnish, not including oil..............2..0222.eeeee250. 00
59. 524

Painters’ colors and lees, China

SRR

ink, ete............--

AINE cays aucune mn diannaeed encate seh eeene tees

105. 00

70. 00

25. 000

16. 666

Juniper oil, oil of rosemary..............ceececcceees
325, 00
77.
Phosphoric match, linstoks..........2....0..ceeee00.
65. 00
15.
PRUSSIALO OF SOUR. .cs..00c0ccenssecccuduccoussscavencleccecceccs ee
PRUSGIAte OF POtASH x50 6 0sks 000s snes seevacceceusges
140. 00
33.
UVyanide GF POUNGSIWIMs ..<5-s0<0dse0ses scccuesas sees
280. 00
66.
OSAIIG AOI, ORATALC. cscs cewsewacecsen Jeennberscsuesd
72.00
14.
Tye

Els

scat secanticscesweasiue
sGueed teed wussdausicn

CAUTISHO POTASH. csvicccvcnwassnsetecesscscucsuseceseces
PEF AOON. Nita avanewsuovonsneis
eleee boas 2arwe se
Alum, urgillaceous earth, not natural................

Sulphate of baryta........0cscsscsesccceveesacseccees
SPMD

WA

a 0sk ceed anwis vueebud scenes eabaesdewmeced

CDIGFEG OF DMG ssccceccsuenddvesccessvessssaceat
cae.

Extracts of dyewood, ete ..........20ecesceccecescece

RECIEDINO chietteah Shiels x5 aca 8 <irtaiwe na yatenublsgeecane
ual

Bladder of the sturgeon
415 (ee
(HUea

MNBIOTO Wer
PO

ee

13. 00

10. 476

14, 286
5. 000
38. 095

8. 095

2. 857

84. 00

20. 000

69. 048

57. 148

80. 00

180. 00

rcs nerrkes tassuabsden ba epeascdvanedastaccans

30. 00

crystallized ...........-ceceececccccccuee

12. 00

17. 857

HO WORE eines aeaiadenavslh
vad nisckwesc es ccksca

iia dete tasvisncndinsniesvevaensdnderneiwsee

11. 904
4. 648
2.619

75, 00

290. 00

3.214

16. 666

Soda, ernde,

10. 476

50. 00
19. 50
11. 00

26. 190

13.50

70. 00

Double carbonate of soda..............cse.cesescesa
MOWAy CONOIANOM 55.05.3 a0 sree bux ve dosddnsesbueeveseares

44. 00

16, 666

110. 00

240. 00

Touch wares, insufficiently specified.................

00
00
00
00
00
00

26. 190

WAS ca Ube yeebkevedsataccuneaealedanuewnsdeada

I

70. 00

23. 809

110. 00

cokasiesdaqedsusioudn dunseec¥bonewectas-

Ink, ink powder ....00...secescecccecccecescceeerece.
DRO STONES cscs icnetasnscasdudsenevdabensecaesons

BG

60. 00
21.00
13.00

833
666
143

........c..seeseeeseceeeccncsleceecccsccesleeeeseccesee
Vase sa sane aSeusecncenvesee
15. 00
8.571

B00t and 800t bOXES......sccecssccssesecesscsesscoens

CMDS

44, 00

381
476

100, 00

75. 00
20. 00
80. 00

14. 00
11.00

32. 00
5. 50

19. 048

42. 857

14. 00

190. 00

3.333

45, 238

1, 408. 00
15. 00

335. 238
3.571

77. 20

18. 881

56. 00

240. 00

160. 00

13. 333

57. 143

38. 095

17. 857
4, 762

100. 00
20. 00

19. 048

80. 00

19. 048

30. 00

7. 143

7.143

25. 00

3. 838
2.619

11. 50
9, 00

1. 809

5. 50

7.619

23, 809
4, 762

5. 952

2.738
2.143

1. 809

Soda, insufficiently specified..........----......cc..

9. 00

Albumen, fresh glair ..... ge We geen, oe WS 52s
RODIN s 006 cons ast sda ciuvesivEwnennxbiinebexedseeesc

280, 00
175. 00

66. 666
41. 666

400. 00
130. 00

60. 00
65. 00

14, 286
15. 476

Aniline, and other tar-colored stufls............-....
PAGNTACONG ois dines as vesens veueaeacaceeccsectecce..

23.00

5. 476

45. 00
62. 00

680. 00
50. 00

161. 904
11. 904

400. 00
90. 00

95, 238
21. 428

Arsenical combinations..................
2c... eee,

38. 00

9. 048

40. 00

9, 524

eae reeds «catch.

1, 500. 00

357. 148

850. 00

202. 381

PORTO WIR 6.065400) 445 0ndnneyacueeranvuravevhs
ss sore

36, 00

8.571

27. 00

MINE

SECS

Shadis wha cit: cednecoeSenkas«kavnans

Alkaloids, and its salts...............-.cc-s0se
00200.

BNOE N58 oaks cates sates Reis
Oe
ae aes
Ammoniae acid, carbonic acid, etc....-.-............
Ammoniac

Sulphuric acid.....

2.2... .cccccececnceuces

Arsenious acid .........0...ccc000000
sees ee eee

ON

MUO casanienennsevbanswnes
bonne cdeasvanencta,

Benzoic ae

Pe

e Tews Ee

Prussian blue..........0s0scceccceenccccececceeel
ee,
Sugar of lead and vinegar of lead...................,

8.00

©. 149 |i scot < bce oculeneceavewene

1.904

7, 000,00 | 1, 666.670 | 18,500.00}

20. 00

5.00

150. 00

40, 00

4.762

3.571

35.714

9. 524

Borax, and boracic acid.................-.cecee
eee,
uMetic tartar, CtC....
2... .cc cece ce eecccecccecee.....
POOMIED sos cngtekgceternddsgicevesccecrmncérccc
tt

230. 00

COMPING? ...wincesweessseecesaceccaceveusccesecaccs
OMUUAUIOS secs natnen ate ol'gs5 saacdeskubow<Gaakuceve
DMI iy cas eines vd cncnas sdvaisasiauecaccecceseas

120. 00
1, 400. 00
49. 00

98.571
333. 333
11. 666

14, 00

Bromide of potassium, and other brome preparations

53.00

320. 00
270. 00

12. 619

54. 762

96,100

64, 286

BAeA ORE aS odnau nay huhwaraskee
een c@uurian cisetcs
175. 00
41, 666
Quinia salts, ote ....... ole. cisssccsecceeccccccccescc[eeecesecsssafeccencesneee
Chloride of caleium..........-+--...
0. eee
6. 00
1. 428
thloride OL POA

os one sxnnesedsieecascesscevesxces

Chloride of magnesium ..................... senses

hlorate of potash—of 8008. .,.ccccceececccececenene

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7.00

4.00

120. 00

22, 00

30. 00

16.00

80. 00

45. 00

47. 00

135. 00

1. 666

95. 238
30. 952

8,214. 290

10.714
14. 762
5. 238

7.143

3. 809

19. 048

6, 428

10.714

11. 190

82. 143

laa sascteersl
hoes geome ee
330. 00

300. 00
45u. 00
42. 00

78. 571

71. 428
107. 148
10, 000

60. 00
3, 700. 00
5. 00

14. 286
880, 952
1,190

3. 833

14, 35

3.417

28. 571.

82. 00

19. 524

952

4,00

. 952

MONEY

84

AND

IN

PRICES

COUNTRIES.

FOREIGN

(e) Prices per 100 kilograms (220.46 pounds), unless where o herwise specified—C ontinued.
1886.

Articles.

1895.

United
|States cur-|

Marks.

rency.

United
| States cur-

Marks.

rency.

Groceries, drugs, and dyestuf's—Continued.
...-...-----++-ceseseeee+

22.00

$5. 238

ener en cec eee cen nee ceereecsenee
eo
ae
OP
re

320. 00
20. 00

76.190
4, 762

Protosulphate of chromium

Cochineal .........eeeeDIVIGIVI s<eace ey

Gallnuts ...--+- abe

eencces secnceceseecccensresecsoeees

18. 00
15. 00

4, 048
17, 00
4, 286
B. OTL |. neeee eee ee [owen een eees

40. 00

88. 00

20, 952

45. 00

10. 714

30. 00

7.143

90. 00

21, 428

80. 00

50. 00

11. 904

ceenen|seeecs ses ccinneessocses.
Gold preparations .....-.s-c0cse--ceeeesseeerce
107. 143
450. 00
a
er oe or
Gum arabic.......--- err
23. 809
100. 00
sees secre eee eetee
Pyroligneous spirit.....--+-2-+eeeee
285. 714
1, 200,00
Indigo ..-. 222-22. -- + -enne ee ceee ee eee eee ence nnes vsse|
wah vep sae ee
Indigo blue, sulphate of potash .....---------++++ ehailesbersagameel
--------

TOUHO . case ne cba an fa 5a Sty Sos eRe ws dopanwns dos aes as
Todide of potassium and other iodide preparations...|

240. 00

2, 100. 00
2, 100. 00

50. 00

45,000.00 |
108. 00
80. 00
1, 200. 00
250. 00
160. 00

57. 143

500. 000
500. 000

16. 666
70. 00
Madder (madder plant) ....---------+-+22eeeeeeeeeeee
35, 714
150. 00
22+ - esse cece nec tee eee nenens
Copper COlOrs ...--+-----ene senece|teciens connnnleswees suacas
EAC dYC8.----2-202--022-esneececceeccccsncc
40. 476
170. 00
Juice of Spanish licorice...--..-----------+-+----++++11, 904
50. 00
Carbonate of magnesia, not natural....-..----------19. 048
80. 00
eee seen eee e etree ec teeeees
Manganides........--seeee2
cach se tyre tens ne nh sseene
WHI icc Gem aweccsewssaeesect
scenes sees see cs ct eeseensseee
Mineral water .....ccccce

27. 00
28. 00

ee eee e rece:
Sulphate of soda, ete. ....--.----------++--

5. 00

nde ae eeee wer ad en ass Stes sees
Myrobalans....-- Qiect
ee ce cence ene cere reste eeceenes
Naphtaline ....--...-ee

18. 00
17.00

reese
Hyposulphite soda, et6....-.-----+--++-e-++eeeer

8.50

Saltpeter. ....-- 00-22 eee cece eee e nee cence eres eee ceeees
ere CT
re
Niter salt. ....cs0.s OP
Hive xe ecteeneserssseea4
Nitric acid......--.0.. Petals
ti cite acthannsissag
Hydrochloric acid ..... Meee
GUNPOWGED .. 2. -- 2s een en ene eee n nen e eee e eee reece ee

neers secreeseees eer
Sulphur. ....-------2-----erecce
Sulphide of potassa, sulphide of soda

........-.-..---

1, 900.
75.
19.
480.
220.
6.
18.
850
70.
1, 300.

18.
40.
30.
5.
180.

00
00
00
00
00
50
00
00
00
00

00
00
00
00
00

12.00

3.00

6,428]
6. 666

4, 286
4. 048
1. 190

3, 214
452.
17.
4,
114,
52.
1.
3.
83.
16,
809,

381
857
524
286
381
547
095
333
666
524

4. 986
9, 524
7.143
1,190
42. 857

2.857

5. 476

7.619
1.547

19. 048
11. 904

10,714.
25.
19,
285.
59,

285
714
048
714
524

88, 095

630. 952
571. 428

00
00
00
00
00
00

18. 095
30. 952
59.524
28. 571
11. 904
22. 619

25. 00
28. 00

5. 952
6. 666

55.
130.
250.
120.
50.
95.
.

9.524

2, 650. 00
2, 400. 00

34. 56
11. 00
16. 00
39. 00
10, 00
8.00
10. 00
23. 75
20. 00

10, 714
45. 00
sheen
Carragheen and Reeland MOSS s<s.cs0casesecssdes
2. 143
9 00
Sulphate of potassa ....-------+--:++++- ja eoaewenses
8.571
36. 00
Carbonate of lime, not natural ..-... scigaaersenavessse
29. 762
125. 00
Carbolic acid. ......... 20-2 ---- eee ence nt cence eeseenes |
en ceccencccennlenesersccces|scemeeensccs
Bone ashes. ...-ancecncceccencsceccccccc
4, 286
18.00
cen e ne eee eee e eee e ence ns eeenne
Bone black.....0.-----2. 619
11.00
Bone Aust. ----- nee ence eee ween cence cece ce eee enenerceee
26. 238
85. 00
eens cee ee nese
Gallnuts, valonias .......----+-+-0-+2eee
71. 428
800. 00
ee eee ee cence te cence sence
Carbonic acid ....-------e-e

OPIUM «2 coc econ een ese s eee een easenteescceceee
Orchilla, extract of orchilla, cudbear, lacmus-...-...-Fruits of the cabbage tree, cocoanuts ...-----------22s eeecec eee cecs cess ees
Phosphorus. .....-------+-20-eee e ee eee eee
Nitrosaliculic acid......--..--------2---ee
Omubracho wood, in parts ....-.----.-2+-----++eeee
essence nc ce eee e een ee eeeeneces
Omer Citron.....-.--.se eeee ee eeee eee
Rhubarb root, dried. .....-----+-+--eee eee eee ene e eer e cece cee ee
Safflower... ...------+Salicylous acid and salicylic natron...--.--++--------

262
2. 381
2. 857
15. 000
4, 000
4. 048
2.148

17. 857

chek eeeee eeams
O@fudes:secS.sctvens da WevedetacAda

and insect-powder flower...-

66. 666
4, 524

20. 288

75. 00

Insect powder

280. 00
19. 00

19. 524
16. 190
39. 286

85. 00

scene eceeeeeceecen eee ectetsces
TPannic aCid.....--s2.eeens terse:

eee eee ee nee ee een
Tannin extracts .....cc0-Glycerine:
aos abe eacasensaess
Cleaned. ...--.-+- peedCRG RRtGer

$4. 048

1.10
10. 00
12. 00
63. 00
20. 00
17. 00
9. 00

. 262
1.10
20-22 eee nee e ene cee n eee ene ees ce tenes
Tee, CLUdC...8. 095
13. 00
Tron alum, iron liquors...-----------+0+2-e0ee-seeee23. 095
18. 00
+e errr t eee
Peroxide of iron, red ..-.--------++--+-+-22Productions, crude, for the fabrication of brushes ...|.-----------|--++++.+---6. 190
26. 00
cern en ceee sr ece nec sertccsnes
Bs part0.....-.------22-s8. 452
14. 50
cess terre tenses
Campeachy W000 ..----.-+-000+een-ee
2.619
11.00
ence ence ence cence en ncenncceee
Vellow W00d....-.---2ce
esse errs ecceees
Brazil wood...-..-------------2--scce
Dyewoods, insufficiently specified .....--------------

17. 00

82. 00
68. 00
165. 00

15, 288
64. 00
eee eeeeees
Chromate of potash .....--..0+0-sees-eeeee
o22|nonseepancee
cbocesesecnesncdleecaneans
p
e
i
c
v
s
n
Chromate of soda. .-.----++
47.619
200. 00
cece ee eee eCitric acid, lomon juice ...---.-----.e----

14. 00
10, 00
8. 00

8,299
2. 619
8. 809
9, 286
2. 381
1. 904
2. 381
5. 655
4, 762

8. 388
2, 381
.714

11. 00

2. 619

00
00
00
00
00
00
00
00
00
00

404. 762
19. 048
2. 381
100. 000
45, 238
1.190
2. 857
88, 383
16. 666
95. 238

1, 700.
80,
10.
420.
190.
5.
12.
850.
70.
400.

15.
39.
24.
5.
140.

50
00
00
00
00

8.00

15. 00

26. 00
6.00

3. 690
9. 286
5, 714
1.190
33. 333

1,904

8.571

6. 190
1. 428

re eeees
Sulphuret of carbon....-----------+0--++--eee
ere eee s eect eee renee
Sulphuric acid.......---+--------

32. 00
6.50

ence een eee reece
Spirits of coal tar.....--.------eceeee

40. 00

9. 524

45, 00

10. 714

ee re ce

22.00

5. 238

18. 08

4. 305

nsw dee cccsies

52. 00

12. 381

40. 24

9, 581

Sea grass, grass wrack, vegetable fiber, etc..... Pree
SumMae ......-ceece ee

eee

ey

eo

eee

eens eer cereer rece:
Biphosphate ....------+eesseeeneeec
Turpentine

oil, camphor Oil, TOSINOUS OM)

Vitriol of copperas (blue vitriol) ..-.....-------+-++--Sulphate of iron (green Vitriol).....-----.---+++--+-Sulphate of zinc (White Vitri0l)..cccccresseepsecsonos

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8.50

8. 50

30. 00
6. 00
16. 00

2. 024

2. 024

7.143
1. 428
3. 809

11. 08

6. 00

30. 00
3.00
11. 00

2. 688

1. 428

7.148
714
2. 619

MONEY

AND

PRICES

IN

FOREIGN

85

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.

Articles.

Marks.

1895.

United
| States cur-|

United
Marks. | States cur-

rency.

rency.

*

Groceries, druys, and dyestuf's—Continued.
Fuller's thistles..........
Tartar ......- 000 sees
PPP AMO AGIA s wpa i aaeekcued@aw
yeas eadeesia sack etasense

120. 00
160. 00
830. 00

$28. 571
88. 095
78. 571

Wormwood, dried
20. 00
4, 762
Zine-white and zine-gray, sulphate of zinc-white....|............]....--..--.Red sulphuret of mercury......-.--...----+e-+see-0390. 00
92. 857
Tin preparations, the salts of stannic acid....--.....
110.00
26. 190
Dyes and tanning materials, colors, not especially
TROBTIODOE ayo). nena ceaeweder as sivwapeceeeseccescee
50. 00
11. 904
Crude products in industrial and medicinal use, not
SSPECIAYIMEN WONG 6. Mvveecussaaesdinaieneccence
90. 00
21. 428

Chemical

manufactures, etc........-..-..

-.eeeeeeeeee

INURE esha Sa iha5 weg Pu ive cpcdn leita Mee Luae reer
Colors and dyestuffs insufficiently specified .........
srocery wares and drugs insutliciently specified.....
Iron and iron wares.
Scrap iron ......... HTK IS ReNUGES ANeaeet seewevexs
ORUEG ION sees
dinensvevevess er
etre ee eee ee
BEA

NG

ean

d iawed nast 45th enn. emeustasRuanek
sear

tailway screw, railway sleeper, etc...-.....
PBs

529 5

CoN acl rawak kadnce wipe aunt

....----

EMER TSE Gano

Tires and plowshares........-.cese+-s-ne teneeNnee
Vrought-iron

bars, et@......0..0.-- §deets 5ReKss Cue ewe

Pig IRON Ame: In Gots ..csensseraecececess eee

ee

lates, wrought iron:
Unfinished. .ceseecsscsesesvcesces odubessesiuccescn
MUN
CU Kn ca Leneky 44 nnseaassesvaeawes cexuenlnen

150, 00

35. 714

2. 50
38. 00
56. 00

- 595
9. 048
13. 333

8. 60
4.00

857
- 952

10. 80

2,571

9.50

148 00
95. 00
200. 00

18. 00
31.00
420. 00
90. 00
80. 00

$35. 238
22, 619
47. 619

4,
7.
109.
21.

236
881
000
428

19. 048

85. 00

20. 238

150. 00

35. 714

2.00
389. 23
49, 22

. 476
9. 340
It. 719

4. 67
4.78

L112
1. 138

9. 74

2. 319

2. 262

9. 00

11. 50

2. 214

2. 738

8.00

9. 50

1. 904

18, 25

2.262

4. 345

14, 21

8. 383

9. 30

9.00

2,148

10. 50
37, 00

2. 500
8. 762

2.143

9. 36

2. 226

10. 48
27.00

2. 495
6, 428

hite iron plate, also varnished............-.+--00.-

33. 00

7. 856

NOt COPPOLrEd 0... .ces0cassnvcnudsawacescceess'es
Coppered and tinned..............-.--.+-0.-----rought-iron bars for the fabrication of drawn wire.
ery crude ironwares:
Cast-iron projectiles ............eeecccceesceseces
Other hardware, crude@..........2seseeeeeeeeceees

40. 00
40. 00
19. 50

9. 524
9, 524
A G4S

10. 50
10. 50

P1500 jo. cen convatl
evaewh ee emar
2. 500
10. 25
2.440

ron wire, also figured, ete.:

TWO
5 6 5ccvassacennssesinsanesceeseencandd
Anchors, large chains.............seesssesssceseeeees

Bridges and bridge parts ..............ccsceeececeeee
Mr MINES wicks aGisannc oa Sae VeeWenueieaedeasies
deca
Tron forgings .............2.2.2-.-2ssseeeeeseresereee

34. 00
28. 00

8. 095
6. 666

21.00
35. 00
24. 00

5. 000
5. 714

23. 00

5.476

83. 41
7, 954
15. 00
8.571
beascccwans
ssl puenesoeenee

29. 50
26. 00

29. 00
21.00

7. 024
6. 190

5. 238
5, 000

8, 333

83. 00

7. 856

Springs, axles to railway carriages.........22+.2----Gm DATTEMS. «oo... cae. ce ences acsesessenscnassecncee

18. 50
350. 00

4, 405
83. 333

18. 00
400. 00

4, 286
95, 238

Crude ironwares, unground...........-..-...........

63. 00

15. 000

58. 00

13, 809

16. 25

3. 869

75. 00

17. 857

lubes, forged, rolled, 6 ............es-secccecceeeeee

Wrought-iron

17.00

4. 048

projectiles, not machined...........2.-|....0-.-----|eceneeeeeeee

Wire tacks, not machined................0.00-+.-00-

Projectiles,
etc., machined .........+.-.0.2s2+20
sees,

22. 50

15. 00

5. 357
3.571

85. 00

20, 238

145. 00

84. 524

150. 00

35. 714

135. 00

32. 143

Screws and screw bolts, etc ........0-+-cc+scee+.2..,leeeeeeseceseleceeese
cece
34.50
8.214
Screws and screw buxes ...........----.....cecce
see
85. 00
00, BOG A. tadceacon
sl was eeeeeeeee
SPOMWOAPOR, MAOMINOM. 6. <6..cueeavndescedeseesacncccacloacaceameureleceaess.c..
78. 00
18.571
EWORG BIRGER .n5 seu casseeneeds caescncece =p ie
170. 00
40, 476
148, 00
35. 238
Fine ironwares:
CRONINEG coscaa wkwhuxe bi sdgcacdavdduelsteasaaye'es

Projectiles with mantles of lead ........+--scccc.leeceee ceceee|eceeeeeroeee
laythings of cast iron .............seesseccseue.
80. 00
19. 048

Vares of wrought iron.............s0s0-0-2--0-

Playthings of wrought iron.......-.--...........
MOWING NOeM1es .......cncecsccceacscccccacccccee.

OE
Watch

230. 00
80. 00

2, 170. 00

54. 762
19. 048

214, 286

600. 00

9. 048

36. 63

142. 857

48. 00

11. 428

ores, precious

metals,
wares.

asbestos,

and

. oo. cacnccacccscecnacacsccccecececcccees

Cement, hydraulic ...... eC
en,
areas
Marth, marl sand, etc............00........
ee.

Earth, colored, natural......-..............
ee,

EROTOON 6 as 4 enese
es nesee Be) dees SERENA: SOR
Gypsum eine CtReeNa. Santen e ane
ee

ONIN

aso ses cenvesesersarnueses
dee sunnensnceceens

arbonate of lime, also burned and slaked mortar....
osphate of lime, natural........ seb Wesdesenebowns

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

238,

095

488. 095
8. 721

asbestos

BSbestos, ete., and asbestos Wares.........--scee.--SUMMICC SONG

51. 190

226. 190

38. 00

Earths,

47. 619

215. 00

950. 00

Tronwares, insufficiently specified ................-6-

900. 00

200. 00

2, 050. 00

1,000. 00

2.600660. cceccacene hawiwneseeex

84, 524
47.619

516. 666

Ak oenicanintcerbenetoheteversencsktunks

MOLOTIAIS

145, 00
200. 00

15. 00

4, 00
40

11. 00
3.00
3.00

12. 00

2. 30
8.00

3.571

. 952
. 095

2. 619
.714
.714

2. 857

547
1, 904

36. 00

14. 00

3. 50
40

8.571
3, 333

- 833
. 095

10. 00

2. 381

13.16

8.133

3.00
2.00

2. 00
5. 00

714
476 |

476
1,190

MONEY

86

AND

PRICES

IN

COUNTRIES.

FOREIGN

otherwise specified—Continued.
(e) Prices per 100 kilograms (220.46 pounds), unless where
1895.

1886,

Articles.

Marks.

United
|Statescur-|
rency.

United
| States currency.

Marks.

asbestos
Earths, ores, precious metals, asbestos, and
wares—Continued.
abescee vend
Kaolin, feldspar, pipeclay------ bedeebaceus
en
eeeces
nsce
cecscte
sce
eere
-2cc
.--....
e...
Chalk, crud
ersten
Cryolite and bauxite.....-----.+eeesssseree
--++Carbonate of magnesia, natural.....---+++++++++

4.00
2.00

$0, 952
476

3. 50
1. 80

$0. 833
+42

10. 00

2. 881

138. 00

8. 095

6. 00

1,428

5. 00

1. 180

500. 00

119. 018

550. 00

130. 952

2. 381
2. 381
. 952

9. 00
3. 50
6. 00

2.143
. 833
1. 428

80. 00

7,143

22.37

5, 826

60. 00
10. 00
1.07
180. 00

14, 286
2. 381
. 265
42. 857

38
50
35
40

4.138
2. 024
821
20. 809

8y. 00

21, 190

10. 00
10. 00
4. 00

rtertet
Lead and copper OFes .--------+--s2e--seresrr +07+7
Ferruginous oxide of chrome .---------+++++022scenes
+2 sese ses see ce ceesessacenecs
Tron OTC8..---6-+-+Gold,

silver, and

platinum ores...--------+++++-++*-

80. 952
1380. 00
er
re rreete
Cobalt and nickel ores......--ee-e+----eeer ess
1. 904
8. 00
er
Manganese O©@S..---------2seeeescereessceceret
174
73
ceeee
ee
enessns
ee
eeecene
-eee sec
Scories Of OPCS. ....-ssstet: {ase coer eee err rere:
eters -22seer eee
--Thomas SCOVI®. .--.--cece
476
2.00
es
Sve wanesesees
Iron pyrites and alum ore...-.- poten
1.012
4, 25
senses
-se esseese
reese--none scesne
Tine OLe. ..--ee--

asaeeeess
Ore, not otherwise MontiONEd«<..2<c.sssasco

-----Scraps of gold and silver manufacturing. ----+Gold:
ssecsccescceess
escncce--cncncec...
00.-.
Coined...
in bars .---.--- expen

etree
ee checabandeseen

Crude,
s<
Billon of silver .-....- ageeiigecsiacsaeacecceuesauceu
Silver:
ee
Coined......scs2--- ge bia Soe ie fetes he weeese eee
etter r
Crude, in bars ...--.---2--s0+----22esse
----Precions metals not especially mentioned. ..---e+++5+-Pasteboard and asbestos paper ...-------++++ eeee:
Formed and perforated ......-----++-++eeese
eres:
eeerr
Yarns, laces of asbest0s....---+++eeseeee

nessa
wie
Sart newn
Weavings of asbestos......- ge niee Seeeia
eseetes
Asbest0S WALES. .-..---eeeeeencenececessseesse

100. 00
150. 00

250, 300. 00

17.
8.
1.
87.

5. 00
ou
2.38
1.98
4. 50
75. 00
140. 00

1.190
. 826
. 566
wATL
1. 07
17. 857
83. 333

59, 595. 288 | 250, 380. 00

59, 614, 286
66, 238. 095
8, 690. 476

23. 809
35, 714

11, 904,762
3, 095. 288
3, 166, 666
20, 238. 095
19. 048
23, 809

278, 200. 00
36, 500, 00

7, 938. 00
8. 820. 00

69, 149. 00
40. 00

47. 618
95. 238
47, 618

Flax and other vegetable stuffs for spinning, except
cotton.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

POOP
a

POP
89 OT OO RPO
ODO OTR
bo 99 A

POP
:
St
BO
ck
BO 0 OV
eFaiss
we
a

a
PSrPS>rs
ee
.
~]
o

eeereeeSuccory and rapes, dried .......+------ee-22er eeesie
AGQOIDS ... <0 sccesccescssecesees Ke geneeeecasen
®
Herbs for fodder..-.---.----++- Wicgkgyecersaonscesse s
Plants of all manner, living.....--. dguseee ine sveawee
sorss
Grass SCCD......ccceccccocccccenccsovccscssancce

.

-Fresh berries of the wine for taking ...-----++++-+
-Other fresh berries of the Wine.....--+---++-++--++

OUST

sense ses
renet
Spelt cagas; sans wines vos meses wemennsors
eee
Buckwheat........----++-+ ee lacus sdescosaunqaes e:
seccee
Beans, eatable, dry-..----+-20-+eeeeeseeseerer
caas
Peas, vetches, dry ..------ gesteneiseeseace caeeyeensee
Prentils .....ccvcacewaccucceccesnsccatesesesesesse nes
seers saehe camnsaen
Lupines, dry..-----+-se++--eeeeee
n
ree cecees
scncne esse
sesccnc
Millet ...<..2ccccercceeccc
-----+Species of corn not otherwise specified .....-- ees see
Pia l6Y soa asvndeas ote snag sce iee ssn e sees oaeease
--+++Earth nuts and fresh edible cyperuS....-.+---- ccees
Hemp seed. ....-.ee---ecnececceecccesecsebecsse
cnsaexs
POPPY -- 2-202 eee nec ceece eee e eee seeeseecsess Ves
cesee
ne Cas Seueads
Rape seed, turnip seed...-.-.- his es
eae
boxweke
ee
ee
e
eee
22eee
-0--2
-.--.....
crude
d,
Mustar
eee see
esse<
eaese
<ssar
ys
seer
specced
s==
dangewe
suc
GONAING
..
All plants yielding oil, not especially mentioned...
rees
neccsrs
en
ceeecee
cer
-e
+s
22.22
seeds....---Cotton
ree
Flax seed..-.--.-------+-- Pdxkseescavcssusseudeune ise
n
Cocoanuts and COPra......--ceeeeee-s acviexeneuna
sadecee
yastane
Oil Seed....<.< +0056 jedabeed uSbeweccsstu
reersees
neenencseee
eneee-e
Maize and Gari ....------se
nsaees
ss
aueiven
acn
aceweels
ase
dn wdesiiee
WRI cc oc koe cniscn
e82>"
Anise, coriander, fennel, caraway | ...-++++++++re

owrpapwpy
oo
©
==)

eeray
Hemp ..------ fed bo kddea ce caenedse dso at heveeta ss
386
@alcWon saeseccon cs cbcccetwcsheosasesaseaccesietsems
iare
geesas
essp
SG: hats cacawescoesosstewtetnsec
menVegetable stuffs for spinning not especially nsesees
ee
essen
cs
nsec ence
nceeec
ce
nnn cece
tioned .....s

MONEY

AND

é) Prices I per 100 kilograms
J

PRICES

IN

FOREIGN

87

COUNTRIES.

(220.46 } pounds), , unless where otherwise i} specified—Continued.
1886.

Articles,
Marks.

1895.

United
| States cur-|
rency.

United
| States currency.

Marks.

Oorn and other agricultural products—Continued.
PA PANOGHy WOU Liss otas chavs aseucnan ceed beicecarerts aes
WO VO? SOOU. ..-. iin skee ces nec uenhesbeedbvesieasediveeny
Beet TOOts. HreBh ....ccccccececcscccsccceceessccseeces
OPW POC. OU cacaeac ceases caseanadaresacsonaaesiue

4.00
86. 00
11. 00
5. 00

$0.
20.
2.
1.

952
476
619
190

3.09
85, 20
1. 40
5. 22

$0. 735
20. 286
. 333
1. 243

28. 524
33. 928

Oost of agricultural and pastoral products.
BOAR sa kaha Nak aun Wana viawniavesnn nee See Reeder ‘is
Went @ << csexsause gagearaenrsecebs
Sasa ek mew ween es

130. 60
151. 30

31. 095
86. 024

119. 80
142. 50

SOR ANE wet
BIOs

120. 40
121. 80

28. 666
29. 000

39. 405

121. 40
110. 70

212. 50

28. 666
26. 357

ee sues

29. 90

7.119

41. 60

9. 904

POE 2258 wAgdds Wen eave cnbnqen seed bOSNeRIN eeadked

93. 50

22. 262

109. 70

26.119

Le
ES

94. 20
86. 50

22. 428
20. 695

90. 10
104. 00

21. 452
24. 762

92. 70

22. 071

100. 90

24, 024

5. .accsenssccucvescasesceaceiscconscsece axa

45, 20

10. 762

22. 80

5. 428

MIGHRCG BUSAT .6<s2ceavawesans
ce swsasoeadees shepaesad

55. 80

13. 286

48, 30

11.500

15. 00

8.571

PEE

aiite de Bates 3x 5-408s sch wacbn ear or nee
ae
cciesscdcursuwuecensuuaanessds cagacusscesees

cea

POGRHOOSA

ham wre naweun emieunacekeabakael
eer oanwsie

«5 <<sicna cons cnsccceessvecccea ere

165. 50

50. 595

eats:
re

ee ee eee
ea
Sh
Pear anen

I MNIEN I occa dca iinae ied wale Saipan Dalek se Ra adit ad budll Sis

POPU MOR, cca swswse stn savaancneecdsemnenns hilotaales
PRE es sriw Peet wan SiS aignean segeecbaceeawh
sus baekews
FRAW GUGAP.

17. 90
22. 70

4. 262
5. 405

16. 50
21.40

30.
500.
28.
800.
750.

Mirror glass, crude,

unpolished.......... éevannee «ee

42. 00

Table and mirror glass:
WIGUOUOU! oncuicsnctacseccedck

00
00
00
00
00

7.148
119. 048
6. 666
71. 428
178.571

20. 00
21.00

4. 762
5. 000

10, 000

25. 00

5. 952

110. 00

26. 190

74. 00

17. 619

1,500.00

357. 143

65.
250.
1, 500.
170.

15.
59.
857.
40.

5.
5.

22

2i

5.

eevereieses accel

140. 00

38, 883

.waccciscceccacaceensssvecaee

100. 00

23.

Ear-glass, glass buttons, white glass ..2.....<sscs<s
Vaich glasses, polished or pressed; spectacles, ete.,

240. 00

57. 148

Unfoliated,

POLISH

Slasses of White glass ........0....0.2..0-c000-0

1, 500. 00

nection

357.143 |

with other materials

.........-.s+ceeecece

200. 00

47.619

Playt hings of colored glass........2.-2----c+ceeeee.,|ecceeececece|eeeeecceceee
and alabaster glass,

unmustered,

ete...........

lass and giassware, insufliciently specified. ........

476

809

Pressed, polished, ete., glass not especially mentioned.
70. 00
16. 666
Glass plates, glass pearls, etc..........- i a
a
250. 00
59. 524
spectacles, etc., glasses of colored glass, not set....|
1,500. 00
857. 143
Colored, etc., glass, except playthings. ..............|occcecsscccleesccccccccs
Fluxes, for glass, crude, and enamel wares in conMilk

3. 928
5. 095

28. 00

250. 00

00
00
00
00

5. 476

59. 524
476
524
143
476

200. 00

47.619

800. 00

71, 428
17. 428

55. 00

18. 095

92. 00

21, 904

78. 20

83. 333

185. 00

44, 048

600. 00
800. 00

142. 857
190. 476
714, 286

60. 00

14, 286

Horse and human hair, etc., feathers, bristles.

Bed feathers, crude............csceesceceeececececes-

Bristles
and bristles surrogates. .....................
Horsehair, etc ............ i ars ee a
ee eRe E

Horse hair cloth .......-..-.-.
2. eee e eee eeeeeee eee,
PAAR MEL WOM . att be cwetdenaaeagshussvesseccauce
seas

Peruke makers’, ete., goods of human

350. 00

450. 00
250. 00

107. 143
59. 524

800. 00

190. 476

800. 00

4, 000. 00

952. 381

3, 000. 00

hair...........

4,800.00

Dolls’ heads, dressed........2+.0.+-+++200-.
0c eee,

210. 00

Ornamental feathers, Crude. .......cccccecccccceccacs
bd feathers, cleaned ............2cs0see000-

4,500.00 |
500. 00

Quilts, crude ............ he igecesntoves sete].
vrnanental feathers, prepared ........-..--

|

130. 00

1, 142. 857

GOOD

30. 952
1,071. 428
119. 048

4, 800. 00

190, 476

1, 142. 857

setececucecacleececenucune

105. 00

25. 000

2, 000. 00
362. 00

476. 190
86. 190

9,000.00 | 2,142,857]
389. 00

9,000.00}

2, 142. 857

92. 619

217. 00

51. 666

280. 00

66. 666

170. 00

40. 876

Green and salted..............0006 eae oteicts

120. 00

28.571

90. 00

21. 428

oaked in limewater and dried ...... Oat taattaecs

270. 00

64, 286

240. 00

57, 143

airs and feathers, insufliciently specified
\

Hides and skins.
Hares’ and rabbit skins, crude..... KON aseCneh eneeuee’
Calfsking:

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

@ Value per 1,000 kilograms (2,204.6 pounds).

88

MONEY AND PRICES tN FOREIGN COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles.

1895.
United

Marks.

|Statescur-|

United

Marks.

| States cur-

rency.

rency.

Hides and skins—Continued.
Bullocks’ hides:
.cs~ <<<. -1 conccesnevewsess eee
Green and salted...
Soaked in limewater and dried .......-.-.--.-.-2. ccceeswecengectecesesceeueessenee

Seal Skins, CLUIOs

FIGYRO NIMOSCEUGO o40c, agnnaeGececssewecs cuceceyauces
Sheep, lambs’, and goats’ skins:
Crude, hairy ....sc--cececssssecee ehWacssrmeds sabes
tanekes ©
sess seme wees cedaeasaeen
Ghinde, NaIMOtSias

Crude hides, etc., to the dressing of leather, not
especially mentioned... ......+.------.--s-+=+-+.0-+s
Hides and skins for the preparation of fleecy hosiery,
not of furred animals............ pASuameas
cen mewn ed
6 ain

IPEEGUS ICING <ayo40

eae ae sieciswies= sas uxoccceweceeuase's

Hides and skins, insufficiently specified ...........--

$17. 619
40, 476

100. 00
140. 00

$23. 809
38, 383

800. 00

71, 429

320. 00

76. 190

112. 00

26. 666

80. 40

19.143

160. 00
155. 00

38. 095
36. 904

150. 00
140, 60

85. 714
33, 333

190. 00

45, 238

170. 00

40. 476

74. 00
170. 00

790. 00

188. 095

690. 00

1, 700. 00

404, 762

1, 530. 00

189. 00

45. 000

154. 00

164, 286

364, 286

36, 666

Wood and other materials for carving, and articles of.
Bamboo and a sort of cane pipe-stick, crude.......--.
ote
PMNGtGsol
LyOPy 2.0.5. PE

apesc’ eeaisameten
tee ch kecibeeeceaccede
COT CET Eee
ET RCT
TT

50. 00
4,300.00 |
1, 900. 00

11. 904

45. 00

10. 714

1,023. 809
452. 881

1, 000. 00
1, 650. 00

238, 095
392. 857

14, 286
0. 476
0. 809

40. 00
4.00
2. 60

9. 524
0. 476
0, 619

Horns, bones, hoofs, ete ......- ia Kaeiosahvahnnnwceess
PIROWOOU «s c05 ose enteep esau sense ses scinn seadeaewseens
CUTIES WOO Ols' occees dca see's seis sinks pas clans eeeneess

60. 60
2. 00
1.30

Uedhaes sees Botetenc ke ctaeees

5. 00

WOO <ceaccoavbaseesancdeonstacascase <suneeiowes
COP
Pearl oysters ....... RO
eer ee eer

70. 00
150. 00

16. 666
85. 714

65. 00
240. 00

15. 476
57. 143

= <a.c.ic cca cesses caus sisenssaa cence

50. 00

11. 909

45. 00

10, 714

2. 50

0, 595

WiRGQIOLGO «ca ns ena exy eeaeou exsencwenneneuwandeaere
Worked in the length ...-.- <r <csesssecccsess
osvnee

10. 00
7.50

2.381
1. 785

10. 50
8.50

2.500
2. 024

Staves, etc., uncolored, not oaken ..........---.-2--eee
Bosetree timber, etc., sawed, etC ..........-----eee

4, 00
24. 00

0. 952
5 714

4.50
26. 00

1.071
6. 190

700. 00
260. 00

166. 664
61. 904

650. 00
260. 00

154. 760
61. 904

750. 00
700. 00

178. 571
166. 666

400. 00
450. 00

95. 238
107. 143

1, 000. 00

238. 095

900. 00

214. 286

ONOTCON]

i.4d ces eedeeg ie

@Hail Gane, GUC.

Timber wood, including crude, and only worked in
the cross direction with ax and saw.........------Staves of oak, ete.:

Horn, planed, etc..........0..06 Reuainueeeweubenaak
sae
BlOrn DUbONS, PLESSOE <6. an ec cesses sence ceseses vesess

1.190

6. 00

8. 50.

1. 428

0. 833

Caoutchouc and gutta-percha wares.
Caoutchouc and gutta percha..... ~ideatenkeseeuseeos
Hard caoutchouc, ete -....<.cscessese $8 Seite gems «
......seessessseeees

Caoutchouce, etc., threads, drawn

Crude wares of soft caoutchouce, etC.........-.0--+-Flare GaGutCnoWe WARES «2.00. .c.c..cemncsasions
sanasees
Playthings of soft caoutchouc, unvarnished, uncolHOE

wx.aus brew

moave cada cted eeaue OOidaceneene VEeR ERS

Fine wares of soft caoutchoue, etc.....--..--.---.--Weavings of all kinds furnished with caoutchouc.. .
Hosiery, etc., in connection with caoutchouce threads.
Caoutchouc blankets for manufactories...........---

550. 00
900. 00
200. 00

850.
900.
1, 300,
1, 200.

00
00
00
00

130. 952
214, 286

440. 00
675. 00

47, 619

390. 00

202.
214.
809,
285.

881
286
524
714

725.
725.
1, 100.
450.

00
00
00
00

104. 762
160. 714
92. 857

172.
172.
261.
107.

619
619
904
143

Miscellaneous.
Cedar timber, sawed, etc........---.- (iiceeaeeynenens
Coopers’ wares, Coarse, Crude .....-..--+-e-eeeeeee--=
Wood hoops, crude ......---.--+++ qesenexbensseweeens

20. 00
30. 00
10, 00

4, 762
7,143
2. 381

20. 00
82. 00
10. 00

4.762
7.619
2. 381

...........+esese0 wae

30. 00

7. 143

30. 00

7.143

18. 00

4, 286

30. 00

Pegs, CTUGO . +. -.000c0cseneeeccncecnescnsccarsceonens

28. 00

7.143

75. 00

17. 857

Mineral oil barrels, empty, colored..... e r
fe
Whalebones, ete., rough, un@VeNn .....-..00+2.--e0---Veneers, colored .......---.-.000-cecsnecceesccscseees

ere
or
1, 200. 00
140. 00

ere ee ee
285. 714
83. 333

11. 00
1, 800. 00
130. 00

2. 619
$09. 524
30. 952

65. 00
85. 00

15. 476
20. 238

65. 00
75. 00

15. 476
17. 857

Whalebones, etc., planed, polished .............+-----

8, 500. 00

883. 885

2, 221. 00

528. 809

Corkstoppers, cork soles, ete ....---------+++-seee---

320. 00

76. 190

340. 00

Basket wares, crude, uncolored

Common oziers and riffle statis, peeled ...........-+--

6. 666

nese ce cle cece seen en sleeen ee enone
Chair-cane, tinged, colored. .....-..-0.eeeenese

Basket wares, crude, colored ........ eeebeaweansaneeus
QOvk, CLIO sascccckas co cecnes eddies odaeenncse ceases ais

Water pipes of hemp covered with rubber...... suse

650. 00

34, 00

8. 095

80. 952

154. 762

450. 00

107. 143

3,571. 428

7, 500. 00

1, 785. 714

1, 666. 666

5, 000. 00

1, 190. 476

Ready-made articles of dress.
Embroidered and lace dresses. ...cecccsecsccecceseees|

Clothing:

Silk, OG

15,000.00 |

scssassoeeveessees otecesccecvere 2icewseen

7, 000. 00

Silk mixed with coiton......-.0Cotton, linen, Woo) .......-.-se.«0«
Underwear, wool, cotton, and linen........-.0--++----|

3, 000. 00
1, 500. 00
1,000.00

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

714. 286
357. 148
288, 095

8, 000. 00
1, 500. 00
800. 00

714. 286
857. 148
190. 476

MONEY

AND

PRICES

IN

FOREIGN

89

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles.
Marks.

1895,

United
| States cur-|
rency.

. United
| States cur‘rency.

Marks.

Ready-made articles of dress—Continued.
Hats:
Giliton Hats s.sansasccensnseesoscacwecenes se kaeess

6,000. 00 | $1, 428. 571

6,500.00 | $1, 547. 619

2, 000. 00

476. 190

2, 400. 00

571. 428

Bonnets of felt or cloth:
PHIM ¢cnsseava0s éeutaswnees deencresShavbies
20. 00
4, 762
NOt GrHINOd
5 a sawenvedens evesenkuqecasassascacun
10. 00
2. 381
Hats of cloth ..c..cecccscccsesccocess Se Css 40nd Ke seaews|soweametededs|ensccdnaeses

30. 00
6. 00
2.00

7.143
1. 428
.476

DAH

DIME

6 ouascassceuebsdeewesnsaennnsaeasasessxe

Copper and copper ware.
Antimony, metallic........ccnsccceses sckeWisassavess
64, 00
15, 238
PGROTIGs iiosyse) cndacanwnese
kisses si cunesawens ees gaaks
75. 00
17, 857
TNRGICOL. GEUGG ss auceveseeaaboedenaasvebeasbeendodsteew
530. 00
126. 190
NELPAPS, COPPE?. «2c scncas sevsedecca
se secewneeesoceeie
85. 00
20. 238
Soraps, copper and brass... .......ssssescessensanncene
76. 00
18, 095
Brass and tombac, crude or scraps. .........-.seceees
45. 00
10. 714
OUIGKOUVOPacasises
anne sacue ee a9 oasckbneGanwuuctaeane
395. 00
94. 048
Base metals and alloys, crude, scrap........--..----140. 00
33. 383
Copper, ete. :
In bars and plates, not plated.........c.cccerewcclsneseesccece|
esos ss seeees
WIPO; HOG PIMC 6 os sibs aes de onc teadiewacnsceees
108. 00
25. 714

63.
75.
275.
90.
81.
62.
415.
213.

00
00
00
50
00
30
00
00

15.
17.
65,
21.
19,
14,
98.
50,

000
857
476
547
286
832
809
714

112. 00
127. 00

26. 666
80, 238

Wire cables, ete. (telograph)..........eccssececes

130. 00

30. 952

115. 00

27. 381

Te PALER, DIBVOE 5.0.0 sadssesiennesengensewesaaes
Wiro, plated ..1..ccceoserciee re
Ter Tet Cree

890. 00
490. 00

92. 857
116, 666

285, 00
495. 00

67. 857
117, 857

ssninsssaewe caseeCeescctas

190. 00

45. 238

187. 00

44, 524

Cartridges, percussion Caps.......0.-sseccececses
Fine wares Of COpper, Ct© ....2-.ccecsesececesccee

800. 00
340, 00

71. 428
80. 952

180. 00
830. 00

42. 857
78. 571

ete....................

520. 00

123. 809

4]0. 00

97. 619

foundry articles, not essevens sds - sas cesaceasewacens

282. 00

67. 148

275. 00

65. 476

Copper wares:

IBrasler’S WATOS;

Wares

COATBO«

of aluminium,

Brasiers wares and
POCMILY SPOCIMOd..66s6

nickel,

brass

Jewelers’ ware and fancy goods.
Wares

motals....60.<ccssecccssccsecsass

80,000.00

11,002.00

2, 619, 528

Wards of amber and 1VOry ...0 060.0502 sedgececcccwee
Wares of base metals, gilt, silvered, ete., fine jewel-

of precious

2, 000. 00

476. 190

3, 000. 00

714. 286

WAGH. OUG 6<ocesccuasemneebab
swan ere

7,142,856 |

1, 200. 00

285, 714

1, 200. 00

285. 714

Pans of all kinds. ....46iseenes wr
ébeeane
Dable and house Clocks......0cescscececseces
sesced co
Wax wares, fine, embossed ...........sseeeeeeseeee-

1, 600, 00
400. 00
900. 00

380. 952
95. 288
214. 286

2, 494. 00
500. 00
600. 00

593. 810
119. 048
142 857

Leaf gold and leaf silver, imitation................--

3, 400, 00

714, 285

1, 250. 00

297. 619

Spectacles and opera glasseS......-s.scescceeeeeeees-|
Ui brolias aNd PAPAGOIS ....06cererecusBesecassscecer
WOR POBTIA, C00 <isen sven cedeasssyentunseciedceseets
SOOO Sakae cab se-cinnees sae ee beds Sest ncbens (etsiyazc
Wares of spun goods in combination with other ma-

8,200,00
900. 00
2, 600. 00
300. v0

761.
214,
619.
71.

3, 600.
900.
2, 600.
300.

00
00
00
00

857. 143
214, 286
619. 048
71.428

1, 300. 00

809, 524

1, 150. 00

273, 809

45. 00

10. 714

50. 00

11. 904

29. 00
6. 60

6. 904
1, 42

75. 00
3. 00

17. 857
714

900. 00
200. 00
310. 00

214, 286
47. 619
78. 809

1, 050. 00
280. 00
270. 00

250. 000
66. 666
64. 286

i

re

|

no
Ere
eee cr eT ee sievasah anes

904
286
048
428

Watches:
In golden

cases ........ Siw hsuta se er ret each

EA: BILVO? CORED «5.0 5.000040 ser cneenenee
exes do.<.
In cases
of other metals ..........--+-+.---d0...
Cases of watches:
Co eer
0s0eeaesenaas< each..
URGE RIOTS <)6'o cose ewsccwnscindswaneees dO.
Leather and

Raw leather goods. .......0--+e0e.eeeeeeeeeeeceeeeees
Fine leather goods .......--+--+++-+-se+---eeeeeeeee:
0

also of wood

a

8.57)
2.148

12. 00
8. 00

2, 857
1. 904

leather goods.

Kid leather, morocco leather ........ (Metiaa ciwniewee
GIG LORbHOP. ..4dscccscennanes 0,
Se SE
baa
Untanned, ete., sheeps’ and goats’ skins ...... stbwew
Playthings,

5. 00
9. 00

drawn

ee

over

Pere

ee

with

skins of

etre

ares of fine wax cloth..... enness adaituase
tec keiSeun

Gloves........cccsccnsceece daaeixaxeks si Sercbsasaeu

690, 00
1, 800. 00
Pe

eee

900. 00

164, 286
428.572 |
emer

214. 286

7,000.00 | 1,666,666 |

600. 00
1,900.00

200. 00

800. 00

5,500.00 |

142, 857
452. 381

47. 619

190, 476

1,309,524

Linen, hemp, jute, ete., goods.
Jute and manila hemp, including uncolored:

From No.1 to No.8 English .. 00s isssnasvavssesse

From No.9 to No. 20 English ..............se000+

,_

From No. 21 to No.35 English ..............-...Of not ascertained number .........6-..+-+se200-

Cocoanut

fiber, woven

in cords,

uncolored,

etc., for

Manufactories Of COVETINGS...c.-.ee+eeeee+ eee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

31. 00

68. 00

7. 381

16. 190

90. 00

21.428

40. 00

9. 524

90. 00

21. 428

38. 00

9. 048

76. 00

18. 095

100. 00

23, 809

|..--------2-/eneees- ares
37. 00

8. 809

90

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles.

1895.

United
|Statescur-|
rency.

Marks.

United
| States cur.
rency.

Marks.

Linen, hemp, jute, ete., goods—Continued.
Jute, etc., yarn, colored:
From

No.1

to No. 20

Binnglish ......cessascenceess

Prom No, 2! to No, do Buglish. s..<cvesanseceenes
Of not ascertained number

...................-.-

Linen yarn, including linen yarn, 1-threaded:
Uncolored, ete.—
No} to Nord FMegnsh: s.xcasscascsaaesasies’se

100. 00

$25. 809

126. 00

$30. 000

125. 06

29, 762

163. 00

88. 809

125. 00

EO (02 lis 000s eke aseledaaemeek
ens

87.00

20. 714

61. 00

14, 524

No; 9 to No) 20 BMQlsh) «ccc ceecesecesscnce
No, 21 to NO: 36 English ....5..k0.cc0eesseae
Above No. 35 English .......,.......

115. 00
155. 00
340. 00

27. 381
36. 904
80. 952

94. 00
130. 00
830. 00

22. 381
30. 952
78. 571

Of not ascertained number
Colored, etc.—
Nov! to NO: 20 Bish! ..ccceccccececcsccsus

360. 00

85. 714

380. 00

78. 571

150. 00

35. 714

145. 00

34, 524

..ocescaecceesdcnesed

200.

00

47. 619

190. 00

45, 238

AOyvevNo. ds: WSS
= oc osecbeSsscncecncnee
Of not ascertained number .............-....
PHOTON MMO acs saccesunseeeewessewes
cack ae be noes eee
Thread, VATIOUS SIZOS <6... 0ccccste cas veewacesceecuscas
Cordage:
Cords, cables, ete.....2 hesecasouacleaesceeeeacs
Other Gordace 5.4 ic cvscengesmay asuecesaceesaced
Carpets of manila hemp, ete., fibers:
Uncolored, unprinted ........0..s<sseoccssesssees
Colored, Printed)...
2: s0s-ascaeosssemeesnsoes
eae
Weavings of jute or manila hemp:
Uncolored, etc., 4 qem containing—
AQ UNLCRAG: seeiess Menge cqaals s sleesctoaccaccaa

360.
400.
300.
550.

00
00
00
00

No. 21 to NO. 35 BMGUISh:

85.
95,
71,
180.

714
238
428
952

40: CHTCRIS

00
00
00
00

85. 714
85.714
75. 000
129. 762

84. 00
153. 00

20. 000
36, 428

65. 00
170. 00

15. 476
40. 476

85. 00
115. 00

20. 238
27. 381

93. 00
123. 00

22. 148
29, 286

42.00

10. 00

41 for80 CHTCRGSE «say. canvecé wt ecuseeoseoscacst
120. 00
28.571
SEG P20 GHVCAES 2 iivexdnassenven
ads acest wnacdlsswlaewwe del Teese senseee

Colored, ete.—
LOO GRRGHOS = so00' Kiet Cekodiewwkew
cu nstceswas
More than 120 threads....................00.
Of unascertained thread number.............
Linen cloth, etc. :
Uncolored, etc., 4 qem containing

360,
360.
315.
545.

275. 00
825. 00
350. 00

65. 476
77, 881
33, 383

54. 00

12. 857

135. 00
150. 00

82. 143
35. 714

300. 00
365. 00
395. 00

71. 428
86. 904
94, 048

2. .c skakeareebahacsnaee senersdoenwe

145. 00

34, 524

120. 00

28. 571

41 Co 80 CHORUS «5045 caew cove ecssesewscascaes

275. 00

65. 476

235. 00

55. 952

Si to 120: GhTCAGS

5. .ccssvaesecedccnecsenycee

860. 00

85. 714

360. 00

85. 714

More than 120 threads......-...........0.+-Of unascertained thread number.............

590. 00
630. 00

140, 476
150. 000

680. 00
680. 00

161. 904
161, 904

Colored—

No 120

GHROAGS 4.5 seve

s dooce gene scisds tneenad

460. 00

109, 524

425. 00

101. 190

More than 120 threads..-..........c0.s.se00-

900. 00

214. 286

1, 180. 00

280. 952

Of unascertained thread nnmber.........----

950. 00

226.

190

1, 180. 00

280. 952

PAUVOM (UNA. «605 dest taccmusee cash eceneenseaeee
ost
Manufactured table, bed, etc., linen
Bands; borders, Ot «a0 ccc cece covsaanesen
Voawoe ss

900. 00
500. 00
950. 00

214. 286
119. 048
226, 190

1, 100. 00
490, 00
1, 000. 00

261. 905
116, 666
238. 095

800. 00

POO. ATG Ne wc caartes oa

TROGIOUY:

«24 Taaeeeveeueendesaseeeates

EMMIUPONICRICS .acavceauseecc
cau ceneveeavacaunvecceen sa
Whiead LAGOS. saescs cm ducGasaw estes css ates saseassaernc

8,000.00 | 1,904. 760
30,000.00 | 7, 142. 856

lawes aera

es

4, 000. 00
5, 000. 00

952. 380
1, 190. 476

Liquors, groceries, colonial products, ete.
Brandy, including—
CORGIGIS! caveanseesguesas
doce eke once ceseasesees

Spirits, crude and refined, in casks..............
Brandy, not otherwise specified..........-.e0....

110. 00

30. 50
170. 00

26. 190

7. 262
40, 476

199. 00

69. 00
165. 00

47, 381

50. 00
100. 00

11. 904
23. 809

50. 00
100. 00

11. 904
23. 809

16. 428
39. 286

Vinegar:

I CASIKG one secenesoane
se stsee ceMEGCERixceES
wat
In bottles or stone pitchers.............sccees00in casks ..........cccceeccncccccenee

55. 00

13. 095

56.50

18. 452

Cijey)IW: Cisiks....524
cease gackeesseuccxceeccteaceKer
Wiue, etc., in bottles:

Wine

and must,

48. 00

11, 428

30. 00

7.148

SparkliN gs WIE « <<iecesewesees oescccceeveecdeouss
CINGR, 060s cccneneee suscpwactedhcovacbscbaceukeaas

210. 00
54. 00

50. 000
12. 857

35. 714
29. 048

225. 00
35. 00

208. 00
138. 00

53. 571
8. 833

48. 333
82. 857

1, 300. 00

309. 524

1, 073. 00

255. 476

50. 00

11. 904

87.31

8 883

54, 00

12. 857

56. 00

18. 883

Other wines ......... CISEL
HS dad aceeeuseunces
ene
Dulter, AGO MAU PATTING... ccscenstesdsccececsdsce
esas.
PIMOTACHO

MEAL << cseseccsegueweseseupcy oocaduatarnce

Fresh fish....... SA@e
Codfish ......... S60

Fish:

wes Kaneeancete
ss seatienes necAe esas
65s ewadepesbusuy

seacebeKeecesaesan

150. 00
122. 00

Salted, in casks, etc. (except
herrings), also
IORUOU oon ocwn ees cemne saoe usa sones cae eetaeens

80. 00

19. 048

92. 00

21. 904

Dressed in vinegar, oil, etc., in casks, ete........

160. 00

38. 095

56. 27

13. 398

220. 00

52. 381

Salted, dressed in vinegar, etc., in glasses, boxes,

QU icinc cp s40'0oss nn eesans pesos bienweeesennsesens

PORT,

HOt Wivsscssesssunssceesscuenesesesecscescacleacacechs ces! bunts anaes

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

153. 00

129. 00

86. 428

30.714

MONEY

AND

PRICES

IN

91

COUNTRIES.

FOREIGN

otherwise specified—Continued.
(e) Prices per 100 kilograms (220.46 pounds), wnless where
1895.

1886.
Articles.

United
|Statescur-|
rency.

Marks.

United
| States currency.

Marks.

ed.
Liquors, groceries, colonial products, etc.—Continu
one jacuese
of all kinds, not live..... ecviabeaseas

Game

200. 00

$47. 619

Tropic fruits:
6. 664
27. 99
cere:
Oranges, etc., fresh.....------seseeeeceeeer
saa gs
erce ]ise
eees
gorecct
see+
+-s-re
Figs, pistachio nuts, fresh..-...+--+7, 381
00
ce:
2-0-2 --seeeceeennceseseeeere
Figs, dried......
sesDried currants ........-.-.cceesseseceesseeer
ae
tes
WURISLING occurs 4 excuse sa edee vese ecb oseeemasncee

Palm berries, oranges, granates, dried....-------

31.
38. 00
40. 00

44, 00

9, 048
9, 524

141. 00

$33. 571

24, 35
60. 00

5. 797
14. 286

29. 00
16. 00
25 00

6. 904
8. 809
5. 952

37. 20

10. 476

8. 857

dried.......---.+----s-s0ssssesecoeee-

182. 00

31. 428

106. 00

25. 238

ee
ses
secn
eeeeese
sree sects
Cardamons ..-----.2--eeeee

600. 00

142. 809

410. 00

97.619

Almonds,

Dried tropical fruits, not especially specified. -..

45. 00

45. 00

10. 714

56. 30

39. 286

er sete ree:

165. 00

ens
.22
crest ncecnce
ceceee ce2
....-.--s

400. 00

95, 238

3654.

.00
eoese ets
ges cwdeeus
cae seie 006
-00
eee cas
ON HO). <ccce.
PUM
crsece
Bpellutod ANIGC.<6.ascccsaeescckoe veneecesnmeere

50. 00
160. 00

11. 904
88. 095

58. 00
144. 00

<.<nae x Wau iceeene buns Seas Wace

LOGOS.

nae

ee
n eee
ereseee
sneseee
.eGinger, crude. ........cseers

Mace, nutmegs

ees s
wewens2see
enssssacer
ced scceses
PODPO! scse.-cvanes

39. 00
148. 00

69. 00

9. 286

4, 500. v0

S| PHGr eo tere sais eR tos sees ss
RIGTRIDT cus vceaceecacicccwoda de suewcais Sacies Had SHSENeN
809. 524
3, 400. 00
ees
seen
eek
de
meshes
Cakhat
s
t
saces
cducee
caasee
VARI,
Ceylon cinnamon

et
......--------+---2ssreseseeertee:

150. 00

85. 714

4, 000. 00
127. 00

6. 309

22. 57

12. 619
34. 286

1, 071. 428
952. 380
30. 288

49. 98

11. 900

112. 00
140. 00

26. 666
33, 833

165. 00
200. 00

39. 286
47. 619

160. 00
180. 00

88. 095
£9857

850. 00
144, 00

202. 381
84, 286

1, 036. 00
135. 00

246. 666
82. 148

83. 00

19, 762

74. 00

17. 619

renee
2. cnceaauesannsdisesenciscseagnesvonte seers

39. 00

es>
TRAW occa ccnvcccccsvccsteseccecescncessececcs
cess ghuwe coseneneeSeeesROADUOE i cccevvcessecese
eeese
PRAW ccc vce cecceeewes saseccacwsaneccceecesesc
Roasted ....--. +--+ - eee eeee ee eee en tenes eseenes

Cocoa in nuts:

11, 666

9, 286

504. 762

Coffee:

84. 286

20. 714

2, 120. 00

FLONGY

13. 405

16, 428

87. 00

not especially mentioned. ....---++++-+--Aromatics,

Herring, salted,in casks ..-..---+-+-+++-+++eeeeree07+

00

49. 00

35. 288

10.714

26. 50

5. 874

25, 238
106. 00
ae
eo 0s
Veen tees
| oseaseeew

ene
Seen el
ATO | cade dewsna
20. 00
eees
Cocoa shells, also roasted ...--..--++--eeseeeseerriv
56, 666
238. 00
s soy
ce
ses aeere
nseml uc
-sesgeg
ec tsnes|<au
s cas iemkcee
uack

Pec ccesane
abi Oiliccuc

eseusss
OBVIATO..<c cccccneccsvccccsccsscemeescdsasecsec
seas
coos se cs
<i caccd cvscccaecedeevcunsssadaes
OHGGBG..

eeee
res
terrest
Contectionery ......--+-+2--eeeeeeeecen
ere
Milk, condensed ...-.--+-+++++ ee
UGGS cate. ceased siwants sees ~awsesese ened unaaawe sores’

addexe
Nuts, dried, chestnuts, etc......-- Jebusmeawted
rbeegscesees
Prat, dried...

.. sap... .-pavaneeseaseeens

Juice of fruits and berries, nonalcoholic, without
ees=
SUGAT on sc naccdcacccesccsseccueccwwobsececesse
Chocolate, etc.....-. eeskuveveecusseeteas sessesensesee

Cocoa:

cess
WOM Cd idewn ccnccccce vec ccmon sue saeceseaaiacsi
Cocoa, chocolate, surrogates ..-.-0+--++2+2- seer

reer ee
Potato starch. potato flour. ...----++ese-eeeeeee
Other starch, starch flour, powder ...-.+0++-+--se8+-Sago and sago surrogates, tapioca ..--+++++++++-+++++
etr
Vermicellis, macaroni. .....-..----ese-eeeeeree cess

150. 00

35. 714

62. 00

14. 762

155. 00

75. 00

36. 904

17. 857

8. 533

10. 000

35. 84

31.00

7.381

35.73

8.507

45. 00
256. 00

10. 714
60. 952

55. 00
240. 00

13. 095
57. 143

400. 00
280. 00

95. 288
66. 666

880. 00
230. 00

90. 476
54, 762

100. 00
40.50
21. 25

238. 809
9, 648
5. 060

42. 00

10. 000

36. 00

8.571

24. 00

5. 714

17. 25

4.107

42. 00

8. 809
8. 809
7, 381

37. 00
87. 00
81. 00

6. 904

29. 00

6. 904

29. 00

eenuaea’s <
GUN cine ee qs ouuahines wwe .a8 sp eaeatnensn
swsedeasaent
OV BSUS Sires naka svecenawcaveanrovencsenc
Lobsters, turtles........sssseedeceesseeeeeserereees ae

24, 50
165, 00
165. 00

5, 833
39. 286
39. 286

19. 08
120. 00
380. 00

4, 543
28, 571
90. 476

1eeNe
Ge lOdlitas oh acekteniann deen egnaee ween mee teen
anenenensenes
Hulled......cssceseeeecescsseenscnsc
eaw
ecdnwn as .eneees

18.50
18. 50

4, 405
4.405

17.50
17. 50

4, 167
4. 167

sessees
Pastry, ordinary .....--.seeeeeee-sersecreresseetc..--Grain, etc., rough-ground, ete., peeled grain,

Rice, including—

ees ears
Not DUMMOG ocd kaacad

13, 50

8. 214

10. 00

2. 381

SLOUD .....acesenivvensaovancsaceenenocess

24. 00

5. 714

18. 50

4,405

150. 00

85. 714

174. 00

41. 428

14. 00

8, 333

17. 00

-

0+820"
Salt, including common salt.......-.+0+-e++++eensatan
s
POWAGSOS a cscnianentonsspansnnscKediehevaniune
ceanercacons
Tobacco:

eons
cerres
Leaves icenenne ever bevadccdedscsnseewse

eee
ey ae
JUICE + wa vee Ee
seesens
Stalks .......eeeecseeereeeeneeeceeeseeense
geUrsenehent
Cigars .... 2-2... eeeeeeeeseeeeceeeeees
es
For chowing.......--.2+-+-2+0sece+enserseeeeee
ses
k<oa
ssccnaasens
ss sacenwe
SHG vac oca ieaauibadaes

. 483
1. 904

2.03
8. 00

30. 952

130. 00

547.619 |
47.619
71. 428

2, 300. 00
200. 00
300, 00

1.96
3. 50

100. 00

2, 063, 00
200. 00
300. 00

. 466
, 833

23. 809

4. 048

491, 190
47, 619
71. 428

78, 809

164. 00

39, 048

ids achucacvgas v4yia ctyandaneeertvencxeand
Danse
eeeeeeeseee®
Starch, sugar, ote., crystallized.......00...-0eeeeecee[eeeeeeeeeees[

19. 20

4. 571

100. 00
140. 00

23. 809
33, 333

88. 00

20. 952

Leaves, whole or half stripped.......++-+++-+---

310. 00

21. 904
92. 00
ccnes
ss eeee
eceene[ecececscscne[
For smoking, ete. .........-+-cseseeceeecee
w
ener oas
uleer
ansae
cad<n
|
199,048
00
836.
cs
se
eeuvese
saecnes
ue
AHGRACHIDON sasestsccccenc
44. 048
185. 00
42. 857
180. 00

Oils and fats:

Pe ee
Fat oils in bottles, ete...... ee
. dceuiedca Sess ea
bottles, etc....
Sweet oiloil inin baskets
tT Tre
..-....... er
Olive
Other sweet oils in baskets.....-..-.+- ae epee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

eran a
175. 00

95. 00

75. 00

eee

41. 666
22. 619

17. 857

54. 00

12. 857

92

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles,

1895.

United
|Statescur-|
rency.

Marks.

United
| States currency.

Marks.

Liquors, groceries, colonial products, ete.—Continued.

Oils and fats—Continued.
Cotton Ol 1h DaAskets sss. cectedescandccecduecness
Lansded oil in baskets ...vec0cssnssscccnsceccscese
QUEVe: OUI DABK CGB assess cde cadens
cies apeacewad
Castor oil it DaskOts ..1.<cssscctsesensacsescesess
IPB OU) CbGiccs
cae 2h iowa peties sc sasebwawwes
eieeee
Rapeseed oil in baskets...............0--s000-5-+
OUCCREGS Gon cusineosssseusabeewes Lostenpe
+ antes
Grease, lawoline, 600. .606.5....25-000506- 00000008
Grease, etc., for soap and candle manufacture. .
Stearic and palmitic RONG) ClO. ss oksseesns saeces ss
Fish and seal blubber, fish oil .............--..--

38. 00
40. 00
65. 00
54. 00
48. 00
42.00
11.50
66. 00
45. 00
80. 00
42. 00

$9. 048
9, 524
15, 476
12, 857
11, 428
10. 000
2, 788
15. 714
10.714
19. 048
10. 000

35. 00
32. 60
53.00
30. 00
35. 00
35. 00
8.57
67. 40
33. 00
65. 00
37.00

$8. 333
7. 762
12. 619
7.148
8. 883
8. 333
2. 041
16. 048
7. 857
15. 476
8. 809

Giedssanas sa

52. 00

12. 381

55. 00

18. 095

Animal fat, insufficiently Specified... sciescs<e.Beeswax, vegetable Wei docile todo ss 5 Har waeasewenas

40. 00
160. 00

9. 524
88. 095

30. 00
205. 00

7.143
48. 809

WBA

OW ten tenipess on camadinwe tweaked

Paper and pasteboard goods.
Half stuff of rags, ete ..... RebbbEeeacrd
dcadedews acess
Carton plorie for TOOTING ...5.c5 0050055 ecscec erences.
Gray blotting paper; straw paper ..............-..-Wood stuif, edged.......... A
es Ce eee ee
Celhilose, fOYih, OC. 0.2 .s2 esses cons cnee cece ccscscees
Pasteboards, not especially mentioned ..............
Polishing slate paper, poisoned fly paper ............
Packing ]paper, except straw paper, not glazed.......
Glazed board and board made from leather parings,
PRGSSINS HOATAG ssa 40 vaca Wane savesssneess
seneday sae
Packing DApeh CAG
sedescasaceacsuy seawasasdsnncss

23,
10.
15.
16.
28.
18.
75.
24,

00
00
00
00
00
00
00
00

5.476
2, 881
3. 571
38. 809
6. 666
4, 286
17. 857
5. 714

46.
11.
12.
10,
23.
16.
85.
25.

00
00
00
00
00
00
00
00

10. 952
2. 619
2. 857
2.381
5.476
3. 809
20. 238
5. 952

35. 00
44. 00

8. 333
10. 476

25. 00
37. 00

5. 952
8. 809

Photugraphic paper..........2.+----2---+seeeseeeeeee

1, 000. 00

238. 095

800. 00

196. 476

Gold and silver paper, colored paper, eto ............
Blotting paper, except the gray; silk Paper. ....c60..

450. 00
100. 00

107. 148
28, 809

400. 00
120. Ov

95, 288
28, 571

printing Papen, 6tC.=.25....s00-.20.5--

90. 00

21.428

85. 00

20. 238

Paper, not especially “mentioned ........-..--.s0000,
Former’s work from asphaltum, etc., unvarnished .

Writing

and

105. 00
70. 00

25. 000
16. 666

90. 00
68. 00

21. 428
16. 190

Coverings of kamptulicon,
(Op bang (0: ee

linoleum, etc.............
Sape
Sb obcay Sceeeeshawees

120. 00
200. 00

28. 571
47. 619

60. 00
200. 00

14, 286
47.619

FPlayehings Gf PApOl, tC. .s-.00-640-sevecssensacesece
Stationery y, etc., not especially mentioned............

180. 00
205. 00

42. 857
48. 809

180. 00
200. 00

42. 857
47.619

Paper hangings inh eaare MEER SSeS ae bbe LESS bs ebb

120. 00

28. 571

110. 00

26, 190

Cartridges, in combination with other materials...
Playthings, in combination with other materials ....
Stationaries, etc., not especially mentioned, in combination with other materials ...............-..-..
Paper and pasteboard goods, insufliciently specified. .

210. WO
200. 00

50. 000
47. 619

210. 00
200. 00

50. 000
47. 619

208. 00
191. 00

49, 524.
45. 476

200. 00
177. 00

47. 619
42. 148

onaewe

11. 50

2.738

11. 00

twee es

17. 50

4, 167

17. 50

4,

20. 00
15. 00

4, 762
8.571

9.57
18. 00

2, 279
4, 286

18. 00

4, 286

8.50

2. 024

Naphtha.
Brown coal-tar, turf, and schist oil..... Ee

Wap tht. s2.3. 1020 caceacegebesacccaeebsiltwcsscnssaets
Gveahes, MINOval ic. sas. ecct edetise

cas cnaoce

Mineral oil for other industrial purposes, as the
grease light or illuminating gas manutacture......
Mineral-tar GUIS HOAWY oxenaxsa seg i Kees ceneey naenee ae
Mineral oils for cleaning, etc., in native manufacCOTICS
ctu newatnnws dd00e cess ceeecs
ese ‘emetevenanuwe

13. 00

3. 095

7. 60 |

_. 619

1. 809

167

Silk and silk wares.
Wiloret silk, UNCOLLE. 24. sasccccccccceccsacsancorsess
Raw silk, UnColored csc... .ccccscccaenscccseccucvesss
Silk waste, unraveled silk... .....0.0sssececssccccses
Cocoons....... RWaNes
CRes< Rg RARER Se RAALER Hemme aoden
Silk wadding...... CARRE

2, 700. 00
4,800.00 |
650. 00
580. 00

642.
1,142.
154,
138.

857
857
762
095

1, 539. 00
38, 500. 00
643. 00
460. 00

866.
833.
163.
109.

429
333
095
524

RESES GS3as ubceteesdaeerwas

750. 00

178. 571

600. 00

142. 857

BlOret Silk, COlVEG 2... cceceeecdvcccvekccadcasvscdes

8, 000. 00

714, 286

1, 756. 00

418. 095

1,309. 524

4, 730. 00

1, 126. 190

763. 095

2,461. 00

TEMRDAUA a 5.05 setatrenesuswane a: boedmatadsesdeanaed
ban peaaaecarromleneeasyceage

7,500.00

Raw

silk, Coheed: ....0<cceweesccccsiavciecedsoeevcccns

8,500.00

|

Thread of raw silk ...........24 er Tee ee

4,200.00 |

Silk, insufficiently specified....................20000-

8, 205. 00

Pee MPNONS|ONO wast acs sscec5anasy eeeidennaes nega telex beaeemed
Silken loop, laces, and button wares ...........-....4, 000. 00
Laces and blondes in combination with metallic
SUKEN DOSIOMOS. saccsnsaeds
a reave cen eneesseccasewwsnd
Silken stutfs, clothes, shawls.........+.-s0seeees--+
Deb Ince, UNMUSHONEE |... 5s ssve ds capes venscsinweaee
Laces and blondes without metallic threads..... eee!

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1, 000.000

naeekios van on
952. 381

11,000.00 | 2,619. 048
7,000.00 | 1, 866. 666
5, 000.00 | 1,190. 476
10,000.00!
2, 380.952

4, 300. 00

1, 02%. 809
585. 952

4, 400. 00
8, 600. 00

7,
4,
4,
4,

200.
500.
800.
500.

00 |
00
00
00

1, 047. 619
857. 148
|

1,785. 714

714, 286
1, 071. 428
1, 142. 857
1, 071, 428

AND

MONEY

PRICES

IN

93

COUNTRIES.

FOREIGN

(e) Prices per 100 kilograms‘(220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles,

1895.

United
|Statescur-|
rency.

Marks.

Marks.

United
| States currency.

Silk and silk wares—Continued.
$952. 381

4,500.00 | $1, 071. 428

2... 2. cesewccdeeeensereetecrececcescees
GAUZE, CLAPO..
Half silk, half cotton ribbons, without metallic

4, 000. 00

2, 590. 00

595. 238

Half silk, half cotton loop laces........---.--sseeeee+

2, 400. 00

571. 429

2, 000. 00

476. 190

4, 000. 00

952. 381

2, 800. 00

666. 666

edie stqokeecns ss se¥llicwanw eeeu telodaye estate
WIVOAUG << ch ccnncccduwnwscccvisag
....-..--.-----+---++++-

silk, half cotton hosiery

Half

Half silk, half cotton stuffs. clothes, shawls, ete.-.--.
Very coarse weavings of crude spun goods of silk
WAS UG a on cio ween cecum cece sca esiucueeuscnsscicses

8, 000. 00
575.

00

714. 286
TBE

666. 666

2, 800. 00

004 | .asaer cote

sake

eee eae

1,305, 714

4,149. 00

987. 857

32. 00

7.619

30. 00

7.143

52. 00
200, 00

12. 381
47. 619

50. 00
180. 00

11. 904
42, 857

inclosures at least of 10
g oneeree
.......--. pasadwinncs

1, 000. 00

238. 095

1, 100. 00

261. 905

Fluid, alcoholic or ethereal perfumeries......-.....-+

1, 000, 00

Pertumeries, not especially mentioned.......-...+--Soap and perfumeries, insufliciently specified........

500. 00
121. 00

Playing cards.
Playing cards.....-...---s---sesceeesee 6ncsesssessee=

Silk wares, insufficiently specified.......ece-ecccces

5,484.00 |

Soap and perfumeries.
Soft soap, turkey-red oil, in baskets.....cssecccceses
Soap, hard:
Not in tablets, eto... .-..csccenscnssecciscccrescces
0 scccvnsccgeneisesiacsss
secs
Em tablets, C0...

Fats, ete., odoriferous, in
kilograms brute weight

Odoriferous waters, in inclosures at least of 10 kiloeee eee
grams brute weight .-....-...------seseeeee

22. 619

95. 00

22. 619

095

950. 00

226. 190

119. 048
28. 809

500, 00
199. 00

119. 048
47. 381

350. 00

83. 333

350. 00

83. 333

20. 00
8.00

4.762
1. 904

12.00
8. 00

2. 857
1, 904

25. 00

5, 952

95. 00

238.

Stones and stonewares.
Alabaster and marble, crude, et0.......ccccceecsees+ eeeeee ceceeeeneeeees
Asphalt stones....------.0--s-GOMOD

DIN

..54s 00 scnncecccs-ssccsccecveesseecsesivces

30, 00
5.10
9. 50

Whetstones and polishing stones.....---.-.+-ss+s00Roofing slate, crude
20+. -eeeesewenetecceeeeeneeee
Roofing slate, et0.....-.
Ooal, brown coal, coke, turf, and turf charcoals.
POW
MOR.

once sna sarbeussseaeecestsane
GOA) cx viccaseveses
2 55455 vee Shennan soe nnes oe sneeeeds eee

eenasenee

Common coal... ....s0c0.cscesseceseesescssecesssetwes
ty
Sere

rae

7,148
1.190
2, 262

25. 00

5. 952

50. 00
5. 00
7.30

11. 904
1.190
1.788

e
87

. 088

55

s 121

1.20

- 286

1.46

347

1.10

. 262

1. 24

295

. 65

~ 155

a

- 183

1.40

«388

1.30

- 309

of bast.....--.---seeeese

80. 00

19. 048

90. 00

21, 428

Others, ordinary wares of reed, grass, O00 ict backwen
ee ccnee se eeeeeteeees
Twistsof straw. .-......02+-----

70. 00
650. 00

16. 666
154. 762

60. 00
805. 00

14, 286
72. 619

95, 235

400. 00

95. 238

5.50
500. 00
225. 00

1. 809
119. 648
53.571

3. 333
balsams...--..-.----- | saieicawaar'e ssilinreeradsiias

14. 00
8. 63

3. 333
2.055

41. 666

200. 00

Coal cakes and turf charcoals.........cseceresescsees
Straw

and bast goods,

Ordinary mats and carpets

crude.

Wares of bast, straw, etc., not especially mentioned.

400. 00

Tar, pitch, resin, asphalt.
1.190
5. 00
Asphalt, resin, and wood cement. -...-.++-0+eese+-+cece ee [seen e reece
Balsam, except turpentine balsam .....-.-seseseeewen|eneene
senses
2... c.. cece nese cee c nese sree enc nslemweeessenss[eomees
Gum-lac, shellac...

Ozoceritie, Crude .... 2.0. .cceeeescccceerccececeneeeces

Pitch, except asphalt
Turpentine resius, turpentine

Parof all kinds...........-.-0.-2-sseeeeeseeeeeneeens

Resins, not especially mentioned.............--.-+++
Animals and animal products, not otherwise

55. 00

13. 095

00

6,50

175. 00

1. 547

50. 00

4,50

11, 904

1. 071
47. 619

men-

tioned.

Beehives, oto., with living bees......+..+s00seeseeees

80. 00

Bladders and guts, also stomachs.......

60. 00

19. 048

80. 00

19. 048

78. 00

18. 571

14, 286

172. 20

41, 600

fresh... .-...secceserseccsesecsccess

128. 00

29. 762

110. 00

26. 190

Shells out of the sea, NOt Pocled.....s.<cccscescecees

30. 00

7.143

30. 00

2, 500. 00

59h, 238

1, 500. 00

90. 00

21, 428

89. 00

Poultry and wild fowl, living
IVEY Crawiish,

Malls, fhesh: WHEYA, CPOAM..2.+<cseeeseasessonersecs

Sponges,

TODO.

< oo c kateeas cas cuadcdeweeaeeeueneneer

Animals, not especially mentioned...............--Animal products, not éspecially mentioned.......+-

88 of winged apimals, yOlkg....ccccoereercoeceoos

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15. 00

240. 00
160. 00

8.571

57. 143
388. 095

69. 30

13. 00

470. 00
180. 00

16. 500

8. 095

7, 143
357. 143

111, 904
42. 857

21. 190

94

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued.
1886.
Articles.

1895.

United
|Statescur-|
rency.

Marks.

United
| States currency.

Marks.

Building stone and pottery.
Stones for building, ordinary, etc........-..+-+.---unglazed,

Clay pipes,

not

NPODPOOL..s4-<ctecscowcres

1.00

$0. 238

1. 20

3. 50

. 833

3. 00

unglazed.......--....-..---------

10. 00

Architectural ornaments of clay...........----+---Folding tiles, tiles, stones for building, ete., glazed;

15. 00

Pottery, ordinary,
SHANG)

UO

HPODLOOL

x aswel. s<demee

nae 2- i cawtoveesse
nes ce.

peneahe rs evecare ctasisce se ccedoeaes duce sag

soe

10. 00

2. 381

2. 50

. 595

2. 50

3. 57

80. 00

1,190

5. 00

c.ctedencae as acudees seed bow apsaabneca sonar

Colored, etc......-----------+-eeeeeees
Playthings of colored porcelain
Potteries and china wares

insutliciently specified. ...

Cattle.
Horse8.....---++-+ Shaeecees eoeeenns Seeteduaes iseenecs

21, 428

90. 00

3.

;
22. 00

5. 288

950. 00

45. 00
140. 00

10. 714
33. 333

80. 00

19, 048

120. 00
140. 00

28. 571
33. 333

45, 20

10. 762

171. 428

226. 190

720. 00

90
00
00
00
00

47.619
71. 428
89. 286
148. 809
78. 571

175.
191.
806.
831.
366.

PHOMDIOR s «sexu dus sSawas swe cmwdsreele veeetd wewnc crs ane
sees eee eee eee e eee eee
Fawns to 24 years. ...--------0222

800. 00
185. 00

71. 428
44, 048

of the

Calves under 6 weeks. ......---++0eesseee-+seseseeeee
Swine, except sucking pigs..---.---.--+--+---ssee-sSucking pigs under 10 kilograms....... paceaccaaavae
GREED - <2. nce ns cccenseencc se vaste ceecesescceesecnes
ee
ee
TiAMDS « vevcesecnss- Pe ee
GAB cacssecece bees Vine ieeshMbewddesbeenaas euannnewar

50. 00
95. 00
7.50
31.00
5. 00
11.00

11. 904
2%. 619
1.785
7. 381
1,190
2. 619

240. 00
2, 100. 00

57. 148
500. 00

00
00
00
00
00

370. 00
232. 00

|

1.190

1. 428
3.571
1. 904
14, 286

200.
300.
875.
625.
330.

for inhabitants

595

7.143

00
00
00
00

6.
15.
8.
60.

++ ee eee eee eee een eeeeenee
Mules, asseS.....---------Foals which follow the mother................--.00.
ean ten &
ees cuGswe
COWS. cncsandveddssccenscesesecesosen
NG. aicecie gh ednle eonSe DeWWe vee Sasa anew Ss Se steecceeeas
an $} de daa 56 <0, de tb poses eke Sere sserasctessese
OUROTls

Draft oxen of 24 to 5 years

.714

2. 381

,
5. 00

1. 666
7.00
5+ sees sees eeeees
Clay pipes, glazed........-.------3. 571
15. 00
Potteries, ordinary, glazed, etc.............-.-.----Melting pots, fireproofed pipes, etc.......-.......-.8. 00
1. 904
9, 524
40. 00
Pine terra cotta Wares ..... 2.2... cecees sesecnseessees
Faience, etc., wares:
eouews seemed
ccs seecde Sntase lenedernencad
Uncolored or White, 666.2. -....ss
Colored, GHOs. was cnc os esee os ose sas veceue wacducgesalsesneesscmcs|tenewecawees
Porcelain and porcellaneous wares:
WIG

$0. 286

48.
83.
8.
64,
12.
48.

71
40
76
50
89
20

41.
45.
72.
78,
87.

666
476
857
809
143

88. 095
55, 238

11.
19.
2.
15.
38.
11.

597
857
086
857
069
476

*

Wool and wool goods.
Alpaca, llama, and camels’ hairs, etc....... eee
SHO WOG jos oesacen oon ces bese Sees ae neeseseeseceyses 4

11, 904

Dog's and horned cattle hair, et0...-.--.-0-++--++-+-

50, 00

...---- eee eee eee e nese cence eee eeteneen

200. 00

47, 619

See eh
Weadding .......essccsesovenseseuses <eSeukeess

360, 00

85. 714

440. 00

104, 762

64. 286
270. 00
eee eee
42: 4 senate FiReceeeT
Waste WOOL. .20005 sctsc0s..
est see es [eeeeeeceneee
Artificial wool, scraps Of WOO]......-..20-.----+-eeece|seen
Sheep’s wool:
Crude, OtC.

cnn eee conse serene eleeee ee sscese|eeee ss conc ce
Colored or ground.......-..ceee
102. 381
430. 00
Wool, carded. .....--0----s20ssnceneecerecewecssccsces
21. 428
90. 00
Yarn of horned-cattle hair, ete ........ epeebneueexnes
Wool yarn:
Hard

worsted yarn, mohair, etc., yarn

115. 00
1, 800. 00

27. 381
428, 571

190. 00
57. 00

45, 238
13, 571

43. 00

135. 00

190. 00
315. 00
85. 00

255. 00

10, 228

82. 148

45. 238
75. 000
20. 238

60. 714

...---+-+---

Single, uncolored, unbleached. ......--+++++0+- —
Doubled, uncolored, unbleached ......-----+-200+

Single, colored, MICHOHO <<s sasecdeseaceve ‘itnasena
Doubled, colored, bleached ..-..-.--++2+--s-+-000+

Three or more twined....... Rpaneeeewweses astswcis
Other yarn:
er ecccees
Crude, single.....-.+----+-+---- occa

Crude, doubled. .....--------++++-+- se essnaees

Bleached

or colored, single. .-.--.-...--+-se--

Bleached or colored, doubled. ......-- sGisuwews
Three

or more

twined.........---+ss0s-sseees

Wool goods in combination with cotton, ete., ineluding:
Felts for roofing, ete.....-.--+-----++------e+eee
Felts of horned-cattle hair, unprinted, ete ......Carpets which contain yarns of horned-cattle
Nair . 2... one e ne ne eee eee nce

Felts of

horned-cattle

Hosieries,

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

70, 238

86, 904

96, 428

147. 619

130. 952

405. 00

455. 00

108. 333

620. 00

147. 619

455. 00

108. 333

20. 00
200. 00

4, 762
47, 619

18. 00
95. 00

4, 286
22. 619

27. 381

105. 00

25. 000

400. 00

95. 338

42. 857

550. 00

115. 00

25s ssee

380. 00

90, 476

200. 00

47. 619

180. 00

cceecsccscaes woes

825. 00

77. 381

850. 00

83. 333

250. 000

950. 00

226. 190

<oese 0 th + 02ers

of WOO], 66. ccc

365. 00

620. 00

unprinted

Carpetsof felt of horned cattle hair, colored, ete.,
carpets of woolen felt..---..-.--- ey
Carpets, woven

295. 00

122. 619

ee eee e eres eee ees

hair, colored,

felts OF WOO), O66. ..c2cn.

515. 00

unprinted ..,.cccpecee-cosegescocvepeer

1050. 00

|

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

95

(e) Prices per 100 kilograms (220.46 pounds), unless where otherwise specified—Continued,
1886.
Articles,

United
| States cur-|
rency.

Marks.

3
Zine:

United
| States currency.

Marks.

800. 00
1050. 90

$190. 476
250. 000

630. 00
860. 00

$150. 000
204, 762

600. 00
900.00
1, 400, 00

742, 857
214 286
333. 333

500. 00
770. 00
1, 400. 00

119, 048
183. 471
333. 383

900. 00

214, 286

800. 00

190. 476

1, 000. 00

238. 095

850. 00

202. 381

2, 200. 00

528. 800

1, 700. 00

404. 762

1, 250. 00

297. 619

1, 120. 00

366. 666

900. v0

214, 286

830. 00

197. 619

8, 000. 00
2, 750. 00
842. 00

714, 286
654. 762
200. 476

1, 800. 00
2, 500. 00
621. 00

428, 571
595. 238
147. 857

24. 50

5. 833

37. 50

28, 27

8. 928

6. 731

83. 25

7.916

70. 00
215. 00

16. 666
51. 190

70. 00
230. 00

16. 666
54. 762

197, 50

47. 024

128. 00

30. 476

Zine and zine wares.

Crude, scrap zinc.....ececcseccccaccescvcsecsccss
_

1895.

Drawn,

Zinc wares:

rolled.......cesses eT

TT eT

Tr

Tee

EE Rhy cio a eaknenan wenabiontindaaeestounsedte
Bd ed cectensiexsbabaavus
bus ukerestasaunebensiee
Tin and

Tin:
Raw,

PON

‘

tinwares.

cook Cereb b aes ened edeuas SoOnR ee baNERaS

je PONE, OEE sh ccnsesnudaiscccsdnivenniensceananncees

Tinwares:
Raw

WPM OR nee ece sees erecesccccenccsccecececceeecs

PAN Metabo bessewnks snvcessxiasiwaesyaudieodaneis

APPENDIX
GERMAN

TARIFF

232. 00

55. 238

260. 00

160, 00

61. 904

510. 00

38. 095

210. 00

1Z1, 428

50. 000

440. 00

104, 762

3,

CHANGES

SINCE

1886,

Since the year 1886, the following important customs changes have
been made:
Under the law of December 21, 1887 (Imperial law sheet, 1887, p. 553),
the . import d uty was increased upon every 100 kilograms (220.46
pounds)
as follows:

|

Articles.

Marks, | Tete Staten
:

From—
FECCHER ESSN GAREASLESs SLANE GADEVUAN DOs He NNO SE ee REeeEER
ens
PU

SEOs

alt

SO
ee
ree
Te ee
ee
ee
ee
et ee ee
ee
NSS HORG CHO b Oh ARENT OSREEE SE RDRE BRAD CURDS ORK ORNS SSE Soe
SeSEE bees eS epibniR PEN ER EES sy A KUNE E<d oases Se uccesaee.

ciwb4 85-45 Us de RRR

ens 5 b40mMOR GN G4 vaca hex aneewwacencics

Re tdinea Wen Uh uhnei-vava
ccd emtamesated
ledin
enceesae

ures of grain and ordinary bakers’ goods....c..0-

|

To—

RLS

From—

8.00

5. 00

$0. 714

8. 00
180
1. 00
1. 50

5. 00
4.00
2. 00
2. 25

714
357
238
357

1. 00

3. 00

7. 50

2. 00

238

10. 50

1, 785

4.00

714

To—
$1.19
1.19
952
-476
536

476

. 952

2. 499

PP hwwed the commercial treaty which came into effect on February 1,
SVvz, and that of Austria-Hungary of December 6, 1891, Germany
reduced the duty on the aforesaid articles from the treaty States;
also
on certain other goods, such as building and fire wood, hops, certain

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Federal Reserve Bank of St. Louis

96

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

kinds of leather, wine in barrels, butter, meat, certain kinds of cheese,
eggs, cattle, ete.
Countries having treaties with Germany with the most favored nation
clause have the benefit of the tariff reduction.
Below is a schedule of
the reductions:
[The reductions of the duty rates regulated by treaty and marked thus + already existed at the beginning of 1886, based on the commercial treaties which had already gone into effect.]
Rate of duty.
Articles.

United
States
currency.

Marks.

’
Biss: Cried Cavvant TAISING....<.
40. tetacuwcssecsescvascacees Rtieareesucudnnwaaesé
+Figs, dried currant raisins, under treaty reduced tO ........0c.2-s
sec eeeeeee eee:
Dred dates, almonds, OF aN GES, CUC......-25s nsec ceestacsweccepecccasrsensadeciee are
+ Dried dates, almonds, oranges, etc., under treaty. .........0
0-2-2 eee eee e cece eees

24
8
80
10

$5. 714
1.904
7.143
2. 381

(OTC a

14. 286

et

60

<-OMVGS; UNGOY TLORDY < aca scene coisas etn sdscncsnbogvee sbeen sede ceuqaceesecs ea esacsee

30

7.143

a MEMOIR! LOOM OlCas «bas Bales eans eenw Ss 449s sds eaves nesses Gueeeerarcencatceeerhoy
Fresh and dried peelings of southern fruit, St. John’s bread (also ground), oranges
not fully ripened, oranges preserved in salt water, dried nuts, ripe chestnuts,
Kertiels of pincapples <2. - = sc0s02 2: sescscss venabboedes Baeeessac ste ss sleep eeee

50

11. 904

4.

. 952

R
GOW THOR a: toa Ua seeded sieee Ah li ach wn deincgeke cena pecee® Sete ee
+Not fully ripened oranges, also preserved in salt water, under treaty..-.....-..
+Dried nuts, ripe chestnuts, kernels of pineapples, under treaty.-......-----++++
Oikor all kinds in bottles dad Jas... -<.<s.scces.sssneeccdsse
code ch sceseecedsweeues

1
2
3
20

. 288
476
714
4, 762

+Olive

+Fresh

i

ea a

CA

CI

SEA ee

eee

ee ee

err eee et ee Ber ee

and dried peelings of southern fruits, St. John’s bread

eer

(also ground), un-

oil (edible) in bottles and jars, under treaty. .-...-..----..-seseeeeee
eee eee

10

2. 381

Edible oils, such as olive, poppy, earthnut, beech acorn, sunflower, cotton seed oil,
Bit) GATVOSi.05.
5c osvisin ges d= = 500s beens ve cones netsscaeiet San ecucsees as leuereteseus ss

10

2.381

+-Olive (edible) oil in barrels, under treaty .. 2. ..sccesccecccsncccsagrcessesceneess

3

«714

+LEarthnut (arrachis) oil in barrels, under treaty.....c.cccccsccccccccccsccessccce

6

1, 428

AUSTRIA-HUNGARY.
I—STANDARD

OF

VALUE.

In Austria-Hungary, the standard of value is now explicitly a gold
unit, determined by the law of August 2, 1892.
As no gold is yet in
circulation, the legal unit is a measure of value nonexistent; therefore,
theoretically, the legal unit of value is gold, but practically it is silver,
a limited amount of which metal is coined, circulated, and maintained
at a parity with gold. The silver gulden or florin, the State notes, and
the bank notes, which latter are exclusively issued by the Austro-Hungarian Bank, are all legal tender to any amount.
The silver crown of
the new currency, the value of which is fixed by the law of 1892, is
equal to one-half gulden or florin, and is legal tender only to the
amount of 50 crowns, or 25 florins. The silver gulden or florin weighs
2.345 grams, 90 per cent fine silver and 10 per cent copper; it therefore contains 171.449 grains (troy) of fine silver. The actual value of
the silver florin is 59.99 kreutzers, or, in the exchange of to-day (August
13) on London, 12.04 pence (24.4 cents). The weight of the silver crown
is 5 grams, or 77.16 grains (troy).
It contains .825 grams of copper
and 4.175 grams, equal to 64.428 grains (troy) of fine silver, the actual
value of which is 22.51 kreutzers, or, in the exchange of to-day on London, 4.52 pence (9.04 cents).
II—AMOUNT

OF

CIRCULATION.

There is no gold in circulation. The amount of gold coined under
the new law of 1892 is 211,467,345 florins ($85,855,742) in 20 and 10
crown pieces, The amount of gold on deposit in the vaults of the

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

97

national treasury is 94,777,268 florins ($38,469,571). The amoun
t on
deposit in the Austro-Hungarian Bank in gold coin and bars
is
244,091,527 florins ($99,101,170), in addition to which there is deposi
ted
in the Austro-Hungarian Bank in gold bonds 48,525,948 florins. The
amount of gold deposited in Government vaults is therefore 238,868,795
florins ($96,807,308) in coin and bars, and 48,525,948 ($19,701,535
)
florins in gold bonds.
The amount of silver coined since the law of 1892 went into effect is
67,934,836 florins in crown pieces of half a florin each.
The amount of
Silver on deposit in Government vaults is as follows:
In the national treasury ...... 1.0... .ccc.ecosceccecccceesooec
cess...

Tn the Austro-Hungarian Bank..............-----.
sss. cee

Florins.

8, 115, 263

126, 602, 571

Total... 2.2. s00eeeeeseeeeeeee
cece cece cess cece eeeeseeecces cesses 184, 717, 834
The above deposits in the Austro-Hungarian Bank are to partially
cover the outstanding bank notes, which amount to 679,854,140 florins,
the balance being covered by first-class securities. The
State notes,
Issued directly by the Government after the war of 1866, are outstan
dIng to the amount of 157,136,108 florins; these are covered
by a deposit
of gold and Government salt-minin g bonds. These State notesare being
rapidly redeemed, over 250,000,000 florins having been redeemed during
the past few years.
The estimated amount of money in circulation is as follows:
Approximate amount of silver. ...... .....2-.----c.-..-..
Actual amount of bank notes........................

Actual amount of State notes...........................,

MON ness winnie anc nuda bRausiv ati

atl eS

Florins.

133, 450, 225 = $54, 180, 791
679, 854, 140
= 276, 020, 781

157, 136, 108 =

63, 797, 260

970, 440, 473 393, 998, 832

_ The Austro-Hungarian Bank has the exclusive privilege of
issumg bank notes, limited in amount to 200,000,000 gulden or florins

($81,200,000); if this limit is exceeded the bank is required to pay to
the

Government a tax of 5 per cent on the amount of all notes issued
above this 200,000,000 limit, All notes issued by the Austro
-Hungarian
Bank must be fully covered by a deposit, two-fifths of which
must be
Mm gold and silver and three-fifths in first-class securities, upon
which
cash can be immediately realized.
The Austro-Hungarian Bank is
required by law to redeem its outstanding bank notes within
twentyfour hours if called upon to do so.
III—PER

CAPITA

CIRCULATION.

The amount of money in cirgulation per capita of population is
23.46

florins ($9.52),

IV.—_CHANGES

IN

THE

SYSTEM.

Since the war of 1866, there have been two important change

currency laws of Austria-Hungary—one in 1878, when the free s in the
coinage
of

silver was abolished, and the other in 1892,! when the standa
rd of
Value was changed from silver to gold. After the war of 1866,
the
Government issued paper money to a practically unlimited
amount
.
——
0

. a

2.

Consular Report No. 147, page 623, for a translation of the new currency law

1354——7

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MONEY

98

AND

PRICES

The standard of value was

IN

FOREIGN

COUNTRIES.

silver, the unit being the silver gulden or

florin, which contained 171.449 grains of fine silver.

Both paper and

Gold was at an enormous presilver were legal tender to any amount,
mium, and the free and unlimited coinage of silver was sanctioned by
law. Private parties did not avail themselves of the privilege of free
coinage, and the full effect of the law was not felt until about the year
1877, when silver fell to such a low price that the mints were flooded
with the white metal by private parties seeking the benefits of the freecoinage law, which permitted them, by paying the small coinage

charges, to have their cheap silver coined into the legal-tender silver
guldens, which contained 191.449 grains (troy) fine silver. The immediate effect of this was the rapid depreciation of the value of the out-

standing paper notes of the Government, so that within six months a

law was passed abolishing the free and unlimited coinage of silver,
and in the same year (1878) the circulation of Government notes, which
up to this time had been unlimited, was limited to 412,000,000 gulden

($167,272,000).

After 1878, the credit of the country steadily improved, the value of
the silver and paper gulden increased, and the day was looked forward
to when the country would be eventually on a gold basis. In 1892 a
law was passed changing the entire currency of the country, making
gold the legal standard of value and reducing the silver unit to the

crown, a coin with a fixed value of its own between the value of the

Two crowns were made
mark of Germany and the france of France.
equal to 1 florin or gulden (40.6 cents), and the mints began the coining of gold coins of 10 and 20 crowns each. Prior to the year 1892 the
gold coin of Austria-Hungary was stamped 8 florins, equal to 20 franes,
and

was

constantly

to-day, a8 a Napoleon.

met

with

in France, where

it passed, and

passes

This coin was seldom seen in Austria-Hungary,

as gold was not in circulation, the premium being from 25 to 254 per

cent; compared with the silver and paper currency of the time. By the
law of 1892 the amount of gold in the new standard gold piece of 20
crowns was fixed to the end that the 20-crown piece should equal about
91 francs. This same law fixed the value of the crown at one-half
florin or gulden in the existing paper and silver currency or 20 crowns
equal to 10 gulden or florins. At this time, the premium on gold
was twenty-five per cent, i.e. the difference between the value of the
gold gulden or florin, which was not in circulation, and the value of
the paper or silver gulden or florin was 25 per cent, whereas the premium on gold of the new coinage compared with the paper and silver
gulden or florin, which latter the law fixed as being equal to 2 crowns,
was in 1892, after the passage of the law, 6 per cent; i. ¢., the difference
in value between the gold crown and the silver or paper crown, or its
equivalent, the half gulden, was 6 per cent. Since the passage of the
above law, the Government has steadily acquired gold, and the coining
of the 10 and 20 crown pieces of gold has increased trom year to year;
consequently the value of the paper and silver crown has steadily
increased until to-day it is on a par with gold. Theoretically, one can
take 10 florins, or 20 crowns, in paper or silver to the Austro-Hungarian
Bank or national treasury and obtain 20 crowns in gold, but up to the
present gold is still withheld from circulation, probably for political
reasons. The opinion, however, of leading financiers is that if the
peace of Europe continues unbroken, gold, or notes payable in gold, to
the amount of that metal on deposit in the national treasury, will soon

be put into circulation by the Government of Austria-Hungary.

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Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

V.—CURRENCY

FOREIGN
AND

COUNTRIES.

99

WAGES.

During the period embraced between the years 1886 and 1896, manufacturing industries have been stimulated, owing, it is considered, to the
development and improvement of foreign trade.
Wages have likewise
increased during the above period, as will be seen by the annexed
table. The expressed opinion of the leading manufacturers seems to
be that the increase in wages is due to political reasons rather than to
any changes in the currency.
To meet the demand of the labor party
for a legal working day of eight hours, a compromise was effected by
increasing the rate of wages and making the working day ten hours,
The figures in the following table are taken from the Government rate
of wages as regulated by law.
These figures are used by private
parties as a basis in regulating wages according to the skill and usefulness of the individual employed.
Comparative table of wages.
Weekly wages paid in | Weekly

wages paid in

United
nite
Statates

_ [United
nited States
st

1896.

1886.

ea

F
Florins.

Blackamiths..............ccee-cecccceccccecceeccece
Locksmith
Tinsmiths ...............
Bronze workers

...

MOOHINISUS .<cceissecececcecteceesee

Stone masons

ucoceccccc.....

G assworkers

i

Cabinetmakers

Stone carvers
BWPIONG vivsnnctneecienseseesccc.
cerecec
cs
cc

POM swiesvctxnensass.snceanssesceensesseccoc

POO is iivccuvesnsinraercecceecscccences
...
Upholsterers ........
2.0. ee eee
.....
Ca

A

a

ie

a i

OMUMIOTE. 6 6 6ycnans oss +cecnedeccccce.. cc,
PN WOMOUGT dass sawiws ceva sande wkesaseacedeee
Cones
RMS ti beeedl 4S Gn kare 519,078 oaibsaia ravcedule cadeni<cona,®
A
rican lows Sinn aceie subeeoiecwisecccce
ON SRRISCTD wo 4.0550.sesunsass eabseerivivensaeeevocs ove,
Bookbinders.........--.-..s.cc cee
Painters eR MNR Peace i dees Secnnatlelen'<bre ustich.
oe
NEWMAN ures Gr9-0r8 <ic's\wardG-onus GevLdA co bboce ston «
DOT vs Gesittiinnvarenies souhburectvhinccicne
sscce,, .

‘In reducing the Austrian

and at 40.6 cents in 1896,

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8-10 | $3. 12-$3. 90
6- 8
2.84- 3.12
8-12}
3.12- 4.68
8-10

Gold and silversmiths ...
{usical instrument maker

currency.

10-20
10-12

10-12]
6-10

8.12-

3.90

*

Florins.

10-12 |
8-10
10-12
8-10

3. 90- 7. 80
3. 90- 4. 68

10-12
10-12

2. 34— 3.90

8-10

3.90- 4.68

10-12

currency.

$4, 06-44. 87
8.24 4.06
4. 06-— 4, 87
3. 24— 4.06

4. 06- 4. 87
4, 06- 4, 87

4, 06- 4. 87
8. 24-

4.06

7-10

2..78- 3.90

10-12

4, 06- 4. 87

10-15
8-9

8. 90- 5. 80
$.12- 38.51

12-15
8-10

4, 87- 6.09
8. 24- 4. 06

1. 95- 3.12
3.51- 5.85

8-10
10-12

3. 24— 4, 06
4, 06- 4.87

6-10 |

6-12]

5-8
9-15 |

8-12

8-10
10-12
10-12
10-12
10-12}
7-10
10-12
10-12

10-12

2.34- 3.90

2.34- 4.68]

3. 12- 4. 86

3. 123.903. 903.903.902. 733. 90-

3.90
4. 86
4. 86
4. 86
4,86
3. 90
4. 86

8.90- 4. 86

8.90- 4, 86

10-12

12-15]

10-12

8-10
12-15
12-15
12-15
12-15
10-12
12-15
12-15

10-12

4, 06— 4. 87

4.87- 6.09

4. 06-— 4, 87

3.
4,
4.
4.
4.
4.
4,

24—
87—
87—
87870687-

4.06
6.09
6.09
6.09
6.09
4. 87
6.09

4, 87- 6.09

4, 06- 4, 87

to United States currency, the florin was
estimated at 39 cents in 1886

100

MONEY

AND

PRICES

IN

COUNTRIES.

FOREIGN

VI.—PRICES.

g the past ten years.
There have been no changes in the tariff durin
prices per 100 kilograms
The following tables show the w holesale market
, exported, imported,
(220.46 pounds) in 1886 and 13896 of articles proc luced
and consumed in the country:

Florins.

Florins.

Wheat
e<>>s
suers
iy Gu vcesheseessensateasescsScsess
Barley

9.00- 9.10
8. 80- 9. 00
7, 25-10..75

5. 65- 6. 40
8. 20- 8. 90

Indian corn
Oats

1896.

1886.

1896.

1886.

Article.

6.85- 7.40 |
6. 25- 6. 65

$8. 51-$3. 55
8. 44-— 3.51

$2. 77-$3. 00
2. 58— 2.49
38.24

3. 80- 8. 00

2. 83- 4. 24

1.53-

4, 46— 5.07

3. 65-

3. 85

4.10

8. 65-

3. 85

4, 20- 5. 60
6. 85- 6, 95

oe os
nee saern
LANSOO .. .0-o0cccs dence ccentees

11. 75-13. 00

9. 00— 9.50

Hempseed

dc wa bde see wes ence aw aes secs se eeacane

10, 00-10. 50

9. 00-

WEG: «.-ncccccwnenccsscscaccencesussosssse
Lupine
Cloverseed. .-.--. scenes conse tereeceeesecers:

5. 75- 6. 25
6. 00- 6.75
5, 25- 6. 25
7. 50- 8.00
40. 00-65. 00 | 30,00-50.00 |

as
ennesewestene
seekersens
Lentils <scceasescus
usseaws
POds ves aseccs tocceuewsssssescoeeseees
Beans.<...csncrncccceccscsseesesccsenssecers

10. 00-28. 00
9. 00-18. 50
7. 50-11. 00

inc cuccecssnccecesdnncaceensesvesorses
Walltiscc
reste:
reneecces
Rapeseed ...--------+s--eence
een
eseeeteceeeee
Spirits (Taw)..------2ee

13. 00-15. 00 | 11. 00-13.00
45. 09-45.50 | 29.00-29.50 |
12. 75-13. 00 | 15. 00-15. 80

9. 50

10. 00-22. 00
8. 00-13. 00
4, 75- 9.50

2. 25- 2.50
8. 20- 38. 24
8. 90-

2. 34— 2. 68
2.98- 3,12
15. 40-25. 05
3. 90-10. 82
8. 51- 5.27
2.93- 4. 29

5. 07— 5. 85
17. 55-17. 75
4, 98- 5.07

1. T0— 2.27
2. 57- 2.82

2. 32-— 2.58
2. 13- 2.53
12. 18-20. 30
4. 06- 8.99
8. 24— 5. 27
1.92- 3. 85

4, 46- 5 27
11. 77-11. 97
6. 33- 6. 41

s of food per kilogram (2.2046 pounds).
’ Comparative table of actual market prices of article

bam
spe

aduvad chante Rberesesatwensceunanas

de aeseeeeseebed So Sesnes be6 se seseccsice

pp dehen dees Lawe tne OeSER OS RSET ARG CERNE
peuneasesesSSSsesevivesseneaueensnsseness
St aGheecebaseeeduebeensean theese sbaesie's

t ceucseegncs costoveces}suc0 cee

nee

ee
re

re

eee

1886.

1886.

Article.

te

ee

Florins.
0. 40- 0.85
.35—

.90

~30=
.4550

.80
1.00
. 70

.90-

1.00

1. 80—

2. 00

1. 20- 1. 60

Florins.
0.40- 0.95
.40- I,
.36.40- 1,
. 70-

. 80— 1. 4
1.10- 1,
1. 80- 2.
. 35.15.10.15. 08—
.18.18-

ceeeees
e-ence nee
see---Whitefish ...----ereee
ee eeee
Groats of wheat ...-..------+02-+e

25wl5-

.80
.25

BOur « < «o-oo en ne cc cect ns ence ce neseeccescceee

-10-

.20

White bread
Black bread
PASO -.cnceenn eee nn een n seen eee cnet eeeeenerees
c
erresse
sccc
cecscsccesenes
cece cccc
Lentildscecc

15-hO-20.20-

Beans ...0.+-es0s

-10-

.20

.10-

.80-

.4

. 25-

seees
eee
eccseece
eccn
reece
Potatoes ...-.-ccenne
d
seneuseewesons
cnd
sda ndncexa
Pet. oc scesed

04
-60-

.10
.70

. 04—

.95-

1.40

.08-

.16

.20-

.40

RIGO «. casicecies

CHGGES wiccwnce sepcewsscesebesnseneessus

sine
VEUGGOT boo ccm é ewe nn sesagne essere nteensasawee

WHI @ .< ccccnacdestnaessasseadatseccceeesesae
Cream @

e
eccceeseescnes
center nee
-ne
er ecen
Biggs D ..--.Wood

eeteee
reneeeser
(hard) ¢ ..---2.-----2se

s s
ee ceeerere
ese
ese eeee ence
Wd (S0ft) € .---cs
Coal @.....-.secccscccccnneccccescsnccsscresss

a1 liter=0.908 quart.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

bPer 20 to 25.

.25
.35
.380
.86

1.10- 1.30

1.00

18. 25-21. 10

16. 40-20. 00
18. 35-18. 35

. 55.90- 1.
.80- 1. 60
. 06.20.
1.00

18. 25-21. 10
16, 40-20. 00

18. 85-17. 80

cPer cord, English.

1896.

$0.16 -$0.84 | $0.16 $0. 38
.16- .44
14> .36
‘14 - .36
112 - .82
16 - .40
18 - .40
128 - .36
.20- .28
132 - .56
48 - .64
.44- .48
36- .40
.72- .80
"72 - .80|
14 - .20
2
=
06 - .08
06 - .10
.04- .08
"04- .08|
06 = .08
:06 = .10
08 — .06
04 - .06
07 - .12
108 - .12
.07- .14
(08- .14|
04- .09
04 - .08
.10- .16
(12- .18|
=. 014-05
L01g- .04|
LQ - .28
22 - .30
136 - .56
44— .52
.82- .64
.88- .56|
03 = .06
024- . 06
08 - .16
108 - .16
. 39
. 40
7.12
- 8.13 | 7.40
- 8.56
6.40-7.70|
6.65 - 8.12
5.21-7.16|
5.41 - 7.02
dPer ton, 2,240 pounds.

MONEY

AND

PRICES

IN

FOREIGN

101

COUNTRIES.

Statement showing the wholesale prices of articles per 100 kilograms (220.46 pounds)
imported into and exported from Austria-Hungary in 1886 and 1896.
[The exports are net weight, while the greater portion of the imports are gross weight.]
Prices in Austrian currency.

Articles.

1886.

Prices in American currency.

1896.

1886,

1896.

Imports. | Exports. | Imports. | Exports. | Imports. | Exports. | Imports.|
Cocoa in beans and | Florins.

shells fa atewdueess

93. 00

Raw .......--+Roasted. .......
1 ee Sem ies
Pepper ........---.

83. 00
85. 00
245.00}
94.00]

Offee :

Figs, fresh.

........

| Florins.

6.25

emons....
10. 50
Molasses.........-.
16, 50
Smoking tobacco...| 1,000.00}
Cigars ............- 2,400.00}
Cigarettes ......... 1,000.00}
oo eee
80. 00
Wine in bottles....|
75. 00
ime, raw .........

laster of paris. ...
PSHDANG .0 acu cass

50

1.50
3. 00

| Florins. | Florine.

94.00]

65.00]
86.00}
250.00]
105.00
23. 00

116.00]

115.00]

$36.27]

$36.66]

$47.09

$46. 69

110.70]
120.00]
360.75]
30. 50

113.00
120.00
300.00
(a)

82. 87
88.15
95. 55
36, 66

25. 35
33. 54
97.50]
40, 95

44. 94
48. 72
146.46
12. 38

45. 87
48. 72
121. 80
(a)

8.87
3.44
6.71
6. 09
1838.45]
406.00
181.35]
950.04
378.80 | 1,096. 20
8. 68
6. 69
15. 60
33. 39

4.06
(a)
146, 16
203. 00
426. 30
5. 78
18.10

6. 00

(a)

23. 00
8.50
10, 00
17. 20
15. 00
(a)
355.00 1,000.00}
360.00}
465.00 | 2,340.00]
500.00]
970.00 | 2,700.00 | 1,050.00 |
22. 50
16. 50
14, 25
40. 00
82. 25
44, 60
.50

50

1.50

3.00

Exports.

50

1.10

1.10

1. 80

1.30

2.44

8. 87

4.10
6.44
390.00]
936.00]
390.00]
31, 20
29. 25

. 20

2. 48

20

.59

. 20

.59

1, 17

1.17

(a)

. 20

44

44

1,21
1.01
73. 08

<t2

. 52

Graphite...........
Other minerals ....
amphor, refined ..|

3.50
3. 50
110.00 |

8.20
4.00
105.00}

5. 00
2. 25
190,00]

3.00
2.50
180.00

1.37
1.37
42.90

1.25
1.56
40. 95

2. 03
.91
77.14

WALGE.s<00is0e0.
Ethereal oils.......
POUSIO <..<caaesoees
TED sessnnweees
Cochineal..... eeee-|

45, 00
900.00 |
65. 00
740.00 |
175,00]

40. 00
700.00}
70. 00
475.00]
175.00]

45. 00
700.00}
60. 00
472.50}
150.00]

40. 00
500.00}
(a)
468,00]
150.00

17. 55
357.00]
25. 35
273.00]
68. 25

15. 60
273.00]
27. 30
185.25]
68. 25

18. 27
254.20
24, 36
191.63
60. 90

4,90
5. 60
8.50
7.40
70.00

4, 25
4,25
8. 90
8. 90
35. 00

3.50
6.10
8, 20
7.10
60. 00

3. 50
6.50
(a)
(a)
36. 00

1.92
2.19
3. 32
2. 89
27. 30

1. 66
1. 66
3.48
3. 48
13. 65

1.41
2.47
3, 82
2. 88
24. 36

(a)
(a)
14. 61

69. 50

60. 00

36. 86

24. 21

24.

avender,

rose

Mineral oil:

Crude ..... Bel
Crude light...
Refined light..
Refined Gark ..
ottonwadding....]

Cotton yarns:

‘

94, 50

Simple raw....{{
Double raw....i{
Cotton goods....... {

199. 50 \ 67.00 {
105. 00
256.00 | 180-00 {
142. 00
385. 00 } 110. 00 {
51. 00
17.50

Linen goods

54. 00
20. 00

137.50}
127.00| — 77.80 \
73. 00
68. 40
40. 95
ooo 49]
156.50 | 99.84 }
130.00 | 131.00
55. 38
308.40}
209.60]
150.15 }
41.70
18. 00

120. 00

48. 00
18. 50

135. 00

19. 89
6. 44

144. 00

176. 80

46. 80

Flax (raw).........
WW ss aesevessccacse
(with-

Out pattern)... .. {1 200. 00 | 400.00 | 2,800.00 | 2,202.40}
468.00]
ilk (raw).......... 2, 600.00 | 2,500.00 | 1,800.00 | 1,075.00 | 1,014.00}
;
5, 200. 00
6, 000. 00 | 4, 200.00 | 2,028 00

16.
203.
(a)
190.
60.

24
00
00
90

1.41
2.68

2

26, 13 { 55. 46
29, 68
62.40 { 82.77
52.7
42. 90 { 125. 20
21. 06
7.70

16. 92
7.30

51,20
:
63.53
53. 18
85. 09

33. 15

58. 46

71.77

19. 48
7.50

156.00 | 1,136. 80
894. 17
975.00 : 0. 80
; ay &
F
436.00 | 1,705. 20

Silke goods........ {ho 000. 00 \a, 850. 00 {0 000.00 | 7; 200. 00 | 3,900. 00 \1, 121.50 is 654.00 | 2,923. 20
‘

2, 600. 00

2, 000. 00

1,800.00]

850.00 | 1,260.20]

1, 014. 00

812. 00

Halfsilk
goods......|{3' gq: 9p |} 000.00 {3" to; 99 |f 70000 {7° gaa" 00 |} 390.00 3, 558° gp |} 28420
Men's hats of felt
(trimmed) .......

nderwear:

Cotton......... 1,800.00}
280.00!
LiNON.ccncceces 1,500.00 | 250.00
W601. sesevneese 2,300.00}
480.00
Bir... ccaeccs.. 12, 000. 00 | 6, 000. 00
Half silk....... 3, 500.00 | 2,000.00
Brushes
703.00 | 100.00}
+

|
|
|
|

709.30]

‘

702,00]

331.50]

i

405. 00

260. 00

353. 65

260. 00

157. 95

101. 40

POEs sadnenvesdee

18, 00

13. 00

9. 50

9.50

7.02

5.07

Wrapping paper...|
rinting paper Pouce

per
Letter

40.00
40. 00

Pner’s P® | 195.00}

o

and

envelopes........
Gutta percha..|
uleanized....)

ndia rubber:

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

28. 00
26. 50

24. 00
17. 50

15. 60
15. 60

90.00]

65.00]

48.,00|

40.85 {

70. 00

70. 00

450.00]
390.00}
436.00 |

280.00]
390.00]
436.00 |

220. 00

68. 20

23. 70

’

paper

22. 00
22. 00

287. 97

492.60]
212.70]
702.00}
109.20]
199.99
86. 35
1,133.20]
6835.90]
585.00
97.50 | 460.07
258. 17
1,098.00]
400.00]
887.00]
181.20]
445.78
162. 40
5, 600. 00 | 2,500.00 | 4, 680.00 | 2,340.00 | 2,273.60 | 1,015. 00
2,500.00!
900.00 | 1,365.00]
780.00 | 1,015. 00
365. 40
120.00]
107.00
40.17
39. 00
48, 72
43. 44

bs camila Saati

Cardboard (ordina-

6511.64

600.00}
253.60]
500.00]

187.50]
220.00{
360.00{

a Not exported.

175.50
152.10]
170.04|

\

143. 59

3. 85

8. 40
8. 40

11. 36
10. 75

53:70 |} 26-89]
109. 20

.
152.10]
170.04]

{

89. 32

243. 60
102.95
208.00

105. 38

3. 85

9.74
7.10

19.48

27. 68

76. 12
89. 32
146. 16

AND

MONEY

102

IN

PRICES

COUNTRIES.

FOREIGN

Statement showing the wholesale prices of articles per 100 kilograms, ete.—Continued.
[The exports are net weight, while the greater portion of the imports are gross weight.]

Prices in American currency.

Prices in Austrian currency.

1896,

1886.

1896.

1886,

Articles.

Imports. | Exports. | Imports. | Exports. | Imports. | Exports. | Imports. | Exports.
Florins. | Florins. | Florins. | Florins.
Calfskins .....s0s«Glove leather......

220. 00
1, 300. 00

Leather, glazed
and bronzed..-..
Wooden pegs for

885. 45
240. 00
960.00 | 1, 200. 00

337. 85
950. 00

$83.70
507. 00

$93.40 |
374. 40

$156.49
487, 20

$136. 80
885. 70

750. 00

750. 00

609. 60

500. 00

292. 50

292. 50

247, 49

203. 00

BINOON + <0aseausses

15. 00

35. 50

21. 60

30. 00

5. 85

13. 85

8.76

12.18

Giady) sseeus vec

52. 00

35. 50

49, 20

(a)

20. 28

18. 85

19. 97

70. 00
10. 00
22. 00

33. 00
9. 50
17.00

41. 50
8. 00
16. 00

87.50
7.50
10. 60

27. 30
3. 90
8. 48

12. 87
3.71
6. 63

16. 84
3. 24
6.47

15. 22
3. 04
4,30

81. 20

81. 20

Wooden

ware

(or-

furniBent-wood
TUNG peg ceceenwas
Glass bottles.......
Window glass .....

Plate glass

|
70.00
.

eS

Optical glass.......

not
Clayware
otherwise proVided Lor ss .ss-ees
Chinaware (white) .
eee
15 (0| ees
Steel rails .........
:

glasses ......----

|} 27.90)
fo-9
.
80. 00

28.40)
,

23.82
5

78. 00

78. 00

=82. @48

200. 00

200. 00

200. 00

30. 00
50. 00

30. 00
35. 00

20. 00
50. 00

20. 00
35. 00

11. 70
19. 50

11.70
13. 65

8.12
20. 30

,
8.12
14, 21

3.40
10. 00
10.00

3. 20
10. 00
12. 00

2. 70
7.00
8. 00

3. 80
9. 60
8.50

1, 33
3. 90
3. 90

1. 25
38.90
4. 68

1.09
2. 84
3, 24

1.58
3. 65
38. 44

10. 00

.

10.82|
3. 90
13.26 \

16.50 |
10. 50
25.00|

14,00}
10. 00
9°00|

9.95)
00k

5.68
§'95

6. 69
4. 26
10.15

4.06

11. 00

12. 00

15. 00

19. 50

4, 29

4, 68

6. 09

7.91

150. 00

150. 00

141. 10

115. 00

58. 50

58. 50

57. 28

46. 69

1, 390. 00 | 1,240.00 | 1,390. 00 | 1, 253. 75

542. 10

483. 60

564. 34

509. 01

1, 045. 00 | 1,155.00 | 1,380. 00 | 1, 156. 00

407. 55

450. 45

539. 98

469. 33

893. 00

407. 55

450. 45

495, 32

362. 55

30. 00
4.75
14, 32
11, 75
8. 25
47. 00
40. 00
30. 00
36. 00
24. 00

9.75
1.37
7.70
5. 85
4, 29
15. 60
12, 81
5, 85
14, 82
10. 43

19. 50
1.76
6. 24
7.02
3. 51
16. 88
13. 65
3.90
14. 82
10. 43

87
23
Uk
06
06
27
52
24
24
93

12,18
1. 92
5. 81
4.76
3. 34
14. 08
16. 24
12.18
14. 61
9. 74

Mathematical and
physical instrusee caus
WONG s:6'5cic
instruSurgical
MOMS... ceedecesie
OVGX<+seyassensces
DOOD «ss cusdavsenwes
Potassium ......-..
Carbolicacid (raw) .
Ac ccceesadeaes
Kali yellow........
INOtPOM << ssn cesses
bas alee
IEE 0 asp amigas
Tallow candles....
Soap, ordinary.....

Naphtha

58,.70|{

200. 00

98°97 | 25.50|
3400 |} 22-00 {

Sheetiron plates...|{
*
Bioek WItC. «< +4400 {
Wagon springs....
Ready-made tools
of all kinds......
Optical
instruments,
eye-

60.00)
ii

(a)

(raw) ....

1, 045.00 | 1, 155.00 | 1, 220. 00
25. 00
3. 50
20. 00
15. 00
- 11.00
40. 00
33. 00
15. 00
38. 00
27.00

12. 00

50. 00
4, 50
16. 00
18. 00
9. 00
42.00
35. 00
10. 00
38. 00
27.00

15. 00

12.
5.
19.
10.
10,
45,
38.
40,
40.
22,

00
50
00
00
00
00
00
00
00
00

4, 68

10. 00

5. 00

5. 46

4,
2.
%
4.
4.
18.
15.
16.
16.
8

2. 03

4.06

e

a Not exported.

VIL—WHETHER

MINTS

ARE

The mints of Austria-Hungary
to the limited coinage of silver.
1,395 guldens per kilogram, equal
the premium on gold of the day.
guldens per kilogram fine, equal
mint price of silver in 1886 was 90
per ounce (troy) fine. The mint
54 guldens per kilogram, equal to

OPEN

FOR

BOTH

METALS.

are open to the coinage of gold and
The mint price of gold in 1886 was
to $17.61,°, per ounce (troy) fine, plus
The mint price of gold to-day is 1,640
to $20.70 per ounce (troy) fine. The
florins per kilogram, equal to $1.12,%
price of silver to-day (August 18) is
68,5 cents per ounce (troy) fine.

ACKNOWLEDGMENTS.

For the above facts concerning the history of the currency of AustriaHungary and the experience of the nation when under a silver stand-

ard, admitting

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

free coinage of that metal,

and later under

a gold

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

103

standard, with limited coinage of silver regulated by law, I am indebted
to a member of the finance
All of the above statistics
of the mint and the chiefs
merce, and interior have
records, and reports, both

committee of the upper house of Parliament.
are taken from official sources. The director
of bureau of the ministries of finance, comkindly accorded me access to the archives,
published and unpublished, of their depart-

nents.

LAWRENCE

TOWNSEND,

Secretary of Legation.

VIENNA, August 15, 1896,

SWITZERLAND.
I—STANDARD

OF

VALUE.

Switzerland has a double standard of value, and since 1865, has
belonged to the Latin Monetary Union.
The last treaty of the Latin
Union was concluded November 6, 1885, between France, Italy, Greece,
and Switzerland, Belgium joining the union at a later date.
By its
terms, this treaty was to be in force until January 1, 1891, any of the
parties having the privilege of withdrawal after that time by giving
formal notice to take effect one year after the 1st day of January following such announcement.
In the absence of such notice, the treaty
was to continue in force from year to year, and up to this time none of
the parties have withdrawn from the union. The treaty stipulates that
the gold coin in circulation in the several States should consist of pieces

of 100 franes, 50 francs, 20 francs, 10 franes, and 5 francs, and should
be of the following uniform weight and fineness:
Denomination.

Standard.

| Weight.

100 PPGNOS... oo swcsewiessesix
SOTPANCR, «5 csencsvesesedes

0. 900
. 900

Grams.
32. 258
16. 129

20 TROROB. 2 cow awexnawencdeke
OR vg ee
eee
GF MONCH on cd waviowsesaeteess

. 900
- 900
- 900

6. 451
8, 225
1. 612

The only silver coin embraced in the treaty is the 5-franc piece, and
this is to be of the fineness of 0.900 and of the weight of 25 grams.
These gold coins and the silver 5-frane piece, so made, are, under this
agreement, to circulate with equal freedom in all of the countries of the
Latin Union.
This fact should be borne in mind in all attempts at estimating the exact amount of gold and silver coin actually in circulation
In any of the countries which are parties to the agreement.
The Swiss Federal Assembly determines how much gold and silver

Shall be coined and, conforming

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

to the above-mentioned

treaty, the

104

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

weight and fineness of each. It also provides for the debased and subsidiary coins. Below is given the table of Swiss moneys:
Metal.

Denomination.|

Weight.

Standard.

GOI) sckvessseenccvacessctavesesays

20 francs......
10 franos......
5 franes.......
6 franes......:
2 francs.......

Grams.
6. 451
3. 225
1. 612
25. 000
10. 000

0.
.
.
-

I fPane..... ++
50 centimes -..

5, 000
2.500

Debased Coin ........cececeseee-s--

20 centimes ...
10 centimes ...

4.000 |......-.--|
By GOO |. iendecees

CONEY sscasecpeasncasassesenccsnes

2 centimes ....

5 centimes ....

i080

1 centimes....

2, S00 | scneasaaae

STVO!

cases sntveccienedscaseoessse4

2,000

Remarks.

900
900
900
900
835

- 835
» 835

ckwanndans

\sasoneaawe

Pure nickel.
25 per cent nickel, 75 per cent
copper.
0.
'

anges, with tin and zine.
0.

By a law of September 7, 1889, the coinage of gold was made “free
and unlimited,” but the law since it imposed a seigniorage of 6 francs
per kilogram and 1 frane for assay has never been taken advantage of.
As a matter of fact, the Federal Assembly decrees the amount to be
coined within a stipulated period. This amount is bought at market
rates by the treasury and given to the mint forcoinage.
Thelaw would
be of little effect in any case, as Switzerland produces neither gold nor
silver.

Under the law of 1850, still in force, 5 grams (76.15 grains) of silver,

0.835 fine, constitutes the monetary unit, under the denomination of 1
france. The frane, equal to 19.3 cents in United States money, is divided
into 100 centimes.
No new silver has been coined since 1888, and none
is now permitted to be coined except the recoinage of old coins already
in circulation.
Paper money is issued by banks of emission, under the control and

direction of the several Cantons, in denominations of 1,000, 500, 100, and

50.francs.
This paper is redeemable in gold or silver, and is guaranteed, first, by a deposit of gold or silver of the value of 40 per cent of
the issue, and, second, by the guaranty of the Canton which has authorized the organization of the bank, or by notes and bonds.

All debts are

payable in gold or silver, but no sum greater than 20 frances can be paid
in silver pieces of less than 1 franc. As no mintage of silver is authorized under existing laws, silver has no mint price. Its exchange on

London at this date, Sept *mber 10, 1896, is 25.25, or 25.25 franes ($4.873)
for £1 English money.
II.—AMOUNT

OF

CIRCULATION.

It will be seen from the foregoing statements that the currency of
Switzerland consists of gold, silver, debased metal, and paper issued by
cantonal banks, redeemable in gold or silver.

No paper is issued by the

Federal Government, but a measure is now pending before the Swiss
Federal Assembly to "authori ize the Federal Government to issue paper
money in lieu of the cantonal banks. The total amount of Swiss coin
in circulation January 1, 1895, as nearly as the same can be ascertained,
was 137,539,300 pieces, divided in denominations as follows: One centime
pieces, 34, 050, 000; 2-centime pieces, 20,013,300; 5 centimes, 25,500,000;
10 centimes, 18, 000, 000; 20 centimes, 14, 000, 000; 50 centimes, 6, ,300, 000;
1 frane, 10,200 ,000; 2 francs, 5,700,000 ; 5 franes, 9, 126,000, and 20 francs,

1,150, 000, of the aggregate value of 65,245,766 francs ($12, 592,433), or

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

105

21.75 franes ($4.20) per capita. The total amount of bank paperin circulation as currency for the same period was 179,221,000 franes, equal to
about $35,844,200, or 59.65 francs ($11.93) per capita. The total amount
of money in circulation for the same period, including gold, silver, subsidiary coin, and bank paper, was 244,466,766 francs; per capita, 81.40

franes, or about $16.25.

The amount of gold and silver coin in use has

remained practically stationary since 1888, as since that time no silver
has been coined and comparatively little gold, but the amount of bank

paper has been increased between the years 1886 and 1895, as indicated
by the following table:
Circulation of bank notes in Switzerland from 1886 to 1895,
.
valuc th

bast¢

Year.

Nominal

E

dollars. (a)

Circulation
per
:
capita.
(a)
Franes.|

Dollars.

EN sah gs cuudencckeNaeaents uanceceeadeeneehesawie
eR raters as $5kanss0bseucectich<babtai
lsh akties
I I
Ee,
ek

127, 064, 000
184, 835, 000
139, 637, 000

25, 412, 800
26, 967, 000
27, 927, 400

43.70
46. 20
47.70

8.74
9, 24
9.54

ST

152, 444,000

80, 488, 800

51.70

10. 34

163,
163,
167,
171,
179,

82,
82,
83,
84,
35,

55.
54.
56.
57.
59.

11. 04
10. 99
11. 22
11. 44
11.93

MP

Mee
PE
BEC
PN
Nn

dacecinauickenseKcsaxtccvss
xciedscie<ee taesEReeen
ae

ceca meas c aa NG

sabe Sk vk 4E CATER

WES CRE EE

Pitas ste oe eckicweusyrcaciate
ce ccareeaereee
kesh
Oh rays oebwdwxsetserluctiauses
ee
EURA siren cb wus hans.<axcekccuces eaexonereaeeeone
aU a ee ae wa nnig 5 owmnerea ea can cases aueeeeetan
ena cea ceeds rc es bawusastiess a cine ei wv eu

a@Computed by reckoning 5 francs equal to $1.

Customs, is 19.3 cents.

145, 461, 000
487,
344,
369,
285,
221,

000
000
000
000
000

29, 092, 200
697,
668,
473,
257,
844,

400
800
800
000
200

49. 50
20
95
10
20
65

9.90

The actual value of the franc, for purposes of

It has been estimated that in 1892 there were outstanding in bank
notes 61,000,000 francs which were not covered by the 40 per cent

deposit referred to above, or by notes and securities and which the Can-

tons had guaranteed, thus making a liability of 20.33 francs or $4.07 per
capita, This liability has been constantly increasing since that date.
V.—CURRENCY

AND

WAGES.

The Federal bureau of statistics has met with insurmountable diffi-

culties in the attempt to obtain reliable and satisfactory information in

regard to wages and salaries paid in Switzerland, and the cost of living
among the laboring people.
Both employees and employers were
unwilling to impart the desired information, and hence such statistics
as have been

obtained

are meager

and

unreliable, and

are generally

based on reports from very small and widely scattered districts. It is
universally known and recognized, however, that the wages for all
classes of labor have very appreciably increased within the last ten
years and the condition of the laboring man greatly improved.
This,
however, is attributed almost exclusively to the better organization of
labor, their unions enablin g them to demand higher wages.
I have with great difficulty obtained a table showin g the wages paid
for different classes of labor in two or three of the largest Cantons in
1885 and 1895, which I submit herewith.
It is not perfectly accurate
even for these Cantons, but it is as accurate as present information will
admit of, and may be taken as a fair exponent of the wages in other

Cantons.

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106

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Schedule of wages.
1885.

1895.

Classification.
Francs.
Common laborers ....per day-.
Domestic servants, male, board
ineluded......-.. permonth..|
Domestic
servants,
female,
board included..per month..|
Mechanics ........... per day..
Factory operatives.....- GO ca«
Clerks in stores...per month..|
BOOKKeOpers ...sce+--s-- do....|
Railroad laborers....per day.DOMES ose com secsnncesaet GO. «ss
Shoemakers ..........--- dO...
WWanlOns actica'ssasseasases COi.es

HadGlevs. 5.055 cosess ses
SWGNS <.5a%
sev asn serene
Wagonmakers...........
BOOKDINGETS 262 .2550.<02
Typographers ..........Lithographers........-.Stonecutters ............
Masons..... erer
ery rer

dO. a05
do....
dO.s2.
UGsses
dO...
do....
0 -aa%
AOics ae

Dollars.

2.50to0

3.00

30.00 to

60.00

10.00 to 30.00
3.50 to
4.00
1,80to
2.80
120.00 to 150. 00
150.00 to 280. 00
2.8010
3.20
3.00 to
3.80
3.00
2.80 to

4.50

3.00 to
8.20to
4.00 to
8.80 to
4.00 to
8.50 to

4, 00
3.00
3.50
4.20
6.00
5.00
4.50
4.20

0.50 to

Francs.
0,60

8.20 to

6.00 to 12.00 |

Dollars.
3.80]

40.00 to 100.00 |

0.64to

0.76

8.00 to

20.00

2.00 to 6.00]
15.00 to 40.00]
3.00to
8.00
-70to
.80
3.70 to
7.00
-T4to
1.40
-36to
.40
2.00 to
3.50
-40to
.70
24. 00 to 30.00 | 120. 00 to 250.00 | 24.00 to 50.00
30. 00 to 56.00 | 200. 00 to 500.00 | 40. C0 to 100. 00
56 to
.64
3.00 to
4.00
-60 to
.80
-60to
.76
3.80 to
6.00
-76to
1.00
. 60
8.00 to
4.00
-60to
.80
-56to

.90

3.00 to

6.00

-60to

1.20

-60to
.64to
-80 to
-76 to
-80to
-70to

. 80
. 60
.70
.84
1.20
1.00
.90
.84

4.00 to
8.00 to
3.00 to
3.80to
5.00 to
4.00 to
4.00 to
8.80 to

5.00
4.00
4.00
5.00
7.00
6.00
6.00
5. 20

-80to
-60to
-60to
-76to
1,00 to
-80to
-80to
-76to

1.00
.80
.80
1.00
1.40
1.20
1.20
1.04

VI.—PRICES.

While the value of the Swiss gold and silver coin has remained stationary at par in all the States of the Latin Union for the past ten
years, the commercial value of gold and silver bullion, as shown by the
last report of the Swiss bureau of commerce, has fluctuated between 1889
and 1895, as indicated by the following table, the figures being the
mean price for the year given:
Prices of gold and silver per kilogram (2.2046 pounds).
* United States
currency
1r
.

Swiss currency.

Yoar.

Gold.

Silver.

Franes.

Gold.

| Franes.

Wee Vawaasuenebuence<
tou via tocnnmehaeaaseseoebeaweeeeauceeeibed
BD) sv x Seceneledawadinrs tad dak wee whaeee ealeaed we weestebenadnaweee
nay

8, 456
8, 456

150 | $667. 008
165 | 667.008

|32)
nT eae
re
ee eee
ee
DO xe ok Fh sine. 1 eee 6a ue Cet ee igh s esa
SOG cS ecmaatigast's taeda eeess caer sas oewl(hmsws
De cers eeaasad thaibadeaseus a Gs Uae ae Ream y mek

8,
8,
8,
8,

160
145
133
106

665.
665.
665.
664.

109 |

666.322

se ere er ae
ua pe knoe ah buwtes
veceushunn seaeee
wer SeCuehseeoeas

MOU ie waeehae cece ah wieet ly bcend ceeGeees SR ercdy Fanah eh oakinwnscwne

Silver.

450
450
450
445

8, 454

$28. 954
82. 165

850
850
850
885

30.
27.
25.
20.

880
985
669
458

21. 037

It will be observed that notwithstanding the fact that the actual
amount of currency in circulation was increased by the issue of bank
notes by more than 52,000,000 francs between the years 1886 and 1895,
there has been a gradual decrease in the price of cereals and breadstuffs from the year 1878 to 1895, as evidenced by the following table:
Prices of wheat, grain, and flour at Berne per 100 kilograms (220.46 pounds),
1878.
W HGH: ss si nnqsicnsdeceeecsecsveeeeacnyequsan@e
ves?
W heat, €0CORd PTACO 21200 cneeicucaccase~scacdwecaaee

$5.79 | $4.04]
3. 94
3. 09

MO rac eareies ane Riee Ree scs sw saci Wibes Rigs oan
ate neles
4.14
Barley ..... Chal
aoa Bagh eee Lk dees eae sess Kee basil nod ig eee
OBS sankey onéee kas vee ecsc les nny nae sneueks eeesenes |
4.30
IQUE ches sssiac deeccecseskecacsdeaeneceveeweracinsss|
20,27

BIGOT, SECON QVAMC.

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1888.

3.13
3. 26
3. 40
6. 80

occ ccwscssewtcensessesedoconess | SigxeniDialewteagard

| 1892.

| 1893.

$3.76 |
3.46
3, 42
4.45
3. 61
7.37

6. 85

$3.62 |
8. 34
3.41
4,34
3.91
6.31

5.72

1894,
$3, 25
3.00
2. 85
4,15
2. 37
5. 83

5.17

| 1895.
$3. 10
2. 88
2.
4,
3.
5.

75
24
30
97

5.45

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

107

As the tariff upon these various articles has been subject to but very
slight change since 1886, and to none whatever since 1891, it is not
probable that the prices have been materially or appreciably affected
thereby.
No reliable or trustworthy statistics of the total amount of the output of the manufactories of Switzerland during the period above mentioned have been accessible, but from the report of the Swiss statistics
of imports and exports for the years 1886 and 1895, I have prepared
the following table showing the total amount of exports for each year

from 1886 to 1895, inclusive, valued in francs and in dollars and cents:
Value of Swiss exports.
Value.
Year.

i
aa
ee
POOL oct ckeheceacectanes
MOS as ease eeeKeewekewn
Pr
Sere
OOO
i scoenee
cut ateeaw

Francs.
660,
672,
6738,
F711,
724,

Value.
Year.

Dollars.

017, 167 |
122, 214 |
671, 977
164,470 |
620, 318

128,
129.
180,
J87,
TS9,

179) 169
719, 618
018,096:
162; 825
$21, 720)

||
||
1)
tl
|)

TeGh .sccccnousccuns
1809 ..sicsavdevewssns
T8906. .cscaowee posecen
BS04 waceasscecce.
caw
TIO6. vse cwsdenwennaes

Francs.
703,
688,
695,
673,
663,

856,
020,
146,
004,
860,

Dollars.
603
282
799
524
175

185,
182,
184,
129,
128,

844,
787,
163,
889,
028,

324
915
132
873
514

In the above statement is included the export of minted coins.
From this table it will be observed that the value of exports increased
gradually from 1886 to 1890, at which time it reached its maximum,
being larger by 13,000,000 francs than in any other year during the
decade.
It will be seen also that there has been a gradual decrease
from 1890 to 1895, at which time it reached its minimum, being 61,260,138 franes less than 1890. Although 1 have been unable to obtain
reliable and trustworthy statistics as to the total output of Swiss manufactories for the decade above mentioned, it would

seem reasonable to

Suppose that the decrease in manufactured products had about kept
pace with the decrease in exportation, and the best information, gained
from merchants, bankers, and men of affairs, indicates that this supposition is correct.
ACKNOWLEDGMENTS.

For the statistics and information contained in this report, I have
relied chiefly upon the Jahrbuch, or Swiss Annual, the Government
reports on customs and finance, the contract of the Latin Monetary
Union, and the various laws relating to coinage passed by the Swiss
Federal Assembly since 1850.
I wish also to acknowledge my indebtedness to the valuable assistance furnished me by Dr. Guillaume, chief
of the Federal bureau of statistics,

JOHN L. PEAK, Minister.

BERNE, September 10, 1896.

ITALY.
I—STANDARD

OF

VALUE.

The Kingdom of Italy is a member of the Latin Monetary Union, of
which the system is a decimal bimetallism based on a ratio of 154 to 1.
This proportion was established on the relative commercial values of
the precious metals at the end of the last century, and had a founda-

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108

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

tion in fact in 1860. However, this system, in which Italy takes part,
is not wholly bimetallic, since that would require the free coinage by
State and individuals of both gold and silver in the established ratio,
whereas, in fact, the coinage of gold alone remains free and that of
silver is suspended.
The unit of the Italian monetary system is the lira, and by preceding
French legislation, from which the system is derived, this should be
represented by a piece of silver weighing 5 grams and 900 fine. But,
in reality, this does not exist and is a name only, for Italian divisional
money, of which the lira is a part, was coined according to the law of
the 24th of August, 1862, at 835 fine, and so is only in part fiduciary.
The value of the silver lira at the date of this report, in exchange on
London, is 93 centisimi, or 18.75 cents. Again, the monetary value in
gold or silver may be indicated by the proportion that 1 kilogram
(2.2046 pounds) of gold will coin into lire 3,4444 and 1 kilogram of silver into lire 2222,
II.—AMOUNT

OF

CIRCULATION.

Owing to the condition in which Italy is, and on
agio exists between metallic money and the paper
naturally that gold and silver have gone out of
actual currency is, accordingly, paper money issued

the banks.

Private issue is not allowed.

account of which an
currency, it follows
circulation, and the
by the State and by

On the 31st of December,

1895, official publications on the subject showed the circulation of Italy
to be as follows:
Lire.

Paper of the State « .<ccessctaccndaseens
deeees vacees

Paper of fhe banks...

.205 «ss0sesegesessssduasaeedss

400, 000, 000 = $77, 200, 000. 00

1, 084, 857, 272 = 209, 369, 733. 39

Wh ak ane sie aneeadenes <3 ¥e08 vaeene'eete woes 1, 484, 817, 272 = 286, 569, 733. 39

It should be noticed that besides the State paper, called “ biglietti di
stato,” corresponding, as shown above, to about $80,000,000, there have
been issued by the State 110,000,000 of lire, or about $22,000,000 of
paper of the denomination of 1 and 2 lire, called “buoni di cassa,” which
is fully guaranteed by silver deposited in the treasury.
These are
simply silver certificates placed in circulation in order to prevent speculation owing to the agio. It may be added in this relation that the
paper issued by the banks is covered by a metallic reserve amounting
to 44 per cent, mostly gold, held by the banks themselves; while the
400,000,000 of State paper is guaranteed by a considerable sum deposited in the “Cassa Depositi e prestiti.” The Government paper money
is issued directly, and not by means of banks, and by law should be
convertible.
However, by the law of the 22d of July, 1894, this provision was suspended temporarily till the monetary conditions of the
country should have improved.
III—PER

CAPITA

CIRCULATION.

According to the official figures provided by the director-general of
statistics, the population of Italy amounts to 30,900,000 inhabitants.
The circulation, both of State and banks, including the “buoni di cassa,”
is 1,594,817,272 lire; so that the average per capita of money in circula-

tion in Italy may be computed at 51.30 lire ($9.93); or, taking into
calculation fractional currency of nickel and copper of about 100,000,000
lire, the average reaches 54.85 lire ($10.59),

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MONEY

AND

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‘IV._CHANGES

IN

FOREIGN

IN THE

COUNTRIES,

109

SYSTEM.

The monetary system now in force in Italy by the law of August 24,
1862, subject to the conditions which bind it to the other members of
the Latin Union, has not been organically modified.
As regards the
suspension or total suppression of silver, it is to be said that owing to
the depreciation of the metal, which was accentuated rapidly after 1874,
the States of the Union together agreed to cease coinage for private
individuals and to limit the coinage of scudi on their own account,
and finally, after 1879, this even was wholly stopped.
Finally, in the
year 1893, in order to remedy the lack of divisional currency in Italy,
which had been exported by speculators, it was agreed with the other
members of the Union, by a convention dated the 15th of November,
that such money should not be current in other States, but only in
Italy. The divisional currency was accordingly retired into the vaults
of the State and the “ Buoni di Cassa” were issued in their stead to a
corresponding amount.
This action is of a temporary character.
There is no doubt that during the past thirty years, coincident with
the adoption of the present monetary system, there has been a remarkable industrial development in Italy, but it is difficult to say how much
may be due to the monetary system or how much to other controlling
causes.
V.—CURRENCY

AND

WAGES.

According to statistics got together and published by the directorgeneral of agriculture, there has been a marked increase in the wages
of agricultural laborers.
But owing to the minimum wages originally

earned in this labor, the increase seemed greater than it has been in

fact, if the normal condition of living beconsidered.
A general increase
is to be noted, however, and especially in those industries in which
inventions have made improvements, yet even this branch has its exceptions, as in the case of silk spinning. At the same time the prices of

products in general use have gone down and the hours of labor have
generally been lessened.
A table is appended of a comparative
industries in 1886 and 1896.
VI—PRICES

OF

average of wages in various

COMMODITIES.

In the matter of prices there has been a contraction since 1886, which
followed the economic expansion that succeeded 1870. In food products and cereals the fall was remarkable and was not made up by an
increase in the tariff. The exportation of cattle has diminished, and also
of wine, which to a certain extent may be explained by poor vintages.
As to the products consumed in the country, there was a betterment
till 1889, since which time, till 1895, a decline has succeeded or, at least,
a stop in the improvement. A table is appended showing the comparative values of such products between 1886 and 1895, the last complete
returns obtainable on the subject.
Taking in general the value of products exported, the following figures are obtained: 1886, 1,076,101,726 lire, or $207,687.633,118; 1895,
1,059,579,700 lire, or $204,498,882.10.
For the most important products
imported the following are the figures: 1886, 1,510,954,889 lire, or
$291,614,293.577; 1895, 1,194,551,799 lire, or $230,548,497.207.

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MONEY

110

AND

VIIL—WHETHER

MINTS

FOREIGN

IN

PRICES

ARE

Since 1879, when the mints of
coinage of silver, the Italian mint
So the mint
in limited quantities.
fixed at 3,437 lire ($663,341) per
price has not varied since 1886.

OPEN

TO

COUNTRIES.
BOTH

METALS.

the Latin Union were closed to the
has coined only gold, and that metal
price is limited to gold, and has been
This
kilogram (or 2.2046 pounds).
WAYNE

MACVEAGH,

Ambassador.'

Rome, September 5, 1896,

APPENDIX

A.

Average rate of wages (comparative).
Industry.

1886.

se seeetnees
WATS enc a sewde east cpaes covneateeeceeesss<00sccdeuseess
Silk manufacture (Workers) ......scccsceeessecccergeasesceeseceeeee:
WOO) MANMULACHULO. 06:0 oc denen scenes onset cask se veeevetins one ss toceee
ages Poben ctatedaacireseneegs =
Cotton manufacture ...........+.-- Pobsdp
see. scccsccccscaceeececccsaessceecssecsccmees
Hemp Manulachure..-.
Paper mamufacture. .... 2.2.20. 2. eene cs ccs es ewe wees eens eseeneceeecs
cece seeccetsccncaces
Machinery in general... ......--.cccceenceecersce
Machinery, foundry <.25.. + ..cececedaenacicccncenccnccomsensscosavadne
QUOMHOSIS cbeasis soccns dogs ceeesdeccueecwctsccsebelsabateeevseeyeques
cseccoewenen ses seseces sass es:
FOOd INGUSUHY. ~~ osiesensccdessewcdiceedewn
Silke (SPIMING) 2 2.55 ps cece ceent coc eceensees nen elle Ss cake a ewe swiss ma)
WelnOw TEMUSELY tex. 25. cuca sack ecdetaeardawentsnsetbatnaweesemesen
nerry er oveyecrerenr Tre
nee eer rene
185.0 lpi 0h) 70 gee
Coral MGUSOY s.<s0.- ces cc ccc encnen stale ds bene chung nsesccsesceseps
Cask industry .....2- 0.26 cccccec ec necene deren cen eea ne cnseeccenecesen:
TYPOSTAPDY .. 0.00.2 cewcsseeccdeescessuasresscescnsgeeseeseesesacies
seers cece eens enseenecs
Agricultural .......-.-.-.ccneccsccescenccceewes

Lire
4.00 | $0.77
. 20
1. 04
. 88
1,95
58
2. 75
. 65
3.35
44
2. 30
58
3. 00
2. 80
54
49
2. 50
42
2. 20
22
1,15
18
. 90
58
3. 00
-49
2. 50
44
2. 25
68
3.50
16
. 80

APPENDIX

1896.
Lire
3.90
1. 30
2. 45
3. 00
3. 50
2. 50
3. 25
3. 00
2. 80
2.35
95
1.00
3.25
3. 00
2. 60
38.20
1. 40

$0. 76
25
48
58
. 68
. 48
63
58
54
45
.19
20
63
58
. 60
. 62
27

|.

B.

mparative table of products consumed in the country.
Product.

1886,

1895,

Lire.
WRGUilis & 00d bdndae nd asedeewecesucceneeeeewnnt
WO 9 oaG sv 0s ce Sai ee ss ions exdcaaeoesesanssees
enecee kes
AG ie dad c4.0 sh 0ebh nakebs reawsaenenss
dt str Veen cae kbies ye aGese es ees FAST RES
OE.
WEE Siacdbo~w ed cbade eave eededs oer tyee esas eee
sic ceseseuew
VANGONON cops oh ba skoesceueeesaa
BQQE 0 ace pacjescc etna cesta onsm acne s<sesceens

GMs

ceed
i) osc btunass kcssvengelieceberecuesr

800,
200,
60.
200,
340,
21,
51,

000,
000,
000,
090,
000,
000,
000,

Lire.
000 | $154, 400,000 |
38, 600, 000
000
11, 580, 000
000
38, 600, 000
000
65, 620, 000 |
000
4, 053. 000
000
9, 843, 000
000

22, 000, 000

4,246,000}

700,000,000 |
150, 000, 000
65, 000, 000
200, 000, 000
300, 000, 000
1, 900, 000
70, 000, 000

30, 000, 000

$135,
28,
12,
88,
57,
8,
13,

000,
950,
545,
600,
900,
667,
510,

000
000
000
000
000
000
000

57, 900, 000

GIBRALTAR.
[Extract from Commercial Relations reports of Consul Sprague, Gibraltar, August 31, 1896.)

To remit funds abroad from Gibraltar to purchase foreign merchandise or forward proceeds of its sale renders it usually necessary to purPrices for
chase bills of exchange on London and sometimes on Paris.
most commodities are, therefore, more or less influenced by the ruling
1 The figures and information in this report have been obtained from the directorgeneral of the ministry of the treasury.
In making reductions to United States
equivalents the kilogram is calculated at 2.2046 pounds,
The lira is calculated as
equivalent to $0.193.

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

111

rates of exchange at the time of effecting purchases on sales, which rates
of exchange are generally governed by those prevailing in the Madrid
market.
The standard of value in Gibraltar is the gold coin of Spain called

the alfonso, or piece of 20 fine pesetas ($4.824 cents).

The silver coin of less value than 5 pesetas is not a legal tender for
any sums exceeding 50 pesetas ($9.65), nor copper or bronze coin for any
Sum exceeding one peseta (19.3 cents).
Nevertheless, in all commercial transactions the trade accepts silver
pesetas and coppers in considerable sums for payments and settlement
of accounts.
Spanish gold pieces are hardly ever seen in any quantity, and at
present command

a premium

of 18 to 20 per cent,

RATES

OF

WAGES.

Wages rule as follows:
For laborers, from 40 cents up to $1.20 per diem, according to the
nature of the work to be performed.
From $1 up to $8 per month for
Spanish female servants, besides their maintenance and lodging, and
from $2 to $14 per month for Spanish male servants, according to their
age and efficiency, exclusive of their board and lodging. English servants, both male and female, obtain a somewhat higher remuneration.
There are no fixed wages for mechanics.
They are paid according to
their proficiency and the demand for their services.
There are no factory operatives, no factories existing in Gibraltar.
Clerks in stores obtain from $4, $12, $16, up to $50 per month, without board and lodging. Bookkeepers receive $300, $500, $1,000, and up

to $2,000 per annum, according to the extent and importance of the
business placed under their charge. They are generally conversant
with several languages, and considered good accountants,
The Government salaried employees receive as follows, per annum:

Chief clerks, from $1,200 to $1,400; first-class clerks, from $1,000 to
$1,100; second-class clerks, from $500 to $850; third-class clerks, from
$450 to $550.

MEXICO."
I—STANDARD

OF

VALUE.

The present monetary system of Mexico is regulated by the law of
November 28, 1867, which introduced the “decimal monetary system”
inthe country.
Thepreamble of this law states its object to be to establish a uniform system of currency, without making any essential modifications in the value of the monetary unit, and the first section of the
law recites that “‘the monetary unit shall remain, as it has been heretofore, the silver dollar.” The dollar is to weigh 27.073281 grams, and

be of a fineness of 0.902 plus (0.777 of 0.001).

‘In transmitting this report Minister Ransom says: ‘‘I have not thought that you
desired, nor did I deem it my duty to present, my inferences or deductions.
I have
simply laid before you these facts for your consideration and the information of
our people.”

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112

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

The weight of this dollar is, expressed in grains troy, 417.79. The
amount of pure silver in the dollar is 377.139 grains troy. The variation allowed at the mints in the weight is 750 grains either way for
each $1,000, and the maximum for each dollar is 14 grains,
‘
The weights of all the silver coins are given below:
‘
P
Silver coins.

Weight in | Equivalent
grein
in grains.

O) ccaesegrawaesnas aeasws
Lib Hodes -.|
GO“COMTAVE sac cae nsceseinecee
sees ane

27. 073281
13. 536

Za-CONUGVG cuseesiucsasscacwsecanese

6. 768

TOCORNEVO na sens ccuw kos inkcaasaunwcn
TOORUAVO cause ctcndavesacuwencteos

2.707
1, 352

The fineness of gold coins is 0.875.

104, 45

41.77
20. 865

The denominations and weights

are given in the following table:
Gold coins.

Ce, See A

417.79
208. 90

Weight.

eee

eee

Grams.

33. 841

SIO Scenes casesasncecchadecce
Wividmestagy seueaeet dnsecese
CA
ee
eee

16. 920
8. 460
4, 230

Whic cxsweceesscnsnsentaret<s

1. 692

The ratio of coinage is 164 to 1, and the mint charges are—

First. A tax of 2 per cent (erroneously called the coinage tax).
Second. Three per cent internal-revenue tax.
Third. Assay charge of $2.50 for bullion weighing not more than 32

kilograms, and $5 for ore.

Fourth. For smelting, when necessary, 10 cents per kilogram.
Fifth. Refining, when necessary, $1.50 per kilogram.
Sixth. Separating, when necessary, $1.25 per kilogram.
The first, second, and third charges are collected on all bullion brought
for coinage as well as on all metals for exportation, whether in bullion
or ore. The fourth is collected on bullion for exportation and coinage
when smelting is necessary.
The fifth and sixth are collected on metals
brought for coinage when refining and separating are necessary.
The actual value of the Mexican silver dollar expressed in exchange
on London is to-day, September 25, 1896, 253 pence, and expressed in
exchange on New York it is 503 cents. On July 1, 1896, the rate of

exchange

on New

York (that is, the value of an American

whether paper, silver, or gold, in Mexican

silver) was

$1.83

dollar,

to $1.84,

The following table shows the rate since the 10th day of August, 1896:
BOGUS

PROG
BOGWH
BORGSD
AUBURN

BUGIS

BUA
BOOS

TO iss cke co cene dived «etuees

Bhi sa incnens
cocece iveees
12 oon nc0s sssecscceseceons
WS ic ede as ste cask eVeckun

DU vsnsxsoescewances
ces ass

USisaws

soak sengesdcase
cect

FD ones cesses tives sued neves
Bb once cdwees sd on cuaewnns

RUSUSG 2D...

MUMBO BG...

BORUCINDOD 5.

6 sens ss oecs Cases eens

ons ccnwesectsnn
sawn
cawce sadecennscccas

September9. ....4.
00 cecdes seeess

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$1. 872 | September 10....................

1.974 | September 11....................
1.89 | Beptomber 12...
60. .accceccss
cess
1.00% | September 14...
. 0.5 vacsee caseen

1.925 | September 15.0... cs0svcssenseonns

1.96

1,94
1,95
1,94

1.93

| Bepteraber 17 0.5.0.5
cane cees aces

| September 18...............0.06.
| September 21....................
| Sephember BB...

... .ecees vacencvcce

1.97
1,99
1, 99
1. 98

1. 98

1. 97}
1. 98
1,97

| September 24. .......ccc0cecccees

1. 96}

| September 26.......cceccccccccee

1,97

1.944 | September 25.. 2.2.2.2..
cee .
wnee

1.95

$1. 96

1. 964

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

113

a

ea

, Quotations—Saturday, September 26, 1896.
Mexioan dollars in London, each...
205 .-.00<.<sses
stecs veecescreee. pence..
Mexican dollars in LOndoR, ONHOO........+6
cee> s<e- cncmes cpes cose dOss..
Ralver in bars, standard ounce...
2. osso05 -secee cnc5 vec ke See ese ses d0.<. <
Mexican dollars in New

York ...0 ...0 sc0c ccee cece wces cote co eces sane scenseee

WAN VOd, POT BRP GUNCG «04 0 6s ov cane sane oss kua Kan eew in ened wees eee a eeew seer eess

Exchange on New York........-.-. re

ee

a

ee

ee

Pee

258
2965
30 By
$0. 504

. 658

1, 974

FEO
Of) LGRGOH i. wwyees C555 Loved ene s smd 0es Seen bose one e Ss pence..
258
RORIOGH DOU cc ccan ise sus vakines oned gwecew wslees sv eeneeruts Paleo Rane 6 $0. 87 to $0. 89
IIE: BONE oo ice onsin sh dens athens Seas nesnne cmaees NKR RER eRe oe54
93 to
.96

The secretary of the Mexican treasury department, in estimating the
budget of expenses for the fiscal year 1896 to 1897, in calculating what
amount of Mexican silver will be required to pay the interest charges
and commissions on the foreign public debt of Mexico, which in round
numbers amounts to $103,000,000, gold, all bearing 6 per cent interest,
except the sum of $13,500,000, which carries 5 per cent, places the
amount of interest at $6,900,000, and the exchange on this, commissions, costs of remittance, etc., at $7,208,000, making a total amount
of $14,108,880 in Mexican silver. The total amount estimated to pay
the interest and commissions, charges, etc., on the entire public debt is
estimated at $18,248,450, and the total expenses of the Government,
including this amount, at $46,598,992,
Bar silver is worth to-day in London, per standard ounce, 30;°; pence,
and in New York, per fine ounce, 653 cents.
The silver dollar as the monetary unit exists in practice in all dealings and business transactions within the Republic, but in paying all
debts due in gold, such as the interest on the public foreign debt,
interest on railroad bonds, all purchases from abroad, etc., the silver
dollar is valued according to the rate of exchange on London or New
York on the day of payment.
Practically speaking, there is no gold in circulation in Mexico, the
best-informed authorities stating the amount in the Republic to be from
$50,000 to $100,000.
A Mexican gold dollar is worth to-day in Mexican silver $1.86 to
$1.88, the pure grains of gold in it being 22.848,
The Federal Government in the fiscal years 1882-83 and 1883-84
coined of nickels $4,000,000, in 5, 2, and 1 centavo pieces. At first
these were received with favor, but soon they were at a discount, and
the Government, after vainly trying to maintain them in circulation at
parity, was obliged, in December, 1883, to have them withdrawn from
circulation. This was done through the National Bank; the coins thus
retired were sold for bullion. The Government lost by this the sum of
$1,000,000, that being the difference between the cost of coinage and
the sums realized from the sale of the bullion.
II.—AMOUNT

OF

CURRENCY

IN

CIRCULATION.

The question as to the total amount of currency in circulation can not
The Government
be answered with any great degree of accuracy.
issues no money, and, as a rule, does not have any money in the treasury vaults, the National Bank of Mexico acting as its depository, paying

all warrants, etc. At present the amount on hand to the credit of the
Government is $6,000,000, silver. Eleven of the banks of the Republic

have outstanding
sum

bills of circulation amounting to $40,000,000, of which

$36,000,000 is covered

$4,000,000, is uncovered.

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1354——8

by silver in the banks

and

the balance,

The amount of cash held by the banks is

114

MONEY

$41,000,000.

AND

PRICES

IN

FOREIGN

COUNTRIES.

Thus the amount in the banks and in outstanding uncoy-

. ered bills is $45,000,000.
To ascertain

the amount

of money in the Republic

there must be

added to this $41,000,000 the amount in the hands of private individ-

uals, private bankers and brokers, merchants, miners, farmers, etc.
This can only be estimated, and any estimate made is liable to be
wrong.
I have obtained estimates from three of the best-informed
bankers in this city. These are: First, total amount of money in
Mexico, including the amount of $41,000,000, as above, $130,000,000;
second, using same figures, $90,000,000; third, using same figures,
$100,000,000; total amount of the three, $320,000,000, and, taking an

average of this, we find the amount of money in the Republic to be

$106,000,000, in round numbers, which is as safe an estimate as can well
be made; and it is proper to say that it is a very liberal one.
The provision for the redemption of the bank bills is found in the
law regulating the banking system of Mexico, decreed the present year,
which prescribes that no bank shall issue bills to a greater amount than
three times its paid-up capital, no bank shall be chartered with a capi-

tal less than $500,000 subscribed, and of this amount one-half must be

paid in before the bank begins operations, and the balance in each bank
is never to be lowered less than one-half the amount of its bills in eirculation and the amount of deposits payable at sight or with at least
three days’ notice.
These bills are to be of a voluntary circulation (not be legal tenders)
and are not to be of a smaller denomination than $5. The Government exercises the right to appoint an interventor at each bank to see
that these provisions are complied with. A translation of this law is
inclosed herewith.
III.—PER

CAPITA

The population of the United

CIRCULATION,

States of Mexico, according to the

census taken in October, 1895, is 12,570,195, and if we take the amount
of money in circulation as estimated above, to wit, $106,000,000, we
find the per capita circulation to be $8.34. I consider this a most liberal estimate, and, as shown above, it is based upon the calculation that
there is more money in the hands of private individuals, merchants,
etc., than there is in the banks in cash and in uncovered paper.
Bearing upon this question I inclose a clipping from the Mexican

Financier, of this city, the leading financial paper in the Republic, and

regarded as impartial.

(See Appendix A.)

IV.—_CHANGES

IN THE

CURRENCY.

There has been no change in the monetary system of Mexico other
than the adoption of the decimal monetary system by the above-mentioned law of November 28, 1867, which simply introduced the decimal
system in place of the old Spanish system. By complying with the

provisions of the new banking law, all banks can now issue bills for
circulation,

The National Bank of Mexico was at first allowed to do

this in 1881 under its charter, and other banks had the same privilege;

now they all are regulated

by the banking law, a translation of which

is inclosed. (See Appendix B.)
I append statements showing the amount of dividends paid by the
National Bank of Mexico and the Bank of London and Mexico, and
a clipping in regard to the new banking law. (See Appendixes O, D,
and H.)

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V.—CURRENCY

AND

COUNTRIES.

115

WAGES.

The practical effect of the existing currency on the manufacturing
industries and the rates of labor is shown to be as follows:

Manufacturing in Mexico has been developed to a considerable extent,

especially in the manufacture of the coarser grades of cotton and woolen
goods, ordinary bleachings, goods for shawls, prints, and calicoes, woolen
cloth; also in the manufacture of the products of sugar cane, alcohol,
paper, cigars, and cigarettes. Many well-informed persons believe that
the depreciation in the price of silver has been the main cause of the
development of these industries.
To some extent this is doubtless
true; the large discount on silver has had its influence in depressing
foreign importation and stimulating domestic production.
But other
powerful causes have had their effect in this direction—an able, wise,
and just administration of the Government during the presidency of
General Diaz, the confidence of the Mexican people and foreigners in
the stability of the Government, the building of railroads (all but the
one from Vera Cruz to the City of Mexico having been completed since
1883), the improvement of coast harbors, the enlargement of commerce,
the liberal action of the Government toward new industries; in fact,

the general influences of law, liberty, peace, and commerce have all

contributed to this result.
It is not extravagant

to state that, in the last ten

years, citizens of

the Untted States have invested in Mexico, in mines, railroads, lands,
and other undertakings, sums much larger in the aggregate than the
whole amount of money in circulation in the Republic.
Also in this consideration we must not overlook the fact—a very
Significant one—that the tariff duties upon the manufactured articles
of cotton, wool paper, tobacco, and alcoholic products are very high,
the duties upon the goods manufactured from cotton havin g been
Imposed as early as in 1830, and continually increasing until 1887.
Since then they have remained nearly stationary.
Upon many classes
of cotton and woolen goods these duties have been prohibitory, and
it
is safe to state that upon the coarser grades of them the duties in
the
last ten to fifteen years have averaged from 40 to 75 to 85 per cent.
_ In this connection I append a statement made by an eminent writer
m a work entitled ‘“‘Les Finances des Etats Unis Mexicains” D’ apres
Documentos Officieles, by Prosper Gloner. Published in 1895. He
Says: “The cotton industry in Mexico owes its development especially
to the customs duties, which, by the imposition of high duties, prohibit
the importation of ordinary cottonades.
Five per cent of these were

aa imposed in 1830, and there was a continual increase in them until
7.”
He adds to this a statement showing the imports of cotton goods and

the duties thereon from 1872 to 1890, which is as follows:
Year

BW NO
SE EE
BEUE MUR
RED BNO
SEE IEE
PNET
SEIT RINT

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Value,
gold.

Duties,
silver.

ass cn sev ann cde nnntwdacceussdanveccedaxdepencsnciac gouiaeineteuterst $7,036,913 | $4,992, 003
siit ines thidvesauhuthese<baldenia¥wecdivaaes
&cdec, tee lee ee
8, 814,132]
6, 000, 759
ontiuny atch svhindabwbenenairnmmadowbhcodehincas,
bclee vaca
eee
7, 379, 389
826, 530
s154. cham sin steunnsbasyaunne wen énmigmaweiaaana siden sticctesal once bel 6,153,559 || 5,5, 234,
420
20 ivens:nnnvedenwne cweltveataenate anxsancedntiracndect
ce DLL
5,520,538 | 6, 953, 654
wis Siesnesasnannheibusnstieeltinanins
cxadeanca eee Leena
7,534,088 | 7,447, 395
apnustiessneteaeshsdinndabekesned tnadenieeiersscce. ce reeeiee
7,677,181 | 8, 109, 44

116

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

But in this connection it is proper to state that many able men in
Mexico consider that the improvement in manufacturing industries has
been influenced to some extent by the additional protection given them
by the free coinage of silver and its depreciation in value.
In the consideration of the causes which account for the development
and increase in the manufacturing industries, we must not overlook the
fact that labor in Mexico is cheap and that the Mexican laborer is a
very fair workman,

There is no art to determine the proportion of influence exerted by
each of these causes. All of them have done their part in bringing
about the present condition in the Republic.
I inclose a translated copy of the tariff laws of Mexico, together with
all changes therein made since 1893, !
One-third to one-half of all the cotton consumed in the factories of
Mexico is imported from the United States, and the price of raw cotton
in Mexico is regulated by the gold price in the markets of the United
States, so that its price here is the gold price plus the exchange, customs duties, freight, and commissions, exactly as is the case with all
other products imported to this country upon which there is a duty.
The prices of the manufactured cotton articles in Mexico have changed
but little in the last ten years, the consumer to-day paying for them
upon a gold basis; forit is safe to state that the Mexican manufacturer
avails himself of the protection afforded by the customs duties and the
depreciation in silver.
I give statements further on showing the prices of goods manufactured in Mexico for the years 1886 and 1895.
As regards wages paid in Mexico, it has been found impossible to
obtain any accurate statistics as to the rate which was paid ten years
ago. The Government statistics at that time were not very accurate;
but from all the obtainable information, derived from hearing the facts
and views

of well-informed

persons cognizant of the conditions

exist-

ing then and now, it can safely be stated that as regards skilled labor
there has been a slight increase, both in the amount paid and in the
demand, while as regards unskilled labor the conditions may be said to
be substantially the same.
The amount of wages paid varies throughout the Republic, being
higher in some sections than in others, and in certain mining districts
lower than they were ten to fifteen years ago. This is generally owing
to local causes. As a matter of course, owing to the construction and
management of 7,000 miles of railroads, the introduction of electricity,
and the placing of new and improved machinery in many of the mines
and in some of the agricultural districts, there has been an increase in
the number of skilled laborers, and some increase in the demand for
the same, but it is true that, with the great mass of the Mexican
laborers, there has been but little if any change in the amount of
wages paid.
As might naturally be expected, there are some instances where
laborers receive more than ten years ago, but these are the exceptions.
There are also many instances where less is received. The daily wage
paid to the farm laborer hired by the day does not exceed 30 cents per
day, taking into account the whole laboring agricultural population.
There are instances where the day laborer receives 50 cents per day;
but again there are also instances where he only receives 15 to 20 cents.
The secretary of the treasury of Mexico estimates the daily wage of
farm laborers at 25 cents.
1 Filedin the Department, being too lengthy for the purposes of this report.

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MONEY

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COUNTRIES.

117

To obtain a correct idea of the daily wages paid to the agricultural
laborer, it is well to divide the Republic into three districts:
First. The tropical or hot country, where labor is scarcer than on the
table-lands and there is not the same necessity to work.
Here on the
coffee plantations we find the laborers receiving from 37 to 50 cents
per day.
Second. The central plateau, or table-lauds, which constitute the
greater portion of Mexico as regards wealth, ‘population, ete. Here
we find that the wages vary from 124 cents to 50 cents per day, the
average being from 18 to 35 cents.
Third. The northern portion.
Here labor is scarce, the influence of
American customs is felt to some extent, and wages are higher than in
the central portion.
IT append herewith tables showing the wages paid in the City of
Mexico at the present time and a summary of wages paid throughout
the Republic; also statements of wages paid ten years ago, which latter
are not very aceur ate, but will give a fair idea of the conditions then.
A large portion of the farming in Mexico is carried on under the
“share system.” The Government reports show that, in many instances,
rations of corn are furnished to the hired laborer; in some cases we find
that he is allowed a small amount per day for his board in addition to
wages; again, he is furnished by the landlord with a small piece of
land to cultivate for his own benefit.
Tables are also inclosed showing the average wages paid in ten of
the largest cotton factories in the ‘Republic and the wages and hours
of work for the street-car employees in the City of Mexico.
Wages paid in the City of Mexico in 1896.
[Per day, except when otherwise stated. ]

Mexican currency.
ey

LaWOPONa®

Te omaaailia lL.

5 cccccdeawhsckrsurncasandsueeeescuanens
..kusus<xsaveeeessetvs

Carpenters (Ordinary):
Carpe nters

eseseomonsasense

$0, 25, $0.37 to
.75,

.....6...6<-0teeccnsentansestse

(foremen) Fe

ee

re

ee

ee

Printers:
GRIN) curus< vancneasesanessccotn Sieevewkessivees
GOD DUBECTS wcisedcsccwis
ns Concecdesaeamessomes tiiee
OGMIPORTUOUD . o 0n~n0nses
ene eswcs eGeumceseete
estas |

TUPIOVCHE dc .cscseucseekecessntesnbvedanvasus
Hs~ewee |
Ne
Mis Fun kdeagscincavscabenCestel vecuneivetees |
EGAN U DENG. cs. caceanscecdcagasis<4>eaaenstesens
sacs
OME GOMOD.
x cskcucrssansacaessads Hoectessaasacerew
Private coachmen.......-.....-.++--++
-per month...
Public

ea
WW ROS

eR
GIVER...

ae

63

to

1.25 to

1.50

‘62

to

.76

2.50

5.00

1.27

to

2.25

5.00
1.00
1.00
2.00
15.00

to

to
to
to
to
to

10.00
1.50
1.50
2.50
25. 00

30.00 to

50.00

5g cocucucugésecdascsabseseesbaadiesve~=
agen oe

OPO OMIRCS ous xanxavasssscusatasenakwwss seen ee |
POEMNACO MON, BUIOLUOTE........-6s2«sccns
ce
vasnesenncwans
pection men on railronds..............s.00.-ses
reee8
Section foremen........-----+---ee++
cece eee euceeeee
he ee ere per month bul
Sasol Te

ailors:
ys <a weaennae ine
Ns cccnxepeuneanssuceteretebeden
Coat makers......-.--+-..--- cease
so ties per coat..
VORUDIOWORS. cace<cvdssercnness scans «et PO VOSU..
PORMe MARICOPA.
oe eo cece sennnwesavus per pair...
Harness and saddle makers........-------s+-+--secees

2.25
.57
.51
1.02
7.65

to 5.50
to .76
to
.76
to 1.28
to 12.25

15.30

to 25.50

5. 50
. 62

1.50
40,

.40,

1.00
.63

.76

.76
. 62
72

1, 25

owned aadarnle Tein ale

PEUNOM MOOCHADICR «cnec.ccecescec sandencstaseceeden as
UG OU Bead cans cs vad avdedenvewesanccveuanacas
ber aeweos

1.50
1, 25
1.43

10. 00

MO. «4s

cc arenssaeakcoewsavsknacenesaa
s2s<cveses ccunceestsieasensonewes

$0. 08, sé 124 to $0. 84

1.50

vs cnc ccancacacsoscsennacenaeascanae

PURDORTIN
cnc!
EGMNOKOTH Ah TAOUOTICS

$0.67

to

coachmen..........--..-..--------+-++-- do. ...

PEO META ok ics vn sainice amas dlares Opes

PUN OOG

.75,

1.26

lunitea States currency.

. 76

to
to

1.25
1.00

81

to

. 62
.651

2.00 to

5. 00
2.50

1.02

.31,

to

to

2. 25
1.27

1.00 to
1.00 to
.50,t0

1.50
1.50
.62

61.
51
26

to
to
to

71
.76
.381

.60 to

1.00

1.00 to
1.50
150. 00 to 175. 00

1.00
5.00
1.35
1.75
.50

to
to
to
to
to

1.25
12.00
1.60
2.50
2.00

.56

51
to
v6
|vccccccccnncscsesesscece

.51
2.55
.65
-90
-26

to
to
to
to
to

.68
6.10
.82
1.28
1.02

1 Wages of laborers range from 25 to 67 cents per day; wages of blacksmiths range from 75 cents to

$1.50 per day.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

118

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Wages per day paid in the Republic of Mexico in 1896.
United States currency.

Mexican currency.

$0.18,

GATIS GA DOYBecscescccsansceses cecewnssenccee sees
ere

Cee

er

etree

a

ee

Peres

$0. 38
.89
388
89
88
-51

$0. 75 to $1. 25
1.75 to 3.00
-7 to 1.25
1,25 to 3.00
-75to 1.00
1.00 to 2,00
.
.62 to 1.50
1.80
to
1.25
-75 to 1.00
1.50 to 2.50
1.25 to 2.50
-75 to 1.25
1.50 to 3.00
1.50 to 3.00
3.00 to 4.00
2.00 to 2.50
.75 to 1.00

nse csesee
CaTpPOnbErsai xs. acccsecdssstesssnseesesetsceee scenes
Carpenters, foremen .....-..-2---------22ee
MOBO <0. 5 cca daseWendond sissies saguesvendsscesesedceeas
Masons, f0VOMON......0c0ccsccesncesescesecseescceeens
PAINTERS «ocescenses. cases
Painters, foremen
Miners:
OLAINATY ven scccnccses sss cnesiccwsrserciessseseessies
SCM cc codes a esac edd dias innnaes aages se taeeaeeewee
ceases ss <btecsleeseveteneeeereeee
PEAUIGUN se nceneeeehessn
ese e ssc eee ween ees
Hatters, skilled..:.....-...-.0.----ces seisoesreeece
GHOGHGRCUS: c2.45 core deccaucascessvawen
Shoemakers, ordinary... -.....-.0.2.---.scescersccens
Bilaeksnriths Gnin@s)..<..ss0esssececcncccessecsemeetce
reece see e eee eee
Carpenters (mines) ..........026.--2cee
VEGGHINIGUE, ceceacd cnece sacspaceneniginacasavenneanenees
ICAU MINOT .cccea welsss ccenssvciveswancense-ms-censes
er eset
Wy QO NINGH: 6.co600 vcsenw sKseenbwasewscrensseweses
Factories:

.25to0

.37

-40 to

1.00

-18to

ss cedsccecesssueussuns
WOMOH os csusaveccnowessceed

$0.09,

to $0. 63
to 1.53
.63
to
to 1.53
.51
to
to 1.02

-31
89
88
76
89
88
76
76
1.53
1,02
88

to
to
to
to
to
to
to
to
to
to
to

.18

to

.76
.91
.51
1.27
1.27
.89
1.53
1.53
2.04
1.27
.51

.18%
.51

20hto

.25)

to

-09

.50

Wages per day paid to Mexican cotton factory operatives, according to their respective
occupations, in 1896, in Mexican currency.

Aguas Caliontes.....-.-.--0-seeeeeeleneeenenecereres
$1.50 | $0.50 to
Mexico
.50 to
ONG tie suena wees aces ngeenet sess sneee $1.00 to 5.00

Washers.

Carders.

Spinners.

Foremen.

State.

$0. 50
0. 50
.50
.75 | $0.37 to
.50 to 1.00
2.00

$0.37 to
.50 to

0. 50
.50
.75

-50to

1.12

387 to

. 62
=. 75
.75

seess
PUG ORs snag cu sthsss Ch eeeeedweses

3.00

-50to

1.12

.60 to

1.12

Sinaloa
Nuevo Leon..
Cohahuila....

3. 00
1.00
2.00

.62 to

1.50
-15
1.00

.62 to
. 387 to
.50 to

1.00
1.00
1.00

ees
San Luis Potosi.......-.-..-----00++-|sseeeeeeeeee

Chihuahua

nsse
enceess
tenn sel
DUANLO vacecescsac
GUANA USO co. cseccc cn cesssctscceens
GUCEPORG . <icncs aces ccdewetasessasnses
sabes coeteress
BOAO vq seccin damages
ann
DRUISCO nennasscasuneosceccsastieaas
IMIG ROGORI soa ct eesepeesacsewessscees
Hederal Gistrioti.........0..0cessisees

Aguas Calientes
Oajaca

a

Ce

ee

$0.87 to

.50|

r 50 to

75

.50to

.87 to
.87 to
-18to
381 to
-50 to

to

.37 to
.87 to
18to
.25to
-50 to

.75

1.00
1.00
. 50
.75
.75
.50
1.00

-37 to

1.00

Guanajuato ..scccns.[sscnceeseresveee

GWeErrero «....s..00.-

PAA)20 <aneseccese-

18to

SOIINOO ansesacacevess

St EO)

Michoacan

Federal

$0. 50

00

ee

ae

.50 to

1 At present rate of exchange
cents to the dollar).

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.50

DUG

1.00
these

1.50

~ 75

vhvetscx scl kewass nedaenee<s

.50to

.75

|naxanecaccacccdafrisesasaccetenss
.50

75

1.00 to

to

87 to

. 387

asst

- 50

ses
fecnssccacsactiens|sosceewoosese

100

5 1S

aueeen

$0. 25 to $0, 37

.87to
.87 to
-87to

2.00
COU

.50 to

.75

1.00
.75
75
.75
.50
87
.100

. 50
25
. 62
.50
= .50
.50

cns
WG | sews ccapatec
sewseslecesi
cnneca|soescnwacseess
- 50

.........-

district... ..

75

BY FO

87 to

{8to
.387 to

25

Hands

Nesaccvseetescecslyssesvaseseasess
COFCO BOO
87 to 1.00
des ceens
IPUODIN saecese
eee ree ere
tera OTR
eee
fl Se
San Luis Potosi.....
$0.75 to 1.00
1.00 to 2.00
62 to 1.00
BINGO Gs scwcsiecnces.cNuevo Leon... 2... ...)esnccs cass cece nslee nn enn eee e ence leeee ee ceen este nsleceseeeeeenne ces
. 50
50 to 2.00
50 to 1.00
Cohahulls <ecsaas eae.
.75
-50to
.75
50 to
.75
50 to
Chihuahua .s....s0s.

DuUPABGS 5.0005 ase:

50 to

87 to
87to

leeecnscesncevdeslanenewsnevewaqess Kineveas

.75
2

25

Firemen.

Machinists.

$0.50 to
he 00

-50to

.75

1.00
1.00
75
.75
1.00
. 50
1.00

£6.00

$0. 50

....

senna vaseenss

MOZIGOs

2.00 to

1, 00

3.00
3.00
1.00
1.12
1, 00
1. 00
3.00

Dyers

Weavers.

State.

1.00 to
62 to

.50 to

25

2.00 to

3.00

-75 to

1.00

«75

387

.18to

.50

.2to

.3l

.50to

25

.75

rates, expressed in American currency, are about one-half (5)

MONEY

AND

PRICES

119

COUNTRIES.

FOREIGN

IN

Wages per day paid in ten Mexican cotton factories—ordinary factory hands—in 1896,
Mexican currency.)
Total
operatives.

Name of factory.

veces escecetansnsas
PG BWNCO ike ciscteraas
pebens.«
RIRTOUIONs claws ncecdunsvsasaadeequaen
TWA PPINDSAUNG. « sanweswunnesetie renessvdenas
Bay ARCONIO. cnc ccvcues cannes sceepaenbanes
Baron y La Colimena........-+--.--+-+-----

1, 220

ws tenes vissusbeeeeeeeDP RTOUUIAs «ccdsauec
Tod) PRRVOUG gees ddiccsaeeewbeuvic comcwwaeres

500
600
600

Bella Vista...-..-.

37

.50to

. 65
.60

-50 to

.60

TA AAIRORE |, 050g sceeceensan ssnsdegwarawss

150

.50 to

2.50

Tndustric Nacional ....000sesssssscccececeslenececcsae

.25

25 to

50
.50

20

tO

+26
«20

25 to

.50

+20

to

.25

50

26

.50to

.75

.20

.20

.50

.87to

1.50

.87 to

25

«18 to

.50

. 65

500

San Fernando

. 87

.87to

.25

$0.12hto

.50|

.75 | $0.37to

.87 to 1.00

451

$0. 20

$0. 45

$0. 45

1,880 | $0.50to
|
500 |

San Idefonso

Children.

Women.

Men.

.25

to

paid
Lowest paid men, 25 cents; highest paid men, $2.50; lowest: paid women, 124 cents; highest
women, 75 cents; lowest paid children, 124 cents; highest paid children, 37 cents.
(The Mexican dollar equals
1 These rates expressed in United States currency will beabout one-half.
51 cents in United States currency.)

Wages of railway employees in 1896.
MEXICAN

INTERNATIONAL

RAILWAY.
F
Mexican
currency.

Passenger conductors !.........2--eeeeeeeeeeeeees per month. .
cere ee: QOss5<
Passenger brakemen!......-.0++-----+-+eeeeee
reer eeree ee: do..-.|
Freight conductors ?. ....-----2-+++eseeseee
sees sr eseeeereeee do...
Freight brakemen ?...-...---+-.+--+-eens cece eee n eee n enone ne eeee: do....|
All engineers?.........0-AT) BPO

eas eseres’ do...
4 acu cs vee dedscnceedcnsescusersesas

Telegraphers
Section MOd.........sccecsceccccncensncscsenscnseees

00
00
00
00
00

$165.
60.
$185.00 to 220.
60.00 to 120.
190.00 to 210.

United
States
currency.
$83. 00
31. 00
$94. 00 to 113. 00
81.00 to 62.00
96. 00 to 108. 00

160. 00

120. 00 to

60.00 to 125. 00
.62%
-50to

81.00

31.00 to

65, 00
.31,

31.00 to
.26to

eee: per month..
Passenger Conductors .........220-+-+e+sseeee
---..-- 22+ eee eee sere reese teense GO.» +.
Passenger ONgineers...

$225. 00
225. 00

$114. 00
114. 00

awe
bear

60. 00
90. 00

31. 00
45, 00

150. 00
150. 00

rer ceeee: do....
Freight conductors.....---+--++ese+sereeecreee
nett rete eee COs sine
Freight engineers........-..e..2-eseeereeee
Brakemen
IPOD. ins

stensdecssss
cnnsc cacveccaunewasenndetecouks

;
es
re ee ee
errr
Oe ee
Telegraphers:
do....
yee
eR reer Te
Tmerionn PPP
re do....
ree
er
ee
pS
cere eee eeeetcee eee per day..
Railroad laborers....---se----+00+e

50. 00

26. 00

100. 00
$60. 00 to 75. 00
.62 to 1.00

51.00
$31. 00 to 37. 00
.51
-81to

NATIONAL.

Passenger conductors ......--.20+seeneeeeeeereees per month. .
earner cceness
Freight conductors.....-+-+-neseeeescencee
ener ee seeeeeee: bie,
Engineers, full time.....---.------.e
Section fOPOMOMN .s...vsees.cvenscssccceseedesaaceecasnsies ee ras
UAGMADN:. .. dane caaeeeeccsacenesdewdseueneehacsre
Telegraph operators:

do..-.|
MBs ce's
G6.<0
GOs 0:

On ine of WOME sv ckcegsstaeusnenabeseyss aspQusneets do....
Main GHCOR cs acavdaderedsbakwonteeneseasevsewnnsete BO.0<
Bridge carpenters:
per day..
Native er

oe ogeresass de....
MIMNETIOSN oc ace ds. sanesessccecssesseses

BaNGlO THON <as cine oisnvdessudorecawecctextsherenneesedys do....
ENG EOEN . io avsu! sawon sees se avaes ences 4 ery ogee =aess 55 Bice

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

37. 00

75. 00

Bill clerks

MEXICAN

76. 00
» 76.00

1 Three thousand miles is a month’s run.

$150. 00

$140.00 to 180.
240.
90.
75.00 to 100,

00
00
00
00

60. 00
90. 00 to 150. 00
1.00to

2.75 to

.50to

1.50

4,15

«75

- 625

* Mileage.

$76, 00

91.00
142, 00
45. 00
37.00 to 57.00

$71.00 to

31. 00
45.00 to 76.00
51lto

1.38 to

.26to

.76

2. 08

6. 38

81

120

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Daily wages of street-car employees in the City of Mexico in 1896.1
[Obtained from the Compania de Ferrocarriles del Distrito Federal de México, S. A.]
Character of employee.

Mexican currency.}

Average
hours
of work.

sccowenstbe see Ceadeeees omen ce
i caancdnscccncwecs
Cond wotors Of GPAING.cann
IGHOY BOGUS vastus east sways cskis seschcedetives Udnaka ae mataesaandyosesss
bens senses ene
Tioket collectors Of: BYDAM LINES ooccca seccessccccteccccneeb
DDPIVORE ance ds cee we set ans ceases coven cen sveuneuwancepessecscesecetinwe= *
deneses bowser’
WOLGHION Hb HOMUIOHS 2.055 san ewsckeccsnswetns
Semeakseaey a
SiMHIOMICM Seay a awe eatca ccc ee kinds secs aseisesuSeneencmoeakiass
ses
HOrenien Of TOPAL? GATILS. ..ccwcenns crecncesecsedsrerescecacscssanecee
PGOi

SUS

eee

SoReal ba kenge eek aesievel teduuee ae pdpeed

cl. eRe

OT

ee

ROE

rc

Pere

er

13
13
13
18
nseoeasses
eee
9

44

9

-50
-.75
75
-75

to
to
to
to

. 69
.94
2.00
2,25
1.75

9
12
10
10
10

-75

to

2.25

10

$1.25 to
1.00 GO

Meee es eee r esse ss

site ser ewes
IPAVODN cae. ascotes sen cmageradcs ecsecseescecucan Kcguka Sstewssh
2. see eee eee ee ee ees
Switchmen, guards, watchmen, ete ........--t..-20-tote nccceccsccces
Carpenters. ....---22 oe seneccnnncnccercccsceweccceccccs
IDIAGESINMUMG «cones 4 ccdwbsveduitesa vedios s usc vateantsubessec ed yoteusesnece
Sa oneneease-egerecesaa
WWEGGNGINION = oot eadateccaacadels chsecnceksuenscmsmaae
Ahi

1.00 to

$1. 50
1.00
1.75
~15
EG
Ag
1.50

eR

Pee

ort rer

EU DRA ONS, Ls apa Sob pats nie he mek cee ED Wy EERSTE PAPER ese son eee Ss
cadence asecsacteee sacs wsuesve ses
ENING GNIVEIS?. nc'snosnncasdsmectawnsees
PHUCHION vices sbeescbnetodvcdsendceuencesenkegaaenosaneetecstentetensesad
ceeaeee™
IP UAOMION wh acicvan esse snadachagaswdsedesvErnaswarccmeescmannne

10
13
13
13

2.00
.83 to
100. 00 to 150. 00
1. 25
1.00

Wages are paid in Mexican silver, without
1 All these are paid by the day, except engine drivers.
rations. At present rate of exchange, these wages in American money amount to one-half.
2Per month.

Wages per day paid to miners in the different States,'
[In Mexican currency, equal in United States currency to about one-half.]
State

Quicksilver
.

CohahUs

Oo

ANUA

mixers.

sere nese
Durango.------e22eeeeeeeeree

$2. 00 to $3. 00
1.00 to

2.00

2 ee eee ee eee eee cece eee ene
Guanajuato. ....---.--------

CORTOUS och sek geedewenss as <n560s . sadlsencsmesnbeeeees
220-22 cece eee ene lee een ee eee renee
Hidalgo ...-.-.--0--sass
WHO NOA@AD «cseuucesuewecceeweses
NEORIOO) qc ven cessed cu mecaneewecesne

pan ehe
WHE VO ECON <secatregcen<daeusa
Oajaca ....0-cesecnesenececeeeesscceee

Die lemitld ces xcaxwancs wadeucssesnees
OCRINUAHUG scnccctenenssscsdeeeaccesc
DOANGOs sends scncnsvivessecesnsccese

GUaNaJUato.... .cccesecsesenecceseses
GUC TOTO oisans cwsncctwandevereseecus

oun ansseaee
ERIGSIGO 5. cacdaceccnadweas

...5..00nsssesetosencscane
MichOaG@all.
Mexico «++...
Nuevo Leon ........ORFACD «sinned seenncscencmaes
Queretaro ....--.---+--ceeeseeeereeee
San Luis Potosi... .<ssccsseeoesssece
SONG H.sceecdens>sssecsuseesseeesaes

Zacatecas... -.0+---eseeeeeeeseeccceee

$0. 75

$0. 75 to $1. 00

.51 to

2.50

.40to

1.50}

-50to
oor tO:

.75
1500)

BO

| Trowel work| ers (planillers).

1.50

$0.75 to

1.00

|ewavscescweesee-

387
|-wascxsvewsenson

$0. 75 to $1. 00

1.50 to

2.00

1.00 to

2.50

.31to

50
1.00

. 50

1.00
38.00

-50 to
-50to

1.00
.75

87 to

1.00
1. 00

.50 to

1.18
1.00

1.00 to

2.00
1.75

.66 to
.25 to

1.00
1.00

75 to

1.00
50

.75 to
.75 to

1.00
1.00

1.00 to

1.60

-45 to
-70 to

1.00
1.00

San LAs POUOS «sc. <savcdecnsinnssssacc|ecesteaseusevens

State

(hornero).

50 to
2.00 to

eee ee eee e eee eee leee eee c een wcwens
Queretard .-....-2.ee
ctcccc. Ssceee
SOHMOUR. canine weonsccotic
cause reese seees
ZAG OCIS scone cuvadveo

| Furnacemen

pickmen.

csccc dc casces cepacsicscyesys] seqnasvacacese es

« cess escecscsccansverscse«

| Drillersand

1.00 to
1.00 to

38.00
3.00

Ore breaker.

«50'T0

on.
1,00 | ccsesaseeces

| Timber man.

$0.75
$0. 75
1.50 | $1.00 to 1.50
-40 to 1.00
$0.50 to 1.50

1.00 to
-70 to

2.00
1.50

Watchman.
$0.75 to $1.00
1.00 to 1.50
387 to 1.00

.75 to
.66 to

$0. 50 to $0.75
1.00 to 1.50
.87 to 1.00

18to

. 31 to

.25to

50
50
50
25

to
to
to
to

. 25 to
1. 00 to

. 50 to

2.00
1.20

Peon.

-18 to
.
.
.
.

. 50

1.00

. 50

.87 to
25 te
-50to
-25to
»25to
-25to
45to

.87to

.37
«37

.50

.76
.50
.75
.50
.87
.50
2.00

.50

1 From Government reports.

The wages in the preceding tables represent what is usually paid to
the laborers of the occupations therein mentioned.
There are instances
throughout the country where skilled laborers in mines, on railroads,
in factories, smelters, etc., receive a higher wage; but the number of
these, and even of the ones mentioned in the preceding tables, are
small when compared with what may be called the great mass of ordinary day laborers.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AND

MONEY

IN

PRICES

FOREIGN

121

COUNTRIES.

Wages per day of agricultural labor in 1898—(men).1
Major-domos.|

State.

Shepherds.

Herders.

Overseers.

Aguas Calientes |$0. 25 to $0. 87 '$0. 25 to $0. 37
.31)]
.26to
.50to 1.50)
Campeachy..--.50|
“97to 1.00 | .25to
Mexico .....--.-

|$0. 18 to $0. 20 |...-eee ene -2-[eeeneeeeeerees
0; 26 ||, «caccceanyss
.75
.25to
.25 |$0. 28 to $0. 37
.50 |$0.18to
.18to

.12to

37
2387

-18to
.25to

.50

-18to

1.00

BOM

w87 tO.

.87to
.87to

1.00
1.00

18to
2to

.50]
.50|

.18to
.25to

.50|)
.50

.18to
25to

.31
.50

Michoacan......

.50to

2.00

25to

.50

2to

.50|

.18to

.87|

SOMOTA. <.-u0.00.
TODESO0.

«0«%000+

.62to

1

to

1

7

.
-50to
Cohahuila ......
i
Colima..........
Tamaulipas.....
CUMMGABU . oca0|eodenwendsnass
50 to 1.00
Durango. ....--.87to 1.00|
Guanajuato.....
NeuevoLeon....|

WOXHON «+0505
Puebla.......--Vera Cruz ...-..-.
VYuoatan ........
Zacatecas ...---Federal district.|

San Luis Potosi.|
Morelos......-..

.75to

1.00]

50to
“50to
50 to

1.00)
1.00!
1.25

4,000
.87to
1.00 to

1,25
.75
1.50

.50to
1.00to

.88
2.00

Oto
81to
.37to

$
.75.|
.62|
.62|

«GOTO
.81to
.25to

«2
27D
.50]
.87]

.25to

1.00]

.2540

.75)

.50
.50|
1.00 |

.25to
.387to

.87to
.37to
387to

pense cosas dos
25 to 1.00
. 50

.18to

é

f

CHO!
.60|
1.00

Cte
.25to

.75 |
.75
. 50

. 20
LOO.

. 40
. 50

$0. 13 to $0. 25
.50
.25to
.50
.18to

«BO '|. cs ceecswcscclecesewcteeraee

......-

.75 to

Midalgo .....s-5
Jalisco .-....6s-

Guerrero

Peons.

ae

nes|s
coe cesesccces
j.--s-nccccc
.37 |...---.------.25to
.25
18to
.25
.18to
.18 to

.60}

.26t0
37 to
.37to

.50
.50
.50

.87to

.50

Unc sacs siee seule semanoneceees
.66
.25to
.31|
.18to
ST fo’ 1,00) \ecavdauet icone
|.c0c-o-0--25-.18to .50
87 to .50

-18to .25
-18to .20
e064
<aceaceesecur|pcamcasianen

1893.
1 These rates are taken from the Government statistics for the year
Mexican currency; in United States currency they are about one-half.

OF

.50
.50
.75

.387to

1.00

.87to

1.00

-2to
87 to
.18to
87to
.25to
.18to

37
. 75
.25
.62
.37
.25

.18to

.50

.25to
.18to
.18to

.50
.50
.37

-25to
-18to
.87to

.78
.50
.40

.18to
.87to

.25
1.00

They are expressed in

In some of the States rations of corn and beans are furnished;
seldom any meat.
VI.—PRICES

.3l

very

COMMODITIES.

Agricultural and pastoral products expor ted: The principal articles
of export from Mexico are coffee, hennequen, ixtle, broom root, chicle,
cattle, hides and skins, indigo, wax, peas and beans, some corn and
wheat, gums and resins, wood, medicinal plants and herbs, pr oducts of
the sugar cane to a small amount, fiber and cordage, cacao, oil, rubber,
vanilla, fresh and dried fruits, tobacco.
Most of these articles enter | argely into consumption by the peeple.
Linclose a statement giving the present prices of these articles, and
another statement giving the amount of the chief articles of export for
the last ten years, with the prices of the same for each year.
The prices of those articles which are consumed in the country, as
well as exported to some extent, have not increased to any considerable
Their fluctuations in price are explained elsewhere in this
amount.
report.
Prices of agricultural and pastoral products exported in 1896.
Articles.
Tmdigo ..-..0s0c0s0scescecnees per pound..|
--e ee do....|
esse eee
Sugar, fine ......-.---Sugar, brown...-...-----++-+--+++++ do....|
cusses do....|
weneds
WEODG écnkevierndebed
6 cccascehs amnamisessaNeness do....|
MBM.
esc nox phased do....|
OOM sir ccascsneeees:
BOG ovncvcscenacevscecssasceonans do....|
rrr er errr rrr rr do..«.|
a
WAR oo. csccceccascaeses every 25 pounds..|
4 every 100 pounds..|
ste ss8ean
POWOY «-0.+
Hennequen «......--0+-++--e00-- per ton..|
Fiber and cordage......------ per pound..|
COs cascwswsticnmgensseseene for 25 pounds..|
TRODDOL . ocx. ccsececscensscuess per pound..|
r
scene esses
Dyewoods ......--seeeeeeese
TRING oon i xeknwdangoeeaada per 100 pounds..|
Wie

Sc

oasc0casecudeewseedresnsesey @o....|

EGIRONS: ci a oesacene casesanat de ses per 100..|
eeeees do..-.|
neeee
Oranges .....0--e-eeeeees

Bananas. ...cccevesccccccesscssssens do....|

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mexican currency.

United States currency.

75 cents to $1.25......-.----- 38 to 62 cents.
10 tol4 cents. ......-.------- 5 to 8 cents.
-.| 34 cents.
7 cents..-----.--| 21 cents.
40 cents. ....-----.---12, 20, 24, to 28 cents.-..---... 6, 11, 18, to 144 cents.
25 to 35 cents.....-..-------- 18 to 18 cents.
4 to 6 cemts........----+--+-- 2 to 3 cents.
6 Cent®......-..5..--20se8e9s 2% cents.
16 to 20 cents a pound......< 8 to 13 cents.
20 cents a pound.......----- 104 cents.
$80, gold .....-------) -++++-+
6cents.....--.--++++++++++-- 8} cents.
ene $1.53.
$3.......--2---eeeeeeeeere
25 cents.--.-.--.---+-++++-++ 13 cents.
$35 a ton, goldl.....---------eee $2.55.
$5..-....-------++eeeere
S12 POBIS

2... 6. ccccenssesae

20 cents.....--+-++++2e0++--+

$1 to $1.50........-------+---

eee
60 cent8........-eeeeeeeee

$6.10 to 8.16.

11 cents.

51 to 77 cents.

31 cents.

PRICES

AND

MONEY

122

COUNTRIES.

IN FOREIGN

Résumé of the exportation of articles enumerated from the fiscal year 1885 to 1895.
[In Mexican money.!]

Coffee.

Hennequen.

éa

Mace

& |

tion.

&)

tion.

Kilos.|

\Ots.|

1886-87....--"*7 7 7
ales
bac ahs
(iol cates
Stee
ian
Liluése
ee teres

38, 987, 930|
676}
36; 450,
38, 159, 067|
39, 174, 525|
53,531,119,
56, 103, 279|
60, 413, 136)
56, 525, 651|
6%, a0 104]

|Ots.|

Kilos.

7| 8,385, 640)

9] 8,326,214)
16| 6,528,085}
17] 9,243,091)
18110, 009, 642)
12/14, 656,777|
12/11, 058,279]
949|
14/14.514,
11|18, 866,590]
1 /29; 812,648]

20]

31]
38]
42|
48]
41|
49|
60|
62)
55]

o
o

2
iS)

& |

Kilos.

|Ots.|

6,199,598]

6,108, 819|
5,119,240)
4,771,229}
4,743, 325]
4,571,830}
5,335,971]
5, 665,923
5,619,278]
4,939,209]

é
§

tion.

tion.

1,507,522;
1,989,055]
2,250,790|
2, 106,156]
2,811,390]
4,111,989}
2,819,270]
3,201, 203)
3,183,421]

§ | Exporta-|
on.

i

19)

422,709)

§

pu
@Q
°

AY

|Ots.|

Kilos.

i

p2

A

fut

|Ots.|

Kilos.

é%

Ixtle fiber.

®Q
Oo

Pa

34] 1,080,390,

35|
36]
39|
40|
39|
36]
37|
40]
47|

& |

|Exporta-|

2)

Ay

AY

AY

|Chewinggum.|

§ | Exporta-|

A

A

A

Zacaton.

ée

tion.

Q
°

o
°

1885-86.....-- 39, 474, be

Ex

§ | Exporta-|

§ | Exporta-|

isoal year. | px porta-|

Peas.

37)

Kilos.
6,045,625,

570,388) 62) 3,866,258,
19]
701,270) 53) 1,826,008
19]
926,265) 64) 5,442,545)
20]
830,514) 86, 7, 410, 055)
20)
22| 1, 117, 115] 115| 7, 628, 166)
21) 1,183,717] 62, 6,602,136)
'971,674| 85) 6,311,303,
31}
29} 1,202,601) 66) 5, 648,858)
758,471} 88) 4,828,550]
27]

(Cts.
8

8
8
10
11
10
11
9
8
8

1 Kilogram equals 2.2046 pounds; Mexican dollar equals 51 cents United States currency.

PRODUCTS

AS WELL
COUNTRY
IN THE
CONSUMED
ESPECIALLY ARTICLES OF FOOD.

AS

EXPORTED,

The articles of the greatest consumption by the people of Mexico are
corn, beans, peas, vetches, wheat, rice, sugar, flour, and the various kinds
of vegetables and fruits.
Upon an investigation of the Government statistics we ascertain
that in the past ten years there have been many fluctuations in the
'
prices of corn, flour, wheat, peas, and beans.
that the
fomento
of
department
the
It is stated by the statistician of

normal price of corn is $5 per carga, (300 pounds); of beans, $6 to $7 per
carga; flour, $1.25 per 25 pounds; sugar, $1.75 to $2
peas, $7 per carga; chick peas, $12 per carga; rice, $8
Diagrams obtained from the department
dredweight.
inclosed showing the fluctuations in these articles in the

from 1889 to 1895.

(See Appendix F.)

per 25 pounds;
to $10 per hunof fomento are
City of Mexico

Since 1895 prices of corn, wheat, peas, and beans have risen, and
tables are inclosed giving present prices,
Corn is now being imported to the Republic from the United States,
and in the greater part of the Republic its price is regulated by the

cost (gold) price in the United States plus freight, exchange, and cus-

toms duties, which in some States have been reduced and in others
entirely relieved.
I also inclose tables showing the prices of cloths, etc., of domestic

production in 1886 and 1896,
ductions there has

been

It will be seen that in most of these pro-

but little change.

While we find that in the

articles of food above mentioned in the past ten years there have been
violent fluctuations in the prices, still it will appear upon a careful

examination of the statistics given as to prices in the City of Mexico in

1886 and 1896 that in the case of most of the articles of greater con-

sumption there has been a slight general increase.
The fluctuations in the prices have doubtless been due to local and
temporary causes.
Corn, barley, wheat, and beans, when compared to-day with what the
price was ten years ago, all show an increase; but the Government
officials state that this is not normal, and is due to the scarcity of crops
on account of droughts.

Digitized for FRASER
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Federal Reserve Bank of St. Louis

MONEY

IN

PRICES

AND

FOREIGN

123

COUNTRIES.

Retail prices of food products consumed in Mexico and exported in 1896,

oes ed canes do....|
rede hee t% awew
ceesen
qe beet sneacie
WOW dnetencecmau

e do....
cnenc ce neeeeeesenes
teen eendescceen
Native beans. .......ccccscnrc
ver scceseneege ss do. ..,
IVAEIVO DUUGOT accu cu nse ce ee deniassecenssepan
TINAEIVOIGRGOSCL «suse as secede facded see ssacied csceregdeeec esau vert G6, cal
e reece eee: do....|
sence eee e eee eeee
Native soap (laundry) .......-----+-+s
eee ee do.. sf
---+2222 e eee eee teens
Native sugar (white) ........---eee eee do....|
eee ee eee e eer--e
Native sugar (brOWN)....------+----+2-+2
COFCO (TAW) «002.5052 ccecccecnas ese ecenecwonesc essere cnt taeeer es do....|
e ie ees do.
cee eee e crete eet e
eee eee ener ee ...02
Trish potatoes. .......2-tewssans se% AO. «.9
aeeswca
cones senate
WRIOG scnie vist c don sda dandennwcsoesran
a yeaees
s QO...
eknaee
sane Hesse es Sgisgeiessicncees
WANG x aiswas «2nd .s00ecdeguin
el os: per gallon. .
Set bat ohegsSaesecnegee
es Se uueee
BPBTORGOG Gils aah vacuc
(GOMMON):

currency.

rency.

chs cedeswedenaNsesc per pound..|
Jerked beef........-0- UiRGae desoddewen
do.<+:
Fresh beef (cities)
do..
Fresh beef (ranch)
Fregh pork. .........cccssseccenccecccecrcscnewssnesenenenenceees do. .
do..
ALE PORK << coi ceeencenasies
do...
Native hams........sss--TORT sain sauds ons ba seweumeqeandesesactscuses<e aactwaweeccests--. do. .
Corn:
s =i Ones)
sesumecan teins
csaew
cease swewecceseeseacc
Watally .c..0scece

Tea

cur- | United States

Mexican

:
Articles.

eres do...
ce
cnn etereedensenets
..05- 1.000 wawnscssinntes

ener ester eee e es OOsas
------+
202s eee ee eee
Tea (good and choice).......
dO.
eee
scence eee et eeneeeeeees:
.---ee
Molasses (Ordinary) .....ecece
Wheat:
Per bushel
e
tren nce ncctewsccnss
en ccccnseteeee esscecce
Gonerally.....--cccescce

$0.12 to $0.20 | $0.07 to $0.12
.18
.07 to
.25
.12to
. 084
. 06
.13
.08 to
.25/)
-15to
.23
.13 to
.45)
-25to
.28
.20 to
.55]
.40to
.05$
.03%to
.10|
.06to
014

. 00%

.0384to
.14]
. 50
13 to
100
.05 to
.15|
.04¢to
.15|
08 | .02,to
°.18 to
.45]
.01gto
.07]
.04hto
.10]
.l1 to
.26
31 to
.75

.08
. 26
.28
.08
.08
.04
.23
.03%
.05
.138
.38

028

. 04

-O7to
<2 GOL.
.08to
.08to
. 04 to
.85to
.O3to
.O8to
.20to
60 to

. 26

- 50

1.02
57

to

-76

2.00
1. 00

1.50 to

1.50
1. 80

76
91

Mexican currency.

| United States
currency.

Retail prices of food products in the City of Mewico.
;
Articles.
ces ssseseceveese per pound..
DOTKOd POOL ocacecsaccwsnescciccsscsecsons
ce renes do..
ens
eesensecce essere
cacnes
Salt figh ...2....scces ccececcane

Salt pork ...--. 2222-2 .eccce sees ee cee e nese tec eee eee e eee ene tenes do....|

Hams, native .....-..2--- eee eee eee cence cee
Hams, imported .......----- +--+ 2-0 eeeeeee eee

ete e eee tenes COs»
e rere eee cere eee do...

per dozen..
e ee ee
ee
1 ee ee
Flour, native. .......--- 6.02 eee cece nee eee reece eee ee per pound..

Flour, American .......-... 2-0. --e ee eee cence ee ee ee ee eee ene e ces do...<
ssnds per bushel..
ceedesecosene susseeeasssse>®
WOOD «csc cawassceeuhacw
OGER od ncse secon ce sc ecede a sem adn ce endsss owe ee sees Kosmar ee nage QO...
eee ee per pound..
sence eee eee .
..-..
+--+ eee
Corn meal, American ....Beans,

$0.32to

$0. 65
45

seer c reece en ceseses do
sence wee en see 0-.eButter, native. .....-.-s0
eee eer ees dO. ss.
cece cence cee e eect.-20
Butter, American ..........0.
eee ee renee-eee dO. ss
...--62. -- cece renee
Sugar, native (uncut).....

etree eect eees do
ee ceeen eee eee----Sugar, native (cut) ....-.-.----

15
. 50 to 1. 80
1.00 to 1.40
15

07

-85 to
60 to
08 to

6.

eee eee do...
+++ ++-+seeeee ee -+
Dripped sirup, imported ...........--Salt (table) ....00--- ss cece nee e en cee e ee eee erence resent eee per pound..
sm secscennscesees G0...
cncnee sesscete
QOBTHOBALE. .6c ccc ceccdccsccnsccnc
teen eee eee ences dO.««+
seeseeeeeceser
Pepper (black) .-------+20-eeeeceee
22-02 cee ne ee ee ence neces ene reese eweneneneccn sense GO. as4
Tea, ChOiCG....
Coffee, PAW .. 2-0 a eee erence ee cee e nee e cere net e nen ec ene tene neces AG.s.
eens eee ee: G0. .<'.
Coffee, roasted and ground......-..---2++-+eeeereeeees

.50
.75
.10

-14

.76
61

to
to

8.00
. 08
. 03
.70 to .80
1.25 to 2.50 |
40
. 60

. 08
.91
.71
08

. 08

18 to
.81 to
044 to

.26
.374
.05

. O7%

.13
51

2. 04

4. 08
. 044
O14
.85$ to . 40%
1.27 to 1.28
21
381

» 844

. 68

e we erncn es do....
ener ene e nent eeee--es0
eee -ecer
Kerosene il, g00d .....

174
28

- O44

. 26
1.00

4.00

.21

13
. 03

09

renee: Osea.
sere sere -22
Sugar, American (refined) .......----------2--ee: per gallon..
ee eee e cece eee
cece ree n ee.....Molasses, Native......

e dO.
ene weeece tenets cecens
cee se senecc
eee
Maple sirup ....-.-.-.--

$0.16$to

.32
55

25
OT

eeercene do....
ese e nsec neers eee ------- cere ..---American...-

teen cence do...
--e eee e cence eect etree
eee .-.0Jeans, MexicaM .....

.40!

$0. 33
o28

Prices of wearing apparel in 1896.
States
Mexican cur- | United
currency.
rency.

"
Articles.
Flannel (54 inches wide).....------+esesesseaeecseeeceeseee per vara!..
Gingham (26 inOhOW WGC) cicasa cas cwkue dads vaseeass use sory easy do....|
Ordinary cassimere (52 inches wide)......----+--+-++++ee-+-+->: do..
AO. <0
Prints and calicos (33 inches wide) ........-...---++--+-+--++++-

Complete suit of woolen clothes, the cheapest

$0.20to0

1. 00
.25]
1.75
. 183

10. 00

$0.10to

0. 51
. 13
- 90
-10

5. 10

or

r ps

.i

Wfeciee elidaccstinccsscssstsexecssécraévecnesdarteece”

1.50 to 25.00}

«77 to 12.75

Bleaching eugene PR
Pantaloons,

CHEAP

nn

.... 2.2.26... e cece eens cece ee eeee ee ce nntceeneweceonee

Gira WAS. ccccvcseneveescvevesccevsscsesseceessssasaassvsesasieosens

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1Vara equals 33 inches.

'

- 50

.

- 26

124

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Wholesale prices, City of Mewico, 1886 to 1896, Mexican currency.)
Articles.

Quantity.

Olive Oil. .c2<sicedmdsph
sas tacssdslenseaeecep
enceh
exnbuce Shan
BONCRCEM Ollse ss ohh Secs weet bike oe alee taeay dv aewncecamescaewe’s
IIMS CCUM OU xo cou x olig Sead
oan havo bausncaealaacotercks
uae
WOLHON os iasaees are ee hese tan oxen stisswcied nc leensatuwe
URC Os ns doe ah we doe owe goesnesendais <u tnlcaleeSaesacauesculensarn
USA (UNCNG) aca) ce nwgt Ooece at cclccpucace sen diasciewmeaw
eke

WUMEG nareetetea

es SEN

och

oc.c. 2. {oiag

ce Santi alcd Henne b@acuntem seetwe gates

Sam Sencar Mu data aeMatalvied enue

mone cemene sec

MEADOW Seu testes scans eacuvevous tenes ve aeecnueeeeewheneenee
FROWACC Ort cae nemeraat SMS mb tacts sae teabeep hae le geen se
WIG BG)

aiare mace

oaeeree tle Nae dais bcinesd 2

1896.

Pounds

ISG eer nee ree ees
ee
ee
ee
MB OBTIB Wao eq ce tbn cle ce ceesicintc soe aicte seein ne ct eet ed oceo eu eran
ERR a stesauncnshseurnbecemactesbau clusmeesalaeeeiaelnaen eee
PROUD on 24 slattnemaad itl vayloedanaaadtadie
aeeeerel we outuercels
Ja tS ni ee ener ey one eee
ern
te ee
Be
oe
CORR Hag Sso4cacnaasoearvas
tan pant se seeeecee
tncdlce
ts esas
LOM CUO x awiessitacune seeks Ue Sena cote Oemaeee ke cea eee x
CHEGSG) nobas newbies coheed eh ars. bea
Sama ey an Mca
Sal

1886.

Sha poniewedamonsens

25 | $5.00 to $5. 50
25
3. 25
25
2. 75
1
18 to
.19
100 | 6.50 to 7.00]
25]
2.17 to 2.25
100

$6. 00
3.50
5.00
.18
$8.00 to 10.00
1.68 to 1.81

11. 00

300
3.50
300
13.00 |
300 | 14.00 to 15.00 |
25
1.31
25
5.00 to 5.50
300
5. 50
300 | 7.50 to 8.00
25
5, 25
25

25
25}

-62

to

3.50 to

300 | 11.25

.66

29. 00

4. 50
to 15.00
to 17.00
to 1.09
to 6.00
7.50
8.25 to 8.50
6.00 to 6.50

14.00
11.00
1.00
5.00

-56 to

4,25
4.25

6.50 to

to 11.50 |

11.00

.88

3.50
7.50

to 12.50

1 Expressed in United States currency will be about one-half in 1896, but in 1886 the Mexican dollar
was valued by the United States mint at 81.7 cents.

Wholesale current prices at the market of Mexico, Saturday, September 19, 1896, in Mexican currency.)
Alcohol, barrel

include@
o.5i sce c.
scescacdecncdsaewadddacws oeaesececc cncaceccedecces .--.$14. 50 to $15. 00

Cotvon trom Wa gina. 5. 1.222557 jancass<ss
eet ekciesoma
aceccsaccekasaehes ac per 100 kilos'.. 41.00 to
Ounaiy ROOd saat vant ge sanecsnsteeu tut eeaec eben se atuerre teams auc. sae awsns do.... 17.00 to
ABOUING ioneatcu.eascad sce Saeeee eee seca ce shewse ae relma ote Vrs eai- eeu" catanméou ws do..-. 18.00 to
TRAV O (PONCE) 2 pedir gate tnwwed none Ae oped wawantrs Oeaavhiewleactdmseoccac
cae dent 3.25 to
Rice:
nga VMAs ere ees a ca eh nas gunaua Cayeeensseuetcue
easciee
tees oe ee per 100 kilos...
.21to
From Jojutia .........
do....
.l4to0
From Michoacan
Os...
-18t6,
cre
DAV Oise dave aosacssassvewataeu
siya ks yeas matamse omwe
ace ckaneeee perflask..
.€5to
ugar:

Gen trite WOgk vo: oo ane Sosee sen cetisa yohac codes camoasus tu csc eae arcececeses perkilo..
Contrifigal, ti POWER « < ss cscs mesce cece. cnn pug ardaexsgusecacecusiceveesee do...
UT BIMEG
WiDWO © ov temes <0 ccanaaisenaceece nes quate ®t soutanecdadebacewemaesene
axle do....
ATEN G MURCUt rire Jacctew yaa egvis Sam Sere eaee ly Uk L eon umeeenacewace es erawece hos GO.c06
rae dy COMINOL: 2 i Veiga ee sea vede satsa et cecernck ns aeceeeearecs auskeen lb ians do
MDAC Til CON
ie ioeaa ccc tet dacs op oaed cavghawa vuSuace nodtaenin kellie d0.«6.
Drained, black
achvm
SOIDIUD x5. -seiciccancnetrsme
sees
WOCOAWEANASEO We acee adhd. ss yebusamlnwacneacas
ste sarhseemmecuiusend:
penne
+
sane
Coffee:
From the towns
é
From the mountains
as
Barley :
WH TUG) MO RMGRID p40 ete eee eae peeues seep ea eee eae econ ereeetaeiaaces sey do...
Wiis COU hcahiscontcbsncest
ne pheatiheaddacenusan
quam lacecsaea utesdae
teenas 2
nese
White, Tapalpa
a»
Chile:
ATIONO (WAAC) so weiseb dco cadets cckcemuccenca cee ee aansectwakicemenslai
wemessead
«ses
MEMO 's a5: - as Sedwawssee’s
wees
Pasilla (raisins)

‘

%

ERIN (iM GRGIB) tadies wings pece aso
tlds aero
cna ue Sem aeU RSE Saag ca stenica ema
-a-Beans:
bby gee aera ee SWMR
ERA Samuaecacin ger de sca Mp eed eine~ teueies « atemisiew sane per 100 kilos..
POM PARAL
2s eccwene eta aa snetnase
een eaaeeesw
tec et omeeesecin-duindeadan
seas do....
I WUOLG 2. taas saute eects
FVOUNG, SIM
Sa
ecco

cap elebccaie toe ae recede tames We ebbaciis Spe tha lem aaus na ctcs do....
ack w iddee danse ceiclchakpgqu vebewecasdh canvas eecce eter do....

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.24
«15
14
.66

.15to
.14to
.1bto
«Ito
Ito
«te
llto
a OGito
98 to

.16
.16
16
--.%5
.14
«18
.12
. 07
1.08

63 to
60 to

68
63

1,80
1 8b
2.90
2.260
«= 8b tO)
85 to

.48
8=— 40
.45

»10t0

.80

9.50 to
9.50 to

10.00
10.00

11.00 to
9.00to

12.00
9.50

Chick-peas (GarbanZ0) ....ccnccsccrcercsnseascccencscetccesesscceactececeeeescecs
..-- 4.00 to
Gaubanee sat betecca
devs saccenscsteesct«nttn
ccapesc
eedscce
sccclocecii
---- 8.00to
Searles Grain (QPANG) <2 sccesesass acinsacncoe seeanncS tad Acer fect aanasdondyunicede per kilo..
1.60to
OU wadeaw suctun s2seSe ras pe nenl see nevvuase
u
do....
.09to
WOO: sacasseactsmsmamse
sadewsesdwes deus
-.85to
COM nosaquusches
uses
- 4.90to
De Gta ORI
SOE Be cca eo Rane
Fr
omc
mere
i cc cen ane inna ltlhe per kilo..
.39to
Piloncillo (refuse sugar made up in molds):
POM PUTSNCHIG 0. 'sisaesigis nn nsia/sapacikas Seaeeeeaedoesadsgabdesocak per load, 300 lbs.. 8.00to
rom WMierig Caltuues tars isan sdsnsicsnadeuocnndeoensetassseweesonapeszed perkilo..
.1llto
a a Sineisis'a-e'e wale cues <Seceiewedubiccws~ seca eeessae ess KRGMStece. soda s0en5 per 100 kilos.. 10.50 to
Salt:

1 Mexican dollar equals 51 cents United States currency;

42.00
18.00
20,00
4.00

kilogram equals 2. 21 pounds.

8.00
20.00
1.65
.10
465
5.40
.41
8.50
.12
11.00

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Wholesale current prices at the market of Mexico, etc.—Continued.
Tobacco:
- $0.60 to
Tlapacoyan, wrappers
48 to
Tlapacoyan, first class
- 40 to
Mlgpacoyan, Second ClAGH. css pec cue wao<dvecetauneded
e oes vests resem sen eee fon.
. 28 to
ays arsine Os <5
Composieta, plain
-18 to
Composteta, point
- 56 to
Cordoba, principal
. 52 to
Cordoba, congo
-22t0
Cordoba, point...
Se
é
-62to
San Andres, tripa
Wheat:
6.25 to
per 100 kilos..
Toluca Valley
6.50 to
dO.aee
Interior

$0. 85
.52
-48
32
wel!
. 65
54

.28
.60
6.50
6.75

Wholesale market prices of the articles in 1896, official.
43

Mexican cur- | United States

Articles.

WC

tn

rency.

vce essen ves ohoucee sos gseemeecereaueranr per 300 pounds.

KOM cor tdasctemnantoeranscdamncsscsemaceceeebssnkhesenwas
gece esd do..
BAD G rats as ce hpewne= coasemcisies enecicen cca cn enema Kemaise sete ata, do....!

Te@pNS, VATIOUS KINA: .o5 anes.crcmeeauan
ces cat seltceneeescee aces do....|
Ge Ong et cng. Flea npn sEans Cyeas ce emae lire cam eet Pree s wae e per cwt..
ISUNDOMs Gowan seed cacneteaseeecewesenavedsd
secu egcapew een per pound..
POKDDOOR sc << webs nos bacase yes ecesear Toews eeeeceesemss per 25 pounds..
Sugar
do. .
Flour..
per 300 pounds..
Cotton.
do...
Beef ..-..per 25 at
ian
Hog meat
o.---|

currency.

$11. 00

$5. 61

6.00 | $1.53 to
$9.00 to 11.00 | 4.59 to

3.08
5.61

14.00 to 16.00 | 7.14 to 8.16
30. 00
15. 30
. 30
. 153
40
20
1.63 to 1.75}
.82to
.88
‘
10. 00
5.10
20. 00
10. 20
1.87 to 2.12]
.94to 1.08
3.00 to 3.50|
1.53to 1.79

1 September 25, 1896, in answer to the request for some prices, the directors of agricultural statistics
sent the above.

PRODUCTS

CONSUMED

IN

THE

COUNTRY

BUT

NOT

EXPORTED

LARGELY.

Of all the products raised in Mexico it can well be stated that the
greater’ part is consumed, the main articles of export being, as above
stated, coffee, cacao, hennequen, chicle, ixtle, broom root, indigo, wax,
hides and skins, pease and beans to some extent, and cattle,
Tables are inclosed giving the prices of the main articles of consumption in Mexico, of which but small quantities are exported.
These tables
are taken from the Government statistics for the years 1886 and 1896,
The obserand represent the market quotations in the City of Mexico.
vations already made as to the fluctuations in price of agricultural
products will apply to these articles.
Prices of products conswmed in the country.
Dine

Mexican cur- | United States

Products,

rency.

TW HORN <Un.d sinweeaee wens Vanseeuveerweeera acusmreaseeureraes per pound..|

COUGH

oieun.cche ccs neelves te seared

"WOOL (CHOICE).
Butter:

on. 625

eco

enw

seas steemeteaee wes ae do....|

es aed eee oes won beuenna me aeesiccnase do...

$0.02 to $0. 04

.13to

QEOSHALY <4 saw is oboe varesmeren sen lane eon sno snirseeet ee. do. .
a csd ene skan¥ a ccc

Patil

oases vance ede

WVICOs

eden event

dans SES A Sek bance (ade suse eos oe anes)

eee

per pound...

SMesc tem yasmcs emsa sem mas do...

WHOCHO: cnancd cnsncs oon ns Oe beds saan dees ooh ds ewsews Sewweaneew eset do.
MCODIOK POABO: << nis asians tb oe ciel elaiee bis gee udabebsesmencesae
si Hensic do...
SOAP, COMMON... «2.05 nse da vnen esa d dee scanner mama sigia = cseieware ate’ aie do
WBATHOY 5 cs. ater ns sobs sbe Ando sna sence ohaus equmanerecarsceeesee
ssn do..
mac do
nmcecacumecnesnesmeenessae
sae es socuwreswsss se
Pe RNG? iectidc
-do.
See
Sulphur SeceueRdzsenn s Raewage Mamata ae
-do
Sands tacceesescesmes
GHRADGR: sis es csee sa caceennentedsewss
Beef:

. 60

|$0.01

to $0. 023

.06$to

38
03

20

-16to
.06to

.O7to
.l0to

.09

81

. 26

«15
. 06

eeceats ord seineeines \herpapatateee ee per dozen...

Sen roxes carck

.18|

. 50

ONOICOs.«
vastine canes was setae en eccaer eer easesn see coesece esses do
GANS edit dames «ct nage abee aaee ed SR euse hes aeW ea geRes HT ee Sew CO’ ows

UGS

currency.

138

.24]

.08

to

.12

.08}

.03

to

.04

«50
. 08
. 08
. 014%
.16
.10|
.15}

426
014
. 044
$
084
. 035
.034to
.08
.05 to

OU TANC Hacriech abs wap ewawees sce Seman see penceneeeestgeanensee
SAOG) 1H OhlOSuastesan death sinasasace-c<sace
asl osmeoswenteeetas s

. 06
12

03
. 06

POS

25

-18

ti CHIH ds wccn coc eestaac ign ats bannts lone nteenaetueteaceess

In Olby of Mexid0; B000 5. cxcseccep ccs saceeveseasmdouaneeeece

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16

- 08

126

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Prices of common beds, etc., manufactured in Mexico (Mexican currency).
Serge
ov ele Suva da he
Brass double beds (without springs and mattresses) PAE aa tet
Iron double beds (without springs and mattresses) Wey see Ue NSARM Cease UUs tra eEs obese eens cteees
Iron single beds (without springs and mattresses) Piso sedner eee eae see ee aah aee leans os
Double mattresses:

Cotton Ming. . copa cccacoms cote saemew seg een
MGSS HUNG ss as ecan< sensineniccusaavencctocdses
Wool filling
Hair fillin
Woven-wire single cots............00...0s..
ls. cet.
Folding cots (mattress), common .........-.......-

SAan7 Cen eet east eewuRE Tee sing Sesemnen bess eos cae

HUGSiAe Se eS ReREE SEER
BRE

Ok

ES esi see slew sae ae camera
Pe

teen

eee

PRIS en Seem nee ee Geet eee omnia way oe eS aes

$75. 00
26. 00
14. 00
8.00

10. 00
24. 00

24, 00

Sos jae seaaewesbeneccsessc ogee eb ee embe gem ese

9. 00

ieuascbhodoies sauces be ccrs sabes tesaeasassoees

10. 00

Fluctuations in various products (Mexican currency).
PEAS—Continued.

CORN.

[Per 300 pounds.)
Vanwany,
Panwary,
aniary,
WANUSPY
UAUUAPY,

1886).
1880...
1890:
LOW
1892.

OUNG; NOYO

[Per 300 pounds.]

...26ccsesi0s
25 eveens
<2. seswenscencee
isu. .6s¢<nctonenneke
= coweiee soe nsuscewasee
oes ncckincs
6s 5oosncae

$5. 50
4, 70
5. 20
5.50
7.00

262s catseaicancess
scene

10. 00

VanUAry, 1898.0.
JANUATY, 1804.

January, 1895.

csc

ma wsacscdonses

coc cot cxe

6. 00

22 2.50.
sees esse

6. 00

September, 1896 ........---.-.----- $7.00 to
[Per 300 pounds.}

LS86 cexteaspeetarteseqentyesatcodwe
January, 1880. --22. 22.5 --neessn.
<0
Wanwary, [SU0)<<o<scccsesccvecoseas
J MOUBLY, USO - 2 ne oriaaiccicacnceene
PARUITY, 1802... .cecrcsnnes-geceiees

$13.
7.
13.
10.
22.

Vantary, 1808 .c.<s.
ce css access cee es
Vanwanry, UIs sass cncscsscscwceawe
chammtany, 1805. <..- vcs snmcesinsie.
ems
September, 1896 .........--.-.-..-.-- $14.00 to

00
00
00
00
00

19. 00
8. 00
8. 00
15.00

[Per 25 pounds.]
$1. 31
1 a
1.54
1. 41

180222 accsenawewaccyuas
L898...
sic. sccwcecedcccsee
[898 so. 5.008 Paces cosese
1895. .-.ce.scesccse ceases

1, 42
1/21
1,35
1.34

September, 1896 ...................

1,10

SUGAR.

WOMEAEY, 1902)

$2.
2.
2.
2.

75
50
50
05

occ wus cmc aceccncosie

2.50

PANUALY, USGA... 2.45.cc6s
sabe anes cea

2. 06

JAaMUaPry, WSOB).

ns ccesscscsesnacs
aan

SAMUALY, 1805 ...uisasececesewscansen
September, 1806...
0655... on-5-a-22s

2. 05
$1. 68 to 1. 81

PEAS.

[Per 300 pounds. ]

September,

1896 .-................-

$7. 25
8.00
7.00
7.00
9. 00
22. 00
14. 00
20. 25
$15. 00 to 20. 00

BARLEY.

[Per 300 pounds.]

LCs ee eee eee

PALER; NOCD acces Sem eanancnsecme
GARUATY , 1800. f..0 0s edisia sivie was one
WOMUATY, USO) <ca scence sancaseaes
CaAnUany, WAVE. Jt.ssaccs
chess ssewnee
JANUARY; 1808. = oc. cecew ce cine scenes
PaAwMary, 1804. oc. cscs wee svacese
UOMUAIY, [BD = ..1s was weassennnue’
September, 1896 .....-.-........008

$3. 50

$4.50 to

saute pas chs eins Secreta
eakeey $14. 00 to $15. 00

7.00
6.50

{Per 300 pounds.]
1G Peer os oR Sece eintsg 1 Smonacencecr
January, 1889...
-... 200+.
-.. ss nee

$11. 00
11. 00

cae wes we sinsesinwes
2. -.seneeesereciowes
o-oo nie cee ase ves nes

11. 50
10. 50
10. 20

SAMUALY 1O08. ns «shoe
one nicetiweeee
SADUALY, 1896...
cece scsscdeccccs

11. 00
11. 00

January, 183. .-.---.2.
cscs ceseeee

10. 30

September, 1896 ...............22.- $11. 00 to 12, 50
RICE.
[Per 100 pounds. ]

NESS cawasys aecniemeneecsk tacwasdes
January, 1889....
January, 1890

January, 1894...

. 00
. 00
00
9. 00

PanUary, 1892...
January, 1893

cess cesweecewws
.

. 80
. 00

cscs ccesscewese

9. 00

January, 1805... ..04.creceseceese

9. 00

September, 1896 ........2.2. 02.20
8.00 to
OMHUADYs LOR Us tee ener rareaas
eee 2
11. 00
1 On January 1, 1886, the Mexican doliar wag vaued at 81.6 cents United States currency.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8. 20
3. 80
3.70
4,00
5. 60
4,00
4,00
5.50

WHEAT.

January, 1891

[Per 300 pounds. ]
SANUALY, 1989 ..<.c.sess -s0nceese's=
JANUALY) 1890 2 asiasesinss ocnssseens

15. 00
12. 00

WGSG aeaenan neces in vas eres een een cee
PRMUALYs 1889s cteesewc
ee overrons
PADUANY UGVO cis wd ce weavassadc
ees
COMEATY, LOL... nsececeersacnncuis
ORMUAEY, 1002).
a <sccwawacevnameas
Jantary, 1898... ncecseeceneseanie
Oonmary 1804. 2. cc. Scswewecenscues
PAUGARY, 1800.6 junscewsecenst
snares

3. 00

PEAS.

SSG

CHICK

PANUALY NOV)
PaMUary, [SOL
VAMUANY; WOOD

[Per 25 pounds.]
USSG siaitietascaeeecathescas
aca saams
SANUANY, USE. onset
wenew nn nceene
WaNUaPy, LSV0. .scescteqenversc
ss clse
CRRUALY ACU cseasassananss
sees eas

12. 00
$11. 00 to 17. 00

24. 00

FLOUR.

PAMUAY,
CANUALY,
Vantary,
Waniary,

PANUATY, 1805...
fone. nenneecaceen
September, 1896 ...................

7.50

BEANS.

NGGO wade
ts hiebacdlndseseeecsce
WANUALY; LO80~ occ sepeete
tae sscsne
VANMATY, 1890.
da csceessencscceeac
SAaAnUALY, LOL.
ces eei. ctcesectiws

$16, 00

7.00

eocascnoege

PUNO TSO? 605-258
sehen te oteaskeedes

WABUAIY UC02 os ou nave sts ens cdvses

PRAUATY, TEO8. ...~.sacesssecssstes<a
Jantary, 1894. .......--..e.eeseneees

10. 00

MONEY

PRICES

PRICES

OF

TABLE

AND

IN

FOREIGN

CITIES.

CERTAIN

IN

COMMODITIES

OF

COUNTRIES.

Herewith are given prices of food products in the cities of Vera Cruz,
Tampico, Durango, and Chihuahua, the first two being seaports, the
latter mining towns:
Vera Cruz.
:
Articles.

Be...

Tampico.

- | United
Suatee

ancur-|

“cap.

Jerked beef..per pound..|
Salt dish -.<-..c.<< dO. 5%

rency: | rongy.

9

054)

.10

OB |e Sven mae

cme nckane Ose
Als lascc
Tea:
Ordinary ...... dG. a0
Choice. ........ do....|

=. 10

. 054

0B)

|na-eecrerre

[$0.10 to

05

(a)

(a)

- 024

03

gaee ones
13
13

014

014)
. 03

«=. 008
. 015

40

21

01

. 003

054]. 10
012

. 023

$0.12 | $0.6
@.25
13

FLD |p eatte mem
.25
23
. 25
.31

018;
02

.10

“oy.

TENCY: | yency.

05

80

16

50

. 26

1.00

51

25

18

2.50

1. 28

2. 00

1.02

2.50

127

1. 20

61

183)
387
2. 04
4.00
31
- 60
ssesons| seeessoc
25
138

18
8. 83
381
$062].

35
7.50
. 60
10

OOHEO s.xvenscnenes GOs09.6
Wood .......-- per cord..|
Kerosene oil....per gall..
Soap, common. ...per lb..
GEM
pvasesee sakes do....
Fresh beef......... d0\.<:.
Trish potatoes.....- do...
Candles .....ssse-s dO...
Cheese ..... suatees do...

jcan cur-|

rency.

. 024
04

. 88

. 15

28

55

<o..2scwenss do...

Sugar .......------ do...

States cur-

25
45
.60

=. O18
. 034

023)
=. 06

02
034}

. 04
. 06

« | United
Statos
Mexi-

|............-].----0-.-0--s
$0. 40
$0.21]

. 04

- 08

054

«10

cone < do. <5
OOH. saceeess
Boaas, Jina. e+e do...

$0.06
16

Chihuahua.

F
; United

“oor | currency.

VAS |veseuees|ne seanes
. 26
. 50
26
25 |$0.18 to
48
18

25
. 50
385

. s00<ss per pound..

IBHOUCD

‘Mextoun

$0.25 | $0.13 | $0.12]
30
16
80

Salt pork ...-ss.<55 do...
PAS Sa scct cass ces do...
TIGRIS). ca sioecis « per dozen...

BOUL.

. | United
@tates.|
Mexi-

\Cancur-|

Tency: | rency,

Durango.

+19
38
19 to . 23
6.18
2.52 | 6.26)
- 40
. 80
40
eek oeemn:
OF |natedecel
12

.38 to .45
5.50
. 80
124
. 22

aImported.

b Hundredweight.

Wholesale prices per pound in Mexico (fourteen States).'

States.

.
ann

Coffee. | Beans. | Flour. | Butter.)

pit

Corn.

Trish
eel

Wheat.|

Rice

Cents. | Oents. | Cents. | Cents. | Cents. | Cents. | Cents. | Cents. | Cents. | Cents
fy Vas eae
2k
22
4
8
25
7
8
Michoacan........
9}
23
Q \uacien ces
21
Veseeewss
S: aan eeaies
9
Zacatecas......-..
A syvtexetlonsenean
18
20
meer
WMIGEAGO) 6:6: -as0008|consnaee|aadoeees|ewacuase
34
Bale asealen
]
13
44
23
28
63
7
Jalisco...-....----

Chihuahua.....-..
Oajaca.........---

Guerrero .........
Hidalgo... <a
Coahuila.....-.-..

12
12
10

Aguas Calientes ..

TL

Puebla.cs.<--sa0e “
OGlima:, .. «06500 4

8
8

Durango........6.

Vera Cruz ........

12
10

14
ti

3
4

40
24

50
9
NF ah eeeee
9
36
TO!

10

ll

7
6

7

10

lesssswes

38

12
5
34
5

4

44
9

10
7
BE

6

30

!Taken from Government report, May and
$1 equals 51 cents United States currency.

15
28
leoseczes
20

53

4h

5
24

28
24

24
45

6
gl

7

20
23
are

22

2h
2

2}
2
8c edtees

12
8

33

1

de co ceken sl Waaenoeelssesesae
24
4
42
6
Dy .emmgsteres ashen ns
8
OF

leeecaeas

S
2

3h lee xevset
kesevess
34
B lieseegee

pl oe

Sdilusasee2

Del eeagsaee
34

10

September, 1896, and expressed in Mexican currency;

Comparative table setting forth the current prices of manufactures and merchandise for the
years enumerated, as published by the board of commission agents (Mexican currency).

Articles.
CaUpet ...ccessc0ne-

Mills.

Description.

San Idefonso...|.....-.... ....cseees

May 20, | Price Jane28,
| Quantity. | Price
Per vara!.

PVABHC! ..<0 0s cucralacees D0 <cnaecs vad Cash price ...<.0<./s0«s- do....|
a sxcaanecws BOUND oc cnhhees eens s GO? vase awe baal dese do...
WOic5
ses WMOxIORH Js .5cenmee Perdozen.|
BOGHS:. ..cusnswacvana|ecmesulonwad.cus
wales dentine Knitted, Mexican .}..... do...
DPRWELG. «6 6x dscsGsllnniesis
Undershirts .......|.... gvijedadundonts Knitted, various |..... do...-|
classes.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1Vara equals 33 inches.

$1.12

$0. 88

1.00
1.00
1.00
1.00
1.25 | $1.00 to 1.25
7. 00
9. 00
4.50t010.00 | 4.00 to 10. 00

$0.94 to
94to
1.00 to

128

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES,

Comparative table setting forth the current prices of manufactures and merchandise for the
years enumerated, etc.—Continued.
a

Quantity.

Description.

Mills.

Articles.

20,|

Px ah

sai

$2. 00
$1. 50
Cassimeres ......-- San Ildefonso.-..} Cash price ........ Per piece!
nese
cies. onacvscis|vocecsscescs||sersehveecrensec|sweebiewes
WO aenea oorecees San Longs. . |-2- 2. 00
1. 50
Jommon,cash price| Per piece DOs cssosuesecee Aguila 22562222
2\50 \annbaw cesvsse ae
one OO sweciseceas Fine, cash price...| Per vara. .
DOs eneacdeeeses
2. 60
1.50
Per piece DOs tcmeeeecaess Minerva s<ces-5- Common
ie
ek
ot: COinueece<- IIMNG, « Sickinsas asecka Per vara..
D0 <csceuccseicee|
bas
Zempoala......- COMMON 2 301. calecapekee seal damesuienceaede=|sccoverungel
D0ckaseaeseaxs
ccc =
D.10>lswowkewee
DOssesseeessesienass GOsveneesee= Fine, cash price...| Per vara..
2.50
2. 25
Blankets ....-:<<i.cc00- San Ildefonso...) White...........+- Hach .....
2:00" |Saudabeaka chess
ces seeeleoe02 MO <5
h 0) epee a eer entre gel eeu 10's ea nece.ce Colored...
3. 00
2, 25
WOstacsqscanses AGUNG: 2 <2 se2s Wy Wea siereadinkellaness do...
Jb) | eewewcaekoroes
ccg css Colored: figs deeetlents- do...
IONE wrecks aes ca |S Oise
2. 50
2.25
an
sec AO
WOrwnereeaseces Minervai<..+- == W Hite. pecasgecses|s
O50! Innze Se aeaeu eee
55 locces dO s...
et alba e OG" sceccwese Colopedl 5 .s0.c05
DG stacker
Bedspreads ........|------+---+-++-++-

Per dozen.|

....|

Knit,

Mexican

Nov6

.25.2.4....-

$26. 00 to 45. 00

|$26. 00 to 45. 00

.39

. 388

. 36

. 84

By OD) | scscutecesseses
IPPANGS <2<,c000758<< Rio Hondo...... Cash price ........ Each ....1.33}
1. 25
Blankets... ...-.-.- AGUNG sear cc acu) -ncses pesaeea nessa aloes do
1. 08
1.25
.5<
s dO
je seweee|-oe-e
Or tenatars San Id6fenso.. 2-2 o-ccasse
DO sek
1. 08
1,12
sens
DOsececcseesecs Caballito .....-. ay: WOOL. ./<c2'5lsasesie
1. 08
1.25
WOsecseec seeeac MIN Cr Vale es vo sees secs cat eeewem news Hachoc2cu.
eas Per dozen .| cee pewoessse sos|sosewsweaaseuah
WORE soaddicoases INGMTGHOIA «cca ss|2 ces ce cece careses
Yarns:
ess - 0%
oO |sveeccls
Woolen........ San Ildefonso. ..| Woolen, colored -..| Per pound
35
37h
Cotton’. .7.2.--s Cocoloapam .-...) Mark G@16.........|....- G0 sa
sas
GOD) | ecwwewswees’s
oases 5552 do.
DO saisnawcenca Sees Oi sssees ease Marke @ 18.6.
44
44
INO oP Sat arate am lls CO nnccgerees MankiG@:20) .ss2s0-s|ons0: do .
50
50
slee ces DG). cknigslé tar Mark @ 24....cc20s|sece0 do .
WO. sc precee
WWOwcteeusceas

La

Hormmiag....|

4285. do.

84
. 39
laa sare GG) ta saceccun INOUE bescdd meee ane tu do.
ID Ose eae eneas
42
42
WOvewcos nesses |eales CG. oshancess WO: 20 2 ison cada dadiel ated do.
45
- 52
anes dO). «
cere aitl||, Saas AG 2 <ssctscem INO.'24 cacacsueesSnc|IDO ielsntde.
3
. 394
sees do
DOs Spats Ue La Colmena...-. ING, 10 gents eteccessle
43
43
oes dewet saline 4 dO a
eee LOS, oi snes era pra ING: 2026
DO secenaesacl
DGidessa seas): Miraflores .....:|-.-.- QOergrss emesis st leaeat 16 a0.cclexoncmimannccces|Ueseeacsweswcss
eademem as cae ess ls coins eseseeaes
meee s [iat a AG ckle|
INO) 26 peo wer.
Clee cere
ess ale JE
WOsicecs
33
37
WOnf2- 252s axe Maravilla....... INGG sot sc ace oedle cea do ...
85
874
5 tadegeeslesese do. s
ce 2 La Magdalena ..|- ---- CGscss
WO dee castes
44
44
seen - do .
iD8, S| oer GG aensccwsy INO} 20 smeccenecssad|

Dorsewcasnane ' Rio Hondo....--

NG} OM

.....-

Mark

ntees eel

deer Gov, 2.

BVO. | sseeewewseakerne
assorted | Perpiece..
Colored
(cash price).
8.60 | .<2s0esecerenes
eae eles 6% do
|e 225 Uedsatcoe
DG aeeeeadess MONOD. osc saa-c's
ace MOveqeaed
ede tel exer < QO) <.c.2cllewageaaeeeess2ea|awersvecevesece
OS casseSenaeee | AStRITIAN® ..2.scl.e
3. 00
3. 50
Percales .'...5:---=. (JUN Clas aces ean leer et hawt ceasesane do
Calicoes .......---. | La Alsacia......

Muslin, unbleached}

Miraflores

esas OO) ageds mies
DO ceaseusecrsaul's
DOs. ce sds se acaleses OO s<eceeencs

.

4,

Mark Y, yard wide,

WOccsaqacaccreltwcss (a
cc ssc del
WOy sett

AL,

starched.
Mark CL, 1 vara
wide, starched.
Mark M, 1 vara
fine,
wide,
starched.

|---.-- do

2. 88

3. 00

|.--..- do...

3. 25

2.25

i.

3. 88

8, 75

|.--.. do

4, 25

4. 00

|....- do...

SiOOE

|....- dO

starched.

Maravilla .......

Mark

38

stars,

yard wide, not
starched.
|..... do
4 stars,
WO is sancesacawec|e
sous Ole sucesswas Mark
yard wide, not
starched.
DD Oi wise aa aarwd lt raidions GOnnsceeas00 Mark 1 star, yard |..... Osa
wide, starched.
DO. ssevansteans oie Enme- | Mark §, yard wide.|..... do..
dio.
ta sal 'saeex DOs tsceedenee Mark A, yardwide.|..... do...
DOsdcesaee
ee eee CG. sessces=a Mark P, yard wide.|..... do..
DOr gecease
DO. .cssseatewss

.. 2.0.2.

Oolmena.

Mark

yard
ses.| Mark
WO.sesssecdanecs|oaaes 6. setae.
yard
eco ewes Giicessesse5- Mark
WG sie awaenar
DOrssetdsisaeels Cocoloapam ..... Mark

2, 5 strong,

wide,

WO eissatagevesielacens O-

secioe suas

DSsccspuasesese| aes Camps

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

pene

}.-..-. Go sa

wide.
C, > strong, |: .... do..
wide.
I, 5 strong...|..... do
=<
MD, yard }..... QO

cis wewme canes

§ DON seseawns seewene
8. 123

3.12

8, 31

2. 62

8.44
2. 94

8. 44.
2.94

4, 25

4, 25

3.50

3. 12

3.87
2.75

3.75
2.75

2, 26

2. 25

2.13

2.13,

not

starched.
Mark M¥'x, f,yard |....-. do..
wide, not starched.
MS, for|..... do.
Mark
stamping.
1 About 1} varan.

MONEY

AND

PRICES

IN

FOREIGN

129

COUNTRIES.

Comparative table setting forth the cwrrent prices of manufactures and merchandise for the
years enumerated, ete.—Continued.
Articles.
Muslin, unbleached)
IDGscatcunsveden
Do

Mills.
Cocoloapam
La Hormiga
Oiss0gse
GOs osnwaia
ADs iccin'ss
OO. xsctas
16... neues
GOs. Sexes

G0: acne

Description.

Quantity.

Pr a

Mack MSx," f Od )| “Por piece. |: scaiseseadsces
asp leseeeanben
|
stamping.
Mark Y,1 yard....!...<< Gr
$4, 25
$3. 62
Mark P, 1 yard....|..... do .
3.75
3.75
Mark 'T, I yard....|..... do:...
38. 374
3. 37
Mark O,1 yard....
8. 374
3. 00
Mark U, 1 yard....
3. 25
3.44
Mark L,1 yard....
3. 124
3. 12

Mark

C j,1 yard

..|.

2. 874

Mark *B ....s00sss-

GOs. 52
DOs ce<ek
dO’ sccsvs
d0'..65~.
GO sccees
OG ss cems
San Lorenzo
do
do...

MST IB sesaawesess
Math: Assia .sees
MPEG occ cuess
S55
Manik AD) .ciccces
MIDI IO). fossa cog
Mark SO, 10 lbs ...
Mark B,$m.......
Mark H, 34-inch...
Mark P, vara......

BBD |scewseugeeencas
3. 374
3. 63
3. 25
8. 25
B00 |csuseaceecavan
Uo 1D ||saeasageaeonese
4.00
3.75
2. 68
2. 68
3. 433
3. 63
4,00
4.00

San Antonio

Os iene
AO ssruee
U0 écanac

DOs sisi eatcenas
len est GO: sass

WG os siecniiecaslavecs dO .davas

4,124

4.12

Mark O, 10 Ibs.....

4. 06

4. 06

No.1, vara, 9 Ibs...
No. 2, vara, 8 lbs...

4.00
8.75

4,00
3.75

3.81

. | Mark Q,vara,10lbs
No.3, vara,7

lbs...

No. B.S. C %, vara,

RAMnevencuals

3. 31
2. 81
8.12

2.75

2.87

$2. 50 to 2. 62

2. 37

4.00

4, 00

3. 874)

38.75

4.00

cosaseveeae

TLOPHMGH: Uebel une deu aaguadd oaceee’ 25 pounds.
Other mills
According toclass.|............

1.87 to

4.50 to

yarn.} Each

3. 374
4.00
2.75
1c BT 'lcwmsisnibaee
1.37
2.00]
$1.87 to
2.00}
1.75 to
1, 87
2.75 | 2.75 to
2.75
5.00]
3.00to

8.00
7.50 to 11.00}

2 sights, loom | Each.....
woven.
COUGGN. PREAH! |: 5 <<caeagtllda aden Ciwaxihonnh seria ase
loots do..
from, Real.
Uervoh ThioaG |, «vcs cceewewdoawel seeteeeedwesrtssrteusl fess: do....|
from,
Del
Valle.
WOLtOn HHPGAT, |. vewivn scnned deans ocdceaewqucdevecveveloccsy do ....|
No. 200.
lie hes tur citine tn sds kw baweesan
Mexican twist..... Perpound|
Fine worsted

4,00

8. 624

a 5:45. pa nswiawltnawasaaeneehe

cocker ragdl arints aeuaveeddeamrcle
coed do

8. 50

3.31
2. 81
3. 00

|..........0.

ND; Ay VRE va saas sl Senencoss
caw
IND} iy VOU bosse
i ccsce<es
s eat
San Tdepfonse....|..vsccneee deceresces Hach .....
Dem sws dc eauee BUN s0xsnstape|sane hasbe
dn<eeal
en
sacs dO w604
BUOCKINGS: .<.6-sesslogsssdenwtaane
Mexican .......... Per dozen.
CAOOD <aus
esp casaacal Aguila
Gray and blue..... Pervara..|
DOs owaaeaonsies San Ildefonso... |..... Oss vk canatecaelssses AG esud
IDs gpaals ease wae Minerva.......-/.0... GOs sansstuensslccess do...
Cloth, filtering..... Sat TdovensO.5s |vessss- ceswssesedacksl
enon dO
«4.
Ts cS asicnhwe+
PPOUY
visesaner|esureseesens ee
heer GO ive
PIGS excuse vesaeees Puobla-Tulan- |.......cseescees
cons Each .....
ciugo.

BUR

2. 87

3. 50

stitched.
No. B.S, 08, vane, |....ce2..c05
stitched.
NOVO, ROUGH sicces.|lesckcocenss
Dy

3. 81

4,12

ING. Vo VOM se xisicss|carsasctese

(blankets).|.......-......

8,12

Mark R, yard .....

.| Mark E, 94 Ibs.....

Nort, SEIDE sycocee
si sedacueas
li

Sarapes

3. 95

3. 124

GO sccess
No. 4, vara, 64 lbs..
GO aceane
No. A %, vara ......
Farna
Monta- | No. R.8. C1, vara,
nesa.
stitched.

BALAPCS....sesscees

2.75

4, 62

GO e<snss

Bs

28,

Magdalena

do

awls:

|B eed

Corded ............

--do

WIGS oi.soap
os sean
on = éSerphemes ews

20,

7.50 to

8. 50
2.75 to

8.50

8, 25
8. 87
2. 75
pecs
1,37
2.00
2.25
1.75
3.00
2. 00
3.75

7.00
8.00
8.50

3.00]

2.75 to

4.00 t012.00}

3.00

4.00 to 12.00

12.00 to 25.00 | 12.00 to 25.00
9.00 to 10.00

.....

10. 50

16. 00 to 50.00 | 16.00 to 50. 00

.

6.00 to

7.00}

° 6.00 to

7.00

Prices of goods manufactured in Mexico, wholesale, Mexican currency.
WAT EOEHE

32 vaya eenuanuasnaalnsoangue
law teh inettesaeey
ccedies
ented l
coe per 33 inches..
$0, 88
MEE dx te cau ander onamb vied esosndeayaen eee ake or (ace cic cathe.
ke ee GOs...
1.00
OULD casnven Sus cetanped Shara un ephesiakalad(e cee cis, ibe = leah
ae per dozen.. $1.00 to 1.25
PM OUSs Lan vetaves oudy ibs Cantdddtdilaxusiva dees boa duerddsh execu a ereeeel dO. ss
7.00
Undershirts, woven (cotton) ........00..ccceeceoe
ence so oeccccccce
cece
eececcc
n do.... 4.00 to 10.00
WORRERIOTO sy octcsanthesa > bocca neadeedouucsceadestvhebe
bnoekebsctucee
sk per garment..
White blankets (optton).....+..cvesssesnnvccasenedacesocesecsoocccocccecccesennes each..

I SDUBAUS 25 3.a6 cigs exes vsuscaegt Sayan one ie cities
ace
Prints, 33 inches wide eee
Te Tere ee eee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

be

ee

1 Vara equals 33 inches.

ee

Te

Te

ee ee ee

2.00
2.50

per dozen.. 26.00 to 45. 00
per vara!..
.15to
.16

MONEY

130

PRICES

AND

IN FOREIGN

COUNTRIES.

Prices of goods manufactured in Mexico, wholesale, Mexican currency—Continued.
IBA

$16. 00

OUGs seas sada os scr seta venti’ SenSesheccceccsmr dabaebest< cues ectseeescnsas per dozen..

1. 00

cccscseceee per pound..
scree ceeseccenccsccceesce
yarn throad.........s2c.cn-

Colored wool

Cotton thread ......-0.cccennecccesecsce coeecscccoes SN iris ore do.... $0.34 to
.15to
e eee erenes pervara..
----+
2-0-2 ee see eee cece
Colored prints, 83 inches Wide......-..----ee ecenes per dozen..
ence ee tenes eee ee nceeee
een e nee c .-ccececs
Mexican stockings.......-Gray and blue cloth (WoO!) .......-02- 22+. ceeee eee ence cence cent en eeee ete e seen es per vara.. 1.75 to
. 10 tor.
cccccecs dO,se0°
ence ce en cee scscencceeeceasseeon
Plaids of Tulancingo........scscccccencnscc

Ginghams, 26 inches Wide .....0...++++-------- epsiba

IMPORTED

sea o204 oxen wane Maen eaamenes do....

.18to

.50
.18
1.37
2,25
4.18

.20

ARTICLES.

All articles imported into Mexico are sold at a price in Mexican currency equivalent to their cost price plus the exchange, with customs
In makduties, transportation charges, and mercantile profits added.
United
the
ing sales of mining machinery, etc., to be imported from
States, the usual custom is for the manufacturing establishment there
or its agent in Mexico to quote prices in the currency of the United
States, and when the payment is made the purchaser buys exchange at
the rate that day. If prices are quoted in Mexican currency the rate
of exchange is generally fixed at two for one, the seller being unwilling to run any risk of exchange varying.
It has been found impossible to obtain accurate information as to the
difference in prices of imported articles ten years ago and now. It can
be asserted, though, with certainty that the price in Mexican currency,
not taking into consideration the customs duties, transportation charges,
In
etc., is double the cost price in United States or Huropean currency.
articles
imported
in
competition
keen
a
is
there
where
some instances,
of machinery, implements, foods, etc., it is found that the price is regulated by the prevalent rate of exchange, instead of two for one.
Well-informed persons in Mexico all agree in saying that the cost of
imported articles in Mexico has doubled in the past ten to fifteen years.
Where there is competition as the cost price decreases in the country
of production there is the same decrease in the Mexican price. Customs duties on articles of food are high. Tables are inclosed showing
the present prices of imported articles of food in the City of Mexico.
Prices of imported articles of food in the City of Memico.
Mexican cur- | United States

2iesee

see
cheat aestesss ser eorvesesacse

Bulk meats. ...-..----+++-2-0++-+-dd
ebro s
Rape
a htOis ctared

Cheese ..-.----------

Salt, table ...------

a

i

ee

bas

.-do....|

dieu

sO.

see

sai

26

.50

$0.30 to

.40
15

eee

50

ooee
seas

015
0 25

act

Seen

Flour -:.---Sugar ..--

$0. 26

$0. 50

as v5 per pound..
WADA ns ono cewseebs sed enseen cocednseesealbdtycukares
BAGO

currency.

rency.

. 08

|$0.15$t0

.21
3

26

. O44
08
+18

15

. O73

15
«224
245
225

» OTF
113
23
eis

<0

~ 35

° 17%

esas cdeva sseddtameeeseensnecramewseese
Dried apricots..-.--- Skwe
cscs nsec eseec eetencenersceess ds.
Dried prunes.....----+--eeecceeece
Canned fruits—apples, peaches, pears, etc...-..-.---for 2-pound cans..
cece: per pound..
Trish potatoes. ....-------2eccereeeeeenesttnsetescce

50
38
1.50
05

26
- 18}
76
024

Corn meal

Hominy .-..
Oatmeal ...eer r etter sent eee GO. «<5
Soda crackers ..-...--- sen ence en ec cence eee cen
nes tencee en AO. owe
cere cee ce cnecece
ence ec eee -ceeRolled wheat..-....---

-- GO. .5.
eece tere ctscceres
cece nese ne ---22 2c ---Dried peaches ...--2.dO...

85

Dried apples bars Skim wleina SO RAGMS S SOPH ES oS

ONN Sa MERE W eae Swe Swe baese e's 0.

17%

L also inclose a statement showing the customs duties on an invoice
Imported
of groceries (general assortment) from the United States.
ready-made clothing is not sold to any great extent in Mexico, except
in the seaports and the border towns, and in certain mining districts
where Americans are employed to a considerable extent. A table is
inclosed showing prices in these places.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a
hd oh

tf

artes,

MONEY

AND

PRICES

IN

FOREIGN

131

COUNTRIES.

A table is also inclosed giving the prices of machinery and implements

of American

manufacture,

In regard to drugs, they are mostly imported, and in consequence
are sold at a price equivalent to their gold cost and exchange.
Invoice of groceries from the United States: Cost in the United

States, $1,005.26; customs duties on the same, $1,008.73.
Prices of cloths, wearing apparel, etc., imported.

CHO CRONIS sa dcuds + oss vis alone MOORUE canes ae tere dale aya
EU

Mande Meigs doawaeaugeks per 33 aes

$0.15 to $0. 20

De paint eee Rp aeneewn ange a eainge ten sren Seed Caan eh Seda gundeeehs opicase sewape @o..-.

.15to

20

Sheeting secinsisin Set = 2b cough ts p54 ey cmeacnea dames ca cmasienn Deces end aoecen tqaessbage do.ss.
MOMMDON, CHSSIMOTOA $e uid bsW keine
bese ueeds ooseee ee cn aaucat + +s seswagees per yard..
Good cassimeres
dO...
BIRENOI a. as samacane some gamcngee sk cSt a aes rakce 9 taadide aslmektels aye tat eben per 33 inche
Woolen shirts ..........c2cccee
each..
DOD EIAS SHOR csi ghs wee Nek 2 seus bck Hin. Sk ucma nan nares vakewas wanes eens 6 ose per pair..
PGR Vy DFORANS; WON 8) + cic pve sslewsenengte-nn de snesws ese ecee- qdewadeehanbsonee
sdsen do....
MG SVGUMINEINOORs 5 cca'neawad beaucas waa dade hoes cn clea thy dwdann ekcus Lemeee etlene do....
PEOW S DOOUG . ctarmet ncaa actenereleecte stant ings tone ths boeeas ects Sept eee do....
DUCA OPAL Sic Mag Re ues Chie acivie cule glen dalace dea awh cae we sabe kauea’ed aees eked oe each..
PPCM
3) CHUA CONDS) hiv nae acewnaewnendeuirsebhanrenicmesehmacanis
sue cds ednedtesecc eats do....
CRUIRSTY: WOE ADB wns. cas ote wed tewnWs dee e tae se)seeWeecsa. nets 4 scean bhbeueceneee do....

“.15 to
-75
2.00
4.50
1.50
3.50
3.00
1.20
2.25
1:00

to
to
to
to
to
to
to
to
to

~.26
1.50
6. 00
1.25
8.50
11.00
2.50
4.50
5.00
1.50
3.60
1,60

COM

4.00

to

5.00

WOO! MOUS.

iexv wane anes sacle viedencshbany <SUALS! Daca Sues lasweeusede pes eekek do....

DURO WHO" HAUS o ado5 sock ite sy werantere Soe ates dene dew Pde soon sos secusutacdnccemewaey do....

8.00 to 10.00

These prices are for the border towns and in the Free Zone, where
tariff duties are light,
Prices of machinery.
Description.

Vertical engines:
A BOPSODOWOL 4 pxenk css sarsanans hs Kae pees Geretmmaetn
nen bitcss
des
DPDOPHGNOWIOING
Soiegc neh cee. then i4t tte
eee ee ee eae eake
OB HOTN TOR DOTA S a wse5 bis esd e<kadis Seekers gareadeewarraeesse
seuon
Portable engines:
8 HOPREPOWOR a; cosssancecdesceanctancceecgearcegeeestedsrsSecsss
10 BOPROPOWE? <clnia teen cee basin acennka Gey chen Rule dnDeenedyeees
MGOORMIOE POWDOINK: 24 8cis0nb cal aen's pars oGs seeAbasepaecesawecae
Plows:
Common Cabt ION. << oiickis
cc cercave
chu ccececceccescucces
ccse
sc

TOU ie Ce

ache: bales htrxctnar tives

SAA hewnateh {

Mexican cur-

United States

rency.

currency.

‘

$225, 00
275. 00
150. 00

$114. 75
140. 25
76. 50

1, 200. 00
1, 850. 00
180. 00

612. 00
688. 50
91. 80

7.00
F
3.57
15.00 ae
to 25.00os | $7.65 to 12.75

ae in

Corn shellers:

HANG) WiGb SOPALALOT) GUO 5 waco c2sun Sdaneessa
ds vaevansaant
nwe
~
eyRtone, Hands ++ .2205vsedvasgtienc
thes sages ees besaes
keebicd {
POW OP BECUONS iis re Laces haan pageedncde cdg ameeereee sees oneeeae
POAO TION POMS <<. cm «snes somerewl
+s SaadanewenealewBed
ewnalsac
wennscecee
{
ts
Steam thrashers (26 inches)... .......-..-.0cscsscscecevecassecusces
HUT ROUND aaien anaes Witgatawier yt chn en dulde nh u rey alcag per pound..
FONSAGe

CUUDEL (HAN) ececcscevienven decocacccsunesesdeescdevcccscees

100. 00
51.00
9.00 to
to 25.00
35.00 | 4,59 to
to 12.75
17.85
600. 00
8.00 ee on bs

306. 10i
4.08 is Ps Me

1, 300. 00
.07
30.00 to

663 00
. 0357

75.00 | 15.30 to

39.25

Wholesale prices of hardware imported from the United States.
:
hn

a

EMBMORA Ws losis ie sd e-ccmedu ae cenascnenye see cbals pecus oseeexs each..|
UDP
UN GS SAWS sos nic <n eknanccoseemmemnasomem
we wen a aleesnp
cases do: «.
Spell GCTOSSHOWE BAWS's vs nes esses seen. -osdeds a ceecs ee cnwees : Os ae.
MOURNS TAROR watts comdcis bts <a Uma doses tee Eben Colt Salen per dozen..|
UNS
BARC DO1S ctw 542 chane beste. vacet tna tved odes. Kees do....|
POS WLU HANGION: con somscasiauiccc wacnStieceskecks on uneane do....}
Collins shovels...........- a
a
sion
Spb wore ae 0.566
GUUICS BROVOIS. ncww's senibios amc aniaedsauljngencdSclvieansduadee do
#608, handled...

ac. cacaweesla
cedecdmnsesdieeacta
cdevcce
ccs do
ct

UN CS ie ta d nied ga anaes aA Ee awe edna edn Ear Es oboe each
PVQIMMMONS. Jun Fux «onde pe to aunsdiwis es caeeensa ti Sensaeteeccae 2 do..
Spades:
ROMIRG(ON «5. <ctobersmaanclesthcceny.
8 kel epee riads per dozen..|
Steel, Black Diamond .......
00.0000. ....
.cceeeeeese eee per pound..
dele nietiinne.sacendc
BE AUHOOKAran onpeaacota
medeqo
utsewes per dozen..|
Stone sledges ........----sss005 eee
Ce
ee per pound..
Blacksmiths’ hatamers..........---22..0cccnesacceseues per dozen. .

MOMGDS ShOClesos

sian ecis's d.sishmne
ndwade ~nknp
Canes Cages Se per pound..

Minera’ Sh66l,

OPO WAR. <s0s<0sas vievess xsi suis veredesivacesaneen Q0inas

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Mexican currency.
$2.75
-90
4,00
17.00
15.00
22.50

to
to
to
to
to
to

5.00 to

2.00 to
-75 to

$4. 50
2,00
7.00
20.00
19.00
26. 00
22. 00
26. 00
8.00

3.75
1.50

17.50 to 19. 00
16
10.00 to 25. 00
- 204
2.00 to 4.00

-l1
114

| United States
currency.
$1. 40 to $2. 95
-45 to 1.02
2.04 to 3.57
8. 67 to 10. 20
7.65 to 9.69
11. 50 to 18. 25
11. 45
13. 25
2.55 to

1.07 to
138 to
8.92 to

4.08

1.91
..77
9.62

- 084
5.10 to 12.75
- 104
1,02 to 2.04

. 052

- 052

MONEY

132

VIL—WHETHER

AND
THE

PRICES
MINTS

IN FOREIGN
ARE

OPEN

COUNTRIES.
TO

BOTH

METALS.

The mints of Mexico are open to the coinage of both gold and silver.
The mint charges have already been stated in the preceding pages of
this report.
From reports sent to the legation since 1886, giving the total amount
of coinage of gold and silver, it is ascertained that during that period
gold for coinage has had at the mints an assigned yalne of $643,529 per
kilogram, and for exportation a value of $675.417 per kilogram.
Silver for coinage has a value of $39.109 per kilogram, and for exportation of $40.915 per kilogram.
An ounce of standard silver contains 444 grains of pure silver. An
ounce of Mexican silver dollars contains 433.296 grains of pure silver.
One thousand Mexican silver dollars are by law to weigh 870 ounces
and 194 grains troy. As they are coined they are weighed in batches
of 1,000, and a variation of 750 grains troy each way is allowed for each
1,000.
More silver dollars are coined at the mints of Mexico than are necessary in the currency of the country, and the surplus is a very important
part of Mexico’s export trade.
The market value of these silver dollars is generally determined by
the market value of bar silver, which is quoted in London per standard
ounce and in New York per fine ounce. But there are times when the
coined dollars are at a higher market value than the silver contained
in them would justify. This is owing to an increase in the demand for
them for use as a circulating medium in the Eastern countries.
CONCLUSIONS.

From the preceding statements and accompanying evidence it will
be seen that silver and gold are established by law as the standard
money of Mexico, the silver dollar, weighing 417.79 grains troy and
containing 377.139 grains troy of pure silver, having been declared
the monetary unit of value.
The coins of both metals—gold and silver—are legal tenders at the
rate prescribed by law, the ratio of coinage being 164 to 1.
Bimetallism is the theory of the law, but silver money is the standard in use in the country, gold having entirely ceased to circulate, being
hoarded in the country to some extent, the greater part seeking the
markets of the world.
While silver is the circulating medium in the Republic, we find that
the greater portion of the coinage of the mints in silver dollars has
been exported and is generally sold at the market quotations for the
silver which the dollars contain.
The public debt of Mexico, $103,000,000, in round numbers, is payable
in gold, principal and interest, all of it but $13,500,000 bearing 6 per
cent, and that suin 5 per cent.
The bonded indebtedness of the railroads in the country is also payable in gold, the amount of the Mexican Central and Mexican National
railroads’ bonded indebtedness thus payable amounting to more than

$100,000,000, not taking into account that of the other roads.
From the most reliable estimates obtainable, the amount of money in

circulation per capita of population does not exceed $8.34.
The wages of unskilled laborers in the fields, on the farms, in shops,
houses, and all other places where such labor is employed are from 25

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e

aS

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

1338

to 30 cents a day for men, and for women and boys from a third toa
half less, the only rations ever furnished being corn and beans.
In the mines the wages of the same class of labor are from 40 to 60 to
80 cents a day and no rations.
In the factories the wages of this same class are from 18 to 25 to 37
to 62 cents a day, without rations.
The wages of a higher class of operatives in the factories vary from
45 to 75 cents a day and no rations.
A day’s labor in Mexico is from 9 to 13 hours.
All wages in Mexico are paid in Mexican currency, the Mexican dollar at the present time being worth 51 cents in American currency. In
the Republic there is an increased but still limited demand for skilled
labor in the mines, on the railroads, in the electric plants, in the systems
of improved machinery being introduced in many parts of the country,
and the wages of skilled labor have been slightly advanced and are at
more remunerative prices as compared with the compensation of other
labor in the Republic.
The number of these skilled workmen is small
compared with the great hosts of common day laborers or wage earners
in the country.
It should also be stated that in some instances there has been a small
advance in the compensation of the common day laborer, or rather a
change in the manner of payment, his wages in these instances being
paid in money instead of in merchandise or provisions.
The wages of skilled mechanics, carpenters, masons, blacksmiths,
painters, shoemakers, and other men of handicraft vary somewhat,
according to the demand for them, and in the City of Mexico, where they
are fully as high or higher than in other parts of the Republic, they
range at prices as stated in the schedule of wages for this class designated as ‘‘ Wages paid in the City of Mexico” and “Wages paid streetcar employees.” It would be unsafe to attempt any general definition
of this class of artisans.
There has been a slight advance in the wages of those who may be
termed ordinary mechanics, as distinguished from head, scientific, and
expert mechanics. The compensation of this latter class is too dependent upon demand, skill, and efficiency to undertake to classify it. A
good impression can be had of it by a careful investigation of the
various schedules of wages herewith submitted.
It may be positively stated that whatever increase has taken place
in the wages of skilled labor has been brought about by the introduction of new industries and the improvement of old ones.
I have thought that the conditions of the banks in Mexico would be
interesting in considering the subject of your inquiry, and I submit the
reports of the two principal ones for the past year, and for the same
reason I submit the reports of exchange between Mexico and the United
States, showing the daily changes in the relative value of Mexican and
United States currency.
I deem it proper to state that the dollar of the United States, whether
in gold, silver, or paper, is everywhere equal and is readily and promptly

exchangeable into Mexican silver at the daily rate of exchange.
All the statements made in this report are derived from the official
Statistics of the Government, from reports of United States consuls to
me, and from the testimony of persons of the largest experience and
highest authority in the country.
[have thus endeavored impartially and strictly to execute the instructions of your circular, well knowing that you desired the facts as information for our people, and not my reasons for or arguments in reference

to the conditions now prevailing here, their causes and effects.

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MONEY

134

AND

PRICES

IN FOREIGN

COUNTRIES.

I will not deny myself the happiness of stating that notwithstanding the almost impassable barriers of the Mexican tariff, and whatever
advantages may have been derived from free silver to the Mexican
factories, still the genius and enterprise of the American manufacturers
have succeeded, through the excellence of their materials, the superiority of their workmen, and the moderation of their prices, in increasing
and enlarging in this Republic the markets for their productions.
Nor can I resist the temptation to declare tha’, in my judgment, the
money that is flowing in millions from the United States into this
country, and our enterprising and intelligent citizens who are coming
with it, are among the greatest promoters of the development and
improvement of Mexico.
And here I must do justice to the present great Administration of
Mexico, in declaring that in its wisdom and patriotism in establishing
tranquillity, order, and confidence everywhere, in protecting all rights,
in promoting all improvements, in doing justice to all men, whether
citizens of their own or other countries, it has laid the foundations of
the permanent prosperity and glory of the Republic.
M. W. Ransom, Minister.

Ciry oF MuExtco, September 26, 1896.

APPENDIX

A.

Condition of banks and per capita circulation.
[From the Mexican Financier.]

Bank.
22+ econ ee cece eee ne eee cnn e cs cceneesceneens
National Bank ....-..-------0220s e renee estes ee tecees
Bank of London and Mexico ...-......00-+----

creer eree ee
International and Mortgage Bank..........--------+++--22
ster sccsenes

Cash.

Uncovered
paper.

None.
$28, 598, 450. 71
7,093, 431.55 | $2, 408, 044. 45

1, 295, 730. 36

None.

None.
462, 231. 99

rescence
Monte de Piedad ......cccccvcccccccccacncesccsccer
ener en censes centre ccecccscsess
Bank of NuU@v0 L@OM ....cccccscccncscscs

816, 855. 71
460, 244. 01

eee ce eee cee e nn eeeesees
Bank of Zacatecas...--.-..-----csccsn

AOL, C4627

ss. sscsas
\eaandn

OBS, 001.97

lhnncuscswaswsme

92, 188. 82

74, 254.18

40, 904, 269, 22

8, 907, 267. 30

ss seneeerses
Chihuahua Mining Bank ...... 00200. ----2oece ne etenn neers
er esses ses seeded me cpans
Ot SURAUAN is apeacan sas wewiesdhsaelice=
a
Mercantile

Bank

of

Yucatan

00+
.....----..--+---+---++-2222

ses
Banle-of DUPARGO <sesaes.bevwe sas gee snc cescess ence -ceeransenaseee
Commercial Bank of Chihuahua (July 10)
POLL

. cane an coeudacuswqessaenccentsasscceeemseccsescsesaseesietece

560, 187, 12
672, 821.75

844, 468. 95

528, 063. 88
856, 684. 25

77, 989. 05

The note circulation of the
The above table only includes uncovered notes.
,154, but neither that
National Bank on the date selected was, for example, $21,250 only that amount of
ned,
mentio
is
banks
other
the
nor the covered circulation of
cial community in
paper being considered which has been absorbed by the commer
tion.
institu
issuing
the
by
excess of the equivalent in silver held
knows that the
Now, anyone at all familiar with business habits in this country ,
Even in this
general
being
from
far
still
use of the banks for deposit purposes is
carrying
firms
tile
merca
and
s,
cturer
manufa
s,
planter
y
city there are many wealth
bill here
a
ing
present
On
es.
nghous
always from $200,000 to $50:),000 in their counti
by a check on a bank or in bank
for $2,000 or more you are quite liable to be paid, not
whieh are hoisted in talegas onto the counter, which you

notes, but in hard dollars,
r or cart to carry it home.
require an expert clerk to count and verify, and a cargado
clumsy and unsatisfactory
This undoubtedly involves a great waste of time, is a
able proof of the limited
lament
a
affords
operation for all parties concerned, and
es. The mechanism
faciliti
credit
and
g
bankin
ed
advanc
of
advantage that is taken
They will
.
methods
ated
antiqu
of
l
of business is greatly hindered by this surviva
of the
rity
peculia
a
te
illustra
they
present
at
but
time,
undoubtedly disappear in
in
sums
large
carry
to
ity
commercial community in this country, viz, its propens
r towns than at

ready money.

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This propensity is far more pronounced in the interio

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

185

the capital. And in this connection it may be remarked that at least 16 of the 30
States and Territories are unprovided with banking facilities, so that the personal
holdings there are proportionately higher. Then we have to consider the cash carried by private bankers, on the great haciendas, in manufacturing establishments,
on the mining properties, etc. The amount to be credited to all these holdings is
For our part we think it may be safely stated at $60,000,000,
variously estimated.
of which $10,000,000 are held in this city.

The total of all forms of circulation is
Cash held by the banks . 2... 22... .sccce
Cash in private hands. ...... 2.2.2... ce
Uncovered note circulation, say .......--

thus seen
voce ceeees
cee eee cee
2.2 see ee

to be as follows:
tees cece cee meesecces $41, 000, 000
60, 000, 000
ee eee ee ce eewe cecees
4, 000, 000
cee n ee eee eee eee cnes

Total . 1... ek wiloa ede Gevced, Sous Mais ss lyin cas cieanae- eaawen 105, 000, 000
Distributed among a population of 12,578,861 this amount gives $8.34 per capita;
as yet appreciable factors
divide up the above amount
country’s advancement, the
well bears comparison with

proportion

large

the

but if we exclude from the population

of Indians who are not

in the great equation of civilization and progress, and
among the remaining, say 6,000,000, active agents in the
per capita circulation figures out at $17.50, a sum which
that of countries figuring in the front rank of civilization.

APPENDIX
BANKING

LAW

[Translation of general law for the establishing

B.

OF

of banks.

MEXICO.

Tones , 1896.];

Decree published in the Diario Oficial

:

DEPARTMENT OF STATE,
Office of the Treasury and Public Credit, Mexico, Section 4.
The President of the Republic has been pleased to address me the following decree:
Porfirio Diaz, Constitutional President of the United States of Mexico, to the inhabitants thereof, know ye:
That the Congress of the Union has seen fit to decree the following:
The Congress of the United Mexican States decrees:
ARTICLE 1. The Executive of the Union is authorized to issue the general law by
which the concession, establishment, and operations of banks of emission in the
States of the Republic are to be governed, subject tv the following basis:
I. No concession shall be granted without the deposit by the concessionaires of
bonds of the national public debt whose nominal par value shall be at least equal to
20 per cent of the sum which the bank is to have in cash in order to begin operations.
II. The minimum capital subscribed shall be $500,000, of which at least half shall
be paid in cash before the bank begins operations.
ILI. The balance in cash shall never be lowered in each bank to less than half the
amount of its bank notes in circulation and the amount of deposits payable at sight,

or with three days previous notice at least.
IV. No bank shall be authorized to issue bank notes for a sum greater than three
times the amount of its paid-in capital.
V. Bank notes shall be of voluntary course (not legal tender) and shall not have
a value

of less than

$5.

VI. Exemptions or rebates from taxes shall only be allowed to the first bank estabAll other banks
lished in any of the States or Federal Territories of the Republic.
special tax to
a
furthermore,
and,
laws,
general
the
by
imposed
taxes
the
shall pay
the Federation of 2 per centum per annum upon the amoantof paid-in capital. For
the effects of this section, first banks shall be considered all those actually (now)
established, provided they subject themselves to the prescriptions of the general law.

VII. Banks established in a State shall not have, outside of the territory thereof,
branch offices for the exchange of their bank notes, unless by special permission from
the Executive, who will only grant the same when there exist important business
interests amongst various States, and not for the purpose that said branch offices be
established in the City of Mexico or in the Federal district.

VIII. The Federal Executive shall have at the banks an interventor whose functions shall be specified and who, at the revision of the annual balances, shall have

the same faculties that the laws grant to the commissaries of anonymous

companies.

IX. Banks shall publish monthly a balance sheet, wherein shall be set forth,
besides the balances of accounts expressed by law, the existing amount in coin, the
amount of bank notes in circulation, and that of deposits payable at sight or with
three days, at least, previous notice.

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136
X.

MONEY
No

concession

AND
shall

PRICES

IN

FOREIGN

COUNTRIES.

be allowed by the Executive of the Union

until after the

decree of the general law on banks and within its restrictions.
Art, 2, The Executive is likewise authorized:
I. To enter into agreements with the National Bank of Mexico, in virtue of which
and through the medium of a compensation that may be deemed just, all motives of
incompatibility between the concession of said bank and the decree of the general
law referred to in the foregoing article shall cease.
II. To enter into agreements with banks already existing in virtue of special concessions, with the understanding that State banks, in order to enjoy the benefits of
the general law, have to renounce the concessions through which they were established.
III. The powers granted to the Executive in virtue of the present article shall,
for the purpose of celebrating agreements with the banks of the States, cease six

months after the publication of the general law, and for the other purposes on the

15th of next September.
Art, 8. The regulations which shall govern all other institutions of credit may
be subjects of the same or of other special laws that the Executive shall issue as he
may deem more convenient.
Art. 4. In the period of sessions following the publication of the respective decree
or decrees the Executive shall render a report to Congress, as to the action had in

virtue of the authority conferred upon him by the present decree.
TRINIDAD GARCIA,
Speaker of the House.
RaFraEL DONDE,
President of the Senate.

Jost M. GAMBOA,

Chief Clerk of the House.

Josk PEON CONTRERAS,

Chief Clerk of the Senate.
Therefore, I order the same printed, published, circulated, and that due compliance be had therewith.
Given at the Federal Palace in Mexico, on the 3d day of June, 1896.
PORFIRIO

To Lic.

DIAz.

José Y. LIMANTOUR,
Secretary of State and of the Office of
the Treasury and Public Credit.

And I communicate the same to you for your information and consequent ends.
Mexico, June 2, 1896,
LIMANTOUR.

APPENDIX
REPORT

OF

NATIONAL

O,
BANK

FOR

1895,

The report and accounts for 1895 were submitted by the council of administration.

They show that the business of the bank, in spite of the easiness of the money

market, was large and profitable during 1895.
The following statement, condensed from the balance sheet, shows the disposal
made of the net profits:
NOU FLOR cnt dedcstkvee seas be vens ands Saceud SEEEHS HERES HRs 509 CoS ees $2, 200, 626. 93
Dividend already declared, 6 per cent on $8,000,000 ....... $480, 000. 00
Ordinary reserve fund, 10 per cent on net profits..........
220, 062. 69
Pirat precautionary LONG. «cis. cecw ss esdeuedccdes
wees aces 250, 000. 00
TO DOW ACCOUND. + 64:60:0nes castes cab si seeess ewes tenens oes
77, 230. 91

——_———

1, 027, 293. 60

NOP UIVIBIDIO DALBNOO. 620s ceed dx ecs ssvads 1s40es WeEEN Hous depene aeee ee 1, 178, 333. 33
Fifteen per cent of same to founders’ bonds .....-........ 176, 000. 00
Ten per cent to council of administration.................
117, 333. 33
Seventy-five per cent to shareholders, or additional divi-

dend of 11 per Cent ........---22 oe cree ee eens eee eee
Thus a dividend of 17 per cent for the year is declared.

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880, 000. 00
————- 1, 173, 333. 33

MONEY

AND

PRICES

IN

FOREIGN

137

COUNTRIES.

The following is a comparative statement for five years:
1895.

CirOHN OAM.

«5 soc cecescscurecsscess

1894.

1893.

1892.

1891.

$3, 092, 992 | $2, 797, 419 | $3,227, 483 | $2,871,197 | $2, 782,731

INCU, PROMOS.
cee pea bn Wie pe eec ceed mewmes
Added to reserve.............-02-se0ce08

2, 200, 626 |
470, 062

Net earnings on capital....... per cent..
DIVICCHG PUG «2-15 0sines ceessa ss dio... <\

27.5
ali

1,961,808 |
446, 180

24, 52
15

2,355,464 |
735, 546

1, 839, 418
433, 941

29, 44
16

1, 818, 623
431, 362

22. 99
14

22, 67
14

SEO PAU CH MIM IB ccelsarcsmsstaecen de seco eeea aye rena la eee sen cues kasane sae RERSSTE ROT $8, 000, 000
The reserve funds, with the new additions, are ...........0--.--ccccccccccccecccccccccccccs
5, 212, 842

APPENDIX
REPORT

OF BANK

OF LONDON

D.
AND

MEXICO, 1895.

The statement of accounts presented to the shareholders of the Bank of London
and Mexico at their annual meeting last week bears testimony to the solid and
prosperous condition of business here. The bank in question is the oldest financial
institution in the country, and inherits prudent aud conservative traditions in its
dealings with the mercantile community.
Those traditions have been carefully
maintained by the present management, compatibly, however, with the transaction
of a large and profitable business.
On a paid-up capital of $3,000,000 the bank last
year realized net profits amounting to $557,741.27, or over 184 per cent, paid a dividend of 14 per cent, and in addition applied a handsome sum to the reserve fund,
which now amounts to $1,350,000, or 45 per cent of the paid-up capital.
It will be seen from the table given below that the net profits, as well as the
amount carried to reserve, are less than in previous years, but this fact can not be
reasonably held either to reflect on the management or to argue a decline in the
volume

of general

business,

which

there

is a natural

tendency

activity of banking transactions.
Last year was a more
than its predecessor, yet the net returns of the bank were
in 1895 than in 1894, The net profits are of course largely
elements, viz, the amount which it may prove necessary
year for expenses and for interest on unmatured notes.

to

gauge

prosperous
somewhat
dependent
to deduct

by

the

business year
less favorable
on accidental
in any given

But it is impossible to escape

the conclusion that some general cause is at work to curtail the profits of our chief
banking institutions, and as far as last year is concerned that cause is to be sought
in the easiness of the money market.
The holdings in cash of the mercantile comraunity were so large that their applications for financial assistance at the banks
were comparatively restricted both in number and amount.
Many of our great firms
carry enormous amounts of cash, and are, in point of fact, their own bankers.
As
business conditions change here in this and other respects, and banking competition
becomes more active, the older institutions may find it necessary to liberalize somewhat their business methods,

without, on that account, departing from those whole-

some traditions of prudence which have won for the chief banks of this country in
the past so high a reputation for solidity and solvency.
The following table shows the net profits, their percentage to paid-up capital, the

amount added to reserve, and the dividends declared by the London Bank
July 1, 1889, when the bank began to operate under its Mexican charter:

since

Proportion
.

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Net profite.

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14

14

138

MONEY

AND PRICES IN FOREIGN
APPENDIX
THE

NEW

COUNTRIES.

E.

BANKING

LAW.

The new banking act, or rather the law embodying the general features of the
legislation on banks to be drawn up and issued by the Executive, supplies a long-felt
want. The measure now before the Legislature practically grants free banking, at
least outside the Federal District.
Underits provisions any number of banks of issue
that the volume of commercial transactions may appear to demand can be established
on the fulfillment of certain clearly specified requirements.
Unquestionably the
knowledge that the National Bank had entered a passive protest against the granting of new charters carrying the issue privilege, and might at any time take active
measures to enforce what it considered as the monopoly of its concession, acted as a
deterrent against investments in new banks.
But now that the Government has
succeeded in inducing the National Bank to formally surrender its claims to the
monopoly of the issue privilege, exvept as regards the Federal District, and has
matured legislation which will give new institutions of credit a clear and unassailable legal status, it may be expected that a considerable amount of capital will in
the near future go into the organization of banks for operation in the interior. In
the Federal District the situation will probably remain unchanged, though there is
some talk of the rehabilitation of the Monte de Piedad Bank,
In this city the issue
privilege is shared with the National Bank by the Banco de Londres, which, to put
its note circulation on a legal basis, purchased in 1889 the old concession of the
Banco de Empleados, which, having been granted in 1883, was unaffected by the
monopoly of the National Bank (May, 1884), and also carried the right of issue.
These two institutions, together with the ably and progressively administered Banco
Hipotecario, appear to have tested the limit of the remuperative investment of money
in public banks in this city—at any rate for the present.
In the interior there is ample field for new banking institutions, for in the larger
towns and cities the progress of business has been seriously checked for years by the
exorbitant rate of interest charged by private money lenders.
Money is absurdly
dear outside of this capital. No doubt the establishment of banks under the new
law

will to some

extent

remedy

that

evil.

But,

after

all,

the

great

need

of

the

country is the establishment of farmers’ loan associations rather than of mere banks
of issue and discount.
There is opportunity for the safe and profitable employment
of at least $100,000,900 in loaning money to hacendados on easy terms and long time,

for the improvement of agricultural properties.

APPENDIX
PRICES

AND

WAGES

[Summary

AT

VARIOUS

G.

POINTS

CURRENCY).

IN MEXICO

(IN

of reports from United States consuls to the legation in Mexico.]
DURANGO.
Prices.

‘Wages per day.

Fresh beef, 15 to 25 cents per pound.
Salt fish (imported), 40 cents per pound.
Fresh fish, 124 cents per pound.
Salt pork, 25 cents per pound.

Carpenters, $1 to $1.50.
Masons, $1.25 to $2.
Painters, 75 cents to $1.
Miscellaneous laborers, 50 cents,

Ham, 40 to 50 cents per pound.
Eggs, 1} to 4 cents each.

Miners, 75 cents to $1.
Mine blacksmiths, $1 to $1.50.

Flour, 5 to 6 cents per pound.
Corn, 1 to 23 cents per pound.
Wheat, 4 to 6 cents per pound.
Beans, 3 to 4 cents per pound.

Hoisters, $1.25 to $2.
Pumpers, $1.25 to $2.
Engineers, 75 cents to $1,
Firemen, 75 cents to $1.

American

Dynamo

cheese, 50 to 55 cents per pound.

tenders, $1 to $1.50.

Domestic cheese, 25 to 75 cents per pound.
White sugar, 10 cents per pound.

American machinists, $5 to $10,
Mexican machinists, $1 to $3,

Brown sugar, 7 cents per pound.
Salt (table), 2 to 3 cents per pound.
Tea, $1 to $2.50 per pound.

Molders, 75 cents to $2.50.

Coffee, 38 to 45 cents per pound.
Lard, 20 to 25 cents per pound.
Olive oil, 30 to 40 cents per pint.
Soap (laundry), 10 to 15 cents per pound.
Candles, 25 to 30 cents per pound.

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of the current prices of articles of greater consumption in the City of Mexico, for the years set forth.

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JIVRAISTITSHIVSAISTNAVSASIIITXIVISISIUSIISTISVITVISNSsSaaIss

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

FOREIGN

IN

COUNTRIES.

139

Prices and wages at various points in Mexico (in Menican currency)—Continued.
MATAMOROS.
Wages.

Prices.

Engineers, $80 per month.
Carpenters, 75 cents per day.
Bricklayers, 75 per day.
Painters, $1 per day.
Saddlers, $1 to $1.50 per day.
Blacksmiths, 75 cents per day.
Farm hands, 37 cents per day.

Corn, $1 per bushel.
Coftee, 30 to 40 cents per pound.
Beans, $2.18 per bushel.
Sugar, 10 to 15 cents per pound.
Beef, 8 to 12 cents per pound.
Lard, 14 cents per pound.
Flour, 4 to 7 cents per pound.

Potatoes, 4 to 7 cents per pound.
Bacon, 25 cents per pound.
Candles, 24 cents per pound.
Gheese, 35 cents per pound.
Eggs, 30 to 86 cents per dozen.
Chickens, 25 cents per pound.
Mutton, 12 cents per pound.
Molasses, $2 per gallon.
Rice, 7 cents per pound.
Salt, 24 cents per pound.
All these products are American except coffee,
beans, beef, corn, eggs, and chickens; sugar is
from Germany.

PIEDRAS

Cooks, $5 to $7 per month.
Bakers, 75 cents to $1 per day.

Waiters, $5 to $7 per month.
Common labor, 50 cents per day.
Wharf

hands, $1 per day.

Car drivers, 50 cents per day.

NEGRAS,
Prices.

Prices.

Eggs, 36 cents per dozen.
Flour, 4 to 6 cents per pound.
Meal, 34 to 4 cents per pound.
Beans, 5 cents per pound.
Butter, 60 cents per pound.
Sugar, 15 cents per pound.
Salt, 2 cents per pound.

Lard, 15 cents per pound,

Corn, 2 cents per pound.
Cotiee, 35 to 40 cents per pound.
Rice, 8 cents per pound.
Potatoes, 5 cents per pound.
Pork (salt), 25 cents per pound.
Ham, 30 cents per pound.

PIEDRAS

NEGRAS

(FREE

ZONE).

Prices.

Prices.
Lard, 15 cents per pound.
Corn, 2 cents per pound.
Coffee, 35 to 40 cents per pound.
Rice, 8 cents per pound.
Potatoes, 5 cents per pound.
Salt pork, 25 cents per pound.
Ham, 38 cents per pound.
Eggs, 3 cents each.
Flour, 4 to 6 cents per pound.
Meal, 3} to 4 cents per pound.
Beans, 5 cents per pound.
Butter, 60 cents per pound.

Sugar, 15 cents per pound.
Salt, 2 cents per pound.
Tea,

$1 per pound.

Douglas shoes, $4.50 to $11.25 per pair.
Ready-made clothing. $10.50 to $30 per suit.
Underwear (imported), $3.50 per suit.
Underwear, woolen (imported), $5.50 per suit.
American overshirts, $1.50 to $3.50 each.

Overshoes, $1.75 per pair.
American

hats, $2 to $10 each.

Handkerchiefs, $1 to $9 per dozen.
Half hose, $2.50 to $10 per dozen.

ZACATECAS.
Wages.

Prices.
Corn, $1.25 per bushel.

Wheat, $4 per 100 pounds.
Oats, 90 cents per bushel.
Beans, $1.66 to $2 per bushel.
Potatoes (Irish), 8 to 4 cents per pound.
Chilis, 90 cents per bushel.
Pork, 10 cents per pound.
Beef, 12 cents per pound.
Mutton, 10 cents per pound.
Flour:
First-class, 6 cents per pound.
Second-class, 4 cents per pound.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Peons, 374 to 50 cents per day.
Skilled:
Miners, 75 cents per day.
Head miners, $2 to $2.50 per day.
Carpenters, under ground, $2 to $2.50 per day.

aoe
ay.

above

ground, $1.25 to $1.50 per

Blacksmiths, $1.25 to $1.50 per day.
Machinists, $3 to $4 per day.
Firemen, $1 to $1.50 per day.

Ore sorters, 75 cents per day.
Overseers, $1.50 to $1.75 per day.

140

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Prices and wages at various points in Mexico (in Mexican currency)—Continued.
Prices.

Wages.

Hats, straw (common), $1 to $3 per dozen.
Hats, felt (Mexican), $12 to $18 per dozen.

Hats, felt (imported), $48 to $60 per dozen.
Shoes (women’s common), $6 to $12 per dozen.
Shoes (women’s medium), $18 to $24 per dozen.
Shoes (women’s fine), $30 to $36 per dozen.
Sandals (men’s), $2 to $3 per dozen.
Common shoes (men’s), $24 to $30 per dozen.
Fine shoes (men’s), $36 per dozen.
Common cotton pants, 50 cents to $1.50 per pair.

Common wool pants, $4 to $8 per pair.
Blouses, common cotton, $1 to $1.50 each.
Coats, common cotton, $3 to $4 each.

Unskilled:
Carpenters, above ground, 75 cents per day.
Blacksmiths, 75 cents per day.
Watchmen, 75 cents per day.
Labor on haciendas:
Machinists:
Skilled, $3 to $5 per day.
Firemen:
Skilled, $1.50 to $2 per day.
Unskilled, $1 to $1.25 per day.

Blacksmiths:
Skilled, $1.50
Unskilled, 75
Carper ters:
Skilled, $1.25
Unskilled, 75
Tinsmiths:
Skilled, $1 to
Unskilled, 75
Shoemakers:

Sun-di
Ham

Bacon
Lard,
Eggs,
¥ lour
Corn,
Beant
Butte
Sugai

to $2 per day.
cents per day.

Coffer
Trish

to $1.50 per day.
cents per day.

Beef

$1.25 per day.
cents to $1 per day.

|

Onio}
Rice,
Mutt

Pork

Skilled, $1.50 to $2 per day.

Unskilled, 75
Hatters:
Skilled, $2 to
Unskilled, 75
Bakers:
Skilled, $1.25
Unskilled, 75
Masons:
Skilled, $1.50

cents to $1 per day.
$2.50 per day.
cents to $1 per day.
to $1.50 per day.
cents per day.
to $2 per day.

Unskilled, 75 cents per day.

House
painters:
Skilled, $1.50 to $2 per day.
Unskilled, 75 cents per day.

SAN

LUIS

POTOSI.

Prices.

Foremen. blacksmiths, $1.50 to $2.50 per day.

:

domestic, 6 to 12 cents per 33 inches.

Native cassimeres, $1.75 to $2.25 per 33 inches.

Ordinary blacksmiths, 50 cents to $1.50 per day.
Foremen, painters, $1 to $1.50 per day.
Ordinary painters, 37 to 75 cents per day.
Coachmen, $10 to $15 per month.

Clerks in dry goods stores, $20 to $50 per month.
Clerks in groceries, $15 to $50 per month.
Miners, 50 to 75 cents per day.
Railroad laborers, 37 to 75 cents per day.

MONTEREY,
Prices.
Men’s shoes, 75 cents to $6 per pair.
Hats, 50 cents to $10 each.
Men’s suits, $10 to $50 each.
Domestic,

24 inches,

12 to 18 cents per yard.

Calicos, 22 inches, 12 to 18 cents per yard.
Ginghams, 12 to 15 cents per yard.
Shirtings, 22 to 24 inches, 10 to 15 cents per yard,
Blankets,

$2 to $8 per pair.

Men’s half hose, 25 cents to $1 pair.
Ladies’ stockings, 50 cents to $1.50 per pair,
Flannels, 75 cents to $1.25 per yard.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tection eet Tin Cea

Unbleached

Farm hands, table-lands (no board), 18 to 25 cents
per day.
Farm hands, lowlands (no board), 37 to 50 cents
per day.
Foremen, carpenters, $1.50 to $2 per day.
Ordinary carpenters, 75 cents to $1 per day.
Foremen, masons, $1.50 to $2 per day.
Ordinary masons, 75 cents to $1 per day.

Wages.
Machinists, $6 per day.
Superintendent mines, $150 per month.
Civil engineers, $150 per month.
Laborers, 63 cents per day.
Skilled carpenters, $5 per day.
Unskilled carpenters, $1 to $2 per day.
Skilled masons, $6 per day.

Unskilled masons, $1 to $3 per day.
Painters, skilled, $3.50 per day.

Painters, unskilled, 50 cents to $2 per day.
Farm hands, $12 per month.

ee

Corn, 24 cents per pound.
Beans, 15 cents per pound,
Beef, 12 cents per pound.
Pork, 14 cents per pound.
Lard, 26 cents per pound.
Coffee, 374 to 40 cents per pound.
White sugar, 9 to 10 cents per pound.
Brown sugar, 3 to 8 cents per pound.
Shoes for laborers, $1 per pair.
American shoes (good), $5 per pair.
Native shoes (good), $2.50 per pair.

Wages.

MONEY

PRICES

IN

FOREIGN

COUNTRIES.

141

Prices and wages at various points in Mexico (in Mexican currency)—Continued.

oc.

r day.

AND

TAMPICO.
Prices.

Wages.

Sun-dried beef, 12 cents per pound.
Ham (imported), 50 cents per pound.
Bacon, 45 cents per pound.
Lard, 25 cents per pound.
Eggs, feedbires of acent each; now, 4 cents each.
Flour (domestic), 64 cents per pound,
Corn, 23 cents per pound.
Beans, 6 cents per pound.
Butter, 75 cents per pound.
Sugar, 84 to 10 per pound.
Coffee, 37 cents per pound.
Trish potatoes, 10 cents per pound.
Onions, 7 cents per pound,
Rice, 8 cents per pound.
Beef (wholesale), 10 cents per pound,
Mutton, 15 cents per pound.
Pork, 20 cents per pound.

Railroads:
Conducturs, $135 per month.
Engineers, $165 per month.
Firemen, $45 per month.
Brakemen, $55 per month.
Foremen section, $35 per month.
Hands, 63 cents per day.
Mechanics:
Machinists, $2.75 per day.
Metal workers, $1.37 per day.
Carpenters, $1.50 per day.
Masons, $1.88 per day.
Painters, $1.37 per day.
Stevedores, $1.13 per day.
Farm hands, 37 to 50 cents per day.
Farm labor:!
Laborers, 50 cents per day.
Laborers (skilled), 75 cents per day.
Foremen, $1 per day.

7

ay.

hands

Se

(no rations), 18 to 25 cents per
masons,

etc., 38 cents per day.

Foremen, 50 cents per day.
Field hands in suburbs, 21 cents per day.
1Tn the coffee districts hands will take 7 pounds of corn for a day’s labor.

PASO

DEL

NORTE

(IN FREE

ZONE).

Prices.

Prices.

Flour, $3.75 per 100 pounds,

Jeans coats, $2.25 to $3.50 each.

Sugar, 10 cents per pound.
Coffee, 40 cents per pound.

Rice,

Cassimere pants, $3.50 to $5 per pair.
Cassimere suits, $10.50 to $16 each.

124 cents per pound.

Cassimere suits, fine, $21 to $35 each.

Butter, 60 cents per pound.
Eggs, 374 per dozen.

Straw hats, 40 cents to $3 each.
Wool hats, $1 to $5.

eal, 24 cents per pound.
Beans, 4 cents per pound.
Slippers, $1 to $3 per pair.
eavy brogans, $1.50 to $2 per pair.
Men's calf shoes, $3.50 to $4.50 per pair.
Men's boots, $3 to $5 per pair.
Men’s
overalls, $1.20 to $2.25 per pair.

Wool blankets, 3 pound weight, 50 by 82 inches,
$3.75 each.
Unbleached muslin, 33 inches wide, 134 cents per
33 inches.
Calico, 28 inches wide, 15 cents per 33 inches.
Flannel, 48 inches, common, $1.10 per 33 inches.
Flannel, 54 inches, fine, $2 per 33 inches.

CHIHUAHUA,
Prices,
Wholesale,

Retail.

Jerked beef, 8 cents per pound
Salt fish, 20 cents per pound
s
:
am (domestic), 18 cents per pound

12
25
40
25
25
$6

cents per pound
cents Le aie
cents per pound.
cents per pound,
cents per dozen.
per barrel.

$1.15 per bushel.

60 cents per bushel,
3 cents per pound.

Beans, 2 cents per pound ................

Butter, 35 cents per pound

Salt, 75 cents per ewt

=

Tea (domestic), 18 cents per pound

Tea (imported), $1.10 per pound

40 cents per pound.

$1 per cwt.

25 cents per pound.

$1.20 per pound.

38 cents per pound.

Sheeting, unbleached, 33 inches wide,
Sheeting, bleached, 26 inches wide, 124
Gingham, 28 inches wide, 15 cents per
Cassimere, 55 inches wide, $1.27 per 33

124 cents per 33 inches,
cents per 33 inches.
33 inches.
inches.

Calicoes, 24 inches wide, 124 cents per 33 inches,

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

142

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Prices and wages at various points in Mexico (in Mexican currency)—Continued.
CHIHUAHU

A—Continued.

Wages (city).
—_—_—

Class.

American.

Mexican,

Labor
Labor
Mech

Mach

FLOSter I TOMS
MAING. o..2 ss swsiccscswanasd
ses veewes
$5 per day. |
Rollers in acing TOS cccuin sis ax sy cueaywanmunhesenon
$20 ‘ioe dar.
IN At) HIDEOUS cos cin -scnenersscceh eeiehecannsensesee +
$15 per day.
BOK SIGNS 6: nuewssisinc cals dcqueng ccd seawenbewseds
$6 per day. |
VEOPNOUN cer etact gt. ates > ib k4ut be nadeh cose bari eeesees
$5 per day. |
PAGO NACI S nals asicess ah cobhsekascipunane
evenness Sones: esecapeenrcer
CEVDONUOBE +5 <5 5502 <8<5<0%%s Cp sdbarapes ne hantine sees |ectwvsenseaatbn
o¢ aise
EAHOMGT as acrugaua han Us viene We aiedmak degaiethete Reso ss | Sips. aia sem gietk, 5 eral Sg
DUNS ine secleins SRcb gh xu vues CU Cea inns ee cede 6 55% wate [ee2sog
em speek eh eome

$3 per day.
il
.

Factory employees (boys and girls)..........--...-. leeccne
cae tnmens e<'a
House servants (with food)................-.e-e0--- A Ha eae dkmacre ses se
ARO R race ets. cot nC
e aa en sh ES kaNieew eh A peeRenecd he anahanesins phiaialwe ecbins

25 to 50 cents per day.
$8 to $10 per month,
$1.50 to $2 per day.

$3 per day.
$3 per day.
$4 per day.
$2.50 to $3 per day.
$2 to $2.50 per day.
$2 to $2.50 per day.

FLMIIVGR IADOLONG 0455 bans Sincuansesnpaseeeeraes
<siciee Weber
ents Ponty ene

REPORT

OF

Mine!
Mine’
Maid

Operé
Plum

}
A

Print
d
TI
(
Polic
Swit
Blac
Gold

$1 to $1.50 per day.

Ston

CONSUL-GENERAL.

Sean
Trai

I have the honor to transmit herewith a report on the wages and
salaries paid in and about the City of Mexico at the present date,
samples! and cost of goods manufactured in this country, and the
prices of various groceries.

Tail

WAGES.
Mexican currency.

.

| United States
currency.

A SOnts; Dat WSY aa.5 <asacuns cavevewcasseeessSeewees
ace per month..}
ROUGH THAICORA. cae'S Secon cabhlicce. sveewaseaas
afted ecko os per day..

$75.00 -$150. 00 | $39.00 — $78. 00
4.00 8.00
2.08 4.16

IBVIGEIAVORS (MALIVES)) <x o<ssas%s sacle ta skwawseonaaacesegess per day..
OVOTES (OMICO) ss cccacecess «acces coteebeasstes
eactwexs aes per month..}
COOKE WOMEN Widvicdanicnne kote ntwn al Sint cehnaemmeadibewain
caine dO...
CODER MOI ac cxc iieBv obi inls sete en oles Stet cebeweecadeaauees do....|
Carpenters......... Unie S AGW aapinc Woe apr bee Ne ame hans Pacem ae per day..
CONGUCTONS; PASHONBED 6....:..c6ccaceenwdcieaeiaen
dss wine per month..|
CORGUGROTS EPCHING <canan cnet cesses cctboeeiess ceusdeseced do....|

1,00
40.00
6.00
25.00
1.50
100.00
100.00

Sictes seuicmdes, veces per day..

=
—

-50-

Coachmen, private (native) .........<.-5.-ssescseseees per month..|
Ooachinen, public (ative). ....-s.0c..
sc. sccctsenccewscestens do....
Division (railway) superintendents.........-...-....--+---- do....|
PUVOUR SUNCOUCHE osc ieceudg Scr cetiesceceauseciesesbuees per day..
Engineers:
TOCOMOULV Oss cnccere npiwsese ee scacesosmsuscensvass per month..|
Stationary, with boardc...............-----------+-- per day..

18.20-

39.00

. 1.60
.52 =
.78
200.00 | 20.80 — 104.00
12.00
$.12)=
6:34
75.00]
13.00 - 89,00
4.75
78 -—
2.87
160.00 | 52.00 - 83.20
200.00 | 52.00 - 104.00
1.00

.26 -

. 52

15.00 -

30.00
7,80 — 15.60
b 15. 00
7.80
250.00 — 350.00 | 130.00 - 192. 00
-501.00
-2652
150.00 — 250.00 |
2.503.50;

Stationary, without board c...............-...-----+---- CO...

8.50

ABELUy oe areca See ag lek Oy edna che mney wnehs cas eedeateyena QO...
WITOMON, TOCOMIOTIVE 664.55 Speascccsceceacsencncbexses per month..|
HUILOMICH; ORGIBAUY. cenccensitapewcessanasasnsseasaass
segezencs do....|
IUEPNRCO TREN 5 saniecaviceadice
exad saint oe aenedacae a eeodees per day..
Harness makers, 0t6 .........0...20000
cece cee ceccccccwcecees @o....
MPG: WOUKOUNras
<enGd ip sSacbu ask ce ewer woos necaGeusss sankred da. <..
DOWOICES came tay snp sank we mn scias vada wh Gronmiia ehamnnenenniess dO. as:
EA ORONR, 1M: TARO CHLOE. on... 5 dnconed anveees sence sess eeonses GO, ax
Laborels, In The COURUTY Ga .ccncccanncrancancceasccsenseesss. d@o....

=

6.00)

5.00 - 10.00
75.00 - 100.00 |
20.00- 50.00
1.001.50)
.502.00
2.002.50)
2.005.00]
-87h- =. B74
10 =
«15 |

78.00 - 130.00
1.301.82
282=

2,60

2.60 89.44 10.44 .52261.041.04-194.052-

5,20
52.00
26.00
.78
1.04
1.30
2.60
=. 858
. 078

a
b
¢
d

And 9 cents (4.68 cents, United States) per day for rations.
Maximum; these depend largely on tips.
In mines and on large plantations.
Laborers (day) in the country, from 19 to 50 cents per day. In some instances meals are furnished,
or an allowance of from 10 to 15 cents to cover the cust of the meals.
The average laborer will live
well and in good strength on from 10 to 15 cents per day, and will support his family on from 10 to 20
cents per day. Ofcourse he will have his little patch of corn, beans, and chiles planted near his hut,
which

is the largest part of his ‘‘ bill of fare”

three times a day,

and for three hundred

and sixty-five

days in the year. Five to ten dollars per year will clothe him, except, perhaps, his hat, and for that,
he will, if he can get the money, pay from $5 to $20. As to wages paid for farm labor, it is well to
add that a large part of the farming in this country is done on shares; almost the entire corn crop of
Mexico—and it is one of the largest and most important—is raised by the ‘‘peons” on shares.
‘The
landowner furnishes everything, including a house to live in, and for this receives one-half of the crop.
Others of the poorer class who are employed directly by the owner receive, besides their daily wages,

a small plot of ground and a certain number of hours each week to cultivate it.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1 Samples transmitted to Treasury Department.

CL

sicwaceen dine

35.00 - 75.00]

ror

CORAUCUOIS, SUTCOEGAlS.

Ree Se ESSORE ce per month..|

em

BWR OMLG tsa. s.<d va Nt Bocas. d cn Ro

ca

Employment

MONEY

AND

PRICES

ad,

IN

FOREIGN

143

COUNTRIES.

Wages—Continued.
Employment.
Laborers in factories (10 to 11 hours) ................-.-- per a. -|
Laborers, skilled. (10 to 11 hours)...
.. 22.0. ceceseenccctenes do..
MOOD
oss ccu nds ocvas'eunovemas¥eacanannesevencatuceay do..
MISCHMAIStG (SHOP)...
«2s ianvenwewerewansesenuainas Seasieaeaaens do....
PAGES, SRINOU «600s anncaaesiontendccseRass
waco an edasnesenses COs sas
Miners, GUUNALY sca nsdes. can becawhs cadens Rees + 6 8Ey OS won deen do....
Maids, BRS
Arushink isms vacinsancaarensn
tint ebateazes per month..
Operators, TOLGSIODD « cccwsnenecenedb
Secs scneseaneneweneneeied do....|
Plumbers:

Mexican currency.

United States
currency.

$0.50 - $1.00]
1.50=2.00
8.50 65.00
8.50 5,00
1.00 1.50
-50=. 80
4.00 7.00
50.00 - 150.00]

$0.26 -73=1.82 1.8252.262.08 26.00 -

$0.52
1,04
2.60
2.60
.78
416
3.64
78.00

NSU sac canewnstaenensevaunnn
ec cemnpensieenegees eae ee per day. ‘

2.00-

2.50

1.04-

1.30

RIRGRICA ox.5.cte¥ oss. omdqsrd sass bea eehnons agen tae ate do...
Printers:
INGA VO xe candies swivin seat hawaws cresereciinedwacemeecancs per week
PPORMIDON .acawecmns ss ena swiwde be eeeasiseaeqageeseneassae do..
WGIMDOSHONS: «cnctc ceo seeks gekessd shee cgeee be eee een do....|
POUGRINE Biss.cw ve chindaes baud que’ ons wees ees s detains eas permonth..}
PIUCNMIOMs oG.5¢ccasanemdcpedus
vet yssvouswerseavecevsnceee per day..
WSO BTRIUNSs tus odo nga atc ns cswtonveswasenscvaweqessaeeuene
ees d
Gold and silver smiths
RIUDO THGSOUE, 6.04 000s ehaicice dew ES shan pees dees BERT ER RENEL
ORB EROREOS c0 deans s4aes<cuecawdbeneeks
webu ose Beet ee

6.00 -

8.00

8.12-

4.16

8.00
11.00
12.00
50.00]
1.50
4.50
3.50
1.50
50

8.644,16—
§.2013.60 -

4,16
5.72
6,24
26.00
78
2.34
1,82
«18
.%6

PATA

TMARVOPG ss cse<isaeeesneade
ca ssc oh enue veeees aawnlnn

Tailors:
DO
eee
Te
eee. ae
----per
Coat makers. .
--per
VO8t OKOTB icc isinmetertsavsswencevene ste wegmas
-- per
PONUIGONISUG «cc esudtenaniae
ies lensaheq wate acieneeva per

7.00
8.00
10.00
380.00

-

8.50
2.25
1.00
i307

=.

150.00

day..
coat..
vest. .
pair..

1.00
5.00
1.35
175

1.82 =
1.17 52 =
.29-

- 175.00 |

-

73.00

1.25
12.00
1.50
2.50

-

91. 00

-522.60 -11-

.65
6,24
= =.78
91

Wages of unskilled labor has been almost unaffected by the premium
on gold. The great stimulation of all enterprises, the building of thousands of miles of railroads, the establishment of numerous factories,
and the bringing under cultivation of thousands of acres of land, has
given employment to a vast number of men,
This, of course, has had
its effect in raising wages and bettering the condition of the laboring
classes, at the same time reducing the revolutionary spirit that heretofore had great sway inthis country.
It has been a most difficult matter
to make this roving class of people, by whom this country is largely
populated, think and believe that prosperity and plenty only come with
peace; now that they understand, with but few exceptions they are

thoroughly contented.

PRICES.
Wholesale and retail prices of articles.
{Where wholesale price is not given, the retail prices can be reckoned on from 15 to 40 per cent higher.]
oe
Mexican
currency.

Articles.
Corned beef

Jerked beef ..

Not used.

|.........--.-

45

235

55
42
35
27
25

. 286
218
. 192
14
13

$0. 65

Salted fish. .

Salted pork
Ham:
American
American, wholesale
Mexican
Mexican, wholesale
eae
al I ras der + 4 -0:0:5-sepwe nian sta
Flour:

$0.32-

TP

ue

oF
KE ECeed per dozen..

MNOMIOII Sc axasinccaswanetudvacs¥evevencvccsetefueneesvons per pound..
oe), | ea

a

ES

ee

ee

ee dO. ae

UNE ceksr Gans y55k4s/2nseeue saan nanskts <vesninindects
eel per bushel..|

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

United
States
currency.

do...

$0. 34

.40 |$0,166-

15

07

. 078

1.50- 1.80]

.78-

1.50-

.78 =

1.80]

15

.208

- 036

.936

.9386

- 078

144

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Wholesale and retail prices of articlee—Continued.

and

.
Mexican
currency.

Articles.

|

United
States
ourrency.

and
affec

road

mou
Beans:
AMETIGAN
MGxiGAan
Butter:
AINOVIOAN
IMG@yicGany

....2ccccccccessenssccses saesascswccsecsnereccece per pound..
(EPIJOIES) ~ 0 << ccaedeewdse cas siscn se teccsnesencccscawonens do....

$0. 09
.07

CRORINODY scscxc<\cmsacesscas
access devctrcnscssestecens de....
WAGAIUCd 22 as o2c widen coc cnacetscawiean
sasnes eesseseeenes do....

-60685+

.75|
550)

MCCKIONT THOU L 64an0c0<ceedancnbe
cubase awe usSbeeet aseeareeseenes do....
IMPGXICAM, (CU ccwene ons stéicenscesaccusvessee
scence au onewceeewasiaes Os.<.
Whaltases; QRAINADY p.5.05852562c4
cen esacsst segacws ese wew enews per gallon..
IU FID PO awk siesn da eeu da weewceseyesewesctsieceseuewencseessss GOs.
LBL) EEIODUGE yada n4 oss ess cnwn Penns nc ode eseauss come seubedseesenes do...»
Salt:
WBQDIC, dis satexaseawnncces
pad Peans pede Seta ees <se5eeseere seat per pound..
OGRUBO: ct cewesaseetoeweadeies
tna ckawhweas yee Hs genes ogetel yaseanse dO; 2<.

08

.10]
14
1.00
4.00
8.00

Sugar:
VOUCIOH < casa os Scsee hn cnticenenes Ss eussewetneiensenensstaseueeess do...

PG

VOR sown ceanstos bees uasasedeussvepes voeeeeeusssess>-eenegasuesss CO sais

WG,

vas wew dos awasine su ntsc en Scadee sls sMewsiee wach eemedesanieh ocnene

$0. 047
. 036
.26. 192+

.39
.26

25

13
.042-

10
3

-70-

. 052
. 016

.80

gees DOe<ias

1, 25- 2. 50

Coffee, green, retail............sce ee ence nsee cnet eens ceceeewecscees do.....
Coffee, ground, retail ......... 2... 2.0. come ee cere es cence weecscewcoes d6..-.
(COHOOL WHOIONONG n.o5s5:di cee sbnebidecansha
peu absense seedgedttssexarets do....
AROLOROHO« suninwigadsteweawcin
svn Sone seas seebshepeseceuwatse ata per gallon..
GAB OMITIG «da bean accxn cust siccnsvees suas cseesweesenescemases
teoeenauesce dOs.. 4

. 40
50
31
.66
. 87

+19
-56-

.051
. 073
62
2. 08
4,16

. 864— . 416
. 65 -1. 30

. 208
- 26
.099- .161
-291- .348
192

Prices of Mexican manufactures.
Wholesale.
Articles.

Mexican
currency.

Flannel, 54 inches wide ..-.-..... per vara*..
Ginghams, 25 inches wide ....-......-. do....|

Cassimeres, 52 inches wide.........--Prints, 88 inches wide..............-..
Prints, 27 inches wide ...........-...-Sheetings, 66 inches wide ...........-.
Shirting, 26 inches wide.......-.-.-...

@O. 26s
dO.ca+
DO.¢ a
do...
dO...

Retail.

|United States}
currency.

$0. 75
$0.18-

.20

Mexican
currency.

$0. 39
$0.09

-

1.25- 1.50 | .65-15- .16|
.078-ll- .112;
.057.28- .30|
.145.O7- .11 | -036-

.104]

.78
.483
.058
.156
. 057

/United States
currency.

$1. 00
$0.20-

.25]

1.75
.19
13
382
-08- .13

$0. 52
$0.104—

.042-

.13

91
. 094
. 067
. 166
. 067

* The vara is 33 inches.

PRICES

IN 1873 AND

1896.

As to the prices in 1873 of the herein enumerated articles, it is impossible to specifically give them, with but few exceptions, with any degree
of correctness. There are no Statistics, and I am therefore compelled
to rely almost entirely on statements obtained from old settlers and
retired merchants.
In the first placé, many of the articles were not
then and are not now used or consumed except by the foreign population, and even now their consumption and use remain almost entirely
with the Anglo-Saxon population, but at that time there were few
Anglo-Saxon settlers; in fact, very few, in comparison to the present
time, of any nation, except Spanish, whose consumption and tastes were
similar to those of the natives.
In the second place, the first railroad,
the Mexican Railway, running between the City of Mexico and Vera Cruz, was completed in 1873
and opened to the public about February 1, 1873. This,in a measure,
somewhat affected the prices. Then, again, gold and silver were on a
par, and Mexican money was almost the equal of the money of all other
nations, while to-day, as compared with a gold dollar, it is worth but
52 cents. However, it is a fact that the prices of eatables and produce
raised here and consumed by the natives, such as ‘‘frijoles,” “ tortillas,”

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

oper
alm
tion

mov
loce

abo
A
the
in |
tior
anc
is |

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

145

and “chiles,” as well as the cheap “manta” (common shirting), hats,
and zarapes, have not changed.
Their value has in no way been
affected by the rise and fall of silver. The completion of the first railroad into Mexico did not cheapen the prices to any extent. The enor_mous cost of this railroad, the expensiveness of fuel and experienced
operators, and the lack of competition caused this road to keep up rates
almost equal to those of the local freighters, and at that time the question of time of delivery was the real bone of contention, and not the
moving power.
Especially was this so of domestic articles, as other
localities than those on the line of this railroad had something to say
about prices at the various markets.
As to imported luxuries and fineries, they are, when the difference in
the price of silver is taken into consideration, more expensive now than
in 1873. The increased railroad facilities and cheapness of transportation have been more than offset by increased duties, stamp tax, rent,
and clerk hire. However, the consumption and use of imported articles
is limited almost entirely to the rich and traveled natives and forei gners,
Heavy hardware and improved machinery are cheaper now than then,
caused by the desire of this Government to foster agricultural and
manufacturing industries, as well as by railroad competition and ability
to freight it. Besides, many of the factories are now making heavy
machinery in sections, so that after its arrival in the Republic it can be
freighted across country on light wagons or by mule.
Some few other articles were much cheaper.
For example, coffee
then was worth from 7 to 10 cents (retail) per pound.
Meat was worth
from 4 to 5 cents (retail) per pound.
Sugar was worth 6 cents per
pound.

Corn

about

the same

as now and

subject to the same varia-

tions on account of poor or good crop. Finally, it can be generally
proven that the cost of living and of wearing apparel of the native was
as low, and in many instances lower, in 1873 than at the present time,

THOMAS
Mzxico

Crry, September 1, 1896.

wr

Ee

oe

oe

1354——10

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

T, ORITTENDEN,
Consul- General,

146

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

CHIHUAHUA.
[Report of Consul Burke, dated September 2, 1896.]

Statement showing

the prices of products in 1873 (ten years before the railway entered
Chihuahua) and in 1896 (Mexican currency).
1873.
Articles,

Wholedale

POPLOW WOON se sacscucesuupaetscstaseccccavecubecuuens. per lb..

SHOE TS, MIPOULCM. << ccwowssectencceececcc
ce csesss~ a UOn

1896.
Retail.:

$0. 06

Wholehats,

$0.19

Ta leecebensisc|eacasaeuhs

AON ies ves <'s sac ose nse ww esemawiceeassnsovecee per bbl..

00a ge

Py

ne

eee a eee

earer Bageees e n ne

ay

4.50

per bush...

5.50

. 60

POMS iusess sae aetees sau ysndins see aeeeeuenedeuesns per lb..

$0, 12

. 86
10
20

.40
25
+ 25

25

5. 00

-70

6.00

55

. 60

ue eee ere

. 02

‘W heat
és, (per PUSH: | subewks)2<u|ekcewtaee
UNITOR sphe san ac ce eeereae cess ees ewemuseeesen UaRLien cua POL lss tears
oh sss sancenwee

1.00
. 35

1.15
40

10

e328

SEUbeL, TNORUCE, ons wanes pa tecne ni nae saess ices vewn ae es MGs 5.6 cetwevces|sosewseuss
DUA

WM

UCr ada wensh vwnssckeetencsueessedevel
stebswess UOs<<-

. 15

Sal Uiasepuctridecsus.
cocks padstacncas sy suskuseernciGmeres ROK saa

J

ee

Oe

ere Oe

ee

ee

013

eee do

. 02

18

. 25

2.00
20
15
2. 50
20
80

Oassimenes,

<4

. 5. con cd ins eweiew
tee SPLiWOneehedes
een ysoceerLeoreEae

GiMpghams, 28 IMCHES Wid... c0sessescesvernassseenees dO...
56 inChes. Wades «.s<cccccsecccccesccssceucs OGu

IANROING

55

007

01

~ 18

2. 50
25
- 20
8.50
2
35

.25

1.10
30
20
70
- 104
11

1. 20
88
25
.75
123
124

1. 25

2.00

1,50

1, 65

1. 25

2..20

90

.95

30

Oalico, 24 IMNChGs WIdOs.. ..<i<.<sewnscesastesstececsicns do...

. 08

50

Peg

OR TAN OUSCG «cviewadapaetinesiedacsniaiecieecaes
bcewebes MOnes
MHEOO Sas sadatekcoisratenebaste
sl ssesckiwaaneeenbaceccd AO. S60
APVOW COW se aosine Sask ook tcc ww ecw sévcawunleence
causes per cwt..
GPORONO, UNPOLIOd, «ye casncceecs
cosas te0s%es ken e's per gal..
Sheeting, unbleached, 32 inches wide............ @ per vara..
bleached, 26 inches wide ............++...... GOs.

fo)

$0. 08

. 20

TERN: ET POL Otis sacs ia se on a be a spectiuiewa's nes ebee akan dt clesc ocscdl tenn ycctlecnnnantelna
HLTH; COMMCSBIC iencan caine cess ctcteseccscasecceueeses > Wis shlwitg
cen eal sempeaeaes
WROD co accewsGuectecceeat GraleSstcceschancspteanen sas per (loz..
15
- 20

PISA

;
Retail.

. 85

15

12

. 20

14

-10

AZ

a Vara=33 inches.

PARRAL.
[Report of Consular Agent James I. Long, dated Parral, August 30, 1896.]

WAGES.

The following is a list of the average daily wages paid in this district

to native workmen:

Occupation.

EACIISUS:

Mexican

rency.

sncisucne re Whee sds aescR'tadaaewda wdeete ogee cunbessaacese

dey $1.50

@BPNOHUOND 2 tise vecc wc caus ove cas~ cde t eeewds see ses ciesscnsasedeieesses

MASONS..------0e2-e

PPGINUGLS.

renee ne ne rene eee nent cnet nee ees eeereeeteeereeeens

cas ck dnc case Se seater capes casa

PIONS wpsressesiee stance

sw Psweieses Fedlendce ceeds

kueeas

ene te nee rarer etn eet 168 cnt Sethwume seotvede’

MIMDORIMNOM vax pues eytcstnswceus send ones Wo ckasas= sus cewyeuaetessceees
Gul LADOTODS + < kasiainwn's sty ban Rdau's Semawareeavcs cost canes aeascee ca
Pit HANGS: -a00ssbse Se sweesilee ces coset ecepweune saeneesccctel ces Seyaxt

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

cur-

to

$4.00

1.00

to

1.50

1.00

to

3.00

1.50 to
.60 to
.3874 to

2.50
.75
.50

1.00
1.00

United States
currency.

to 2.00

to

1.50

52
77
26

to
to
to

77
1.30
39

MONEY

AND

PRICES

IN

FOREIGN

147

COUNTRIES,

PRIGES.
Wholesale and retail prices of various articles of merchandise in Parral, 1878 and 1896*
(Mexican currency).
1873.
Articles.

Whole
baits

1896,

Retail..

Whole.
sec,

Retail.‘

So
xp aden toa Cesmban ees eas 'ebiareder ee betwrcvigrees per doz..
Pour, HTStOlAS8).c ..5<sceves
sane svessnveasceevesuen per bbl..
heat...... Haeqowr
ealp i timed gnc Ast any ens per bushel..

$0. 20
5. 00
92

$0. 30
6. 00
1.15

$0. 25
8.00
1.15

$0. 36
10. 00
1.38

NORM Te Soret a aR aa sn de. ence SE eg age qa eemeeere ere OE COs.ss
ISMN cocuuteuckcacxcsss Pe
Gh cetwase Cet os kubesknpenba dG...

1.15
.92

1. 35
1. 15

15
138)

1. 00
i375

-10

15

.18

«25

ral

Pa

.10

12

- 02
18

. 024
25

01
18

-O1
2

1. 20

1.33

. 35
. 20
.90
. 28
134
.16
09
2. 00
75
87
. 06
25
«15
14

40
25
1.00
22
18
.18
12
2. 50
1.00
. 50
oil
87
1.00
15

|
RAE.

oe
oe
TNROOLOHS

ee eer

per lb..

«6Snn oo. voto. 48 lenges oo rigesn cengeas Od

ee
ee
te
dO...
WROD ac anne neGubacnvasaaSsdncescemuenteeesnesqomnacewesis
=
Tea, imported

ire ee

2. 50

CRNDSE aa Sanh duwd ww decane eee e age bua Sos CEES HeeReheeeyeRs
one
. 24
. 28
Nigel es Ce
ee a Ore meer rete Tome wren as per cwt..
. 162
. 20
Heposene oll, Mn ported s..cicsacsceseceduwsecsaeawun per gall...
3. 00
3. 25
Hheoting, 36 ches widO.....c6csssss.ssecscsseeses per vara. .
24
. 28
Blesohed,.38 inches Wide...
«- .c.ee< awswnsecsseenes dO...
15
«16
GAC HAMS, 24INGRe..ss0scences seeededscu depen eceney 0.8
31
44
Catcos or prints, 27 eh ivnnscnvinvsecondacseeedoans AO. oa
18
. 22
Cassimeres, 56 inches wide .........--..-----eeseeeees- G02
1. 50
2.00
Flannels, 54 inches wide, imported.............-....-. WOsccs
1.50
2. 00
Beet (alloys acense nace even cas peebeyes WaewewEemat per lb.
. 08
12
FARID, TPOLUCE, cin ows ose'g5.cu ou tives scars vkeniecweweeces HO: cscleteceusess|bescesuns.
SCOT saci cab Usa ee hRkes whee cm eetwn es dek eee ews ks wRe Reel WG aie e|contensous|essonciegns
TOURGOD <-<p7ts sack cw vsaeuwesvannweawas
Obes eugsnebccumsnned GO.o0 sl setagucens |eravunnane
TSRUOL, WMPOTlOd ....canc san bdeewceen teases shes anewacnes GOs
s2-clneangeee
«+ lacetauseun
* Tn 1873 the Mexican
valued at 52 cents,

silver dollar was valued

PASO

at $1.043; in 1896, at the date of this report, it was

DEL

NORTE.

{Report of Consul Buford, dated Paso del Norte, August 26, 1896.]

Rates of wages.
Employment.

MACDINGSGS Sos cainan dntidicwece lees cokauscceaveueunes per month
Rwy.* passenger conductor..........---.+--eeeeeecceeee: do....
Rwy. freight conductor..........-..---------eeeceecceeeee do

BON COIN ioed veg cnet oae eecabs thant andwie<seueaauand do
ECWYs CHPINOO Ss wines wines oncvenodosesevastechdanevevasece’ 0...
BWYs DIAKCBIAN ou sees vocsadenceaea
acc ndivosaatewseweedeus G0<ss<
LOL 2. aie ycscyoaen duel ead hex svtc ecun awacteee Gre per day
Carpenters:
.
QOUBRE VINOD + cicienevadenneea
dens soaus <acpereitaged per day..
PORACt antes deenwn'ss antecds ewdi~<tbivns kaw keawenieans 0. ax
Masons:
OOUROV INO, 5 5 csi s:snnccucsaenanewcvaceweeeuseuen per day...
SROBONC GE eGaue¥sds5ses<asamcsines sevanerentceabesbae a
MNOS Sane Hin ge vnuiscaacaeun
se ache es recteseurexecute per month..
Laborers:
OMINOEY tics cewek axens kei sare erent cs ccdauseedeedtes per day...
E POCHON DOSKOS s6<scensewhcccwsesssccnces vuseserwsss ces do. .
Telegraph operators ....0..ececeececeececcceeceeeaee per month
BUCK ROSHONE, «sa veasimecab erative Gesie si-o ctw tarsacoeanl a: do..
Clerks (speaking two languages) .....-..--.--+2ee+eee---- do

Salesmen (speaking two languages) ..........--seeee-20+: do

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mexican currency.
-| $100. 00 to $175. 00
150.00 to
75 to

160.
225.
120.
250.
90.
2.

00
00
00
00
00
00

United States
currency.
$52. 00
83.20
78.00
39.00
91.00
23.40
52

to
to
to
to
to
to
to

175. 00

to

45.00
1.00

to
to

1.50
3.00

to
to

1.56 to

1.75 to

91 to

75 to

39 to

75.00
100.00
5.00
75.00

* Railway wages are adjusted by mileage.

to
to
to
to

78 to

39. 00 to
52.00 to
89.00 to
89.00 to

$91. 00
91. 00

148

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Prices at Paso del Norte.
Mexican cur- | United States
rency.
|
ourrency.

Avticlen:

1873.
Salted beef, wholesale ..........--+ CSRbS

PEVKEM VEGI, WHOLCSAIOs
Salted pork, WHOWSAC-.

Os ohn ee baSaaenccces per Ib..}

manmue acameshseck
na cacsmaaecveeae be
5105 0seesececescens=ssannese

Plats; WHOLGSEIG i. c.cocded es secaee nmcdtceecaveees

+-G024..|
-do.-..}
AOscee|

HSER, TOA vss sis acaegwase sities we stb oy sen enny
--per doz..|
MoH. N6bAIl Lcica excuheGiewtsecenuwis
cosas nawsececete seeceue perlb..|

WOEY, WHOLGRGIG <axuweeupavcevencsccescuess
-per 100 lbs..]
WLOWP, NOU) sng es a0 a ake a erhwcw sam aGWs Gane casuaaeweko@ele
waves do....)
WCG; POH os. 2 oe se radon nea dd Hip ods aiocal woewsuanteceeeutet perlb..}
Wlead,

WH OlSalOse

4.5%

<saescscensncveusb-<cnsscusescunce® per bush..]

OOEH, WHOLSAIG «es euiiass ace asovienesatsnc. sasesssbendenseqess do....|
SEANG) WHOMGRULG 22 sa Vecanhs sivehs tues oieds etdanhsodeweuterdee. do....|
BUMS,
DECAL,

Pols

: aoe steteweeyashost
se acdecseasmbahamoeweaceand per lb..|

WHOLGRM Gs scapes ode abe

Sality WHOLE

wndscecces soecsegnceseues per 100 Ibs..}

| 1873.

| 1896.

$0. 124 | $0. 124 | $0. 126 | $0. 0544

124
.20
425

124
. 20

. 126
.209|

. 0544
.104

. 887
. 031

195
018

«25

. 262

4.00
4.75
.20

3. 25
3.75
. 124

4.188]
5. 09
. 209

1,25

1.00

.374
_..0B

1.00
2.00

.60

. 374
024

-90
| 1.40
. 60

.18

1.69
1. 95
. 0544

1.31

«52

| 1.042]
2. 094

.468
. 728

. 628

.312

cc ceswnaesaseatceenavesalesseveeeneouseunes
ses per ton..}

11. 00

7.60

11. 52

12.00

3. 90

| 18.00

| 12.56

9. 36

iorry ccgeegtaxcseence
Biase cs shqousies \keeurotese se @O.254

. 40

40

Cofied; WHOlOSBIe «cess <- ees sseue ss ceenebaaketln
wean saeesd ene POP es) cose.es
Oottes, Hotaill)..

| 1896.

Wood, Petal). .sssnacsaecesedsuweews
saves checcecccccees per cartload..|
Coal) WHOlCSAIG nccesaasvaene
nes acnvews peweeneascee receeEes per ton..|
TEGPOSENG) TOUR <n505 seg case vocaee ca kasucanpeedeas
keecte® per gallon..|
Straw hats, common, wholesale. ..............c0.s0--eecnnes per doz..}

2.75
(a)
(a)
5,00

84

2. 50
BOZO
Ri: (is
5. 00

200 | awessae

418

. 208

2:88
leseueaue
liga
os aed
5. 43
eee eee
26
5. 28
2. 60

Straw hats, good quality, wholesale .............--.....-.-.-.. do....| 30.00 | 30.00 | 81.41 | 15.60

Wool blankets, 50 by82 inches, 3 IDS. .....6..cescscececcesenece each..|
2.55 | 2.55 | 2.66 | 1,33
Sheeting, 86 Mches Wid.....-..6<c-.ssee--seveseeceecuces per yard..|........
1
eee
124
ShiPoio, BO UONSS, FOUAN coco oe weed ccc ce cetecss cnewes veo Gravel:
AQ) laces sian |v wwannaal siesmneten

Unbleached muslin:
30 inches, wholesale.......... per piece of 32 varas (294 yards)..|

33 inches, coarse, retail........-.......2.s22-esse eens per vara..|

(a)

(a)

4.00)

(lOO

bscanamat

lexeseace

2. 08

wholesale. .........secseseseess per piece of 32 varas..|
HOUR saunstvaxgasceciwabadisedeun
cbuaes ices te occ do....|

(a)
(a)

AGO)
ABE

\eswawcen
Niweaearse

2, B4
07

TObHI <x 2ees-ssecumseaenavassepetaneaecekan
lias? do..s.|
common, retail..........-.--..s.ssececnacccccnes d0..<5|

(@)
(a)

B20.
HEDO

\acsaees.
Weekdwnen

1.17
78

Common, retail, .6<...666slastecesecuscneseececce do....|
MHC) LENG 2: Sccce ds oss he seawatondas
<cacedes aan do....|

(a)
(a)

TAG
200)

ln ccauets
lwentceas

«57.
1. 04

Prints:
28 inches,
OO INCHES)
Cassimeres:
48 INCHES,
54 inches,
Flannel:
40 inches,
SU IHCHSS,

07

a Only American dry goods, and very little of those, were consumed in Paso del Norte in 1873,

VERA

CRUZ.

{Report of Consul Schaefer, dated Vera Cruz, September, 1896.}

PRICES.

I have the honor to report that after visiting every firm that was in
business in the year 1873 I failed to find with any of them any data
that give prices of that year. In this climate books are destroyed in a
very few years by insects; those books that are kept in basements of
houses by damp and mildew; also, most of the houses destroy their

books as they become useless.

never was,

For these reasdns and the fact that there

nor is there at the present, any price current or market

report published, I have been unable to obtain prices for the year 1873

or subsequent years.
By hearsay I learn that prices of the products
of Mexico, so far as this consular district is concerned, are about 25 per
cent higher than they were in 1873,' with the exception of coffee, vanilla,

and

other products

for which

advanced more in price;

there is an export

demand;

these

so, also, have the imported articles.

! By reference to the table in the Paso

have

This is

del Norte report it will be seen that prices

in that district were also higher in 1896 than in 1873, taking the Mexican dollar both
years as the basis, but when

valued at $1.04

against

we come to its gold value—the

52 cents

in 1896, United

States

that the prices in 1896 are much lower than they were in 1873.
Cruz has overlooked this in his calculation.

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dollar in 1873 being

currency—it will

be seen

The consul at Vera

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

149

owing to the cheapness of silver and consequent higher rates of exchange; but the cheaper rates at which freight is now carried, as compared with 1873, and the lower prices of the articles imported tend. to
prevent the advance of the prices of these imports to the extent that
the difference in exchange would indicate. This cheaper freight has the
effect of reducing prices of imports but advancing the prices of exports,
as will be readily understood when it is known that prices of exports
are regulated by the gold markets; that is to say, when there is a
depreciation in the price of silver it makes an appreciation in the price
of gold. This naturally advances the price of exports from this country. For instance, there would be less profit in coffee culture did the
producers receive only the same amount that coffee is sold for in New
York, but silver money being only about half the value of gold money
they receive double price for the coffee, and thereby make a great profit.
This is the case not only with coffee but all other articles exported.
I
will further say that in Vera Cruz higher wages are paid than elsewhere
in Mexico except on the north Pacific coast. Prices of the necessaries
of life are also higher in Vera Cruz than in any other part of the
Republic.
The following price list is about correct of values to day. The higher
price in 1873 of coal

and

kerosene oil, when compared

with

the silver

prices of to-day, was caused by the higher cost of coal at producing
points and nearly double the price of transporation compared with
what it would cost now.
The kerosene oil was all imported in 1873,
and a higher rate of duty on the finished product than the crude was
one cause of the higher price then. The refining of crnde oil here
now and the lower duty on crude oil compared with refined is the cause
of its being cheaper now.
I would also say that the principal industry
in this port is cigar making.
In this occupation the best workman can
earn as much as $6 ($3.10 United States currency) per diem, while the
average would be given as below $3 ($1.56) per diem.
Prices in 1896.
Mexican currency.
Articles.

Wholesale.

Retail.

Jerked beef...........e-4- PET VALA G|.ccsassesscesees
DAle Galh......90 sesaneeese POP POUT... weeesasnesesend
Rilb POP Kiveiweserscveescesn
uss Abiuxs ndeasedsoxeshaee
Rt

Moh x he cewa ane-cdiw
kone in te do....|

United States currency.
Wholesale.

CUO
100
V0!

e wartenv
ee SeuwEe
|samdecdoncinpes
ane
lees
eeame Keacine mal

$0.38 to $0.75 | $0.54 to 1.00 | $0.197 to $0, 39

Eggs SKEsEsaueewstcescens DEP COZON ck | seas conse taser’
1910)
as
per pound..
-05to
.06
Un che veuene ahs (hess bivencns dO...
. 024
BOOM tat stated
asia udab-exaeie O..04.
08 to
.05

COO BOL
-08 to
.05to

5 BO Vicon) 3 5 Feu eas
.10
.026 to
. 04
.07
016 to

Butter,

-50 to

.60

native..........se.---- COswesleuves gees cove

Batter, imported .....0.<sss00- do....|

.60to

.06to0

euaiens do....|
PUA sisictecumatnnndens
DHL vwieeess
canes vencecstonsess 10. 05
OAT

.80|

weet wamenaient
nen HOT COR

.75to1.00

.08 | .08to
008 | .01to

cake, aybeasutunedweethies34 EG eualieers
ex tetas" 4

CORGGD .. ca cincctencwaeanioadevs do....|
.28to
TANGW Ac sc aan Wied b sivmnenneese's (i ae | eee SRD

DVGOU esl

Retail.

.30
pe

slpaveeresacsness<

.128]
.02

. 30 to 2. 50

85.)
008

.26

Ses cies
. 036
O11
.026

to

.312

.036to

.047)

.812 to

.146 to

7. 50

$0.13
. 156
18
$0.28

.026 to
.26

.416

«156

to

.156 to
.042 to

.89

to

to

. 52

.208
. 052
021
.03
.39

.312

.042to .063
006 to . 01
. 156 to 1.30

Jesccssvesessoose
- O04.

3. 90

SHOVE O08 D. ccccevcusnesss. per ton..| 11.50 to 12.50

|...........---|
5.98 to 6.50 |..-sseseses--->

Kerosene b.......psceesees- per case..|

|...-....------|
8.12 To 3.04 |.--seee---0-----

ROPORCIO 6 wikive ceaae seems per liter..
Sheeting, GOTHIC. <.-sece0s per vara..

6.00 to

7.00

Sheeting, bleached ...........- Os sticlastae

Gingham,

.27 to

ordinary, 24-inch....do....]....

.18to

@ The vara is a measure of 83 inches.
1873,

25 to

80 cents

(26.17

-14

2.50 to 6. 00

Plannelg..........00.cceseenees do.

in

.85

.20

Cassimeres ........0e0ee0eee0e- G0. 6«s

b Coffee

. 20
42

1.30

.75

to

. 104
. 218

.442

- 104

to 3.12

094 to

.39

A vara of jerked beef weighs from 1 to 2 pounds.
to

31.4

cents

United

States

currency);

35 cents

(386.6

cents

nited States currency) retail; stove coal in 1873, $12 to $14 ($12.56 to $14.66 United States currency),
ar nneale, per ton; kerosene in 1873, $11.50 to $12.50 ($12.04 to $13.08 United States currency), wholeale, per case,

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150

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Wages in Vera Cruz.
Employment.

Mexican cur-

United States

‘

rency.

currency.

MACHIMISUSiecs.x ecece shee ches eeeke R SE
FAS R Toe ses bee ae per d'em..|
Metal workers: (ab0tt) .o.5 csc. esebee's ce teenie wo 0st: .dduesnee wen GO: . <<
OqnOOUtCHs.< =+5.2sqccseheas
wut scastingits: adsecaieel Faveny acess do....|
EASON eo ulsnc lace laeheepemes si. cs0 Weyseidwu's ss dan seeese ae seuner do...-|
(ECU DOU A Ae nce
ate < te amer tee ssaent owns cSagwenw rosoceck Seccom do....|
Hactory hands, Adults <5 .ccss ss. c-0e- ses eccnsscs ccctwceusesewi do...+|
Hactory Hands, MING 25525005
desi seceschcct ve bwowiee decease do.
Factory hands, skilled labor....-..
022.2. .022-00.2eece0ee-ee--eee do..
Railway employ ees and station agents.................... per month..|
Gondu tons o.5: even eweeecewves ers eseede scene. custekeciect.oue eats do....|
P BUR KGINON os 542 ecePe kaw eebnees Us eueeudscdudacasuslcue
ee sax per diem...
HPOCUOMTOPOMON 1.01 Vc cbse i pesee ens shevnederwecsslevecss per month..|
HIUDOUCTAS Su aeaihsan wat eet ed ececieen ees se Geeokrebentck otekee per diem..
Cisarinakens (GVerage))

$4.00 to
2.50to
2.00to
1.50to
T00te
60.00 to
60.00 to
50.00 to

.<<scactscea
cnc. accuedcsceuesewesbeceecs ss do....

Peons (agricultural laborer PS) Siaaetenn shane ese ben eee Ween eceecediuw es dO.< 4,0
MGS GOnVUNis) \atatat ds eaupeete etka aoe oes aseporensdeees per month. .|
Female servants......-.0« awstines
ounces eee re veRbawdsw here asax do... ‘|

$6.00
3. 00
3,00
2.50
2.00
1,50
25
5. 00
100.00
125.00
8 50
60.00
1,25
3.00

8.00 to
6.00 to

| $2. 08 to $3. 12
1. 56
1.30 to 1.56
1.04to 1.30
.78to 1.04
52to
.78
138
2. 60
| 31.20 to 52. 00
| 81.20 to 65. 00
78
| 26.00 to 31. 20
. 65
1. 56

. 50
20.00
12.00

. 26
4.16 to 10. 40
8.12 to 6. 24

CENTRAL AMERICA.
BRITISH HONDURAS,
I have the honor to transmit the following report in compliance with
circular

of July

25, 1896.

The

statistical ‘information

in this

colony

from which I had to gather my figures and dates is indeed limited.
I
had an interview with his excellency, Sir Alfred Moloney, K. C. M. G.,
the governor, on this subject (in continuation of a conversation pre avious
to the receipt of Department circular), durmg which he informed me
that he had written an article on the “Change of currency in British
Honduras,” which will be published in The “North American Review
early in September coming, and which no doubt will touch on some of
the important points you put forth in your circular, !
I—STANDARD

OF

VALUE.

The standard of this colony is absolutely a gold one, the gold dollar
of the United States, with the British sovereign as a legal tender r, also,
at

$4.86.

We

also

have

silver

in

ciroulation

as

@ Subsidiary

coin

(a

token coinage) and passing locally on a footing with American gold as
follows: 5, 10, 25, and 50 cent pieces. We also have a copper (mixed
metal) 1- cent piece that passes (locally) at the same value as American
gold. Silver is only a legal tender at the custom-house, treasury, and
for general taxation in amounts not exceeding $10, The fineness of the
coin is the same as that of English silver coin.
II.— AMOUNT

OF CIRCULATION.

The total amount of money in actual circulation is hard to get at
with any accuracy, but approximately is (I speak of money that has a

legal face value): Bills, $100,000; gold (United States and English),
$100,000; silver, $80, 000. The paper bills run as follows: $1, $2, $5,
$10, $50, and

$100,

and

are issued

by

the

Government,

the

treasury

holding an equivalent amount of gold as against the amount of bills
that have been issued.

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MONEY

AND

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IN

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COUNTRIES.

151

III—PER CAPITA CIRCULATION.
Can not be answered—nothing to go by.

IV.—_CHANGES IN THE SYSTEM.
The Guatemalan dollar was our currency standard until October 15,
1894, when by ordinance No. 31 of 1894 United States gold was made
the standard coin. This change was brought about by a petition (universally signed) to the secretary of state for the colonies.
V.—CURRENCY

AND

WAGES.

British Honduras is without a bank or manufactory of any kind.
The Jaboring man! has been materially benefited, beyond the shadow
of a doubt, and well he knows it, as against his silver wages, as prior
to the gold standard his pay was, in silver, from $10 to $14 a month,
and what he had to buy and pay for out of his wages was increased
proportionately as silver decreased commercially.
Now (at the date of
writing) he gets paid in gold what he then got in silver, and what he
now buys is not subject to the fluctuation of silver. The price of labor
ranged pretty evenly from 1886 up to October, 1894. There may have
been some little difference in wages, during that period, but not of any
moment.
VI.—PRICES.

Our exportations are principally logwood, worth here about $20 per
ton (2,240 pounds); mahogany, from $50 to $60 per 1,000 feet (squared);
bananas, about 20 to 25 cents per bunch, governed generally by the

size of the bunch; plantains, about $1 per 100 (about 1 cent each);

cocoanuts, $10 per 1,000 (husked).
We have no pastoral products.
On the change of the silver standard to that of the gold standard
(October 15, 1594) many perplexing questions arose—the rearrangement of duties, taxes, salaries (official), and the rate at which the Goverpment would redeem silver at the treasury, also the basis on which
outstanding debts would be fixed. After much legislative work, the
following result was reached: All duties and taxes were made the same
in gold as they had been in silver. Salaries were figured out on a silver basis of 72 cents; all the outstanding silver was redeemed at 50
cents, this rate also governing all debts and contracts previous to October 15, 1894. This, in many instances, seemed somewhat arbitrary on
the part of the Government, as they virtually took the silver dollar in
at 50 cents, and immediately paid it out at 72 cents and $1, though I
presume it was the best that could be done then.
AS regards the laborer the

question no doubt would

naturally arise

and be asked, From what quarter did he derive his great gain? The
man of wealth, the exporter, paid it, coming out of his profits on his
exportation of mahogany and logwood.

CHRISTOPHER
BELIzE, September 11, 1896.

HEMPSTEAD,

Vice and Deputy Consul,

1TIn speaking of labor I mean domestic, and the cutter of logwood and mahogany
and those who do general plantation work. This includes pretty much the whole of
our working class.

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152

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

APPENDIX.
FROM

A SILVER

TO A GOLD

STANDARD

IN

BRITISH

HONDURAS.

By His Excellency Sir ALFRED MOLONEY, K. C. M. G., Governor of British Honduras.
(From the North American Review, September, 1896.]

Appreciating that the financial transactions connected with a change
of standard which is unique in the history of our currency, and the consequences of such a new departure, must be of general interest and
concern, I have ventured, with some hesitation, in response to an invitation with which I have been honored by the North American Review,
to illustrate my experience of the substitution of gold for silver in the
colony of British Honduras,
During the latter half of 1892 a feeling of popular concern manifested
itself in the colony in connection with the general condition of the silver
market of the world and its local effect ou exchange and trade, and in
regard to the purchasing power of the dollar in that metal, which had
depreciated to such an extent that many were bit hard, particularly
those dependent upon fixed incomes and wages.
‘This concern assumed
activity in the form of an earnest and enthusiastic movement in favor
of agold standard.
The chief causes for the change advocated may be
briefly summarized as the decline of the public credit, the instability of
the value of the standard dollar as measured in terms of gold, with its
alarming and

embarrassing depreciation, the abnormal

and

fitful rate

of exchange, and the consequent derangement and uncertainty of trade.
Thus prevailed a constant worry and a bewildering uncertainty, which
resulted practically in the conversion of legitimate trade into speculative gambling, as can be appreciated when it is known that the value
of the Guatamalan silver dollar, the local standard, varied no less than
50 per cent within eighteen months.
In 1891 the pur chasing power of the sol equaled 72 cents gold; at
the time of the establishment in October, 1894, of the new standard, it
was represented by 50 cents net, above which it has not been quoted
since.
With no direct cable connection and with an exchange

rate continu-

ally varying, calculations as to prices were conjectural; goods had to
be figured capriciously in anticipation of a fall, whether one occurred
or not, or at arate ruling at the time of importation, and when sold,
as was frequently the case, at a credit of six months or more, serious
loss was often experienced.
Consequently traders were dazed, imports
decreased, selling prices had to be constantly readjusted and greatly
advanced, and the main burden fell upon the consumers, whose incomes,
whether fixed or as wages, had not correspondingly increased.
These
became discontented and irritated with the exporters, who were the few
persons who really made money during the period, as they worked
with the depreciating and realized in the appreciating money.
Enterprise was discourage.
Sales of property were suspended.
As material had

chiefly

to be imported,

builders

fought

shy

of contracts, as

they never could tell how they would come out. The shrinkage of the
value of the sol meant corresponding loss to most and had a most
demoralizing effect, tending to destroy prudence and thrift. Progress
under such circumstances was impossible.
Change of currency being among those questions which are reserved
for the consideration and approval of Her Majesty the Queen before
legislation effecting it could take form, the home government were

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153

memorialized and the prayer of the people to have a gold standard—
and that the dollar of the United States of America—was heard and
It
the principle of a State issue of notes against gold was accepted.
was also allowed to the colony to have its own token silver coinage.
The enactment of the necessary legislation in the form of ‘The coinage

ordinance” and “The currency note ordinance” followed.

The former

demonetized the then existing currency; provided for its redemption
within a specified time at a prescribed rate, which was 50 cents to the
dollar, determined by a committee of experts appointed for the purpose and representing the ratio of the new to the old currency which
ruled at the date of the change; erected the gold dollar of the United
States of America into the standard coin of British Honduras, and
made the gold coins of the United States mint legal tender for the
amounts of their respective denominations in standard dollars, as well
as the British soverign and half soverign for the amounts of $4.867
and $2.433, respectively; established for internal circulation in the colony a subsidiary coinage at par with gold, which comprised 50 cent,
25-cent, 10-cent, and 5-cent silver pieces and the bronze cent piece
current at the time; fixed $10 as the limit of legal tender in silver and
50 cents for mixed metal or nickel coins, and continued “accounting”
in dollars and cents.
The latter law provided for the establishment of commissioners of
currency, and authorized, as an additional subsidiary currency, the issue
against gold by them of a colonial paper currency, in notes of $1, $2,

$5, $10, and $100, and any multiple of 100, as legal tender to any

amount, and fully secured.
The amount of gold, notes, and silver in the new coins requisite to
effect the change having been imported, the period fixed for the
redemption of the demonetized dollar was October 15, 1894 (when the
ordinances referred to came into operation), and six days thereafter,
exclusive of Sunday; but, in deference to the public interests and convenience, the time was extended to the 27th of October.
During the specitied period the old money tendered in amounts of
$50 and under was exchanged at the prescribed rate for the new currency. For larger amounts, deposit receipts were given and cashed
within one month after date of issue.
The demonetized sols received in the treasury were shipped out of
the colony and sold for what they were worth, the amount realized
being used to pay for the purchase of the money that was substituted
for them.
Only about one-third of the number of the dollars demonetized has had so far to be replaced by the colonial token money, the
difference having been made up by notes which, circulating on the
credit of the Government and being convertible on demand into gold,
Serve now, as far as they go, all purposes of money and have the same
currency as gold and silver.
As to the losses sustained by the holders of the displaced silver by
reason of its depreciation, there was a unanimons opinion that they
should be regarded as having already accrued; and there was no attempt
made at the time to suggest that they should be tampered with by
legislation. What was sauce for the goose was accepted as good for
the gander. A desire manifested itself to have existing contracts comIt was, however, made clear
pleted by payment in the old currency.
that a secondary currency which the acceptance of such a view would
have involved would in most cases be productive of much inconvenience, notably in the case of open accounts in which moneys would be
due upon the date of demonetization. An automatic conversion of such

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AND

PRICES

IN FOREIGN

COUNTRIES.

existing and running debts from the old into the new currency was
acknowledged by many to be free from hardship, and to have the merit
of simplicity and finality.
As regards the treatment of outstanding liabilities at the time of the
change, it was desired by some that the settlement of debts and contracts
expressed in the then silver currency should be fixed for the day of
maturity and allowed in the sol, or in its gold equivalent at that date,
and at the ratio of conversion to be arrived at by the local treasury.
Such a proposal was viewed as an endeavor to deal selfishly and piecemeal with the question, some of its advocates being doubtless solely
influenced by the hope that the value of the then existing currency
would go up, to their individual benefit, at the time of the settlement.
The only advantage that could be hoped for from this course would
be that the parties concerned might possibly be restored, by further
violent fluctuations in the old currency in the direction opposite to what
experience showed to be likely, to a position approaching that which
Such an advantage would have
obtained at the date of the contract.
it would not have applied
party;
one
to
loss
a
event
any
involved in
have been limited to com.
would
it
time;
the
at
to ordinary debts due
would have been greatly
it
paratively few transactions; and finally,
counterbalanced by the complications and difficulties which would
inevitably have arisen from the legislation of the circulation of two
opposition currencies of different values, the one comparatively fixed,
After careful consideration, it was, however,
the other ever fitful.
decided that they should be converted into obligations in terms of the
new currency according to a rate of exchange approximating as near
as possible that actually ruling at the date of the change of the system.
It was appreciated at the time that, while the principle involved was
open to some objection, it could hardly be said to involve more probability of unfairness to one of the parties than to the other, and that on
the grounds of equity and convenience it was the best.
Moneys that were payable after the commencement of the coinage
act, under and by virtue of any contract, judgment, order, transaction,
or dealing made or entered into before its operation, or under and by
virtue of any testamentary instrument, and that would have been payable in the old money had there been no change, were legally made
In addipayable at the prescribed rate of exchange in the new coins.
as soon
adopted,
measures
and
followed
were
steps
tion, the requisite
to
action,
justified
change
the
of
effect
as sufficient experience of the
the
things
of
order
new
adjust, as far as was deemed necessary, to the
customs, excise, and license duties and other taxes, fines, fees of court,
and any other dues or payments affecting the local government which
were not sufficiently dealt with otherwise.
The

gold

standard

has now been

established nearly two years, and

on no occasion has it been found that there is more silver subsidiary
On the contrary, it has been since in constant
coin than is required.
demand, and never at a discount, which may be accepted as proof that
there is no redundancy of circulation.
So as to secure effectively and at all times the free convertibility of the
silver token coinage into gold, as the best proof of the thorough soundness of the change, it was necessary to keep the issue of the former
within strict limits, illustrating the bare requirements of the people as
regards their small change.
Some anxiety, which subsequent experience has proved to have been
groundless, was entertained at the time of the change of the currency,
that there might accumulate in certain hands the new silver to an

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appreciable amount, and that the holders would be disadvantageously
placed as regards making their remittances abroad if it were not convertible at the Treasury to an unlimited amount for gold. Should later
experience and an expansion of the colony’s domestic requirements
clearly demonstrate an insufficiency of its token money, there will be
no danger of increasing it, if provision be made for its convertibility
into gold, should occasion require it; which will prove to be the most
effectual check against any overissue.

The greatest care and vigilance have been and must necessarily con-

tinue to be exercised to maintain the current value in exchange of the
token money, and the proportion brought into circulation had naturally
to be limited in relation to that of the superior currency, the note issue,
and gold of which it represented proportional parts.
Under the circumstances, it was thought, at the time of enacting the
ordinance respecting the coinage, to be unnecessary to provide therein
for the conversion into gold of the subsidiary silver money requisite to
effect the change.
Fears were entertained when the question of currency reform from
time to time attracted public attention that a sudden change in the
standard might seriously disorganize the industries of the colony and
such disorganization would be much greater it was thought were an
No
attempt made to set up an artificial and entirely new standard.
enterchiefly
were
They
such anticipations have so far been realized,
tained by those who desired the continuance of the old currency from
interested motives for their own individual benefit. A few with no
interested motives conservatively wished to adhere to the old state of
things. Not a single closure of any commercial house the failure of
The
whose business can be associated with the change has occurred.
Increment is also anticipated
staple industry, logwood, has increased.
for mahogany and fruit this year; in 1894-95 operations of cutting had
to be contracted on account of fall in price of the former.
Not only has trade considerably expanded, but there has been an
appreciable increase, over 40 per cent, in the number of importers since
Formerly, the smaller importers did their business through the
1894,
Any healthy widening of the basis of
larger houses; it issonolonger.
independent traders of varied.
additional
of
creation
the
by
commerce
Competiof any country.
advantage
interests must be to the ultimate
tion has become keener to secure trade, which has had the tendency to
From the agricultural backwardness of the country,
reduce prices.

due to various causes, local produce for home consumption has not gone
down to the prices that should obtain, but competition should in time
effect reduction.
The laboring classes, the backbone of the colony, have largely bene-

fited as regards wages, the dollars now earned equaling the number
formerly received by them insols. Savings bank deposits have increased.
Land and house property, whether in town or country, has increased
100 per cent in value, commanding now in gold the same amount received.
formerly in the money it replaced.
rg
This increased prosperity has also been reflected in the vital statistics
of the colony, as is illustrated by the marked improvement? in the birth
rate and the lowering of the death rate, and this improvement has been
is accepted as a
steadily maintained since. The marriage rate, which
oe
_

when read
1 The birth rate of a population furnishes a good index of prosperitythat
“a high
state
to
as
far
so
go
ians
statistic
Indeed, some vital
with other matters.
s,
Statistic
Vital
(Farr’s
ty.”
prosperi
of
tant
concomi
le
invariab
the
birth rate is

p. 3.)

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good index in other countries, can not be relied upon here for reasons

not germane to the article.
During the whole of last year, ninety days’ drafts on England were at
$4.80 to the pound sterling, a few bills being sold during the summer at
$4.82, and during the Christmas season, some at $4.75 on account of a
slight fluctuation in supply and demand; drafts on the United States
have generally been at par, though occasionally sold at a discount and
some at a premium of one-half or 1 per cent; ninety days’ drafts on
England bought here at $4.80 have frequently sold in the United States
at $4.86 per pound sterling, showing a profit of over 1 per cent, which
admitted of the larger commercial houses accommodating the smaller
with exchange at par.
The sale of bills is no longer a monopoly nor the capricious thing it was.
Accommodatiou has ceased to be a favor and has become a matter of
business.
As regards the local treasury transactions since the change, bills of
exchange at ninety days on England have been purchased by the Government at $4.75 to $4.82 to the pound, an average of $4.78 for the pound
sterling, resulting on realization in a profit.
British Honduras being coterminous with silver-using countries and

having trade connections with others, sols find their way, as was to be

expected, into the colony.
Although it is clearly understood that there
is no legal obligation to accept them and that recipients hold them
on their own responsibility, they are taken at their gold value as an
accommodation in commercial transactions between buyer and seller,
and exported to be realized in gold. There is no fear of their again
affecting the silver position of the colony.
It is not so, however, with the silver of the United States, which,
although not legal tender, has crept into and mingles freely with the legal
currency of British Honduras, being taken freely by the merchants, but
at their own risk. It was introduced, soon after the change of the
standard, by the fruit steamers from the United States to meet their
requirements, and it is now as readily received as the token money of
the colony. Consequently there has been no equivalent displacement or
drainage of gold for export as was thought by some to have taken place.
Nothing but legal-tender coins will continue to be received by the
Government.

Nevertheless, it must not be overlooked that the silver dollar, with

its component parts, of the United States, circulates here at an artificial
value; that intrinsically it is worth less than the Mexican dollar, which
had to be demonetized in British Honduras, and that an.English sov-

ereign would purchase about nine of them outside of the United States.

In connection with its local circulation, the greatest vigilance mustcon-

tinue to be exercised; true, so long as silver in the United States is
maintained on a par with gold, the former could always be exported

there without serious loss;

but should it be otherwise, what then?

The dominating question here has been for years the currency problem. It has been coquetted with and never seriously faced, for various
reasons, into which it is unnecessary now to enter. It can be fairly
claimed that the facts notified in this article demonstrate that a satisfactory settlement of the much-vexed question, currency, has at last
been arrived at. Public credit, reestablished on a sound basis, has been
repaired and enhanced.
Stability and rate of exchange, equaling these
obtaining in any country, have been secured.
There is reason no longer
for hesitation to invest capital. Before, capitalists naturally shrank
from putting money into a country where a barometrical money value

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and rate of exchange existed. Now gold is paid for in gold, and the
country’s products are worked and realized in gold; in fact, @ money
has been established which is of the same value to everyone, whether
payer or payee.
Unquestionably the change has been so far a valuable
boon to the colony, and it may be reasonably anticipated that it will
prove to be a still greater one in the future.
The subject has been approached and handled with care, prudence,
and forethought, and all are to be congratulated who contributed to
the unquestionable success of so delicate and exceptional a financial
revolution.
So far as I have been able to gauge its effect, the new currency has been received and accepted with general satisfaction.
Even
the few who silently and selfishly opposed its establishment now appreciate that the spasmodic gain they acquired formerly from the depreciation of silver is incomparable with the stability of the rating of exchange
now assured, the sense of security enjoyed, and the material benefits
derived from the gold standard.
ALFRED MOLONEY.

NICARAGUA,

In response to your circular dated July 25, 1896, I have the honor to

make the following report:

I—STANDARD

OF

VALUE.

The standard of value in Nicaragua is the silver unit. The number
of grains of silver, fine, is nine-tenths, and its actual value at this date
in exchange on London is 47 cents. The unit, peso, is a measure of
value nonexistent, as there are no Nicaraguan pesos coined. The currency consists of silver dollars coined by the Governments of Chile,
Peru, Mexico, Guatemala, Salvador, Honduras, and Colombia.
Nearly
all of the Mexican, Chilean, and Peruvian silver dollars in circulation
in Nicaragua have, within the last three months, been shipped to New
York, as there is a market there among the bullion dealers for these
coins. The heavy shipment of silver has been made for the payment
of debts contracted abroad by the merchants here and by the Nicaraguan Government.
The scarcity of foreign exchange has been caused
by the recent small coffee crop, the staple export product of Nicaragua.
The only other alternative was the Shipment of white metal, which has
caused the withdrawal of a large amount of the best kind of our circulating medium.
There is in circulation some $400,000 of national
fractional currency, coined in England, in coins of 20, 10, and 5 cents
(Silver) and 1 cent (nickel), but other fractional coins of Central America
circulate also. This fractional silver currency is 0.800 fine.
II.—_AMOUNT

OF

CIRCULATION.

The total amount of money in circulation is as follows:

Gold, none; silver, about $3,000,000 (estimated).

The

paper

$700,000

currency

London

notes are issued

Bank

consists

of

$400,000

of Central

America

directly

by the

limited the issue to $500,000,

treasury.

Government

notes.

A

law

The

notes,

and

Government

of Congress

has

The treasury has now a reserve for the

redemption of the Government paper currency of less than 25 per cent

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COUNTRIES.

in silver. The London Bank of Central America issues notes according to a concession granted by the Government and is compelled to
have, at all times, a metallic reserve of 40 per cent of the paper issued,
but its reserve varies from 65 to 100 per cent.
II—PER

CAPITA

CIRCULATION.

The amount of money in circulation per capita of population is about

$20 silver, or $9.40 gold.

IV.—_CHANGES

SYSTEM.

IN THE

The only change in the monetary

system

of the country consists in

the issue of bank notes which did not exist before 1887, the time the
London Bank of Central America was established.
V.—CURRENCY

AND

WAGES.

There are few manufacturing industries in Nicaragua, and the existing currency has done nothing to stimulate them. The people prefer
the
agricultural pursuits to manufacturing enterprises. The wages of
to
cents
40
working classes occupied in all kinds of labor range from
$1.50 silver (18.8 cents to 704 cents gold) per day for unskilled or skilled
$6
labor. Clerks and the higher classes of laborers receive from $2 to

(94 cents to $2.82 gold) per day.

VI.—PRICES.

which
Coffee is the chief product exported, the last transactions in
The price was $31 silver ($14.41 gold) per
were effected in May.
quintal (101 pounds) in Managua.
are
Other products which are at times exported to a small extent

sugar and cheese.

They have not varied in price on account of the

Changes of prices in these articles are only caused
silver depreciation.
The crops are good or bad according to
by the supply and demand.
disturbweather conditions. They are also affected by political or war

ng
ances, which often take the laborers from the fields during the planti

and cultivating seasons.
the excepProducts consumed in the country but not exported, with pounds) ;
(101
tion noted above, are: Sugar, $22 ($10.34 gold) per quintal
be reduced
will
prices
These
corn, 10 cents (43 cents gold) per pound.
market.
to 3 cents (1.4 cents gold) when the new crop appears in

the same prices. rule as with corn.
according to the crop productions.
TARIFF

All of the

above

Beans,

prices change

CHANGES.

from
The tariff on all imported products and all manufactured goods
the
to
prices
All
1890,
since
abroad has been increased 100 per cent
t
accoun
on
1892
year
the
consumer of foreign goods have doubled since
d
affecte
ally
The tariff changes have not materi
of silver depreciation.
gold
from
Manufactured goods brought
the prices of these goods.
been paid
countries would not have risen in price if they could have
currency
silver
iated
deprec
a
for in gold. But as Nicaragua has only
silver at
in
paid
be
all the necessities of life, in foreign goods, must
has
There
double the prices that existed in the year 1892 and before.

more, but
been a steady depreciation in silver for the last ten years or
the drop has been rapid since 1892.

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159

VII.—MINTS.

There are no mints in Nicaragua.

MANAGUA,

NICARAGUA,

JOHN F, BAKER,
Ohargé @ Affaires ad Interim.
August 22, 1896.
a

COSTA

RICA.!

In connection with Department circular dated July 25, 1896, I have
the honor to make the following report upon the currency system of
Costa Rica:
I—STANDARD

OF

VALUE.

' The standard of value of Costa Rica is by law “double,” i. e., silver
and gold, though in fact only the silver basis exists. The silver weight
contains 183 grams of pure silver (in one peso). The actual value of
exchange is $11.50, equal to one livre sterling, in bank drafts, 90 days

sight.

IIl.—TOTAL

AMOUNT

OF

CIRCULATION.

The amount of money in actual circulation is composed of—
aE
TN ko hnin kB ame awh WEE x eet akeoabieh anand: e
rr eee
DB. Govermment nNobes > oo... cee vce cuuavoener cane cncd secece chcenecceacs
My Silver subsidy Oolii . oo... shes sees scneve voce cewk odd ceus sana saudealvece

IIIl.—PER

CAPITA

Pesos. *

4, 000, 000
50, 000
450, 000

CIRCULATION.

Figuring the population of Costa Rica at 250,000 inhabitants, the
amount of money in circulation can be fairly estimated at $25 per capita.*
IV.—CHANGE

IN THE

SYSTEM.

The monetary system of Costa Rica has not been changed by law,
but by the natural course of events.
When silver was quoted in the
foreign market at less than the mint value, gold coins were exported.
This occurred in the years 1884 and 1895.
‘V.—_CURRENCY

AND

WAGES.

On account of a contract entered into between the Government

and

the Costa Rica Bank in 1884, this bank took the rank of a bank of issue,
the only one authorized to issue notes. By said contract, the Govern1A report from Consul Williams of San José on the currency of Costa Rica, which
=o
too late for insertion here, will be found as an appendix at the end of this
volume.
"1 peso dollar—=49 cents United States currency.
*Government notes (B) can scarcely be given with accuracy, as their retirement
from circulation was ordered some time ago, but they have not all been presented for
redemption.
‘The said 50,000 pesos are to be considered as the balance of the different Government

issues in circulation and were made direct by the Government.

*Consul Williams, of San José, under date of September

26, 1896, reports the per

capita circulation at $20 Costa Rican currencey, or $8.33 United States gold.

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COUNTRIES.

ment agreed to redeem its own notes, which at that time amounted to
$1,200,000; consequently the drain made by the exportation of gold
and the redemption of Government notes was not felt, because the
The bank at the same time
bank issues were growing in proportion.
met all demands of more circulating medium, which the development
There was no apparent diminution in
of the country made necessary.
On the contrary, there was an increase—measured
the rates of wages.

in Costa Rican currency—from $1 to $1.50 for a common day laborer,
and skilled laborers were paid in proportion.

Actual rates of labor (Costa Rican currency) for 10 how's’ work.
q eeew cutie ose SSeS sine ekvege Haws
PGOHES cu ls.. ce beuwlwaed weitwes dpasiaeeseean

$1.50

nawioe Gems son's wmiqe
NHARGT Ss ccs dul wcaackaceaGsd dbase coe ween WSte eee SWE
<seusweetsewee obese
Sone
cass
cane
base
ccek
be
doe
ceec
coc
voces
Midget.

$2. 50 to 3. 00
2. 00 to 2.50

Carpenters ...... 222. ccc cece ccs cnc

ccne cece cece scenes cane cone scones

3. 00

In 1886 prices of labor may be considered to have been one-third less
than they are to-day—in Costa Rican currency.

Wages (peons), 1886, $1; 1896, $1.50.

The increase of wages, measured in gold, since 1886 is apparent only.
Peons receive now less gold than they did in 1886.
It was but natural that the agricultural interests of Costa Rica should
be stimulated, as better prices were obtained in foreign markets for the
exports of coffee, and smaller expenses were incurred in the working of

the farms.

VI—PRICES.

It is very difficult to indicate the different prices of agricultural
products consumed in Costa Rica. The country scarcely produces what
A great many staple articles of food have to be imported,
it needs,
such as lard, hams, sugar, corn, beans, rice, and others.
As prices are controlled and governed by the rates of exchange, the
In regard to
people of Costa Rica could not escape their influence.
clothing, tools, hardware, ete., the action of the rate of exchange is
more forcibly and clearly detected, since all these goods are imported.
VIL—SILVER

COINAGE

DISCONTINUED.

Coins are made only for the account of the
Costa Rica has a mint.
such price as a mint price, per ounce fine,
no
is
There
Government.
either for gold or silver.
By a decree dated July 3, 1896, Congress ordered the discontinuance
of the coinage of silver. The same decree ordered all foreign silver
coins out of legal circulation in the Republic of Costa Rica.
JOHN F. BAKER,

Ohargé @ Affaires ad Interim for Costa Rica,

MANAGUA, NICARAGUA, September 17, 1896,

COLOMBIA.

I have the honor to submit the following report of the financial sys-

tem of the Republic of Colombia for the last eleven years, together
with its influence upon wages, cost of living, manufactures, ete.

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I—STANDARD

OF

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161

VALUE.

The legal unit or standard of value is the paper dollar, which is by
law equivalent to one dollar in silver of 0.835 fine, according to a decree
of the Government dated in 1885. Later on the Government was authorized by Congress to fix the paper dollar equivalent to gold or silver,
according to the resources of the treasury (law 93 of 1892, article 20).
Silver coin of 0.835 fine, equivalent to the dollar in paper money, has
124 grams of silver. One gram equals 15.438 grains troy, or 0.463
pennyweight of fine silver. The nominal value of the coin is 50 cents,
or half a dollar, Colombia money, which is equal at the present time,
more or less, to 21 cents in American gold.
As before stated, the unit is determined by law and exists in practice.
The department of Panama was excepted from paper currency, and was
authorized to use silver coinage 0.835 and 0... 00 fine by act of Congress,
No. 30 of 1887.
IIL—AMOUNT

OF

CIRCULATION.

The total amount of money in circulation is as follows:
PRIOR MOUCN ales dats wkd pee eee e kee aoe bs xo Wp eae hese ss esate aes $30, 900, 000
Silver eon (0805 GnG)t wel ys ck as swacewes bdv cess eee b aces thos heb esids
2, 000, 000

Miekol, of 2) atid 5 COHt®...«

cccoscec< secs nhs ekuveswevnie
anes sewed Feeney

5, 000, 000

WOU! . ccuvenene seagedesanane eee $Ose Sine Gayasd coseys Sees bey euees

37, 900, 000

Private or bank issues of money are prohibited bylaw.
Government
paper has been issued. by the national bank now in liquidation.
The
present Congress will decide how future issues will be made.
The provision made for the redemption of such notes is as follows
(article 30, law 70 of 1892): The debt owed by the Panama Canal Company, 6,000,000 franes, French gold; 50 per cent of the customs-house
duties is to be applied to the coinage of silver pieces, 0.835 fine, of 10
and 20 cents, which will be changed at par for paper money until it
reaches the amount of $5,000,000, in silver, including the 6,000,000
franes before mentioned, and another 5 per cent of the same duties
(paper) is to be destroyed monthly.
III.—PER

CAPITA

CIRCULATION.

The last census taken in Colombia was in 1869. It gave to the
country a population of 4,000,000, and it is caleulated that there are at
the present time 5,000,000 inhabitants, which would give to each inhabitant a circulation of $7.58.
IV.—_CURRENCY

AND

WAGES.

Up to 1885 Colombia had gold and silver coinage, and also paper
money issued by private banks and the national bank.
Therevolution
that broke out that year obliged the Government to enlarge the issue
from the national bank according to its necessities; but the paper
money lost 80 per cent of its value in exchange for silver coin, 0.835
fine. Then the Government declared its forced acceptance by prohibiting the collection of debts in gold or silver, though the contract
rise in the
This caused a considerable
declared the debt thus payable.
being
country
the
of
value of the paper money, and the gold and silver
1354——11

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the
largely exported, the paper money of the national bank became
currency of the country.
silver
At that time $1 in paper money was equivalent to 50 cents in
coin, and is now equivalent to 95 cents in silver coin.
,
Manufacturing industries have increased since the monetary change
the
but more on account of the development of the country than of
financial conditions.
Wages.
1886.

Carpenters.

...---s-eeeeenesceceneencees ce

wee ce nee ecnsen ee cceneteeneeecees

1896,

$1. 50

$0. 90
10
.90 | $1.50 to

Tailors
Shoemakers

1. 80
2.00

in
Common laborers in cold climates earned, in 1886, 30 cents a day;
90
to
60
from
1896, 60 cents. In the hot climates wages have increased
One Colombian dollar is equivalent to 40 cents American
cents a day.
gold at the present rate of exchange.!
of other
Domestic service has not increased in wages in the proportion

at the
labor; servants received in 1886 from $° to $5 per month; and
ered
consid
are
Mechanics who
present time from $3 to $6 per month.
while
skilled receive from 60 to 80 cents per day in United States gold;
the
the ordinary laborer receives from 25 to 40 cents per day, and
per
gold
States
United
$2.40
domestic servant receives from $1.20 to
month.
PRICES.

excepAgricultural and pastoral products are not exported, with the
years
the
in
food
of
prices
tion of coffee and hides. Following are the
1886 and 1896:

40to50

| Ceocoa......------- per pound. .
Hggs.-------+++e2e+----- &0;.+.

ae cacaceeces per pound. .
MEGatGsab
WPotstOOS gorsacee enews <3 Gas aa

15 |
5

5
20

WO},
35

RiC@ 2c. saccan ee ncsess 0...
| Bread....-.--.+-----*--- do...

NOLOUED cxea semceowasseeee=" do.
Coffee ..<sc<0casesssees'o<- do.

5
20

HO
50

| PaNnelaec

Balt tka poses Daeene em he Oe sas
Sugar......2----2+-+20--- do

Th)

aces ccseen sess do

20
30

10
10°
5

40
48

20
20
124

The above table applies to the native product alone. Imported goods
are much higher; American flour is worth from $40 to $45 per barrel,
American sugar, 60 cents per pound, and other foreign products in
proportion.
House rents have increased in the cities much more than anything

else, the increase of ordinary tenements between 1885 and 1896 being

from 150 to 200 per cent. I have not been able
rect statistics on the increase of cost of living,
increase at a lower rate than is justified by my
know that the cost of living is constantly on the
1T¢ was worth 75.1 cents on January 1, 1896.

to get absolutely corbut have stated the
own experience, and
increase.

This depreciation

of the Columbian

wages and
peso must be taken into consideration in the apparent increase in

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163

REMARKS.

In conclusion, I wish to say that Colombia is one of the richest countries on the continent in her natural resources, but her monetary condition prevents the development of her wealth.
Statistics show that she
exports more gold ore than any other country in the world. The mines
are mostly in the hands of English capitalists, and, the mints being idle,
all the gold ore mined is exported for coinage.
LuTHEeR F. McKinney,
Minister,
Bogota, September 7, 1896.

PANAMA.
[Extract from the Commercial Relations Report of Consul-General Vifquain, dated Panama,
September,

15, 1896. ]

In the State of Panama, as also in the province of Cucuta, of the
State of Santander, no paper currency is allowed to circulate, the currency being silver only. The silver of Colombia has for its unit of value
the peso (dollar), valued by the Director of the Mint at Washington
at 0.497 of the American dollar. I refer to the peso of 0.835 fineness.
But there are three different standards of silver in Colombia, viz, the
0.500

fine, the 0.835 fine, and

the 0.900 fine, all of which are minted

in

England for the time being. There is no free and unlimited coinage of
silver in this country, and the ratio is 15 to 1; but there is no gold visible. The peso of 0.900 fine is also very seldom met with. The coins
of 0.500 fine are now being redeemed with uational-bank notes. The
Government has a national bank at Bogota, and up to date it is estimated that it has issued 31,000,000 of paper pesos, not speaking of
smaller denominations than the peso, without any reserve at all. As
nearly as I can find out, there is some $10,000,000 of silver in circulation; yet as silver is often exported—although there is a law against
it—it is, I dare say, impossible to say how much silver there is in circulation. The external debt of the country has been in default of
interest for some ten years, but steps are being taken to refund it.
American gold is always some 4 or 5 points ahead of British gold.
Exchange is now 128 per cent; that is to say, $100 will buy $228,
Colombian silver of 0.835 fine, and nearly $250.80 of paper.
During
the last year the rate of exchange here has fluctuated from 122 to 130
per cent.

The national-bank notes are received for all duties on imports, and

all public dues—national, State, or municipal.
WAGES.

Laborers receive 50 cents to $1.50, Colombian silver, per day (25 to
75 cents, United States currency); domestic servants from $5 to $20,
Colombian ($2.50 to $10, United States currency) per month,
Most of
the servants are West India people.
Practically, there are no native mechanics, except carpenters and
blacksmiths.
The Panama Railroad Company pays, in American gold,
as follows per day: Mechanics, $4.50; helpers, from 80 cents to $1.35;
chief carpenters, $4.50; assistant carpenters, from $1 to $1.20.
The Panama Canal Company pays in silver at the rate of 80 cents to

$1.50 (40 to 75 cents, United States currency) per day for-laborers.

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MONEY AND PRICES IN FOREIGN COUNTRIES.

164

Most of these laborers are from the West Indies. Native carpenters
and blacksmiths, unless employed by the Panama Railroad or the Panama Oanal, receive about $3 ($1.50, United States currency) per day.
There are no factories worthy the name, excepting the shops of the
Panama Railroad.
Clerks in stores average from $25 to $1.00, silver ($12.50 to $50, United
States currency), per mouth; bookkeepers from $100 to $250 ($50 to
$125, United States currency) per month.
Railway employees are rated as follows:
Wages.

Employees.

Colombian | United States
* currency.

currency.

per month..|......sss-+0--

$500. 00

etsew eseceseddane DOxwdelsacuccvanresne

$200. 00 to 300. 00

ere eeeeees SN sdame'ss QO woke kwwenacsbanes
Train dispatcher ....-.-..2-2-seeeceseeerecee

171. 00

Fireman, locomotive ..----ssceee+--eseceeenecenansecccneeoens per day..|...-sssenscucs
eee cceesecten eee ccecerceeteneeee Ou ssclecceewseSsnany
Engineer, SWitCh. ....04+.--eeee

1.45
1.80

vate

Superintendent......-----..seececees

Sonuse

Assistant superintendent ..

Hes

Chief of department -..

heocks tenet, GO vies !uwdowseecusee
doeexuberept

--. =...

Conductor:

We ececeessaes GOvesal cLewpeiweseaee

375. 00

148. 50

157. 50

serene rere ce cece eeeer es: GOs saulscnvesneaaveed
Engineer, locomotive ...---.-.-22-eeeee
Fireman, switch........

neck oeeaeuesaiees ae = GO.
(Ragucccceusssteseon

The

salaries of the canal

draftsmen, ete., are

from

8,000

engineers,
to 45,000

1.10

saelseeeeso edanoss

cashiers,
francs;

83. 75
30. 00
37. 50

$67. 50
60. 00
75. 00

cece ee reece sce cer seer er eeseeeeccnce: per month..
Flagman .....--eseece
BrakeMan. o.ccocecccccecsccccccceccsecsnscecccccsecseseressece: QO -\66
Switch man ..acccccsceccacccnccnccaccenccccsccsccneccanneccosce= 0. se

secretaries,
that is

to

clerks,

say, from

$1,500 to $9,000, United States currency (gold), per annuum,

WEST INDIES.
BAHAMAS.
5, 1896.]
[Extract from the Commercial! Relations report of Consul McLain, of Nassau, September

There have been no changes in the currency of the colony during the
year, and the rate of exchange has reinained steady, being 1 per cent
for sight drafts on New York in sums over $100, and 14 per cent on
Exchange on London is 2 to 4 per cent.
lesser amounts.
The amount of money in circulation is not easily ascertained, but in
the opinion of bankers and those in a position to pass a fair jadgment
on the question, it may be stated as follows: British gold coin, $2,000;
United States gold coin, $70,000; British silver coin, $70,000; United
States paper money, $20,000; Bank of Nassau notes, $25,000; United
States silver coin, $3,000. Total circulation, say, $190,000, about onehalf of which is United States money.
The United States gold and paper

dollars are worth 4 shillings and

2 pence sterling; the silver dollar goes for 4 shillings sterling. The
pound sterling is valued at $4.80.
All the weights and measures of this colony correspond with those

of the United States.

PRICES.
Prices of most articles of export have continued unchanged during
the year.

Sponges,

however,

have advanced

about 20 per cent dur-

ing the last six months, owing partly to bad weather for gathering and

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

165

partly to the advent of new buyers for foreign markets.
Prices of
importations have fluctuated only with changes of values in Great
Britain and the United States, where these goods are bought.
WAGES.

The existing rates of wages are as follows:
ES DOTORS..vacvescdc seedes bibavdnes Sou ehcspesetees ates eceens per day..
DOMOSEIG SOPVANTS:...secscaceas
ce+ sts cscs te chee eee ee sone permonth..
MOC HANICS «ca naa Senators cae bee se eeaneed phe aseeesee eee causes per day..
EBCHOLY OPSTAtlVOS ocsdieaecacums
ows sae awege swipes eee sbiwens per day...
OWS Mi ShORER iawn ees cceee ance aee ede be oelce tacbee bee per week..
Bo@k keepere.« ssee sens seve veces eave cave sndusd cess cosonconeeOeace

$0.40 to $0. 50
2.00 to 5.00
1.00to 1.25
.25to
.50
5. 00
5/00 $0 10,00

BARBADOS.
[Extract from Commercial Relations report of Consul Tate, dated Barbados, August 20, 1896.]

The industries of Barbados have been, ever since its settlement by
the British in 1625, reserved solely to the manufacture of cane sugar
and molasses, and as it was half a century ago, when sugar sold at the
remunerative prices of $6 and $7 per 100 pounds, 80 it is to-day, when
the prices paid for the same article vary from $1.50 to $1.90 per 100
pounds.
With an area of 166.3 square miles, or about 106,470 acres, no
less than 100,000 acres are in a state of high cultivation and glistening
in the brilliant sunlight with green and feathered.topped sugarcane.
WAGES.

Labor is abundant, as with a population of 190,000 on 166.3 square
miles, it must necessarily be. The average dock laborer obtains 48
cents per day, while the laborer in the field receives 36 cents. Mechanics
and factory operatives earn from 50 cents to $1 per day, while clerks in
stores and bookkeepers are paid salaries ranging from 50 cents to $4
per day.
Heads of official departments receive an average of $4,000
per annum, while their assistants range from $500 to $2,500.
PRICES.

The prevailing low prices of sugar during the last six months
threatened to place the island in the position of having an empty
treasury. To obviate this in a measure, the legislature on June 23
last passed a measure by which the several duties of customs on every
article were increased by 20 per cent of the amount formerly levied.

The effect of the enactment has been felt by the consumer, as local
prices have all been increased.

BERMUDA.
[Extractfrom Commercial Relations report of Consul Hanger, dated Hamilton, Bermuda, August, 1896.]

There have been no changes in the currency of Bermuda.
The rate
of exchange does not vary, the pound sterling being always valued at
$4.80. The United States dollar is worth 4 shillings and 2 pence. The
bankers’ rates for bills are from 1 to 2 per cent,

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166

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

Bermuda has no coinage or money system of her own, and the currency in circulation is the pound sterling of the Imperial Government.
It is impossible, therefore, to speak with accuracy of the amount in
circulation, and it can only be stated approximately.
PRICES.

There have been no marked changes in the price of commodities.
WAGES.

The
(a)
equal
(b)

existing
Laborers
in United
Domestic

rates of
(finding
States
servants

wages are as follows:
themselves) are paid from 4 shillings per day,
currency to 97 cents.
are paid 25 to 30 shillings per month and found,

equal to $6 to $7.20.
Bb Mechanics are paid from 8 to 10 shillings per day, equal to $1.94
$2.43.
(d) There are no factory operatives.
2’ Olerks in stores are paid from £50 to £100 per annum, equal to
$243.32 to $486.65.
Bookkeepers are paid from £150 to £200 per annum, which is equal
to $729.97 to $973.30 in United States money.
There are no railway or other salaried employees,

to

JAMAICA.
,

The

Handbook of Jamaica for the Year 1896 gives

the following

history of the currency of the Island of Jamaica:
I—STANDARD

OF

VALUE.

An act, 24 Geo. II, chap. 19 (part of section 9), is still in force, though
it has become, frem altered circumstances, almost obsolete.
It provides that no payment shall be deemed good butin current coin of gold
or silver, unless when both parties agree for paymentin sugar or other
produce.
The acts relating to the metallic currency of this island are 3 Victoria, chap. 39, “to provide for the assimilation of the currency of this
island with the currency of the United Kingdom;” 5 Victoria, chap.
28; 6 Victoria, chap. 40; 7 Victoria, chap. 51; law 49 of 1869, and law
13 ‘of 1880, and the sever al procl: ‘mations bearing on the coinage of the

following dates: September 14, 1838; August 19, 1853; Mare hd, 1854;
October 23, 1863; November 10, 1866, and November 11, 1869.
A proclamation was issued October 2 13, 1863, calling attention to the
fact that the fractional parts of the dollar of foreign

states were not a

legal tender, and prohibiting their reception in payment of customs
duties or taxes.
Subsequently, under law 8 of 1876, the silver dollar
itself ceased to be a legal tender.

The
the

only paper currency within

Colonial

Bank,

which,

the island consists of the notes of

originally

commencing

business

island under a royal charter, now carries on its operations

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in

this

under the

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

.

167

Imperial act 19 and 20 Victoria, chap. 3 (private act), entitled “An act
to extend the period limited for the exercise of the powers of the
Colonial Bank, and for other purposes.”
The island act regulating banks not established under royal charter
or by act of Parliament is the act 7 Victoria, chap. 47.
The money of account in Jamaica is pounds, shillings, and pence
sterling. By the present law of Jamaica, all silver coins above the
value of 6 pence current in Great Britain are legal tender here to any
amount, while those under 6 pence are legal tender to the extent of 40
shillings in one payment, but to no greater extent (7 Victoria, chap.
51); and all copper coins current in Great Britain are legal tender
here to the extent of 12 pence in one paymet, but to no greater
extent (6 Victoria, chap. 40); but there is now no copper coinage current in Great Britain, and the bronze coinage which has superseded it
has not been made current here by proclamation.
The other coins current here are Spanish and Mexican doubloons of full weight at £3 4s,

($15.57)

(Colombian

and

other

Spanish and Mexican

doubloons

are

seldom worth more than £3 each); all American gold coins of $5
and upward at the rate of £1 6d. per $5 (one-dollar gold pieces are only
current at 4s. 1d.); gold coins current in Great Britain and Ireland, and
British silver crowns, half crowns, florins, shillings, and sixpences,
all of which are legal tender to any extent.
By law 49 of 1869 the issue of a nickel currency of pennies and half
pennies is authorized, and these coins are a legal tender to the extent
of 1 shilling and of | sixpence, respectively.
Law 13 of 1880 authorizes the issue of nickel farthings, which are a legal tender to the extent
of 3 pence in one payment.
II—AMOUNT

IN

CIRCULATION.

It isimpossible to ascertain, with any degree of exactness, the amount

of money in circulation in the island.
The only local notes issued are
those of the Colonial Bank, which are circulated under charter of the
Imperial Parliament.
The standard of value is £1 sterling, but the
currency is British silver, which, as already stated, is legal tender to
any amount.
There can be no depreciation in the valueof this silver—
which is really only a token coin—as this token is issued by the English mint, and the value is fixed at 20 shillings to the pound sterling.
Coins in circulation.

CPO?

ORGIO.

... « paws k'cden dnc oheetSsanedecedeas

coeneeaansden-Savenaee

4
1 B

2
oe

OO

oo

£ 8 a.
3.64
8 0

Roo)

British coins, gold and silver, of all denominations:
Doubloons, Mexican and Spanish, at. c. 2... .-4.-0chueneeees
suds caus
Colombian doubloons, at .......- Mex
Wis coed S204 Past as eee mee
American (United States) gold:
PWNS CARO: cake p Cadans meek seuw ees Genwdesbwzes Udeed nlaatd week whee «66s
NY
wdc etn ene y shuns eudeas esta beE Sees pekeee SH EGRe de eieeeee
POE CBO0 cc5 sun eheee as cukn ANe cote Seen TORE Wes Gee ee ol eee ees

Jamaica, nickel coins: Penny, hal/penny, farthing.
IMPORTS

AND

EXPORTS

OF

SPECIE.

While there are no means of ascertaining with accuracy the amount
of specie introduced into the island at any period, the following is a
statement of the value of the gold and silver coin imported and

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Federal Reserve Bank of St. Louis

AND

MONEY

168

IN

PRICES

&
87D
IS(6
Sit
£878
STD
TSG
TSS
O82
TS80
W584)

0
46,250
3
10,061
68, 732 10
0)
26,017
59, 418 10".
5
31,645
90, 540 TO
7
21,459
O
80,675
O
41,490

0
4
©
Ont)
0
0
0)
6
0
O

«6d,

2

ead

2

8.4.

0 0 |
9,500
sscssuaceoseees
14, 880 14. 6: |
os sccotensewenns
0 @ |
5, 000
222.5 2geeveoweee
sinned cet hesnel eae deen tea edne ee
accuses cue seuaee|e ese ers aem cee ene
0 0 |
7,600
a2 sano vcseg eee’
Pesce a ceea—naess|sssewereeseenaee
0 0 |
66,300
cia sieeebomcncalns
86,142 18 41]
uocceaeneetsaes=
0 0 |
83,200
ccsenesasciceea-e

Exported.

Imported.

Year.

Exported.

Imported.

COUNTRIES.

in each of the years from January 1,

exported by the Colonial Bank
1875, to December 31, 1894:
Year.

FOREIGN

220 --e|| 1885 .....-..-0-----|--2----0 0}
2,500
|| L886 .....c.cceeaee0 O]|
98,600
|) 1e87. ...ces se. e ee
0 0
59,400
S88 cccmnewessoe2
0 0]
20,400
ee as
|| W889! . 5... ccceeh
0 0}
59,200
|| 1890 ........+.--.0 0}
10,100
||) C800 se seks). a. co ades!
ne eee eee eee
22 [eee e --2|| 1892 ........
e ee eee wee
eee.---]|| 18938 ...........
|| 1804 ........ 22-22 ee nn ess ceme emcees

&
108,102
91,885
15,875
81,775
46,125
69,498
41,500
31,250
48,325
27,675

& @,

0
0
0
0
0
8
0
0
0
0

0
0
0
0
0
6
0
0
0
0

EXCHANGE.

The rates for the selling of bills of exchange for sterling on London
at the Colonial Bank and at the Bank of Nova Scotia are as follows:
Ninety days, one-half per cent premium; sixty days, three-fourths per
cent premium; thirty days, seven-eighths per cent premium; sight, 13
per cent premium.

Drafts on Messrs. Lloyd’s Bank, Limited, drawn to order on demand,

are sold at the following rates:
8. d.
s. d. | Not exceeding—
Not exceeding—
8 9
Heenes
es
enewer
os
dvWs
ces
Diiids
6
kewew pene ex 2
eoes eews
BilO, . cewsiva
os shenne 10 0
esd:
saves
RW swcntae
aveewees welmcenteeestles'* 3 9
OIG.
OL cere wo sass spews bees ee aces 5
LUO seed gs ries caeanhs sevens Se 6

gees 7
ouec s
£30 J» deay Saas kyewarae
III.—PER

3
6

cee tenes Swine 11
sa iges
LAO: qcaspem
AS tad dos a LAS ett 12
a
OM)

0
3

Issued up to £1,000 at same ratio.

6|

CAPITA

CIRCULATION.

It is impossible to ascertain the amount of money in circulation per
I have applied to the banks and others for
capita of the population.
information, but they say it is impossible to give any idea.
IV.—CHANGES

IN THE

SYSTEM.

There has been no change in the monetary system of this island for
many years.
V.—CURRENCY

AND

WAGES.

There are no manufacturing industries of any importance upon the
The rates of labor per day averisland, which is purely agricultural.
age as follows:
,

United States

Sterling.

Fitters (scarce and in little demand) ....-...-...--2..---sececeesceeeeeee

currency.

ad.
@# a.
0]
5 Oto6

$1.25 to $1.50

8

Oto4d

0

«72 to

1.00

es cence eect eee een e eee ee ree cseeeees
Carpenters and joiners ....0+..s2ce-e-

2

9to4d

0

.66 to

1.00

2

8to3

0

-54to

de> dene nqsan = seeenatekeroa saan s
STN UN geadeue¥s see eeewebececk«dsee
BINGE
eso esse sav acudcoceeyerveteeremens- sence
TANOTOUG. <cancenaeanesasedoeiab
ss siccecestsedeccssnectescsendlnebiens
Wroten IGHODOTS ..ccccaccvesccceces

2
1
0

Masons

and

Drickla vere

ce sdec newer ccenne
.asnccsneccececccsesencrectnes

Cte
CO
Painters ...csenccccccccass cocccnccsscs veces ery

Digitized for FRASER
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Federal Reserve Bank of St. Louis

6to4
6to2
9tol

0
0
0

.60 to
-36to
18 to

.72

1.00
.48
.24

AND

MONEY

PRICES

IN

169

COUNTRIES.

FOREIGN

The rates of labor vary very slightly from year to year, but at various seasons of the year, according to the crops and the scarcity or
otherwise of labor, the rates vary from 2 to 6 cents per day.
VI.—PRICES.

The prices of various articles at the date of this report are as follows: (These must not be taken as the average rates, as in consequence
of competition from other countries and other causes many articles
are quoted considerably below average values.)

nla per cwt..
Avi aePewbuved

16

0

210

0

2 4
3.5
4 0
210

0
0
0
0

10. 70 to 11.
16.
12. 50 to 20.
12.

00
25
00
£0

1

0

20to

.24

s se per cwt..
seeer
eenaee
co deuueesueeewsemece
COMCO oc ts wasess
COCOANUTS« 000 os accccnsnc secceccsennersedtscsieedccs per 1,000..
swine acnch netdneeeeseshissbeeees perton..|
naec c tars
PUBODY
ees yee OOreeRe since s dO...
saun ew ee~ead>
IBIS WOs a aicuss eeessal

23

0. to

210

0

to

10

to

<<ci.nc seus ecedse cwecednanewsasavanenas per pound..

per barrel..
Ginger (green)
cen eseeereeenescne: per pound..
Hides (Ary) ..-.-.---0--0-2+--

QOTANZES

2002+ cerns anne 9 een ee cee n ee enn cesenss per barrel..

esw
er tacos sesusccupscteeene
PimiGntOsccccevs

per 100 pounds...

r es ist eeagueuesse-cee per gallon..
tow ce'sesh
FRU, us ctewseenss
SUQAL..cceeceeccccccercneennntteenceneceees per 100 pounds. .

12. 50

0
4

10

34 to

ct coseess per gallon...
eccns
secs tenetee
HONEY «ew cc dene nscinesc

40. 00 to 50. 00

0

0

told

8

GOatskins

$4. 00 to $4. 50

18

er eeqees per 100 bunches...
TRaTADAS cesses csasuscgeenedastatac

ROMOS os sic be 60s 5 ss eee ee be ec cee ee eb ech enkaeee tan, per ton..

Gd.

0 to
0

0

currency.

Gas

ae

£

Wholesale.

ADNAULO ...-cevccsancesse dukes

United States

:
Sterling.

P
Articles.

1-6

10

-07 to

2.25 to

0

2. 50
.08
. 86

2.50

9

0 to

13

0to

15

0

8.25 to

3.75

1
jo

Ay
0

to
to

1
i1

9
0

32 to
2.50 to

42
2.75

1

2
0
14

04
024
03

4

. 08

6
0
8
2
6
6
3

24
12
24
206
. 04
Pe}
12
. 06
2 24

6

12

9
6
74
1
2
24)

.18
12
«15
02
. 04
05
.48
36
24
. 08
. 06
12
06
04
.12
15
.12
15
06

Retail.
ce cece ssseeeeenees eoees- per pound..
SUGAT cccccecesceccccnes
seen seeeans DOsees
OOTEG ud Ka AWE ew ew bnceecdesKencwesweseeees
dO. we
.
ese eeccereeesccnceess
..0.0.
cece cece
Pumpkins ......
Sugar

(White)

e
eee ee rece ewereeees
---.-ee
ence
.......

do....

10

BAMONOSG cc: s cdnsstavsncdees ianiaavseus ee eeeetent per 100..
Oranges 0.2022 cence ene nee eee e ence ences ennees per score..
s per pound..
see t ours deere evaseens
OODOH nics nwakeesenensbeea
BiCAG sac cuwvinnsnseh nn eabily nace edues beet eeaeensacese hers d0..0s
ora per quart..
ror
Oy errno
ALLOWT00E ...-2- cecsne ceeeseceensetecseessueeees per quart..
Ox.»
-2
ee cence ere ceeneeeeeeceees
----0
cece een
Red pease ..-.cee eeeeeneee per pound..
-...0
eee nee
Jamaica potatoes ....-..
ee vaeoweens per quart..
oceeaenvses
CoOGOAMUE Ol) ssa sveaaosn
WGN

HAN eo ccéchcw ek acs h<e6e.heue sas ee nee

1

10

aeeae per pound..

OWI stats ciac dave sneesds ociese bases os CkEwRENeReEe eee GO. se
Brosh beef ooo. csccceccccscaccccscesssscnecctssseceaes do...
ssseeeeses do
esse renccccsenee
Fresh pork....2-.csssceccwee
eness DOW0 is
-veeecerds=e
ViGtOw ccavca ces cnewans haan woslsedeeae
per quart..
va
nr esswde vareoeameahmensse®
Gs'0xheocise
REGO sovnd
WHI MOUP ease cass sce n bide cme ceaerenans saew meee oe dO.5«.
Cv emits tems per pound..
vay'ssinky
PONEY «duce Soave wn cdluneatece
se eee e cence cen e eee AO...
eee eee.00--English cheese ......
AMOTICAD CHOC ..crseccwcwcsecseesoomsestecdeensoss GO. <5
ssunmens per quart..
cieb
need cases
W BIG THOG. inc wc cen awncsnnm
pewnemeeeseees ADs vas
eessosnent
IBPOWD PICO .:< cccevea: odvscnasd
ccons- G05 <6.
cs
seneneccnssccmeeme
ceases.eccc
Split pease .....
English poase.o<ssc<sccasecsevsece | Megeecteadde esses do...+
American potatoes ........0-2-e-eecenceeeeeces: per pound..
esses: MO... 5.
Balt f1Sh sc. scceeeesecneccccccecnsceneeesteeeees
pe COncax
(wae
DPDDION songs doadasenwcas ecuntsc cd Seneeeiaeweu
nes Os cnx
alt DOCL sanenwessnscnseesnednestecedeusesittscoses
Sal HOVE succes coc tnusecvnsccecoowecwesscenemskewusn<s G0...»
PROUDOG «5 seks s0% ss cdicstan ns sexes nee teese see mensinee dos...

Mackerels...

ee

1

8

to

8

to

20
1 6
1 0
4
3
6
3
2
6
7
6
ve
3
1

TAA awh daskowkerdssneweet qyastcartarikiskaevaneeeee dO.-xs
entre eegees< 10...
Bard ovecaccuaigaswnesennexesaredabatd
see Goins.
DCA cia Nite wa baie c/esaxcoxbeab uc qnwarteesettenreare
WVAMOOT nck 4 Sac enda-sameadOanseetersrronnatss per quart..

Rabid Gi SOGS:<savcecavacicsensotemewnseteeee per pair..

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-06to

09

4h

eee ee Osc%2

LAG canavaccesclasncsucvusendcteuntcussesawiyenusere: dO. .s5
seen aes
OGG ssienvendecsss+4acareoasunene
chusneas do...
eets
eehtpae eens execute
OINTOR Jinccswatakeasda

CODONOR, anges cpg bares dat ak Silo nda Seen nena per pound..
per snit..
d
lesen sod kwoneeeaceeee
retd sadens
CiGn hii chy scchaa

-30to

8

8

0 to

0

0

10.0

to

to

4
5

1

0

«36
12
08

6
6
4

6
3
0
6
9
0

0°90

.72 to

12
. 06
1.00
12

18
15. 00 to 25, 00

2.50 to

5.00

170

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Tools and hardware, buggies, etc., drugs and medicines, at about
same rate as United States, plus freight and duty.
Raw materials for manufacture are not imported.
Prices have declined during the last ten years to some extent, but
principally owing to local competition and large importations.
The McKinley tariff law affected but few articles of general local
consumption, the loss to the colony being estimated at from £25,000 to
£30,000 per annum.
Sugar was the principal item, it being taxed 1
penny or 2 cents per pound, a corresponding increase being noticeable
in the price.
The effect of the McKinley tariff law upon local trade was to remove
the import tax from a few items, such as kerosene, in others the tax being
reduced.
The price naturally fell accordingly.

VIIL—WHETHER THE MINTS ARE OPEN TO BOTH METALS.
There is no mint upon this island.

GENERAL.
It may

be mentioned that although

United

States money is not

accepted as legal tender, except gold, which is legal tender at £1 6d.
for the $5 piece, its use is considerable, and, in the larger towns especially, the silver, gold, and greenbacks are fr eely accepted by banks,
storekeepers, and ‘others. The dollar, as a rule, is taken at 4 shillin os,
and the $5 gold piece or greenback at £1 6d. ($4.98).
In the last week or so the banks refuse to give more than £1 for the

American $5 bill and $5 in silver, but still give £1 6d. for the American $5 gold piece.

Q. O. EcKFoRD, Consul.

KInGsToNn, September 1, 1896.

ST. CHRISTOPHER.
[Extracts from Commercial Relations report of Vice-Commercial Agent Percival, St. Christopher,
West Indies, August22, 1896.]

No changes whatever have taken place in the currency, and this
remark is applicable to American as well as to British coin. The rate
of exchange is exceptionally favorable to importers of American foods,
who have “to remit to cover their cost, and can obtain sight bills of
exchange from the Colonial Bank here on their New York agency at
par, while 90 day bank drafts on London are sold at 1 per cent premium.
The currency is British silver, but the actual amount in circulation
is not known, and there are no ways or means of ascertaining it,
PRICES.

There have been no marked changes in the prices of commodities.
Any changes would, however, depend upon the ruling prices at places
of supply.

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MONEY

AND PRICES IN FOREIGN

COUNTRIES.

171

WAGES.

The existing rates of wages for (a) laborers, (b) domestic servants,
(c) mechanics, (d) factory operatives, (¢) clerks in stores, bookkeepers,
railway employees, and other salaried employees, are:
La bOVeTs ....-- canscs cncwns dar cenencses eeesie ween weens tone ons per day..
DOMESTIC BOT VOTES . 40402 co coc ccsace shade a census ang ace vee per month..
DCGIMICS 2... acs vews'ese aut) stueicels kaeeae Bau nbs seas
oe per day..
Clerics th SHOPORS <6 ces sok aces cece ces nm ewes oi awewnnee ese bes per month..
BOOKKGOPOrs 220.5. ces cee ske oeien cece meee set dees Sete ce wees 20 do....
Other salaried employees, according to position and nature of work,

$0, 24
3. 00
+50
$20 to 40. 00
20 to 40.00

HAITI.

I beg leave to transmit the following report as the most reliable to be

obtained concerning the currency of Haiti:
I—STANDARD

OF

VALUE.

The standard or basis of all operations is United States gold, although

the same does not circulate throughout the country.

The legal currency consists of Haitian gourdes, $1 and $2 paper, $1,

50, 20, and 10 cents silver, and 1 and 2 centimes copper, with which
all imports and exports are bought and sold.
All export duties have to be paid in United States gold.
All import duties are paid in Haitian currency.
The nominal value of a Haitian gourde (paper or silver) is equivalent
to a United States gold dollar, and its reimbursement in gold is guaran-:
teed by the export duties on coffee, which are payable in gold at 50
cents per 100 pounds.
But the Government, being always moreor less financially embarrassed,
applies this revenue as it is paid into the treasury generally to other
purposes;

consequently, although gourdes and centimes are

legal ten-

der in this country, their real gold value depends upon the rate at which
United States gold dollars, taken as the unit of value, can be bought
with them, which rate varies according to the political state of the
country, the amount of produce received from the other coast towns
and interior localities of the island, and the increase or decrease in the
Since gourdes and centimes are the
demand for imported provisions.
only legal tender at this time, $100 American gold is worth $140 Haitian
Two months ago it was worth $160, on account of a severe
currency.
financial crisis occasioned by the failure of several large banking and
It will in all probability, toward the
commercial houses in France.
beginning of 1897, when the bulk of the coffee crop comes in for ship-

ment, be worth only $120.

II—AMOUNT

OF

CIRCULATION.

The total amount of money in circulation is as follows:
neesss $4, 117, 197
sees ssacasenecese
Paper Gourdes ...... 1.022. cess see cnesteceeste
cece+eees 4, 452, 000
eee
cee
cee
.---2
ee
seee
222
...-.
.....
fractions
and
Silver gourdes
Seamer mes
sawens cade) seeeeesy
ous oes weds ns¥es
OGRE ooo. oc ccd censancnee
speaeesseaee
clos
aeasedede
cab
baacae
bin
+
..-American gold, about.......

Digitized for FRASER
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Federal Reserve Bank of St. Louis

225, 000
4, 000, 000

Wietedd «x ccc <xacsnenausyarecs :ontauouielenhosek ecameeeeraneet 12, 794, 197

172

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

The paper, silver, and copper currency is issued by the Government
through the medium of the National Bank of Haiti, the two latter being
coined in and imported from France.
It requires a special law each time a new issue is made, and at present the Government is making strenuous efforts to reduce the national
currency and bring it down to a metallic currency on a par with that of
the United States.
By a law passed by the legislature September 27, 1895, the Government is authorized to contract a loan of 40,000,000 francs ($7,720,000)
at the rate of not more than 9 per cent per annum, interest and sinking
fund included, for the purpose of converting the outstanding local public debt (which now pays 18 per cent per annum) and for the withdrawal of the current paper money.
Already some $500,000 has been
redeemed for American gold at par within the past three months.
The provision for the redemption of paper currency in American
gold is, as before stated, 50 per cent on coffee exported, which amounts
to about $300,000 per annum, but the Government is always obliged to
apply this amount to other purposes.
III.—PER

CAPITA

CIRCULATION.

The amount of money in circulation,
estimated at $10.66 per capita.
IV.—CHANGES

IN

including American

THE

gold,

is

SYSTEM.

About twenty years ago the national paper and silver currency was
reduced to nil, and American gold and silver were exclusively in circulation.
Since then the emission of Haitian paper and silver currency
has steadily increased, and, as before stated, amounts to-day to
$875,000,000.
The cause of this has been the internal strifes and revolutions to
which the country has been subject, during which each party issued
paper money, which was each time subsequently acknowledged by the
victors.
V.—CURRENCY

AND

WAGES.

Manufacturing industries do not exist, with the exception of a soap
factory at Cape Haitien. The rates of labor seldom vary, and are from
50 cents to $1.50, Haitian currency, per day, equivalent

$1.05, American currency.

to 35 cents

to

VI.—PRICES.

The

agricultural

and

pastoral

products

exported

are coffee, cocoa,

cotton, honey, logwood, mahogany, hides, goatskins, and gum guiac.
Coffee is worth $12, Haitian currency, per 100 pounds, equal to $8.60,
or $12.80 f. 0. b., American gold, duties paid; cocoa, $4 per 100 pounds;
hides, 10 cents per pound; goatskins, 26 cents per pound; logwood, $22
per ton f.o0.b.; honey, 32 cents per gallon; gum guiac, 10 cents per
pound.
Products consumed in the country and not exported are plantains,
50 cents per bunch; rice, 10 cents per pound; tafia (or rum), 45 cents
per gallon; corn, $8 per barrel.
Products imported are flour, rice, salt pork, salt beef, codfish, herring, mackerel, cheese, butter, lard, olive oil, hams, sugar, soap, tobacco,

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

173

kerosene oil, hardware, tools, lumber, dry goods, medicines, drugs, all
kinds of canned provisions, the prices of all of which average the same
as in the United States plus freight ($4 per ton), duties (about 43 per
cent ad valorem), and exchange (about 40 per cent).
The selling prices vary coutinually, according to the rise or fall of
exchange and premium on United States gold.
VIL—WHETHER

MINTS

ARE

OPEN

FOR

BOTH

METALS.

There is no mint in the country.
The silver currency is coined in
France at the rate of 0.835 of pure silver.
There is no quotation for the actual value of silver.
The figures of the currency given above are official, being taken from
the annual report of the National Bank of Haiti for the year ended
December 31, 1895.
JOHN Bb. TERRES,

Vice- Consul- General.

Port AU PRINOE, August 21, 1896.

GUADELOUPE.
[Extract from Commercial Relations report of Consul Dart, of Guadeloupe, August 31, 1896.]

Exports from Guadeloupe increased in 1896 over 1895, as the crop of
sugar, coffee, and cocoa was much better than in 1895, Nearly the
entire crop was shipped to France.
Imports decreased on account of
excessive duties and high rates of exchange.
There is no specie in circulation. Except afew copper sous, the only
currency is the notes of the Bank of Guadeloupe, worthless outside the
island, approximating about 9,000,000 frances.
Exchange is not obtainable on the United States, and on Paris only
to limited extent (not near enough to do the legitimate business of the
island). One hundred and twenty days’ sight draft, 10 per cent premium;
for ten days’ sight, rarely ever given, 14 per cent.
The Bank de La Guadeloupe, the only bank here (except the Crédit
Foncier, which is strictly a loan institution), has in circulation of its
notes about 9,000,000 francs.
Each note bears upon its face “ Redeemable upon presentation in specie,” which they decline to honor in specie
upon presentation for redemption.
American captains, with cargo at a stipulated price, from any port
in the United States, sign bills of lading as follows: “Freight payable
If in frances at the rate of 5.25,
in American gold, or its equivalent.”
the importer pays in local currency at the rate of 5.25, the master of
the vessel must accept, and then pay the bank 10 per cent premium on
a one hundred and twenty days’ sight draft on Paris, and is not always

able to receive drafts even at that rate, as the bank is limited to about
500,000 franes, which is about one-third of what is required for the
business of the island.
PRICES,

Prices of commodities are higher, owing to the high rate of exchange

and difficulty of making remittances,

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174

MONEY

AND

PRICES

IN

RATES

OF

FOREIGN

COUNTRIES.

WAGES.

Wages for laborers are: Women on plantations, 1.25 francs, or about
25 cents in American currency; men on plantations, 2 francs, or about
38 cents; laborers on wharf, 10 cents per hour; domestic servants, 20
frances per month, or about $3.86, There are no factories except sugar
and canning of pineapples.
In the crop season, from January 1 to
about June 30, wages vary aecording to demand, from 3 to 5 franes per
day. Clerks in stores, bookkeepers and other salaried eiployees (no

railroads) receive from 100 to 500 frances per month,

BRITISH

GUIANA.

(Extract from Commercial Relations report of Consul Patterson, Demerara, B. G., September 12, 1896.]

By, custom, United States gold is received by the banks here and
looked upon as legal tender, at a deduction of 13 per cent discount,
that is, the $10 piece is worth $9.84 of the currency of this colony,
which is silver, British, unlimited, with the gold Rerereign as a standard. The dollar is by statute 4 shillings and 2 pence of sterling
British money; hence, the sovereign is $4.80, and the $5 United States
gold at 13 per cent discount, $4. 92, 12 cents, more than an English sovereign. This ratio does not change, but, the currency of this country
being silver, gold is an article of commerce, and both sovereigns and
eagles are sold by the banks and in the street at from 1 to 2 per cent
premium on their legal-tender value.
The rate of exchange for bills on New York is constantly changing,
being ruled by the rates at New York for sterling exchange on London.
During the past year it has been as low as 14 per cent discount; now, it
is three-eighths per cent premium.
The banks here being banks of issue, it is impossible to give the
amount of currency in circulation, unless access could be had to the
books of both banks.
‘This is not attainable.
Wages

$0. 48

Common laborers receive (about) .......-...+ seseee-e---- per day..
ID OMeAtIE SOLVAHUB «ocas sounsccxloasementesses
sees tess per month..
Mechanics:
Brick layers .s<6 cac see sos cdewns ao0s coos sway sesces per week..

SIGUOES)

.-<aecuael se runes ceeboe esse

PURGES

S55 beck onsaeiee wos. do....

cide en gens Ciewevaaes bes antes esse raine swas sownke do....

Carpenters . ..-.-- .----- 02 e202 sone ne en

cece cece eee ee do....

$4.00 to

10.00

4.80to

7.20

4.80to

7.00

6.00to

8.00

4.80to

6.00

5.00to

6.00

<ss.22- ...06. cceececs
acess do....

4.00to
4.00to
4. 00to0
8.:50-to
3.24to
5.00to
L92to

4.00to

8.00
8.00
6.00
6:50
30.00
6.40
8.00

CPI OHMy Gigs o dete bw Aeee ee ae vel aWn «Same Kb oa ond edee-sehe bee do...
MVADLOTB. ptm so seine cea auow -e54 SES see eee sibs ss ccwerewde & do....

...:.. 22.0.2...
1 cece eee do....

8.00to0
8.00to

3.00to

8.00
8.00

MaGOn MAKING « ss eswas se elcsseese wdebew ew bats Seuss seth do....
FOS WARING
x a0cs ve diny x0s sneaaevenene
04 5b0' cxedte cans do....

2.88to
1 00to

20.00
4,32

Gas fitters......-.--

+--+ s+++ +2222 eee eee eee eee eee do....

IUCR S 2a suas Sakae hanes ehe es ase rey che abe ae ead ees wae
IBIgi@Simitins.
5a. sas e050 Gees see se'wtaey os wens Sceees wees
IBOGKOINGOLS ceo.saus eocees saccds seek hawt ee Oh ww od wens Eves
IBULGNGES. svete scans <= 5<5 set 6 o sed cee ens Seed ewedews ces
Brass ane Mom fOUMESLA .s.6ees bes hat See as kc cede e sew elcuk
Cabinet MaKOUs < s26 fous sce cee cle Sind Sets ccen sedans ooh
WUODORS acces cascee Chee ates Vers Cl halawaunlente wiedseeetn

Saddle and harness makers...

Street-car drivers (163 hours).

do....
do....
do.:..
do....
do....
do....
do....

8.00
3.50

Factories:

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

175

Electric-light station:

EDOCOTiO] OH GINCOF 6 cuss uudinwadnds
bacncs saaacsdaes per month..

$140. 00

Mechanical engineer..... pose
diae Shee (ay eeein seag CageR Ss do.... $35.00 to
POOMOUN Vue seo y ds hbeawEc es eek beg pees tie Gemmell eet eels do....
25.00 to
HUOUISS sWITOMOMs. 1.02 dust.gian SU vecce es eer eels we sce eeu do....
25.00 to
Jambemen ane: lbOPOLS suse cise ues dace dyegeckc se aae per day..
48 to
Railway:
SLAVLON WAGONS. : Saye. Si cece cet aoe wees ceee ee. per week..
6.50to
HARSINCORG au.6%-s5:6a ¢ sas iviee iyi wince on oie ae wd eon Seb elalkd eee do....
17.50to
CUPMOD 6 s50.s sete des Pouch da cgeseeearegndd
bacdeatwees do....
4.40to
Store and shop wages:
DAUIOS ysis hues Seed one ape cae ieee seeande
sete sigue = se Per imongne /) 20) 00 Go
POMmealOd., comecd
bert ald shew ch bb ee ees bee yeas wees Sout do....
3.00to
POOKROO PONS |. coca nase Swvew be de edws<awbines ened scene Sees do.... 100.00 to
Waterworks:
NGI NGOS chy iaessausane
bak Weitt ote sa comes oams Cory s per year..
1,
P OUOGINRG (ane cane bwnaud eve ace ese esta ceacettee aecesiveens WO ads

Eimgite KORO? oases csc sae 6a els wees oe any Bedwas ceesee’ GOs se

IGOMNOTS Saeu tee nwa noah bees ewes bye ik sane eeweee wee vag 0-5 s
BIGUONEs sists chose kaegeulbad sas cwuceuen x jase eee cealen 2 d0.~ ay
POWiBS CLOMMONE. vac onde cies osc dence cesses vewcee secaans UO.ss5
Gold fields:
WU@UDONGRS cnc. Sc)vSa'eGsupen
cveaue acu taaageaeess yeores = per day..
A8to
CLepics fb WHMCS...
i< cen newwers geesnac.eeeaeeeseeiy per month..
40.00 to
Poreman of “* going?! wn oe tle ewe
thewdy meng oenerd dO sass
25.00 to
DEG AQOUG «46h ware maeee wymmmemaie<s
Vee wemeatnet aes cine g do..... 100. 00 to

65. 00
35.00
35.00
.64
9.00
8.00
5.00
100,00
7.50
200. 00
400. 00
520. 00

846. 00
788. 40
363. 00
150. 24
.64
60.00
150. 00
500. 00

All persons connected with the mines are furnished their provisions
by their employers.
Common laborers seem cheap, but it must be borne in mind that the
laborers here will only accomplish one-third the work that the common

cotton-field laborer will do in the southern States of the Union, and
are much more unsatisfactory.
As a rule, the black laborer of this
colony is much more unreliable and trifling than the black laborers
in the United States.
Of course, there are exceptions to this, but as a
rule the above will be verified by everyone who has worked the two
classes.
PRICES.
The ruling prices of commodities have been lower on account of the

depressed condition of the sugar trade, which affects the whole colony.
Wholesale prices are:
Piles

het ee ce alea nage

$6. 00 to $8. 00

Barrels pork, clear, rumpe, ANd MOSS .... 006. ..cscssedewcnesecseauen
Bids, WUUOLO Sees egyaiveccicwnede
bene caey od la wees chee yaad 4 per Ib...
Peer
ener re eet eT Te Peer ern tr rrr Tree ome Gee do...
SI MRAMIBT PATIO’, DONG xis so dine wees ba ve dSad oo oe sennad ssanges ches 0...
ame ARy ORE cacy tr eans Sanaa PARA SD -eAN eae 5985 ae ETAL A pee per cask...
Fish, dry, haddock, pollock, and hake...............-per case 4 doz..
MODE, WING wae 4 cae WRae wads Weal aoe caleene kako ees WES an Read oes do....
Flour:
SOUND kien clay 6 Fx See ec 2 aRas see wats oUud eede odes Laue dy per bbl..
DEMWAWCHOG cosen Sabin « Gave stones BONG seep cee ewes daapicee dO..+
ne Ee LE
Ee
oe
re ee Pee
ee perlb..

WOOL co csa'ivees cor ven oena a Seeed e aed

9.50 to 11.00
.07
09
18
14.00 to 15. 00
14.00 to 15. 00
5.50 to 5.75

Cheese, (nadella and Canadian

Digitized for FRASER
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Federal Reserve Bank of St. Louis

sone

...................-0--2

00

:

i

5.00 to
.18to
-15 to

5.20
5. 50
.30
.16

176

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES,

CHILE."
I—STANDARD OF VALUE.
Chile has had the gold standard since the resumption of specie pay-

ments on June 1, 1895, The monetary unit is the gold peso of the legal
weight of 0.599102 grams, of eleven-twelfths fineness. This coin is
of the same fineness as the English sovereign, and is worth exactly
eighteen pence. The smallest gold coin in circulation is the escudo, or
The pound sterling is also a legal
5-peso piece, worth ninety pence.
Silver is used as
tender in Chile, being valued by law at 13.33 pesos.
The legal
cents.
5
and
10,
20,
peso,
1
of
pieces
for
coinage
a subsidiary
and it is
fineness,
0.835
of
grams
20
weight of the silver peso is
price of
present
the
almost as valuable as the gold peso, being worth, at
silver, in the neighborhood of 174 pence.
By article 3 of the resumption act of February 11, 1895, the President of the Republic is authorized to coin up to 10,000,000 pesos of silver coin. By the same act no one is obliged to receive more than 50
pesos in silver coin. The mint will exchange for gold coin the silver
pesos presented for that purpose, and the Government offices will receive
silver coin in payment of any amount whatsoever.
II—AMOUNT

OF

CIRCULATION.

The circulation of the country on August 15, 1896, may be estimated
‘as follows:
{Official figures, from the director of the mint.]

e ee cccvccccees $19, 230, 653. 00
Bank bills......... eeeer
Gold coined and put into circulation by the mint since
the resumption of specie payment on June 1, 1895.. $30, 300, 891. 00
6, 756, 878. 00
Less gold exported during the same period ......
238, 544, 013. 00
Silver coin put in circulation by the mint since the resumption of
7, 675, 423, 75
nee eeee
---- 2-1 eon eee -.
specie payment on June 1, 1895........-There was in circulation at the time of the resumption
of specie payment:
Government bills amounting t0..........-..----- $29, 459, 365. 50
8, 901, 728. 58
Treasury notes amounting to......-.--------+--in
15,
August
to
up
redeemed
been
had
there
Of these
accordance with the provisions of theresumption act:

cece
-+ seen eee e eee
Government notes ......---.--

24, 052, 730. 50

2.222 ceeees coecee ceeeee cones

8, 801, 528. 58

Leaving in circulation:
Government NOteS.. ccc... ees cee ee cee eeeceeeee
es
Treasury N0tes.... .eccescece
ceecee ceeeee
coenee

5, 406, 904. 00
100, 200. 00

Treasury NOtCS....

Total in circulation...... pi Rb eKUNEENEAS bivbendanens peacaeweeE

5, 507, 104. 00

55, 957, 193. 75

The resumption act of February 11, 1895, provides for the redemp-

tion of all the Government paper in circulation, and for the incineration

By this act the Goveinment retired
of the redeemed notes monthly.
from the banking business, is redeeming its paper in gold, and will
make no further issue of paper.

1In the preparation of this report, Minister Strobel has utilized a considerable portion of a report by him on Resumption of Specie Payments in Chile, January 31,
1896, which was printed in pamphlet form by the Treasury Department.

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By the act of Congress of August 29, 1855, banks of issue (bancos
de
emision) were authorized to issue notes up to 150 per cent of their
paid-up capital; but by article 8 of the resumption act of February 11,
1895, this act was amended so as to limit the total issue of the banks
to 24,000,000 pesos paper, distributed in proportion to the paid-up
capital of the banks.
Article 6 of the same act compelled the banks
to guarantee the total value of their issue by deposits in the mint of
gold, Government bonds, municipality bonds guaranteed by the State,
treasury notes, or bonds of banks which are exclusively mortgage
banks.
In order to facilitate the operation of the resumption of specie payment by the act of May 28, 1895, bank notes were placed on the same
footing as Government bills, and the Government was authorized to
change for gold the bank notes which should be presented for that
purpose to Government offices until December 31, 1897. These bills
are redeemed monthly by the banks.
If the bills are not redeemed
they are incinerated, and the bank to whose issue they belong is compelled to sign an application to the Government to redeem them within
a certain period by installments and at a certain rate of interest.
Up
to August 15, 1896, 77,510,128 pesos of bank notes had been redeemed
by the Government in gold, and of these 68,113,228 pesos had been
redeemed in turn by the banks.
The bank notes, of which, as I have
said above, there are 19,230,653 pesos in circulation, may, of course,
be
put into circulation again by the banks as soon as redeemed.
Under the present monetary system of Chile, therefore, all but a few
of the Government bills have been destroyed, gold has taken their
place in circulation, provision is made for the redemption of bank
notes
in gold by the Government, and these bank notes are ransomed
(rescatados) from the Government by the banks redeeming them
in gold.
IlI.—PER

CAPITA

CIRCULATION.

By the last census of this country the population was 2,711,
580, and
as the circulation as shown above is 55,957,193.75 pesos,
we have a circulation per capita of 24.64 pesos, or $7.43 United States
gold.
IV.—_CHANGES

IN

Atter an experience of seventeen

of fiduciary paper, Chile resumed

year.

This

CHILE

UNDER

operation

is so

recent

THE

SYSTEM.

years under

the monetary system

Specie payments
and

of such

on June 1 of last

importance

that,

in
order to explain its precise nature and the reason that
induced the
change in the monetary system, it is necessary to give a summa
ry of
the previous financial history of the country by tracing the steps
which
led to the introduction of inconvertible paper, explaining the difficulties which resulted therefrom, and examining the various laws which
were enacted for the purpose of restoring a stable money to the Republic,
THE

SYSTEM

OF FREE

COINAGE

OF GOLD

AND

SILVER.

The act of January 19, 1851, authorized in Chile the free and unlimited coinage of silver and gold at the ratio of 16.39 to 1, and established
two monetary units—the gold peso of 1.5253 grammes, of nine-tenths
fineness, and the silver peso of 25 grammes, nine-tenths fineness.
According to the figures furnished by the Chilean Government there
1354——12

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was, from 1859 to 1873, inclusive, presented for coinage at the mint
7,873,608.60 pesos ' silver and 13,765,553 pesos gold.
” Although the countryis a large producer of silver, and an unimportant producer of gold, during that period an annual average of almost
twice as much gold as silver was brought to the mint.
On the other
hand, during the following five years, from 1874 to 1878, there was presented to the mint 8,444,766.20 pesos of silver and only 398,228 gold.
In other words, the coinage of gold practically ceased with startling
suddenness, and the mint became overburdened with silver.
This change will be explained by a glance at the market price of
silver. In 1851, the year of the passage of the coinage act of Chile,
the average ratio between silver and gold was 15.46 to 1. In 1873 it
was 15.43 to 1. Between these years the fluctuations in the ratio were
slight and short, as it never rose to 16 to 1 nor fell to 15 tol.
In 1874
this steady average, which had corresponded to the production of the
metals, was broken by the increased production of silver, and during
that year the rates averaged about 16.16 to 1; in 1875 it averaged 16.13
to 1; in 1876, 17.80 to 1; in 1877, 17.19 to 1, and in 1878, 17.96 to 1.
Now, the ratio between the two metals established in Chile by the
act of 1851 was 16.39 to 1. Not until during 1874 did the ratio of silver to gold approach closely, and not until 1875 did it pass this figure.
Up to 1875 the silver peso was worth more than the gold peso, and
the result was that until 1865 the circulating medium was almost
entirely gold, and from 1865 to 1875 gold and bank notes, the entry of
which into circulation will be explained later.
The material excess in the value of silver over gold not only caused
the exportation of the greater proportion of silver taken from the mint,
but also the immediate withdrawal of silver coin from circulation. To
such an extent was this the case, that it became necessary by the act
of July 26, 1860, to authorize the coinage of gold pieces of 1 peso to
take the place of the silver peso which disappear ed from circulation as
soon as issued from the mint.
As soon, however, as the depreciation of silver brought the value of
the silver peso below that of the gold peso, gold took the place of silver
as the metal for export, and instead of being presented at the mint in
greater quantities than silver, there was a natural cessation of the coinage of gold, and a disappearance of gold coin from circulation.
REPORT

OF

THE

DIRECTOR

In further explanation
circulation and coinage
coinage, I quote at some
in 1876 by the director of
ter of finance:

OF

THE MINT
GOLD.

ON

THE

EXPORTATION

OF

of the effects of the price of silver upon the
of the two metals under the system of free
length extracts from a very able report made
the mint, Seftor R. Sotomayor, to the minis-

The gold and silver bullion bought in the past year, including that left aver from
1874 and coin remelted, represent ‘the following v alues : Gold 85, 433.84, silver 2,151,-

734.88 pesos.
In 1874, gold 158,426.14, silver 1 S477, 074.71 pesos.
I must here call attention to the rapid decrease in the presentation of gold bullion
to the mint during the last three years.

This results from causes which must have a

powerful influence on our monetary situation, and which
in trade that may not be transitory.

must produce alterations

1The Spanish word peso is used in the report instead of the translation dollar, to
avoid confusion with the American dollar, The $, where used, also means peso.

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179

Below is the amount of gold bullion obtained by the mint for its labors in the last

four years:

Year.

DOTS a 5K KewhE ans HAAN oad Rar RgmEA
Wich
seas heeded «deatnicles ihalaaah
DOT teat wh aae es wed e ah od vitae
WSOenanes Saeed vawenas «use rce solu

Kewen Seiad hoa E was dune need kocedencceworks
ards tele al delwessaecdetaseeelseculene.
antamemrs sass Ree eoxe te lecle alo cava nalices.
vackivn Ueiadce bay Mere e¥Sl.cerulocorbscenkt

Amount.

Decrease.

Pesos.

Pesos.

2, 408, 998,94 | 0 ccescivansde
1, 520, 429. 04
938, 569. 90
158, 426. 14
1, 362, 002. 90
85, 483. 84
72, 992. 30

The amount of gold introduced into the mint during 1872 and 1873 must be regarded
as exceptional, because the first of these years was noted for our commercial prosperity throughout the whole country, and, in return for exports of national products, large sums of foreign gold coin were imported; and in the next year, there
figures a million pesos from the loan made in London of that year.
The average,
however, of the purchase of gold by the mint in normal periods may be reckoned
at 500,000 pesos a year—a sum scarcely sufficient for the interests of commerce by
land with Argentina.
In the present year, according to data which may serve as a
basis for calculation, the introduction of gold will be less than in 1875; and if some
unforeseen circumstance does not intervene, we must expect that the small annual
production of gold will be exported as bullion instead of being brought for sale to
the mint, for reasons which I will explain later.
The bars of silver, on the contrary, show a value greatly superior to those presented

in former

years, and to the ordinary requirements of commerce.

The intro-

duction of this metal would have much exceeded the producing power of the mint
if we had not adopted the measure of fixing periods of six months for payment of the
bars, and if, in the month of August, we had not entirely suspended the purchase of
Silver.
The mechanical forces of the mint were scarcely sufficient for coining silver pesos
at the rate of 250,000 per month, and the introduction of silver exceeded in some
months 500,000 pesos—a circumstance which produced an accumulation of bars to
the extent of 1,199,610.23 pesos.
The State was therefore burdened with interest on this sum, which remained
unproductive.
If there had not been a temporary suspension in the purchase of
silver, there would have been an increase of more than 200,000 pesos a month until
the motor and the nine machines which are now being erected had been put into
operation and an equilibrium established between bullion introduced and coin.

The causes of the scanty introduction of gold, as well as the excessive presentation
of silver bullion, are well known.
In my report of last year I informed you of the
alarming fall in the price of silver in the London market, which regulates the commercial world.
The price had then fallen to 57} pence per ounce troy from 60 to 604 pence,

which

had

been

regarded as the normal

price.

This

fall has

since taken a course

which, to avail myself of an expression used by an eminent writer on the subject,
may be regarded as revolutionary.
In the first days of the present month the price
was 534, or about 12 per cent less than its normal price.

Nor can we see any limit to

this violent depreciation.
With the radical change in the price of silver in London, gold in coin or bullion
has been sought after for exportation in preference to silver or bills of exchange on
Europe.
It will be seen from the calculation given below that our gold coin is fated to disappear from our market, being undervalued as a result of our monetary system,
unless commerce gives it the premium due.
If we take as a basis of the value of silver the ounce troy of 31.100 grams of

Standard

fineness

of

0.925,

or 28.7675

grams

of fine silver

at 534 pence, and

as a

basis for gold the sovereign with a weight of fine gold of 7.3216 grams of 240 pence,
its legal value, our silver peso will have an intrinsic value of 41.83, and the gold
dollar 45 pence. This difference is equivalent to 74 per cent in favor of the latter, a

premium

which

must

be increased

by

greater

facility in its transportation

when

both coins are regarded as material for export.
The value of bills of exchange on
Europe had to be modified in proportion to the depreciation of silver.
The ordinary quotation of bills of exchange on London has been 444 pence per

peso, and is to-day at 414 pence.

in the coin with
approximately to
export balances.
The remittances
per peso at sight,
and commission.

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This is equivalent to a fall of more than 7 per cent

which the bill is paid, which is at present silver, and is equal
the premium on gold, which has now become the metal for settling
in gold, as has been before said, produce an exchange of 45 pence
and those of silver 41.83, less cost of packing, freight, insurance,

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MONEY

The price of
when modified
remittances of
to reestablish
reaction in the

PRICES

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FOREIGN

bills of exchange will have to be fixed, except in exceptional cases,
by excess of imports or exports, on a basis of value resulting from the
silver pesos less the above-mentioned expenses; and we can not hope
the circulation of gold coin at par with silver without a favorable
* * *
price of the latter metal in the London market,

The director goes on to say:
The commercial ratio between the two precious metals has been constant, with few
fluctuations, from the beginning of the century, 1 to 154. In the last three years
this regularity has disappeared, and the double standard, which seemed to act like
At present, estimating silver at 53} pence per ounce,
a balance, has lost its power.
its ratio to gold is 1 to 17.623, so that there is a depreciation in the former metal of
13.696 per cent.
The opinion of scientific men is uniform in the belief that the economic situation
created by the fall in silver will cause gold finally to prevail as the basis of the
monetary system in the majority of nations.
In Chile, as you know, the legal ratio between gold and silver coin is, according
to the system in force, 1 to 16.39. This ratio formerly favored gold to the extent of
more than 1 per cent, in comparison with 1 to 15.5, generally in force in Europe and
This was the
America, which was nearer to the commercial value of both metals.
reason why until 1872 gold coin was relatively very abundant and in little demand
At present
for export, and silver was used in settling our balances with Europe.
As a result of the commercial ratio of
matters have undergone a radical change.
1 to 17.623, Chilean gold, which was before favored, las becomed undervalued in
commercial transactions by about 74 per cent. As I have before stated, we have
not had to wait for the result. The abundance of this gold coin has been followed
by its almost entire disappearance from our market.
The situation which I have just described must produce disturbances in trade.
The price of bills of exchange on Europe, of merchandise imported, of national products, and even wages, being regulated by depreciated silver coin, will, in course of
time, have to suffer further fluctuations until there is established a proper balance
and a return to the normal situation.

In his report of 1878, the same director, referring to his report of

1876, quoted above, says:

The depreciation of silver in the principal markets of the world continues, and as
a consequence of the frequent fluctuation in the ratio of value between gold and
silver coin, which fix circulation and international exchanges, our gold coin has
been withdrawn from circulation, and the small amount issued by the mint is immediately sold for export by the owners at a premium of from 4 to 10 per cent, according to the price of good drafts on London.

As soon, however, as the depreciation of silver brought the value of
the silver peso below that of the gold peso, gold took the place of silver
as the metal

for export, and instead of being presented at the mint in

greater quantities than silver, there was a natural cessation of the coinage of gold, and a disappearance of gold coin from circulation.
The effect of this depreciation was not felt as soon in Chile as in
other countries where the legal ratio was less, as for example, in France,
where the ratio being 154 to 1, there was, in 1873, deposited in the mint

for coinage, 150,000,000 francs’ worth of silver against only 5,000,000
franes in 1871 and 1872.
THE

BANKS

OF

ISSUE.

Banks of issue (Bancos de emision) were

authorized by the act of

July 23, 1360. By this act the capital of the bank must consist of
money which is legal tender in the country, bars of gold or silver, or
notes signed by persons who are known to be solvent, and payable in
The bank is authorized to issue notes payable at sight
six months.
and to bearer to an amount equal to 150 per cent of its paid-up capital.

These notes are of the denominations of 20, 50, 100, and 500 pesos, and

are payable either in gold or silver coin. (No provision was made by
the law for the redemption of these notes, nor was there any provision

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181

regarding the amount of cash reserve or for the accumulation of a surplus; nor, with the exception that the bank could make no loans upon
its own stock, was there any restriction on the amount of loans, or any

provision regarding the security for the same.
The result was that
profits which under the banking systems of other countries would go
to the accumulation of a surplus or to making some provision for the
redemption of notes were expended in the dividends to the stockholders.) Within the first half of every month the directors of the bank
were required to make a statement to the minister of finance of the
bank’s condition at the end of the previous month.
Despite the careless liberality of the above law toward the banks in

the matter of the issue of notes, allowing, as it did, an issue of 150 per

cent of the bank’s capital, and requiring no provision for their redemption, bank bills did not enter into circulation to any extent until 1865,
the year of the breaking out of the war with Spain.
Until that year
the circulating medium of the country was gold, silver, as was shown
above, being retired from circulation as soon as coined and the banks
not having succeeded in securing the acceptance of their paper by the
public. The circulation of bank bills was also undoubtedly impeded
by the fact that the act of July 23, 1860, did not provide for notes of
Smaller denomination than 20 pesos.
TEMPORARY

INCONVERTIBILITY
OF BANK
WITH SPAIN.

BILLS

DURING

THE

WAR

In view, however, of the conflict with Spain and the financial diffi-

culties arising therefrom, on September 24, 1865, the National Bank of
Chile was authorized to issue notes to the extent of 50 per cent of its
paid-up capital, or 1,500,000 pesos, and these bills were not to be converted until January 31, 1866. They were guaranteed by three other
banks, and the State agreed to receive them in payment of taxes at
their face value. The bank was also obliged to remit daily to the
treasury, in payment of these bills, all the coin received by it during the
day. The circulation of the bills was also much facilitated by the repeal
of the article of the banking act of June 23, 1860, which restricted the
issue of the notes to the denomination of 20 pesos and upward.
Notes
from 1 peso upward were now authorized.
_ The blockade of Valparaiso by the Spanish fleet, and the prolongation of. the war caused a financial panic and a withdrawal of deposits
from the banks.
The Government was, therefore, compelled to give
further facilities for the issue of paper, and additional laws were
enacted on December 20, 1865, and February 1, 1866, authorizing the
Bank of Chile to make a further issue of inconvertible paper, and
extending the same privilege to three other banks. The bank notes were
to be received at their face value in payment of all Government dues for
a period of twenty-two years.
In return for these privileges the banks
were to make a loan to the Government of 4,539,000 pesos. The amount
of paper issued by the banks was not to exceed the amount of this loan
to the Government, nor, in any case, could the amount exceed that
allowed by the general banking act of June 23, 1860—that is, 150 per
cent of the paid-up capital of the bank. The issue was guaranteed also
by Government bonds, and the banks were required to redeem the
notes received from the Government officials to an extent of not less
than 5 per cent of their total emission during the course of each month.

Failure to comply with this condition entailed the loss of the privilege.

The

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entire

amount

of the

emission

was

to be redeemed

within

six

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COUNTRIES.

months after the close of the war, or, at any rate, not later than June
20, 1867.
This issue of paper, however, was redeemed with more promptness
than was required by the law, as the banks began to convert their
paper from September 1, 1866. The notes issued by the banks during
the war with Spain, in accordance with the provisions of the above
laws, can not be regarded as absolutely inconvertible paper, as they
were received for their face value by the Government, which, in return,
required monthly redemption of a certain amount by the banks.
The
best proof of the strong financial condition of the country during this
period is that in spite of the panic produced by the war the average
rate of exchange during that year, 1865, was 45.92, and during the year
1866, 46.32 pence per peso.
INCREASED CIRCULATION OF BANK BILLS RESULTING FROM EXPORTATION OF GOLD—LOAN OF GOVERNMENT FROM BANKS AND ACCEPTANCE OF BANK BILLS IN PAYMENT OF GOVERNMENT
DUES—BANK
PAPER DRIVES SILVER FROM CIRCULATION.

The years 1874 and 1875 may be regarded as transitory in the mone.
tary system of the country.
Gold had taken the place of silver as the
metal for export, and silver the place of gold as the circulating metal
at home, the rate of exchange being regulated by the more valuable of
the two metals which was exported.
The prompt redemption of the bank notes issued during the war
with Spain had increased public confidence in these notes. The issue
of bills of small denomination and substitution of silver as the coin of
the country greatly facilitated their use as money.
The inconvenience
of handling silver created an artificial demand for bills. The silver
peso began to be dislodged by bank notes, which were unsuspectingly
received by the public and absorbed into circulation.
On December 31, 1869, the published statement of the banks showed
the amount of notes in circulation to be 4,635,360 pesos, and this amount

continued

increasing

until,

in 1874, the

exceeded 7,000,000 pesos.
In 1878, the Government being
President was authorized for the
treasury notes for the purpose of
accomplish the taking up of this
contract was

made

with

the

in need
term of
raising
loan, by

banks

bank

notes

in circulation

of funds to meet deficits, the
one year to issue 9 per cent
3,000,000 pesos.
In order to
an act dated June 27, 1878, a

making

their

notes

receivable

in

Government offices to the extent of four times the amount of the above
loan taken up by each.

By article 6 of the act the banks were to deposit, as security with
the Government, treasury notes to the extent of 25 per cent of their
issue within the above limit. The amount of bills that each of the con-

tracting banks had in circulation did not reach the amount which by
the act obtained

the privilege of being received in all the Government

offices in payment of taxes and other dues.
The outflow of gold during the years 1874 and 1875 had exhausted
the gold in the country, and the silver coin began now to be exported,
as the bank bills responded to the principal wants of circulation at
home.
This is clearly seen by the significant fall in exchange in 1876,
The average rate, which was about 44 pence in 1875, fell in 1876 to
about 404 pence.
The rate of exchange was no longer governed by the

gold, but by the silver peso.

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The enactment of the above law gave the final blow to the circulation
of silver. As the bank bills were received by the Government offices
and performed all the functions of coin, there was no object in using
the metal, which, consequently, entirely disappeared from circulation.
CRITICAL

CONDITION

OF

THE

BANKS.

The flight of gold from the country and the haste of silver to follow
in its footsteps did not instill prudence into the management of the
banks, either regarding the amount of their issue or the accumulation
They had, however, been very successof a reserve for its redemption.
From 1872 to 1878 the Bank of Chile
ful in the earning of dividends.
had distributed to its stockholders 122 per cent in dividends, or more
than 20 per cent a year. In the year 1872 it distributed 24 per cent,
and in 1873 another dividend of 22 per cent. In 1875 it distributed a
dividend of 20 per cent. The majority of the other banks also paid
large dividends.
The statement of the condition of the banks on June 30, 1878, showed
that the banks had on hand only 2,122,618 pesos in coin to meet 7,028,600 pesos of notes in circulation, and 27,904,267 pesos of deposits.
The principal bank of the country, the Bank of Chile, had a paid-up
capital which amounted to only 24.6 percent ofits liabilities and coin on
hand amounting to only 4.9 per cent of its liabilities. The Government also had a current account with this bank, was indebted to it
for about 3,000,000 pesos, and was drawing further drafts upon it. The
bank informed the Government that it could not meet these drafts, and
that unless some measure of relief was given it would be forced to close
its doors. At its solicitation, and from fear of a panic that would
involve other banks, on the night of July 22, 1878, the House of Deputies was summoned to an extraordinary session, according to the statement of its president, “on account of grave and urgent matters.”
THE

BANK

ISSUE

MADE

INCONVERTIBLE

PAPER

BY

LAW.

In secret session a communication from the Senate was read transmitting a bill which established the inconvertibility of the bank notes
until August 31, 1879.
_ After a stormy session, which terminated at 4 o’clock in the morning,
in which it was explained that the bill had

been

presented

by

agree-

ment with a certain banking institution, a law was enacted by a vote
of 46 to 9, and promulgated by 10 o’clock on the following morning, the
principal provisions of which were as follows:

(1) The amount of the issue receivable by the Government

officials

bi limited to 10,100,000 pesos, the sum fixed by the act of June 27,
(2) The banks must deposit in the Government offices obligations of
the State or mortgage bonds, as a preferred guaranty, in favor of the
holders of their notes over general creditors. Fifty per cent of this
deposit must be made within fifteen days, 25 per cent within two months
and a half, and the remaining 25 per cent within four months.
(3) The banks must pay to the treasury monthly interest at the rate

of 4 per cent a year on the amount of their circulation.
In return, the State guaranteed that the bank notes would be redeemed in specie on August 31, 1879.
In view of the haste in which the above law was enacted, it was elaborated by the act of September 6 of the same year. This act increased

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COUNTRIES.

the amount of inconvertible paper which could be issued by the banks
to 15,010,000 pesos, and required the notes issued to be registered in
the mint, and to bear the inscription “Guaranteed and inconvertible
by law.” The banks were obliged to keep on deposit coin, bullion,
Government obligations, or notes of the mortgage banks to the amount
of their inconvertible issue; and these inconvertible notes were to be
retired from circulation at the rate of 5 per cent per month, beginning
June 30,1879,
The guaranty for the issue, consisting of bonds or other
obligations, must be replaced by gold or silver coin or bullion, at the
rate of 4 per cent a month.
The Government guaranteed the return to
specie payment by the banks on May 1, 1880. The whole circulation of
the banks, convertible and inconvertible, taken together, could not
exceed the amount fixed by the banking act of July 23, 1860, that is, 150
per cent of the paid-up capital of the banks.
From the bank statement published on June 30, 1878, the paid-up
capital of the banks amounted to 19,157,588 pesos, so that the banks

were enabled to issue 28,736,382 pesos, of which 15,010,000 pesos was

inconvertible paper.
From the establishment of the banks of issue under the act of 1860
to July 23, 1878, the date of the enactment of the law establishing the
inconvertibility of their paper, there had been registered in the mint
an issue of bank notes equal to 14,500,000 pesos, and on July 30, 1878,
as seen from the bank statement of that date, the issue only reached
8,349,089 pesos, from which there should be deducted a sum not less
than 2,000,000 pesos, entered in the statement: of that date, as notes of
the other banks.
The 15,010,000 pesos of inconvertible paper allowed
by the law of September 6, 1878, seems to be out of proportion with
the quantity of notes in circulation up to this time. The clause of the
act of September 6, 1878, providing that the inconvertibility of the
bank paper should cease on May 1, 1880, became entirely inoperative
by the breaking out of the war with Peru and Bolivia.
Instead of
there being any prospect of the redemption of bank notes, the Government now began to issue a paper currency of its own.
PAPER

ISSUES

OF

THE

GOVERNMENT DURING
AND BOLIVIA.

THE

WAR

WITH

PERU

War was declared against Peru and Bolivia on April 5, 1879, and
by an act of Congress of the 10th of the same month the President
was authorized to issue directly or through the banks 6,000,000 pesos in

notes.

A satisfactory agreement not having been made with the banks, it
was decided that the Government should issue its own paper.
As
there were no tacilities for engraving bills of suitable denomination,
treasury notes of 1,000 pesos, running for five years, were provisionally
mace legal tender for the above amount.
By an act of August 26 of
the same year there was authorized a further issue of treasury notes
of 6,000,000 pesos.
As a result of these measures, and of the commercial crisis produced

by the war, exchange on Europe fell to an extent that threatened to make
the subsidiary silver coinage disappear from the country, and in order

to prevent this the fineness of the subsidiary silver, by an act of June

13, 1879, was reduced from nine-tenths to five-tenths.
In October, 1879, exchange reached 244 pence, and it was feared that
even the debased silver coinage would be withdrawn from the country.

The Government therefore ordered from the United States a number of

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AND

PRICES

IN FOREIGN

COUNTRIES.

185

bills of 20 and 50 cents, to form a fractional paper currency.
In consequence, however, of the capture of the Peruvian monitor Huascar,
and other successes of the Chilean army, exchange rose, and it was not

found necessary to use these bills.

By the acts of January 10, 1880, and August 19, 1880, respectively,
there were further issues of 4,000,000 and 12,000,000 pesos of treasury
notes. The latter act also provided that the treasury should receive
on deposit the treasury notes issued under these and the previous acts,
to the extent of 12,000,000 pesos, in sums of not less than 100 pesos,
and for periods of not less than thirty days, and should pay interes
t
at the rate of 5 per cent per annum.
The summary of the issues is as follows:
Act of—

EEE BO, BOD a sina) vcd sae bles bide wile eedda kd dues db Uaccdaemse'es
Bae
6,
BRUIT DE, TET 4 «4.0 ans’ s'sadine « 404s Wong WhAe Waves vuuds’s inx'cds el
scace
6,
ON
Oe, FEO irk niin 6 pan Red hg Be Peel Kawai voted ous «ceca aed ela oe 4,
BUN TE TEES sins ape ab0ux thie dnndae donned vaneae vhccdoien
cs 12,
SOMME

ended 2h acs Mabyera dike diatemnsen Liga

La dtek vlad cay,

By a decree of November 12, 1881, all the above treasury
were regarded as a provisional issue, were ordered to be
circulation and to be replaced by 28,000,000 pesos of
engraved in the United States.
It required four years
this substitution, and the Government bills which replaced
notes were of the following denominations:

notes, which
retired from
bank notes
to complete
the treasury

Pesos.

1,000 pesos each

50 POSOS CBC...

6. cs cseccecwsceccecc.

12, 475, 000

fs

5, 150, 000

a:

20 pesos each............ 2000-00-00
TO PBROB GACH.
0 cesicsscxnas SdaeddensGece...l,
5 pesos each...... Evit'anld
ae te a ealeais comercc ete

OL

ISSUE

525, 000

ead

@ POWOS QAOK. .........
seasons
..c
ccoscecee
cnn
s cette.
es

FEMME

540, 000
4, 380, 000
2, 815, 000

r

rien ss nn shcraces oneins shins 4¥durgaleei(aacd¥eeateea
ccale ie
boasar
viam

aysundanainan cxprddthsrubinlnsddanhadnes

OF

PAPER

BY

000
000
000
000

28, 000, 000

Denomination of notes.

100 pesos each. .......c.ccccacensocvcces

Pesos.

000,
000,
000,
000,

sceyeeriovetidweatekcl,

PRESIDENT

BALMACEDA
REVOLUTION.

ee

en

DURING

780, 000

1, 335, 000

28, 000, 000

THE

Between the close of the war with Peru and Bolivia, and the

beginning of the civil war between President Balmaceda and the Congre
ss,
in

January, 1891, the circulation of the Government notes
had been
reduced from 28,000,000 to about 21,000,000 pesos.!
Tn consequence of the financial disturbance caused by the breaki
ng
out of the civil war there was a withdrawal of deposits, and
the
condition of the banks again became critical. At the instance
and under

the influence of the Government, representatives of the
three principal
banks presented a petition to the President requesting the
suspension

of the accumulation of silver, and of the retirement of notes from circulation, and the issue of 12,000,000 pesos by the Government,
and a

loan of 15,000,000 pesos to the banks.

This petition was granted by

a decree of President Balmaceda dated February 1, 1891.

‘In accordance with the act of March 14, 1887, which provided for an
accumulation

of silver and the monthly retirement of a certain amount of notes.
of this act will be given later,

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‘The provisions

MONEY

186

AND

PRICES

IN

COUNTRIES.

FOREIGN

On June 15 an issue of 2,000,000 pesos in notes of 50 cents each was
On July 22 the President was further authorauthorized by Congress.
pesos, convertible for silver pesos, and
6,000,000
for
ized to issue notes
on July 26 to coin 2,000,000 pesos more in fractional coin of silver of
less than two-tenths fineness.
Finally, on August 18, Congress authorized an issue of 15,000,000 pesos
more of Government notes.
For these paper issues the Government of President Balmaceda used
at first

the

blank

Government

notes

on

hand,

and

after

were

these

exhausted the bank notes in blank, to which were affixed the signatures of Government officials and the seals of the treasury.
In addition to the above operations, by act of Congress dated June
6, 1891, the Balmaceda Government was authorized to consider as Government bills all the bank bills registered at the mint. The treasury
was authorized to open an account current with the banks and to draw
monthly upon them to the extent of 15 per cent of their issue.
This appropriation of the issue of the banks by the Balmaceda Government at the time of its defeat amounted to 8,918,863.68 pesos.
THE

BALMACEDA

BY
RECOGNIZED
ISSUES
CONGRESSIONAL PARTY.

THE

VICTORIOUS

The Junta appointed by the revolutionists, which had established an
independent government in the north, with a residence in Iquique, by
a decree of March 9, 1891, declared the paper issue of the Balmaceda
Government to be illegal; and this decree was enforced during the war
in the zone over which the Congressional party exercised authority.
After the victory of the Congressional party, in August, 1891, the
circulation of the country was as follows:
Pesos.

Paper issue of the Goveriiment before the civil war.........+..---++- 21, 087, 915. 00
TSSUO OF UO DAMES: 7.2. ). seg uad hdasaew Sorc ve wenleees sb ememnwetsess 20, 370, 431. 00
Issue of President Balmaceda during the civil war..... eee ee 20, 750, 358. 50
sence ss eawe
Fractional coins of five-tenths fimeness ........6 c.00s0eses

Fractional coins of two-tenths fineness -... ..-. 2.22. 056 soos cence
GGA] scan vaweas uwby's otbas'edengs

woes

4, 609, 286. 30

774, 358. 50

uot i vere oueiys wens em iwne wae’ a 67, 592, 344. 30

Of the above sum of 20,370,431 pesos of notes issued during 1891,
there were in the vaults of the different banks, in their Santiago offices,
more than 12,000,000 pesos, and, as the circulation of these notes had
not been recognized by the victorious party, the directors of the bank
addressed a petition to the Government requesting that the notes be

received in Government offices. In consequence of this petition, on
September 9, 1891, the Junta reversed its decree of March 9, 1891, and
ordered the Balmaceda issue of notes to be received by the Government offices.
By the act of February 2, 1892, the President was authorized by

Congress to contract a loan to the amount of 21,000,000 pesos by issu-

ing treasury notes for the purpose of canceling the Balmaceda

issue

as well as the fractional coins issued by the same Government, in accord-

ance with the acts of May 2 and July 5, 1891.
Through fear, however, of a contraction of the circulating medium
there was, of the Balmaceda issue, retired from circulation and
destroyed only 1,087,000 pesos, which were in possession of the Gov-

ernment, and 9,500,000 pesos, which were furnished to the Government
by the banks in return for treasury notes.

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Nearly half of the paper

MONEY

AND

PRICES

issued during the Balmaceda

IN

FOREIGN

COUNTRIES.

187

administration, therefore, remained in

circulation.
There still remained the debt of 8,918,836.68 pesos to the banks contracted by President Balmaceda in consequence of the appropriation
of their issue.
By the act of February 4, 1893, the Government also
canceled this obligation by an issue of treasury notes to the banks.
FLUCTUATIONIN

EXCHANGE

From 1865 until 1876 the
follows:
EOOaMer
ewe
Petiiemian
RUS
OR

eda 83 GG 5S weiss We ewce Cees
tel oaccicce uv oeResee eek Gees
ty kc Weep adie y taeusee eres
ad bewcd Gaara sa une sews Gear tees
ee eevee havrnwae
cestue ee

ew ien wiles

ade dan eitaveus sane Gen

AND
DEPRECIATION
PESO.

average

annual

OF

THE

PAPER

rate of exchange was as

Pence.

AOWOe | LOL de suee sWawes cv akateeeitsemean
BGO O2 | WEST. Shae Ske wakeee
wer a eee
GO OO
LOTS vewe se allies Gd bayel e yale pambee

Gs
sl Uda
oh oe 04 wd win cece hosed aeeee ct
ABV | LOCO weeey < bnawouvewcel
o Leeues lectus

45. 09

Pence

45. 94.
46. 58
44, 89
44. 50
43. 81

Taking the intrinsic value of the gold peso at about 45 pence until
1873, when the depreciation of silver began, the rate of exchan ge was,
without

exception,

higher

than

the value

of the

coin

in

circulation,

because the rate was based on the silver monetary unit, the peso, of 25
grams, which was used for export, and which was at that time the more
valuable of the two metals.
In 1874 the reverse of this took place.
Silver fell to 574 pence per ounce, and in 1875 to 56% pence.
In 1874
exchange averaged about 444 pence, and in 1875 about 44 pence.
As already stated, during these two years there was a steady flow
of gold from the country, and just as the rate of exchange had been
governed by the silver peso it was now governed by the value of the
gold peso, the coin used for export, which, allowing for the expenses of
exportation, produced about 444 pence.
Tn consequence of the drain of gold during 1874 and 1875, from 1876
until the enactment of the law of July, 1878, making the bank notes
Inconvertible, the country was on a silver basis. henceforth until
June, 1895, the monetary System was inconvertible paper.
A glance
at the fluctuation of exchange which represented from 1876 to 1878 the
gold equivalent of the silver peso, and from 1878 to 1895 the gold equivalent of the paper peso, will show the result of a monetary system where
the simplest financial operation and the commonest transaction of
everyday life are of the nature of a speculation.
Taking first the two years 1876 and 1877, when the country was on
a silver basis, exchange ran closely to the value of the silver peso,
making, of course, a deduction for the expenses of exportation, and
allowing for its being affected by trade conditions.
In January, 1876,
exchange and the value of the silver peso both stood at about 438 pence.
On June 18, 1876, the value of the silver peso had fallen to 385 pence,
and exchange dropped to 34 pence.
The silver peso then rose steadily
until at the beginning of 1877 it reached 444 pence, and exchange followed and overtook it. The silver peso again descended to 41 pence in
July, 1878, Exchange followed, running almost parallel, until in the
Same month it averaged 40 pence.
To this time the rate of exchange was largely influenced by the value
of the silver peso, and the fluctuation of the former followed the fluctuation of the latter; but with the enactment of the law of July, 1878,

making the bank paper inconvertible, and the issue of Government

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MONEY

AND

PRICES

IN

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COUNTRIES.

paper in 1879, new and important factors now affect the course of
exchange.
.
After a fall in the month of August, 1878, to about 37 pence, exchange
rosein December until it reached 394 pence. It then steadily descended,
and at the time of the occupation of the Bolivian port of Antofaga sta
in February, 1879, the peso was worth about 37 pence.
It continued to
fall steadily, and during the month of April, the month of the declaration of war against Peru and Bolivia, it averaged only 33 pence.
It
continued to fall steadily until the month of October, when it reached
24 pence—a fall which made the Government fear that the fractional
silver would disappear from the country, and induced them to order
fractional paper currency to be engraved in the United States.
With
the capture of the Peruvian monitor Hwuascar, when the ultimate
triumph of the Chileans in the war seemed to be assured, the value of
the peso rose steadily and quickly through the months of November
and December until in the last month of 1879 it had touched 37 pence.
A reaction then took place, and in the year 1880, after a steady decline
from January to August, it reached, in the latter month, 254 pence,
then rose to 30 pence in October, and, with slight fluctuations, fell in
April, 1881, to 27 pence.
It then rose steadily again until in January,
1882 it touched 36 pence, and in December of the same year, with slight
fluctuations, it reached 364 pence—a point it never again attained.
Strangely enough, in spite of the conquest of Bolivia and Peru, and
the great addition to the resources of the Government by the annexation of the rich province of Tarapaca, at the close of 1883, the course
of the value of the peso, although marked by many fluctuations, was
steadily downward.
In April, 1884, it had fallen to 294 pence, "and,
with slight reaction, continued to fall until in August, 1885, it touched
224 pence.
It then rose, until at the end of 1885 it reached 27 pence,
and fell again, until in August, 1886, it reached 214 pence.
It then took
an upward turn until, in the month of November, 1888, it reached 30
pence. From this point the course was again steadily downw ard, until
in the month of Dec ember, 1890, it aver aged 22 pence.
With the outbreak of the revolution in 1891, it fell with startling suddenness through
January, February, and March, until in the month of April of that
year it touched 154 pence.
It then took an upward turn, until in the
month of May it averaged 174 pence. There was another slight fall
until the triumph of the Congressional party, in August, 1891, drove
it swiftly up to 233 pence, which it averaged in the month of N ovember,
1891.
With the reestablishment of peace, the prospect of returning prosperity, and the expressed determination of the new Government to
provide for the resumption of specie payment, it was natural to expect
that exchange would continue to rise. Contrary to expectation, however, it fell steadily until, in May, 1892, it touched 16 pence, when it
reacted quickly, and averaged 19 pence during the months of October
and November.
With the beginning of December, 1892, it fell rapidly
through the months of December, 1892, and January, February, March,
April, and May, 1893. In the last month it had fallen as low as 14
pence.
It then took an upward turn with fluctuations until, in September, 1893, the peso averaged 15% pence, and from that point it
steadily fell, until in June, 1894, it averaged only 114 pence, the lowest
average the peso has ever reached.
It then rose to 14 pence in the latter part of 1894 and in the beginning of 1895. From this point, under the influence of the public expec-

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COUNTRIES.

189

tation of the prompt resumption of specie payment, at the rate of 18
pence per paper peso, it rose steadily until, on the date of the resump-

tion, on June 1, 1895, it stood at 174 pence.
CAUSES

OF

THE

DEPRECIATION

OF

THE

PAPER

PESO.

It is often said that the Chilean paper peso has depreciated from
a peso formerly 48 pence.
It must be remembered, however, that
exchange in Chile only reached 48 pence in consequence of exchange
being fixed by the silver peso of 25 grams, which was more valuable
than the gold peso until the depreciation of silver began in 1873. The
intrinsic value of the gold peso was only about 45 pence; so that if the
paper peso were convertible into gold, its value wculd not be greater
than 45 pence.
With an issue of inconvertible paper by the banks and the Government, we have in circulation simply a promise to pay instead of a coin,
and this promise to pay is either in silver or in gold. As the act of
1851 made the monetary unit either 1.5253 grams of gold nine-tenths
fine or 25 grams of silver nine tenths fine, it was, of course, assumed
that the paper peso would be ultimately paid in the cheaper of these

two coins.

This coin, in consequence of the depreciation of silver, was

the silver peso.
The monetary unit in which the paper would naturally be redeemed
being

the

silver peso of 25

grams nine-tenths

fineness, from the time

of the introduction of paper money the bank notes and the Government notes had a nominal value corresponding to the silver and not
to the gold peso.
The silver peso, which, in July, 1878, when the bank notes were
made inconvertible, was equivalent to a promise to pay about 40 pence,
and in April, 1879, when the first paper was issued by the Government,
Was a promise to pay about 39 pence, fell and continued falling, until
early in 1895 it was a promise to pay not more than about 21 pence.
It is therefore quite natural that in consequence of the decrease in the
value of the silver peso the paper peso should have depreciated as low
as 24, 23, or even 21 pence.
But paper is not real money.
It merely
represents real money, and is but a moral obligation to pay real money
at an uncertain date.
It goes into circulation handicapped, so to
Speak, and will usually run lower than the value of the coin it repreSents.
It is therefore natural that the value of the paper peso should

have fallen several points below the value of the silver peso, or that it

Should reach 19 or even 18 pence.
It is more difficult to explain why
it should have fallen much lower, averaging, as it did in the month of
June, 1894, only 11 pence.
Government paper will depreciate as a
result of overissue, but there has been no inflation in Chile.
When
the country was on a paper basis the circulation, in round numbers,
Was 50,000,000 pesos—about 30,000,000 Government notes and 20,000,000
bank notes.
With a population of about 3,000,000, this gives only 16.66
paper pesos to each of the inhabitants, or, valuing the paper peso at
18 pence, about $5.84 United States gold, as small a circulation as
existed in any civilized country.
Nor has there been any lack of
resources on the part of the Government, which could have redeemed

its notes at any time since the close of the war with Peru and Bolivia.
A number of speeches and pamphlets have been devoted

that

the depreciation of the paper peso

has

resulted

to proving

from an adverse

balance of trade. Statistics of the balance of trade are usually uncertain, and it must not be forgotten that in Chile the prices given by the

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190

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

custom-house to imported merchandise is often in excess of the real
price, which makes the estimates of imports larger than they should
be. Taking the importation and exportation of “the country from the
years 1844 to 1857, there were only three years (1853, 1854, and 1855)
where the exports were in slight excess of the imports.
The sum total
of the imports of these years is 224,000,000 pesos, and the exports only
209,000,000 pesos; and yet during these years the unfavorable balance
of trade neither expelled coin from circulation nor raised exchange on
Europe. On the other hand, from 1857 down to the present time exports
have generally exceeded imports, and according to statistics the sum

total gives a considerable balance in favor of this country.

For example,

from the published statistics of imports and exports which, for uniformity, are given in pounds sterling upon the accompanying chart, we
find that during the entire period of wide fluctuation in exchange and
enormous depreciation in the paper peso there have been only two
years, 1890 and 1892, when the imports exceeded the exports.
In 1890
the excess of imports over exports was only £33,379. In 1892 the imports were greatly in excess of the exports—£2,184,694, or 13,798,066
pesos, calculated at 38 pence to the peso.! This unusual inequality was
due to the anomalous state of affairs produced by the revolution.
Calculating the last ten years together, 1885 to 1894, inclusive, the exports
have exceeded the imports by £8,744,537, or 55,228,655 pesos of 38
pence.
The above statement shows that when there was an excess of imports
over exports, exchange was favorable; but when there was an excess of
exports over imports, or a favorable balance of trade, exchange was
unfavorable and money persistently depreciated.
Nothing could prove
more clearly the hopelessness of efforts to explain a financial phenomenon by statistics of the balance of trade.
The depreciation of the paper peso is probably due to several causes.
There has been a lack of confidence, not in the ability, but in the intention of the Government to redeem its paper. To quote a statement of
an accomplished writer on this subject:
/
The Government of Chile, when it promised to redeem in gold or silver its paper
issue, without fixing a date for such payment, contracted a moral engagement to pay
these obligations as soon as the exceptional circumstances which neccessitated the
issue

had “passed and

the Government

was in possession of the resources

necessary.

The fact is that although it has been for some years in possession of these resources,
the Government has devoted them to everything except to the accomplishment of its
pledged word.
The surplus millions were devoted to objects more or less useful or
were retained

in the mint;

but the notes were not

paid.

As credit is obtained

and

preserved by the faithful and exact discharge of obligations, confidence in an early
resumption has been weakening little by little, and the internal credit of the Government of Chile has been weakening in
i proportion. 2

When it finally attacked the question of resumption, Congress was
unfortunate in its well-meant efforts, and the disappointing results of
the resumption acts of 1892 and 1893 will be explained in the discussion
of this legislation. The Government has also required 25 per cent of the
customs duties to be paid in gold or drafts on London.
In other words,
it refused to accept in payment of duties its own obligations at their
nominal value, and thus discriminated against its own notes.
The above causes may explain the steady depreciation of the peso,
but the oscillation by fits and starts in the line of exchange can only be
1From 1879 until the resumption of specie payment in June last the paper peso
has been calculated at the custom-house at the rate of 38 pence to the peso.
2Z, Rodriguez, Estudios Economicos, p. 69.

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191

due to speculation.
Chile, for several reasons, affords an excellent field
for speculation in exchange.
The 40,000,000 pesos, the value of the
annual exportation of nitrate, are in the hands of a few people. It
has been to the interest of exporters to reduce the value of paper in
comparison to gold. They are paid in gold, or, in other words, draw
upon Europe drafts payable in gold. The lower the value of the paper
peso the greater amount they obtain in Chile for their drafts. Importing houses have been in the habit of cornering drafts on Europe for
particular mails. It is only by such speculation that variations of one
penny or more within twenty-four hours, that is, from 5 to 10 per cent
in the value of the paper peso, can be explained.
MEASURES

PREPARATORY

TO THE

RESUMPTION

OF SPECIE

PAYMENT,

The question of the resumption of specie payment in Chile did not
occupy the attention of leading men or of the Government at a time
when the operation could have been made with comparative ease, that
is, within a few years subsequent to the war with Bolivia and Peru.
The income of the Government had been greatly increased by the tax
upon the nitrate exported from the conquered territory; the value of
the paper money was not much below par, and the interests in favor of
its continuation had not yet had time to attain importance and influence. There is no explanation of the neglect to consider this important question except, perhaps, the want of initiation on the part of the
administration in power.
Chile has a parliamentary Government, and
of course all important legislation is presented to the Chambers by the
ministers.

For the first time, in 1885, there was introduced

into the budget a

small appropriation of 600,000 pesos destined to the withdrawal of a
corresponding amount of paper money. The same amount for the same
purpose was appropriated in the budget of 1887. None of the paper
in circulation, however, was retired, and these two appropriations
remained unused.
Act of March 14, 1887,—With the beginning of the administration of
President Balmaceda serious consideration began to be given to the
question of resumption, and in the year 1887 a bill was presented to
the Congress by the minister of finance, Sefior Augustin Edwards.
This bill became a law on March 14 of that year, but was rather for the
purpose of preparing the way for resumption than for making any definite provision
for a final settlement of the question. The object of the
act was to give tone to the paper money by reducing its cireulation and
by accumulating a fund of silver which would provisionally serve as a
guaranty, and could be ultimately used for the redemption of the Government notes. The act therefore provided that, counting from January 1, 1887, there should be incinerated monthly 100,000 pesos of these
notes until the issue was reduced to 18,000,000 pesos. During 1887 and
1888, 1,200,000 pesos, and during subsequent years, 1,500,000 pesos was
to be devoted annually to the purchase of silver pesos or silver bullion,
Which was to be deposited in the mint as a guaranty for the Govern-

ment notes, and

could not be used except when

redemption arrived.

the time for their

The act also restricted the amount of notes that

@ bank could issue to 100 per cent of its capital instead of the 150 per
cent authorized by the banking act of July 23, 1860, and required the
banks to furnish a guaranty for 50 per cent of their paper issue. It-also
reestablished

the

article of the

act of July 23, 1860, prohibiting

issue of bank notes for a less sum than 20 pesos,

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MONEY

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an, 2

192

COUNTRIES.

In consequence of the punctual observance of this law, on December
31, 1890, the Government notes in circulation had been reduced to
21,283,916 pesos, and in the vaults of the mint there was stored up
silver bullion amounting to 3,841,987 pesos. The further operation of
the law was checked by the civil war, which broke out in January, 1891,
between President Balmaceda and the Congress.
On May 5 of the
same year the President was authorized to dispose of the silver bullion
accumulated in the mint under the act of March 14, 1887, and in consequence a portion of the silver equivalent to 1,491,194.46 pesos, of 25
grams nine-tenths fine, was employed as follows:
Used by the mint for coining the fractional silver coins of two-tenths

HNCHOSS . .4 c<. cscupe tad apy OOURE

Eds o0s cee cewek

had eeMne VEbESe ose 55.

Sent abroad to pay for a ship purchased in Buenos Ayres by President
IDaliMaCCQd).4
eis ce ieee aeea- 3s conc +s cae bee eee ess 564s Secs e wesc can'd
Used to exchange the so-called redeemable notes issued according to

Che get Or Jttie TG, M601.

oe ccs cc cies Sema ee cees oe ae neue ok ns ceed Reese

$350, 481. 95
936, 824. 51

203, 888. 06

DORE ncdase 548% +5 ces cawene Which Whe $40 0w% EWN ae Deca eis teelen se 1, 491, 194. 46
FINANCIAL

MEASURES

AFTER

THE

REVOLUTION—LOAN

OF

£1,800,000.

At the close of the revolution the Government of President Montt,
the successor of President Balmaceda, again began to carry out the
provisions of the act of March 14, 1887, for the incineration of paper
money and the purchase of silver; but it was soon seen that this law
was inadequate for the financial problem to be solved.
While it prepared the way to return to specie payment it fixed no definite date
for resumption.
In consequence of the continued depreciation of silver,
the Government was accumulating a metal the market value of which
was diminishing. Further accumulation of silver imposed by this law
was, therefore, contrary to the interests of the State.
The Government of President Montt determined to press upon Conegress the advantage of legislation more definite and satisfactory than
the act of 1887, but before adopting measures for proceeding directly
to specie payment it was necessary to make some arrangement regarding the other part of the floating debt, which had largely accumulated
in consequence of the civil war.
For this purpose, by an act of August 8, 1892, Congress authorized
the President to make a loan of £1,800,000 sterling, and by virtue of
this authorization a loan contract was made in the following October
with the house

of N. M. Rothschild

& Sons, London.

with this contract, bonds were issued through
cent interest, the price being 95.
tion was £1,647,000, upon which

In

accordance

these bankers, at 5 per

The net sum produced by the operathe Chilean Government drew drafts

during 1892. The result of the loan was applied to the clearing off of
the current account with the banks of the country, and to the payment
of the treasury notes which had been issued in accordance with the
act of February 2, 1892.

Having thus transformed a part of the floating debt into a consolidated debt, there remained to be disposed of the balance of the floating
debt, represented by Government notes in circulation.
DISCUSSION IN CONGRESS OF THE RESUMPTION OF SPECIE PAYMENT—
OUTLINE OF THE PLAN OF RESUMPTION, ACT OF NOVEMBER 26, 1892.

The Government fully recognized the difficulties in the way of a
return to a metallic circulation, and the important interests opposed to
any legislation for that purpose.

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In a speech on June 28, 1892, presenting the financial measures of
the Government, Sefor Enrique Mac Iver, minister of finance, alluded
to these difficulties as follows:
I am fully aware, Mr. President, that the purpose of converting and retiring the
paper money from circulation must excite resistance.
Beneath the rule of this fatal

régime there are born

interests more or less considerable,

and

at times very worthy

of attention.
They create parties that are even powerful like the party of the
Greenbackers of the United States. In any society where a hundred men can be
found ready to give their lives for their country there will probably not be found ten
willing to sacrifice their fortune to the common good.
Chile can not escape the
consequences of this economic law. Those interests will be represented and will
make themselves heard in the country in a form more or less energetic and effective.
They will not inaugurate a party; they will not raise an economic banner; they will
not attack our purpose of returning to specie payment; but they will retard, disturb, and hamper the solution of the monetary problem.

Chile has large interests in silver and is
Until the establishment of paper money,
coinage of silver and gold at a fixed ratio
in view of the experience of the country
coinage

of both

metals was

but a small producer of gold.
in 1878, the system of free
had always prevailed.
But,
while the system of the free

in force, which

has

been

described, there

was entire unanimity regarding the necessity of adopting the gold
Standard.
It was also decided that the final settlement of the Government obligations should be upon the basis of the value in gold of the
25-gram silver peso. This was for the purpose of relieving the country
of the charge of repudiation.
Under the system of free coinage, as
already explained, there were two monetary units, the gold peso of
1.5253 grams and the silver peso of 25 grams.
The obligation of the
Government was therefore alternative, as it had

the right to make the

final payment of its paper in either of these coins. It naturally chose
the cheaper coin, which had depreciated from about 47 pence in 1873
to about 16 at the time that the question of resumption began to be
Seriously discussed in 1892, Provision was therefore made for two
resumptions—a final resumption in the gold equivalent of the 25:gram
Silver peso, and a provisional resumption, at a lower rate, for all who
wished to present the Government note for redemption at an earlier
date.
There was also no divergence of opinion upon the necessity of withdrawing the notes from circulation and destroying them as soon as paid.
In the debates in Congress there were many allusions to the United
States, and much

admiration expressed at the wonderful development

of that country; but upon this point the financial policy of the United
States was not regarded as suitable for imitation.)
To sum up, although it was necessary to enact several laws before

the problem

of resumption

was

successfully solved, the

remained unchanged in three important points:

general

plan

(1) The adoption of the

‘The resumption of specie payment to be made in Chile is not like the resumption

which

was effected in the United

States, where

the Government

bills were declared

Convertible, but, perhaps on account of an omission in the law, without withdrawing them from circulation.
The result of this omission is that the notes of the
United States Government are still in circulation to-day.
We shall not proceed in
We shall proceed to the payment of these bills and the retirement of the
this way.
Government paper money, in order not to leave the Republic established as a veritable bank of issue.
(Speech of Senor Enrique Mac Iver, ex-minister of finance,
House of Deputies, session of May 28, 1892.)
No one denies that gold is escaping from the United States.
But everyone knows
that the phenomenon is caused by the wretched (pesima) monetary legislation of

that country, which has compelled the Government to keep in circulation 900,000,000
of various kinds of notes, and to coin besides a useless quantity of depreciated

silver money.

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135A:

(Speech of Senator Agustin Ross, Senate, session of May 17, 1895.)

13

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MONEY

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COUNTRIES.

coin
gold standard; (2) the final resumption in the equivalent in gold
and
rate;
lower
a
at
of the silver peso, with a provisional resumption

(3) the withdrawal from circulation and destruction of the Government

notes as soon as paid.
The various acts which provided for a return to specie payment were
different in detail, but embody the general principles above explained.
In view of their importance, as showing the evolution of the question,
they will be given in full.
The first result of the deliberation of Congress on the subject was

the act of November 26, 1892, which

authorized a loan of £1,200,000

to
in return for Government bills. The paper money thus received was
pesos,
000
10,000,
d
be incinerated until the amount destroyed reache
and the remainder was to be expended in the purchase of gold or silver
for the coinage established by the act. During the first six months of
1894, 3,000,000 pesos of paper was to be incinerated, and the same
amount of coin put into circulation if, in the previous six months,
exchange did not fall below 235 pence. Under the same conditions,
there was to be an incineration of notes, and coin added to the circulation to the extent of 5,000,000 pesos during the second half year of
1894, and each of the half years of 1899, This was equivalent to a
conditional resumption of specie payment at the rate of 24 pence.
The final resumption was fixed for December 31, 1895, and was based
on the value of the 25-gram silver peso at that date. The banks were
required to keep on hand a gold reserve of at least 20 per cent of their
During 1893,
registered issue until the date of the final resumption.
the customs
of
25 per cent, and during 1894 and 1895, 50 per cent
duties were payable in gold, the pound sterling being valued at 6.31
During the first half
pesos, or, in other words, the peso at 38 pence.
of gold.
instead
d
receive
be
of 1893 drafts on London would
26,
OF THE ACT OF NOVEMBER
DISAPPOINTING RESULTS
PESO.
PAPER
THE
OF
IATION
DEPREC
UED
CONTIN

1892,

AND

The effect of the passage of the act of November 26, 1892, entirely
There seems to have
disappointed the expectations of its supporters.
been no public confidence in its successful operation.
In accordance with the provision of article 2, sealed bids in paper
On January 6, February
money were demanded monthly for £50,000.
the public £149,000, as
by
ed
6, and March 6, 1893, there were purchas
follows: £50,000 purchased in January produced 621,423 pesos ; £50,000
purchased in February produced 683,325.50 pesos; £49,000 purchased
in March produced 668,164.17 pesos.
In accordance with the provisions of article 3, the paper money
obtained by the first two sales was incinerated.
In the
In the meantime exchange had been rapidly descending.
d
average
month of November, when the law was enacted, exchange
about 19 pence. From the moment that the bill became a law, however, it descended steadily, until at the end ot April, 1893, it averaged
only 144 pence.
The conditional character of articles 4,5, and 6 of the act, which

provided that the Government notes should be redeemed only on the

condition that exchange did not fall below a certain point, did not tend
Article 9, which required 25 per cent of the custo inspire confidence.
toms duties and storage dues to be paid in gold or by draft on London,
discriminated against the Government paper and had a depressing
But the serious defect of the law was the
effect upon exchange.

monthly withdrawal and destruction of notes, equivalent to £50,000,

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195

without replacing them by other money.
This caused a contraction of
the currency, and the result was that the managers of the
banks were
Summoned to an interview with the President and the
minister of

finance,.when it was determined

to suspend

the incineration

of the
Government paper until Con gress should take action.
It will be remembered that the Government had assumed
a debt of
8,918,836.68 pesos to the banks for the appropriation
of their notes by
the Balmaceda government, and had issued to the banks
treasury notes
for that amount.
In order to relieve the stringency produced by the
contraction of the currency, Congress, by the act of May
13, 1893, made
these treasury notes negotiable by indorsement to bearer
, and current
in all the
Government offices for the payment of taxes and other
public
charges.
By another act of the same date, articles 1, 2, 3, 4, 5, 6,
and 8
of the resumption act of November 26 were repealed.
This put a stop
to any
further sale of bonds and

to the withdrawal from circul

ation of
£50,000 worth of paper every month without providing
a substitute.
After dealing with the financial crisis by the above legisl
ation, Congress then proceeded to pass another resumption bill,
which was expected to remedy the defects of the act of November 26,
1892. This
was the act of May 31, 1893.
The general features of this act are the same as those
of the previous act.
There is the gold standard, the gold peso of 24 pence
as the monetary unit, with the provisional resumption in
this coin, and the final
resumption based on the silver peso of 25 grams
.
The provisional resumption is deferred until June
1, 1896, and the
final resumption until December 31, 1899. The date
when the paper
money ceases to be a legal tender is postponed
until January 1, 1897,
Instead of requiring 50 per cent of the customs
duties to be paid in
gold during the years 1894 and 1895, half of this
amount is payable in
paper money.
The great improvement in this scheme of resum
ditions are now fixed for the resumption of specie ption is that no conpayment, and instead
of being made by stages it is to be carried throu
gh by a single operation, The postponement, however, of the dates
visional resumption, which betray the uncertaintof the final and proy felt by Congress
itself, depressed public confidence and
had an injurious effect upon
exchange.
There was a Slight favorable reacti
the bill, and exchange rose from the monthly on after the passage of
average of 13% pence in
ay to 15% in the month of September.
It then went steadily downward, until it touched its lowest point in July,
1894, when it averaged
113 pence, and continued, with slight oscillations,
until October of the
Same year, when, in view of the improved prosp
ects of the prompt and
final settlement of the question, it began
steadily to rise.
DANGERS IN THE RESUMPTION ACTS
OF 1892 AND 1893 IN NOT PROVIDING FOR THE COMPLETE REDEMPTION
OF THE BANK NOTES.

The sketch given in the ear

lier part of this report shows
mately connected were the banks
intiof issue with the Governmenthow
as well
a8 with the commerce and
industry of the country.
Paper which at first had been mad
the ban
e inconvertible, and Itthiwas
s inconverti-k
ble paper had driven Silver, the last remnan
t of a metallic circulation,
out of the country.
During the régime of paper money the banks
had not in their business taken into consideration a probab
ility of a return-to specie payment

on the part of the Government.

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They had guaranteed loans in

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MONEY

AND PRICES

COUNTRIES.

IN FOREIGN

had made investments at
account current with great liberality; they
s; but they had made no
long periods; they had paid high dividend
redemption of their notes.
provision for a reserve in coin for the final
was about 19,000,000 pesos.
The amount of these notes in circulation
nt bills approached, the
‘As the time for the payment of the Governme
d naturally in the eyes of
bank bills being unsecured, the former woul
latter, and a value which
the public have a greater value than the
ity of the successful resumpwould increase in proportion to the probabil
The result would be a
tion of specie payment by the Government.
and an effort on the part of
disposition to hoard Government paper,
deposits as much as possible
depositors to draw from the banks their
about 30,000,000 pesos in cirin Government notes, of which there were
contract the currency. Supculation. This would strain the banks and
have been carried out under
posing the resumption of specie payment to
for
d either convert their bills
either of the above acts, the banks woul
In the former case, in order to obtain
unconverted.

eold or leave them
elled to force their creditthe necessary resources, they would be comp
dation, paralysis of indusors, with the consequent necessity of liqui
the latter case there would be
try, and of a general financial crisis. In
, and without some repeal
19,000,000 pesos of inconvertible bank notes
privilege of increasing this
of the existing banking legislation, the
circulation.
acts of November, 1892, and
The omission of any provision in the
of bank notes in circulation
May, 1893, for the complete redemption
h

producing results whic
. must, therefore, have had much to do with
There did
lators.
ely opposite to the views of the legis

were entir
these acts a contraction of the
undoubtedly follow upon the passage of
hoarding of GovernAccording to the opinion of some, the
currency.
the desire of people to hold
ment notes which followed was due to

and have them redeemed at the
these notes until the final resumption,
It scarcely seems possible
25 grams silver.

value corresponding to
to lose the interest on money
that there should have been a disposition
anging Government notes for
for several years for the purpose of exch
which was continually deprethe equivalent of a coin, the value of
ding was due to a
It is much more probable that such hoar at the date of a
ciating.
of bank notes
desire to hold Government notes instead
There began to prevail a feeling
provisional resumption at 24 pence.
acute the financial crisis which
of want of confidence which made more
return to specie payment was
followed the two resumption acts. The
ltaneous redemption of the
impossible without provision for the simu
bank notes, and it was

only when

this was

seen, as it was

seen

later,

me assured.
that the success of the operation beca
UNFAVORABLE

OUTLOOK
ON THE

FOR RESUMPTION—DIVERGENCE
SUBJECT IN THE COUNTRY.

OF

OPINION

of fiduciary paper has
In Chile, as in all countries where a system
interests, the representatives
existed, there have sprung Up important
with the existing state of
of which were not only entirely satisfied
continue indefinitely. As the
affairs but were quite willing for it to
ortion to the depreciation of
price of labor did not increase in prop
the mine owner, and other large
paper, the agricultural property holder,
cost of

er rates with less
employers of labor, sold their products at high
ests there has
But in spite of the existence of such inter
on.

producti
been formed

declared

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which
in Chile no political party or faction

itself in favor

of the continuance

has openly

of the system as such,

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There has not even been a public man of prominence, nor a paper of
influence to argue, in so many words, in favor of the indefinite postponement of the redemption by the Government of its paper.
Public
opinion, as indicated by what has been written on a subject that has —
been agitating the country for years, was divided, not as for or against
resumption, but upon the method of its accomplishment.
One class of persons has been in favor of bringing the system to an
end at a fixed date. They have demanded the abolition of inconvertible paper, not only on the grounds of expediency, but of honesty.
According to them the system was the cause of the withdrawal of investments from the country and an impediment to the introduction of foreign capital into the country; it converted ordinary operations of
commerce into a subject of speculation; and while it existed there could
be no stability in values and no security for the future. While it favored
a certain class of capitalists, it weighed upon the wage earner—in a
word, it weighed upon the mass of the people. Aside from the question
of expedience, an issue of inconvertible paper was a forced loan, without interest, to which recourse could only be had by the Government in
a great emergency, such as a foreign war. As soon as the country was
prosperous and had ample resources to meet its engagements a further
postponement was dishonest, and the longer the delay the less the confidence in the final payment and the greater the probability of a further
depreciation of the paper money.
‘To this class belonged the President
of the Republic, who has thrown all his influence in favor of a prompt
resumption of specie payment at a fixed date.
The other class of persons has equally declared itself in favor of the
prompt resumption of specie payment, but has been opposed to fixing
any date for the operation.
The depreciation, according to them, did
not come from any lack of confidence in the ultimate redemption of the
Government notes, but from other reasons, principally from the commercial inequality restilting from adverse balances of trade. The resumption of specie payment fixed by law to go into effect on a certain date
was artificial, when it should result from natural causes. The paper
money had depreciated because the country, not the Government, was
poor. The country must grow richer before the resumption could be
accomplished.
The redemption of the Government notes depended
upon the prosperity of the individual rather than upon the responsibility
of the nation. Resources should be developed and a permanent condition effected which should cause the country to export more than it
imports.
Exchange would then rise, and the resumption would take
place naturally; otherwise the gold would leave the country as soon as
issued from the mint.
_ Those who, for motives of interest, would gladly have seen the abolition of the paper circulation indefinitely postponed, instead of openly
declaring their views, naturally attached themselves to this second class,

whose method amounted to indefinite postponement, requiring, as it
did, the Government to wait for its paper to become valuable before
redeeming it.
There is no doubt that the position of the class in favor of resump-

tion at a fixed date was weakened and that of their opponents strengthened by the disappointing results of the acts of 1892 and 1893.
In the
political campaign which preceded the election of deputies and senators
in 1894 the question played an important part. In the previous Congress, which followed the revolution of 1891, the supporters of President
Balmaceda, who have since taken the name of Liberal Democrats, were
not represented. This party, which reappeared in the elections of 1894,

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opposed the resumption acts to a man, and they were successful in
their election far beyond their own expectations and the fears of their
opponents.
HOW

RESUMPTION

WAS

ACCOMPLISHED.

At the meeting of Congress on June 1, 1894, the resumption of specie
payment in accordance with the provisions of the acts of November,
1892, and May, 1893, appeared hopeless.
Exchange, which in March,

the month of the election, had averaged 128 pence, had fallen in June
to 114 pence—the lowest average it ever reached.
The peso, in other
words, was worth less than half the amount fixed for its redemption by
the above acts.
In his speech at the opening of Congress the President of the Republic declared that the Government was ready to accept or even propose

the amendment of the acts of November, 1592, and May, 1893, but that
he must declare that any alteration in these acts which meant the
abandonment, direct or indirect, of the proposals to abolish paper
money would be injurious to the State, and that any modification of the
acts which affected either the accumulation of coin or the date fixed for
resumption would have such a character.
During the regular session of Congress, which lasted until the end of
August, the question was not considered; but the President called an
extra session for Oetober 16, and it was understood that it would be
settled one way or the other during this extra session. Early in the
session the Balmacedists brought forward a bill for the absolute repeal
of the resumption acts. It was soon found that, unlike the preceding
Congress, the opinion of the majority of the members was opposed to
the resumption of specie payment on the basis of 24 pence, and it was
evident that any law that could be enacted must be the result of a compromise.
For that purpose senators and deputies who had been conspicuous in the debates on the question were consulted by the minister
of finance, and after a laborious discussion the following conclusions
were reached:
There was entire uniformity of opinion now, as before, regarding the
adoption of gold as a basis of the monetary system, with silver for a
Subsidiary coinage.
It was decided to hasten the date of resumption,
and as the Government was already in possession of the amount necessary for carrying the operation to a conclusion, there was no reason
for further delay, which would only tend to encourage speculation and
prolong the existing condition of uncertainty and alarm.
The provisional resumption was therefore fixed for June 1, 1895, and the final
resumption for December 31, 1897. ‘To remedy the grave omission in
previous legislation, it was determined to give the fiduciary paper of
the banks every kind of security in order that it might be kept in circulation together with the coin, and a contraction of the currency,
which might cause serious disturbance, be thus avoided.
For this purpose the issue of the bank paper was to be limited to 24,000,000 pesos.
The banks were to be compelled to guarantee their entire circulation
of notes with securities, which were approved of by the Government,
and were of a character to inspire complete confidence.
With such a
guaranty the bank notes were to be received in the Government offices
in payment of taxes and other public dues, and the Government was
to assume the obligation of realizing the guaranty and paying the
notes of any bank which suspended payment.
The point in the discussion where the greatest divergence of opinion appeared was the rate

per peso at which the Government notes should be paid.

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1892 and 1893 had established that the unit of value should be the gold
peso of 24 pence.
Since that time exchange had fallen to less than
half that amount, so that the acceptance of this rate, it was argued,
would cause great disturbances in the economic situation of the coun-

try, as it would double at a stroke the value of existing securities and

would impose a double charge upon the debtor class. On the other
hand it was admitted that interests had grown out of the passage of
the preceding acts, and that these interests, based upon the prospect
of resumption at 24 pence, should be also regarded.
It was therefore
decided to submit to Congress and leave to its decision two rates for
the payment of the peso—that is, whether the peso should be redeemed
at 16 or at 18 pence.
It must be remembered that the basis of the final
resumption of specie payment in Chile has always been the silver peso
of 25 grams.
It was estimated that taking the final resumption on
December 31, 1897, in the value of this coin, which was at the time of
these discussions worth not more than 21 pence, and deducting interest
for two years, a fair value of the coin to be issued for a provisional
resumption would be less than 18 pence.
A bill embodying the above conclusions was presented to the senate
on January 15, 1895. It passed that body on February 4, and was
immediately sent to the deputies, who, by holding day and night sessions, succeeded in coming to the final vote in the session of February
7, 1895.
By a small majority in both houses 18 pence instead of 16 pence was
decided upon as the value to be given to the monetary unit.
ee bill was signed by the President and became a law on February
, 1895.
The translation of this important act is as follows:
RESUMPTION

ACT

OF FEBRUARY

11, 1895.

ARTICLE 1. On June 1, 1895, the State will pay its notes to those who request it in
the coin established by this act. These notes shall be incinerated monthly.
ArT, 2. From December 31, 1897, the paper money of the State shall be paid on
presentation at the offices designated by the President of the Republic with the gold
coin. created by this act on the basis of the value of the peso of 25 grams silver, ninetenths fineness, and from that date the Government bills shall be demonetized.
_ On the same date the obligations of the State contracted prior to this date shall be
liquidated, and for the purposes of this liquidation the nominal value of such obligations shall be computed in the above-mentioned peso of 25 grams, nine-tenths fineness, and reduced to the coin established by this act, with which the service of such
obligations shall be continued.

The payment and liquidation referred to in the two previous paragraphs shall only
take place in case the value of the silver peso of 25 grams and

nine-tenths

Shall on the date mentioned have a value greater than 18 pence.
Otherwise
visions of articles 1 and 16 of this act shall apply.
Art. 3. The President of the Republic is authorized for a period of three
coin up to 10,000,000 pesos in the silver coin provided for by this act, and to
bullion necessary for this purpose.
Arr. 4, All the proceedsof the sales of nitrate deposits shall be exclusively
to the acquisition and coinage of specie.
ArT. 5. The

President

of

the

Republic

is

authorized

to

discount

fineness

the proyears to
buy the
devoted

or negotiate

abroad advances upon the unpaid portion of the purchase money of the nitrate deposits.
Art. 6. The banks shall guarantee the total value of their issue by deposits in the
mint of gold, Government bills, Government bonds, municipal bonds guaranteed by
the State, treasury notes, and the bonds of banks which are exclusively mortgage
banks,

These securities shall be assessed monthly at the rate fixed by the President

of the Republic, and the said guaranty shall be made as follows: Seventy per cent
in the three months following the promulgation of this act, and 30 per cent remainIng in the six subsequent months,

at the rate of 5 per cent per month.

shall be issued in case of delay in the deposit of this guaranty.

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An execution

In case of the failure

200

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

of a bank the State shall realize the guaranty, which shall be regarded as a pledge,
and shall pay in their entirety the bills of the bank through the publie offices. The
credit proceeding from the bank notes shall besides be regarded as a preferred claim
above all others filed in the bankruptey, except the costs and the fee of the liquidator.

Arr. 7. The bank bills guaranteed in the form prescribed in the preceding article
shall be received in Government offices in payment of taxes, balances, and all public
dues until December 31,1897.
The deposits of bank notes made in the Government
offices as a result of pending suits, or any other legal proceeding, shall be regarded
as a special deposit.
Art, 8. Until the period referred to in the preceding article the total issue of bank
notes is limited to 24,000,000 pesos, distributed in proportion to the paid-up capital
of the banks.
Art. 9, The banks may use in their issues notes of 20,50, 100,500, and 1,000 pesos.
After the lapse of a year from the promulgation of this law the present bills of less
denomination shall not be accepted in the Government offices, nor may they be kept
in circulation.
Arr. 10. There shall be three classes of gold coin, of the denominations condor,
doblon, and escudo, of eleven-twelfths fineness. The condor shall weigh 11.98207
grams, The doblon shall weigh 5.99103 grams. The escudo shall weigh 2.99551 grams,
Art. 11. The deviation allowed in the gold coins shall be of 0.002 in the

fineness,

and in the weight 1 per thousand in the condor, and 2 per thousand in the doblon
and escudo; and by piece 15.966 milligrams in the condor and doblon, and 7.988
milligrams in the escudo.
Art. 12, The condor shall be worth 20 pesos, the doblon 10 pesos, and the escudo
5 pesos.

Art. 13. There shall be four classes of silver coin, one of 100 cents called the peso,
and the others of 20 cents, 10 cents, and of 5 cents, with a fineness of 0.835. The
silver peso shall weigh 20 grams, the 20-cent piece 4 grams, the 10 cent piece 2 grams,
and the 5-cent piece 1 gram.
Art. 14. The deviation allowed in the silver coins shall be 0.004 in the fineness, and

in the weight 3 per thousand for the coins of 1 peso, 5 per thousand for the 20-cent
piece, 7 per thousand for the 10-cent piece, and 10 per thousand for the 5 cent piece.
The deviation allowed

in the weight of each

coin

shall be 60 milligrams

per

peso,

20 milligrams for the 20-cent piece, 14 milligrams for the 10-cent piece, and 10 milligrams for the 5-cent piece.
;
Art. 15. On the gold coin there shall be stamped the national coat of arms, and on
the reverse the bust of the Republic, emblems or mottoes, and the words ‘‘ Republic
of Chile,” the value in letters, and the year of -the coinage in figures.
On the silver
coins there shall be stamped a condor, and on the reverse a laurel wreath, and within
the wreath the value in letters. There shall likewise be stamped emblems or mottoes, the words ‘‘ Republic of Chile,” the value in letters, and the year of the coinage
in full. The President of the Republic shall fix the model of the dies and the diameters of the gold and silver coins.
Art. 16, The monetary unit shall be the twentieth part of a condor, the tenth part
of a doblon, and the fifth part of an escudo, which shall be called peso, and shall be
received in payment of all obligations except as provided by the act of September
10, 1892, and article 2 of this act.
ArT. 17. No one is obliged to receive more than 50 pesos in silver coin.
The mint
will exchange for gold coin the silver pesos presented for that purpose.
The Government offices will receive silver coin in payment of any amount whatsoever.
ArT.

18.

The Government

will receive, collect, and

recoin,

without

charge to the

last holder, the coins that may have become defaced in whole or in part, or which
may have lost their legal weight as the result of natural use.
Coins purposely
injured shall cease to be legal tender.
ArT. 19. The expenses of coining gold are for account of the Government, and the

purchase of silver bullion for the mint shall be made without any discount for these

exp enses.
ART, 20. The
tender in Chile,
ArT, 21. The
it may acquire
Art, 22, The

ae
of

pound sterling legally coined in England or Australia shall be legal
and the value shall be $13.33} pesos.
Government shall coin the gold bullion which it already has or which
in the future in accordance with the law.
acts of November 26, 1892, and May 31, 1893, are hereby repealed.

this repeal are excepted articles 9 of the act of 1892, and 5, 6, and 8 of the act

1893.

The above act makes no change in the silver coinage established by
the act of May 31, 1893; but the gold peso is now the equivalent of 18
pence instead of 24 pence.
The following is a table of the coins estab-

tished by this act, which are now in circulation in Chile,

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MONEY

AND

Metal.

cs weee<ss

:
Silver........-

IN FOREIGN
Value}
tena
PEOR:

Coins.

ec
GI.

PRICES

ee

ee

Te

ee

rr

ere

DODO S isteexté nadveessecackindebs
Sunk
HSOWEOsaannavcdores ccguavesnoswnss osaee

COUNTRIES.

Weight of each coin.
Fineness.

20. 00 |
10. 00
5. 00

PORO.cancs
en e0sscannnweeintns<areceaexs
OOO PIGOWs scene caves bsenss mgaedendon
1O-CONG PlOCO. casas diccscestsesceccesccae
SOONG PICCOabnevrcewovsscdvcasaweessady

1.00 |
20 |
- 10
05

201

4}

¢
0. 886

Legal.

Fine,

Grams.
11. 98207

Grams.
10: 98356

5. 99103
2. 99551

5. 49178
2. 74589

20
4
2
1

16. 700
3. 340
1. 670
. 835

LEGISLATION SUPPLEMENTARY TO THE RESUMPTION OF SPECIE PAYMENT—THE ACT OF MAY 28, 1895, PLACING BANK NOTES ON THE SAME
FOOTING AS GOVERNMENT BILLS.

The act of February 11, 1895, made an important step in advance
over the two preceding resumption acts by compelling the banks to
guarantee the entire amount of their circulation. This guaranty was
promptly deposited by the banks.
There was still, however, a distinetion between the bank bills and the Government bills, inasmuch as no
provision was made in the act of February 11 for the changing of the
bills for gold. The Government, therefore, determined to contract a
loan for the purpose of placing the bank bills on precisely the same
footing as the Government bills by making them exchangeable for gold
in the Government offices.
On April 24 the President therefore sent a message to Congress
which ineluded the following statements:
In the transition

from

one monetary

system

to another, important interests are

affected.
Unfortunately there is an increase of speculation, as well as anxiety, and
a want of confidence which disturbs the regular course of business and produces

the unexpected withdrawal of foreign capital
other

securities.

From

this

there

invested in bonds, bank deposits, and

results a transitory inequality in

international

exchange, and the necessity of a loan to equalize it.
When the United States determined to abolish its inconvertable paper, the lawgivers

understood

be realized;

that without such a measure the withdrawal

and, as you know, the act or Federal

provided for the resumption

of specie payment,

of paper

could not

law of January 24, 1895, which

conferred upon the Secretary of the

Treasury unlimited authority to procure gold by the issue and sale of bonds of the
national debt for whatever amount he regarded necessary to carry out the object of
the act.
_ The bill which I have the honor to submit to your deliberation has the same object

in view.
It proposes to contract a loan destined to remove the obstacles which may
embarrass the execution of the law and strengthen the confidence of the public in
the regularity and efficiency of the operations which are to assure this result.
The responsibility which the act of February has imposed upon the State, with
reference to the bank bills, places it in the situation of a veritable surety for these

notes;

and these bills in their present condition constitute a disturbing element in

the operation of resumption.

In order to remove

this difficulty, without

increasing the responsibility already

assumed, it is considered advisable to provide for the payment in gold of the said
notes by the State, and for the incineration of those notes which are not redeemed

by the bank by which they were issued.

With the above message the President presented to Congress a bill
which, with some modifications, became a law on May 28. This act
authorized a loan to be negotiated abroad for £2,000,000.
With the
proceeds of this loan the Government was authorized to change for gold

the bank bills which should be presented for that purpose to the Gov-

ernment offices, until December 31, 1897, and of which there were in
circulation almost 20,000,000 pesos.
This act, therefore, placed the bank bills already guaranteed on pre-

cisely the same footing as the Government bills in reference to the

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202

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

public.
The Government assumed the responsibility of exchanging
them for gold, the banks having the right to redeem monthly the bills
already exchanged.
[If the bills were not redeemed by the bank, they
were incinerated and the bank to whose issue they belonged was compelled to sign obligations in favor of the Government to redeem them
within a certain period by installments, and at a certain rate of interest.
The guaranty already deposited by the banks in pursuance of the act of
February 11, 1895, was security for the payment of these obligations.
On May 31, 1895, in accordance with the authority given by the act,
a contract was signed between the Chilean minister in London and the
house of N. M. Rothschild & Sons. The terms of the loan were bonds
at 44 per cent interest and one-half per cent sinking fund.
The price
fixed was 934, and the cash proceeds amounted to £1,825,000.
The loan
was issued on June 1, with complete success, and was covered more than
twenty times by more than 5,000 subscribers.
The following is the translation of the above act, which provides for

the redemption of the bank bills in gold by the Government, and is the
last of the resumption legislation:
“ACT

OF MAY

28, 1895.

ArtTicLE 1. The President of the Republic is authorized for the period of one year
to contract abroad loans not exceeding the sum total of £2,000,000.
Arr, 2, The proceeds of these loans may only be devoted to the extinguishment
by bids of the municipal debts which the Government has assumed, according to the
act of December 22, 1891, and for the purpose expressed in the following article.
The payment of municipal bonds shall not be made at a rate higher than par, and
the authorization conferred upon the President of the Republic to execute the same
shall last three years.
Art, 3. From the beginning of the resumption of specie payment until December
31, 1897, the treasury shall pay on presentation the bank bills that have been totally
guaranteed.
The banks shall redeem each month the bills paid by the treasury by
cashing their value in gold. The banks may also issue in payment obligations of an
equal value, with 3 per cent monthly for a sinking fund, and 3 per cent half-yearly
interest. In this case the bills will not be returned to the banks, but shall be incinerated. A part of the guaranty deposited in the Government offices corresponding
to the incinerated bills shall be especially applied to the payment of these obligations, which shall likewise enjoy all the privileges established in article 6 of the act
of February 11 of this year.
Art. 4, The total issue of bank

bills shall, until

December

31, 1897, be limited to

the amount registered at the time of the promulgation of this act; and in proportion
as the bank notes are incinerated in accordance with article 3, the issue of each bank
shall be regarded as reduced by the amount corresponding to its incinerated bills.

Art. 5. The amounts which the treasury receives from January 1, 1896, for the
obligations referred to in paragraph 3 of article 3 shall be devoted to the extraordinary sinking fund of the foreign debt.
ArT, 6. The President of the Republic is authorized to expend

during the present

year up to 25,000 pesos for the salaries of additional employees and other expenses
demanded by the execution of this act and the act of February 11 last.
Art. 7. The office or offices to which the operation of resumption

give

an account every two weeks

Government

is intrusted shall

of its progress, by specifying the amount of the

and bank bills and treasury notes which have been exchanged for gold,

and this statement shall be published.
RESULTS

The resumption

OF

RESUMPTION,

act went promptly into effect on June 1, 1895, the

Government paying out gold for its bills and the bank bills.

As already stated, 32,854,259.08 pesos of the Government paper has
been redeemed and destroyed, leaving only 5,507,104 pesos of Govern-

ment paper in circulation.

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Exchange remains firm at 174 to 174 pence,

MONEY

AND

WAGES

IN

FOREIGN

V.—CURRENCY

AND

COUNTRIES.

203

WAGES.

Manufactures in Chile are so few and isolated that it can scarcely be
said that there are manufacturing industries, in the collective sense of
the term, in the country.
It is therefore impossible to obtain any data
as to how such industries have been affected by changes in the value
of money.
In order to learn whether a rise in wages had corresponded with the
depreciation of the paper peso, I have endeavored to secure statistics
regarding the rates of wages which have prevailed since the issue of
inconvertible paper.
I have found it very difficult to obtain full and
There is no statistical bureau connected with
accurate information.
the Government for this purpose.
The Society for the Encouragement
of Industries (Sociedad de Fomento Fabril) has lately obtained an
appropriation from the Government, and intends in the future to collect statistics on wages.
In order to secure the best information possible, I addressed a communication to the various consular representatives of the United States
in Chile, requesting them to forward me whatever information was procurable regarding the course of wages in their districts. Before giving
the information I have obtained, it must be remembered that there is
a great difference in wages paid in the north and in the south of the
Republic.
In the north, where there is a great demand for labor in
the nitrate fields and where there is a sparse population, wages are very
much higher than those paid in the south.
Taking first the north of Chile, Mr. David Simpson, United States
vice consul in Arica, reports that the wages ruling during 1875-1895 in
Tacna are payable in Bolivian currency, and that no change has taken
place, although silver has fallen in price; that in Arica the same system ruled (payment in Bolivian currency) until 1889, when the wages
were altered to Chilean currency without any increase, both currencies
being more or less of the same value. The present wages ruling at this
port, according to the statement of the vice-consul, are as follows:
Laborers, 3 pesos a day; longshoremen, 3 pesos a day; clerks, 50 to 120
pesos a month; servants, 15 to 25 pesos a month.
Dr. J. W. Merriam, United States consul at Iquique, says:
In my opinion, rates of wages paid have varied to a certain extent according to
the rate of exchange, but not in proportion to the extent of the fluctuations.
Employees without doubt have been less favored than day laborers in this respect.

Mr. ©. ©. Greene, vice-consul at Antofagasta, gives the following
table of the annual average of wages during 1875, 1885, and 1895, in
comparison with the annual average value of the paper peso for the
same years:
Class.

1875. @
Mechanics, driv-

Chilean pesos.

ow
tie* ency.

1885. b

1895. ¢

United States gold dollars.
1875.

1895.

1885.

OTB cc sys enames

8.00

to 4.50 | 5.00

to 5.50 | 4.75

to 6.50 | 2.62

to 3.94 | 2.60

to 2.73

Blacksmiths ....|
arpenters .....

3.50
3.00

to 4.00
to 4.00

to 5.00 | 4.00
to 4.00 | 4.00

to 6.00 | 3.06
to 5.00 | 2.62

to 3.50 | 1.82
to 3.50 | 1.69

to 2.60
to 2.08

Boiler

makers..|

Laborers, includ-

ing servants..|

WOMION < sic-cewes

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1.61

to 2.31

1.36
1.36

to 2.04
to 1.70

3.50 to 4.00 | 3.00 to 4.00 | 5.06 to 5.25 | 3.06 to 3.50 | 1.56 to 2.08 | 1.70 to 1.78
| 3.50
| 3.25

1.50 to 1.75 | 1.50 to 1.75 | 2.25 to 3.00 | 1.31

2.00

to 2.25 | 2.33

to 2,66 | 2.83

to 3.33 | 1.75

to 1.53 | .78 to
to 1.97 | 1.21

a Exchange *
or 874 cents United States gold.
b Exchange 26d., or 52 cents United States gold.
¢ Exchange 17d., or 34 cents United States gold.

.91

to 1.40

|
|

.76 to 1.02
96

to 1.13

204

MONEY

During

AND

PRICES

IN

FOREIGN

COUNTRIES.

the periods given above Mr. Greene adds:

There have been violent temporary changes in the rates, but the average has been
In many cases houses and rooms have been given and facilities for
fairly reached.
This last has largely increased the earnings of sober, steady men.
making overtime.
As a general rule, the conditions of life are so undesirable that the best classes of
men are seldom willing to go there.
During these twenty years the only currency has been the paper dollar or peso and
the subsidiary silver of low value, until June last.

With reference to wages in the center of Chile, Mr.

James M. Dobbs,

United States consul in Valparaiso, furnishes me with the following:
Chilean pesos.

United States gold
dollars.

Class.
1875. a | 1885.6 | 1895.¢}
sees eee ceeeccees
Ordinary laborers .......-+------++
sa ncdeee easbeucaa sens
-s0cS ge eewscceassiccd
ISON:
eee eee ee ee rene ence eee eennes
Carpenters ....--.-.--GaSfbhOrs.

60.00

oases cece cee cdcicesiacccsseessseenes

TONS . susan neuwos ca eceeesse ccs deeseseeneereresas

IPA

0. 80
1. 00
2. 00
2.00

1.50

1. 00
1.50
3.00

1, 50
2. 00
4. 00

3. 00

4. 00

2. 00

3. 00

1875.
0.70
. 88
1.76
1.76

1. 32

1885.

| 1895.
0. 95
OL
. 68

0.52
.78
1. 56

1,36

1.56

1.02

1. 04
|

b Exchange 26d., or 52 cents United States gold.
a Exchange 44d., or 88 cents United States gold.
c Exchange 17d., or 34 cents United States gold.

With regard to wages in the south, Mr. William Taylor, consular

agent in Coronel, reports as follows:

In the year 1876 laborers’ wages ranged from 60 to 70 cents per day.
time

until

the

year

1889 a gradual

increase

has

been

From that

the result, as their daily pay

amounted to an average of 1.75 pesos, with the exception of the harvest time, when

From
At that time of the year they earned about 2 pesos perday,
men were scarce.
irreis
labor
for
rate
this
and
same,
the
less
or
more
are
wages
1889 until the present

The reason laborers’ wages increased from
spective of the rise or fall in exchange.
1876 to 1889 was owing to the construction of the Arauco Railway, a distance of 65}
miles, connecting Coronel, in the south, in direct communication with Valparaiso.
General or domestic servants have increased in their monthly salaries considerably,
say 80 per cent on wages paid in 1876, which was 5 to 7 pesos per month, with food.
Their monthly wages then
Men servants, since 1876, have increased but slightly.
amounts to 25 to 30 pesos,
it
present
At
food.
without
pesos,
25
to
20
amounted from
At the present
also without food. Shopmen were paid in 1876 from 40 to 70 pesos.
receive from
mechanics
Railway
food.
without
pesos
80
day they receive from 45 to
2 to 3 pesos per day. The daily pay of miners at present is 1.25 pesos, and has been
for the last five years. Previous to 1873 the average wages were 80 cents a day
without food.

Regarding salaries of Government employees, the diplomatic corps
is paid in pounds sterling, and is therefore independent of the fluc-’
By the act of January, 1889, the salaries
tuations of money at home.
of the officials of the provincial governments were materially raised,
but the general mass of employees have been compelled to suffer the
effects of the depreciation of money without increase of compensation.
The salaries of post-office employees, for example, are fixed by the act

of November 9, 1875, when the peso was worth more than 45 pence;

and the salaries of custom-house employees, with slight exceptions, by
the act of January, 1883, when the peso was worth about 36 pence.
The above information is incomplete, but it is sufficient to show that
the rise in wages

has

not corresponded

to the depreciation

in money.

It must also be remembered that in a country like Chile, which is in
a state of development, it would be natural to expect an increase of
wages in twenty years—from 1875 to 1895—even if there had been no
depreciation.
It may be stated also that the rate of wages is the same in 1896 as

in 1895, although the peso is now worth 18 pence, or 36 cents United
States gold.

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AND

MONEY

VI.—PRICES

OF

205

COUNTRIES.

IN FOREIGN

PRICES

COMMODITIES.

The following are the prices quoted in the market reports of the
leading Chilean daily newspaper, E] Ferrocarril, of different Chilean
products, at this date, and for the corresponding month in 1886:
Chilean pesos.
Products.

Agricultural and pastoral products exported:
én senenGhievn [ew Awe SNM aaeues ths 72ks..|
sarley :..--- duchundathscew

baci
hi
1896.a@ | 1886.5 | 1896.

bien
:
uh
1886.

$1.92

$1.18

$8.15 |

$4.00]

11.00

4.50}

BGAUG

ccssec cescvc sate ns senescence ececewsersstnasaeetnesiot 100 ks-.

POOP acccusssscnw sa srawintn aa cadeneeweees Seen sd tine ges ee sses™ head..|

57.50 |

BRAM

ooeSeeees 46 ks...
wasacanedc sadcencecnrnsevcnaeseneteessenwses

ess snee see cercowens 46 ks..|
acccec ccs ccsccdenccccceecceeese

57.00]

ene e nse neteneerecseees 92 ks..}

25.00}

Butter.
CHOCSC.

«.< e cecnwie sinew ccdiny coqeneswdcsensmeecenessesoeseeee 46 ks..|

Clover SQC..

POUL.

cone.

2... cc cane cee

ona

ee cece

ceed mmeeceseeesensesine 46 ks..
vee nnncecceensweee

Erease (COOKING) soa. -.+seswceceasiecnsecssnsesssemesas 46 ks..|
easers 46 ks..|
RORIOY,, (50s sn cww are nhs es sess acnnedacenstesssesenesy
Forked Meat. ... ..cccee csccesscccsnccccnrercccnssencseees 46 ks..)

46 ks..|
PaNOW sacescccoenaccsastecaderessvesersestssaresnesaecess
72 ks..
WY WOE aco cdinecd ccca scenic ss cb ewins te cmiee seen nner ses ceseoees
46 ks..}
WoO], MOTINO. 6 oc. 0s5- ssc cece ence sce e eens ete s cscs cerecse

b Exchange

1.05

1. 20

90.00}

19.00 |
4, 50

36.50

27.60
. 58

27.36
9,12

35.00]

12.00

4. 50

2.16

3. 96

24, 30
43

82.40
13. 14

12. 60
1.62

20.00 |
4.50
28.00}

19.00
7. 50
88.00]

9. 60
2.16
138.44

6. 84
2.70
13. 68

18.00]
3. 90
18.00

21.50
4,70
16. 00

8. 64
1, 87
8. 64

74
1. 69
5. 76

5.00
2.40

4, 50
4.90

2.40
1.15

1. 62
1. 76

Products consumed in the country, but not exported:
ces 72ks..|
ccc ccvscccwscsen cncescontescewcnscepenenessane
TimSOOG..
Maize ...2cccccnnescsceccewenccneeneccenee sencseweceneesss 80ks..|

a Exchange 24 d., or 48 cents United States gold.

67.50

2.16

18d., or 36 cents United States gold.

med
All products of the country, especially articles of food, are consu
in the country.
habit of
In imported articles, as importing houses have been in the
current
covering themselves by immediately realizing sales by drafts at
fluctua
g
pondin
corres
rates, fluctuations in exchange have produced
tions in price.
VIL—WHETHER

THE

MINTS

ARE

OPEN

TO

BOTH

METALS.

e of
The mint of the State is open to the unlimited and free coinag
gold)
gold, for which the present rate is 1.82 pesos (0.6552 United States
pesos
56.61
troy,
ounce
the
to
per gram, or, calculating 31.105 grams
y
($20.38 United States gold) per ounce troy. As in 1886 the countr
e
averag
The
was on a paper basis, the mint quoted no rate for gold.
exchange for that year was 254 pence.
fixed by
The mint purchases only sufficient silver to coin the amount
,000
10,000
coin
to
is,
that
1895—
the resumption act of February 11,
been
always
has
It
act.
pesos within three years from the date of that
day
the
on
the custom of the mint to purchase silver at the price quoted
.
of purchase in the London market.

.

SANTIAGO, August 31, 1896.

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Federal Reserve Bank of St. Louis

EpwArpD

H. STROBEL,
Minister.

206

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES,

EGYPT.
I.—STANDARD OF VALUE.
The existing currency in Egypt was introduced by a Khedi
vial decree
of November 14, 1885. According to this law, the Egypt
ian pound
became the monetary unit of Egypt.
Its standard is 875 milliemes of
pure gold and 125 milliémes of copper.
The Egyptian pound is divided
into 100 piasters; the piaster is subdivided into 10 “ochr
et qirch” (onetenth part) or 1 milliéme of the pound.
The same laws decreed the coinage of a new silver curre
ncy and of a
divisionary nickel and bronze coinage, the largest of
the nickel coins to
be of one-half piaster and of the bronze coins of one-h
alf ‘“‘ochr et
qirch.”
The new silver nickel and bronze coins circulate at the
value at which
they were issued. The legal-tender limit for a payment
in silver is fixed
at 200 piasters (about $10) and in nickel and bronze at 10
piasters. The
Egyptian pound is equal to $4,943; the piaster to 0.0494
cents,
As a matter of fact, though a certain number of the new Egypt
ian gold
pounds were coined, they were not viewed with favor by the
public, which
had been accustomed to using the English sovereign and
French napoleon as gold coins. The Egyptian pounds are, therefore,
being withdrawn, and there is at present no prospect of coining any
more Egyptian
goldmoney.
Hgyptis practically supplied with gold coins by England
and France, principally by England, and the mints of
these countries
consequently bear the expense of the wear and tear of the
gold coins,
IIl.—AMOUNT

OF

CIRCULATION.

It would be difficult to give the exact number of Egypt
ian pounds
how in circulation in the country.
From data in possession of the ministry of finance, the number is estimated at halfa millio
n. The data,
however, for estimating the aggregate amount of foreign
gold coins in
circulation in this country are insufficient and contradict
ory.
From the
official returns of exports and imports during the last
ten years it appears
that Egypt imported £5,000,000 (Egyptian), equal to $24,7
15,000, more
than it exported during that period.
But froma calculation based on an
approximate estimation of the gold coins existing
in the treasuries of
the Government and in the banks, this figure would
appear larger than
the existing stock of gold coins,
As regards the silver coins, the Government has
issued up to date
silver coinage to the value of £1,300,000, Egyptian
($6,425,900).
This
sum, less

5 per cent for loss or hoarding, can be taken to be in
actual
circulation.
There are about £130,000, Egyptian, in nickel, and £7,000
, Egyptian,
in bronze coins circulated.
Egypt has no paper currency whatever.
III—PER

CAPITA

CIRCULATION.

According to the last census, made in 1882, the popul
ation of Egypt
was reckoned at 6,800,000, but the census returns
were admittedly
inexact.
The population of Egypt from Wady Halfa to the Medit
erranean is generally estimated to be about 8,000,000
at this date.
Taking the population at 8,000,000 and the quantity
of gold at say

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

207

£4,000,000 and silver money as given above, there would be, approximately, in circulation half a pound in gold (about $2.47), 15°; piasters
in silver (about 75 cents) and 1,5 piasters in nickel and bronze (74
cents) per capita.
The law limits the issue of silver money to not moore than 40 piasters
and of nickel and bronze money to not more than 8 piasters per capita.
IV.—_CHANGES

IN THE

SYSTEM.

The reform of the monetary system of Egypt

been stated, from the end of 1885,

dates, as has already

The reason which induced the Gov-

ernment to introduce it was the desire to correct the imperfections of
the old system and to facilitate and simplify transactions by giving the
country a national coinage at an invariable value and to terminate the
circulation of foreign coins of silver and copper, the different kinds of
which and the variety of whose value were a source of great confusion.
V.—CURRENCY

AND

WAGES.

This reform has had no serious effect on the wages of workmen, which
have remained practically stationary. The country is essentially agricultural, and besides agriculturists, the industrial class in Egypt is
chiefly composed of masons, carpenters, and builders. The usual wages
of a laborer are from 3 to 4 piasters (12.7 to 19.8 cents) per day, but

masons receive as much as 12 piasters (59.3 cents),
VI.—PRICES.

The agricultural

and pastoral products

exported from Egypt are as

follows:

January

Articles.

Egyptian cur- ae

sii
Cereals, vegetables, meal, dates, etc .........

gg

United States|Differen hag

and 1895.

currency. |

£1,095, 886 | —£196, 1383

DGROURY i0 yale Wisltsas adn cad Meukee Sgkdeveusauseey

PGs.

i

1 to June 80, 1896.

Seat dimes Gksnverweeseeebepenever
aca:

‘and 1895.

$5, 416, 964

4, 618, 918

+781, 182

22, 806, 657

708, 282

+415, 377

38, 501, 838

—$969, 485

+8, 861, 388

+2, 053, 209
t

Prices are shown by the exportations, as reported
general of customs for September 6, 1896

by the director-

vats
Articles.

Per—

Egyptian

eoany
CONC y panies aes oe¥ssscbais Seen beer ce eanueweled den aes
OR sa icGndecEW ewan buds acuhsitwessceeeced
aallicd sabtiiwsn
SOE ws nanN use Sua Gees Vane ee ene heal we Bae cae reeeelus
Ra BMS = eae crsivimate'h Wise bcnd.-4ida abd teak ea erate Seen
Rs

EMR SE 6 credb ha

eos vende Neri

cs

Orne

eo

UO
Here iA,.) 8. wiih ERIE. dS pi eeee Vantec ate
Sugar, white (in loaf) ................0.---Sugar, white (large pieces) ....

Cantar cc csccswens

. 680

8. 087

470

2.30

ees

$10. 235
4.41
2. 989
2. 632

Sua wece

ss per dae enensicekawwaddee
tes

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1, 800
. 657
594
. 800

PRS, Small ..ccec.ccccvcuessnecwn

Norr.—Cantar equals 45 pounds;

States

currency.

£2.070
. 900
. 610
. 585

Sugar, white (powdered), No. 1
PON

United

530

ardeb equals 7. 6907 bushels.

8. 866
3. 219
2, 92
3. 92

2. 597

208

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

The exports of articles of food, such as cereals, vegetables, mend,
dates, etc., from January 1 to June 30, 1896, exceeded the imports of
like artic les during that period by the sum of £607,871 (Egyptian)
($3,012,882).
There has

been

no change

in the Egyptian

tariff.

A uniform

duty

of 8 per cent ad valorem is char ged on all articles entering the country.
The importations in the years 1886 to 1890 had a total average value
of £7,765,000 (Egyptian) or $38,360,100, while the period 1891 to 1894.
averaged £9,069,000 (Egyptian) or $44,800,860.
A certain number of importations suffered a decrease in the prevailing prices in 1895 as compared with 1894. Among the articles were
wood, raw silk, refined sugar, meal, wine, and —
manufactures.
The average importation of meal up to 1892
was about 9,000,000
kilograms yearly, but it has steadily eateaie’ in Yoru, although
falling somewhat in price, until in 1895 there were 38,200,000 kilograms
imported.
The following figures show the value of articles that were imported
in 1895 and 18386.
1895.
Article.

Egyptian
currency.

BOOU APE SHOOS x seacac twee cdcesneeeceagectecs
ses
UCR, TONDGE ili xc caknackedsdcsceewsesenseneans
PIU TUS SI ORIG anny oc Siees anew he sadh sate eeanecese
UV URMNUUTO! Jap eevee aces ccuceeeevscasebactbdeceanes
Con) +4 2c. wpeeare teat ae pu achek ete sac1 vidtcceusee

23,
541,
85,
404,

188, 250
2, 583, 000
856, 000

MINTS

ARE

$315, 560 |

212
600
650
500

ON CRINOGNT ms bcs Ueda a Di bagacdnd kesva wencbagpantede

THE

/United States} Egyptian
| currency. | currency.

£66, 645

‘Manufactures of cotton, wool, silk, ete..........Metals, and manufactures thereof.............---

VII—WHETHER

1886.

1138,
2, 653,
174,
1, 982.

£117, 248

728
840
685
050

112,
663,
47,
364,

922, 425
12, 656,700 |
4, 194, 400 |

OPEN

TO

900
050
796
000

|

|United States
currency.
$575, 515
553,
8, 148,
234,
1, 783,

210
945
220
600

237, 000

1, 161, 300

2,419, 000
560, 500

11, 853, 100
2, 736, 450

BOTH

METALS.

There has been no Egyptian mint properly so called since the reform
of the currency.
The silver money is coined at the Royal mint in
Berlin.
A small Government department, however, besides being
entrusted with the hall-marking of silver articles, undertakes the coinage of 5 and 10 piaster pieces in gold, which are used as jewelry and
do not circulate as coins,
-HorRACE LEE WASHINGTON,
Vice- Consul- General.

CarRo, September 6, 1896.

TURKEY

IN ASIA.

(Extract from Commercial Relations report of Consul Madden, of Smyrna,

August 26, 1896.]

CURRENCY.

There have been no changes in currencies in Turkey in Asia. There
is no rate of exchange on the United States. The amount of coin in
circulation can not be ascertained, but as I see numerous foreign coins
in circulation, and as small change seems scarce, I am led to. believe
that subsidiary coin is not sufliciently abundant even for the amount of

business transacted.

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

209

PRICES.
There has been no especially marked change in prices recently, but
the prices of commodities have been gradually advancing for the past
ten years.

WAGES.
I submit the following table showing
vail here:

the rates of wages which pre-

Laborers:

RV NADIECHE,. ONC padeaglvs xcaslenwaveG ee yan Mkcueeuas eye ebeeepeane per day..
Domestic servants:
WGN OGURBicy 1c. ose s'Ss 225s ovement ove e-eewa ie. eesice spec seen per month..
Men: WHWONS as <enic ce tay vanced es Wales Jou oe Waeeeeaatabs case eee eeee do....
SiON COOKE, tsleseauehokenddxus
dy meus WE WMS eee Une USucleg weg cae per year..
RD ERED Ga.5i4 Sih le Goa

meena

$0.44
13.20
8.80
66.00

ewe vee s SS cle pee Veh s ae Leos cobake a weewny do....

52.80

WHONCEWOMON ¢c-eyae + n4 gece as dees bees ae tis tam ae cUens Ree hes perday..
POOHING WOON: ss.0600Gb eben Sac eny bod oad. ea bab bert seaeey secew evens GOssse
DOMMIBULORHED ¢ aswn'6d Shae cob ine Gea messes see Wu do wa gees pes benousaes doves
Mechanics:
Blacksmiths, founders, and plumbers ........
1.2... ...02+ s0eees oes GOs.
PUUGOTH cccds shes bGad ba ceww Skee oy obyw se Hues es oo deny eet e as voegeeecas do....

.44
w OD
-"2e
88
1.10

WIBAMIGNS Se qges on cia eA seed Se es dee bes ke sod oss aw ss pendns sees eae’ do....
Carpenters, masons, and plasterers..........-....-.--------eee eee WO...

,66
66

Factory operatives:
PIGRIMCOUS secacacewnau'ss
\eeues Soe eme Ga Mipee eae aeemiedats se cus per month..
I ORCIION . cares Wene See a dco od Ree
boone ee cee ewelees 4220s eeewRE do....
PROMON «55.05 Gewese acutar caters Cowgeu ky et Cbd Ses shoes es ce SERS cure do....
REO sa wxanepumnew mony ee945q0 bb sas ScEeEe Se Reem de huev bee nee eee do....
Store employees:
CIBPRS GWG. GAlCMNOI ie. ..0a 644s Seas pmecesmeed vaus Sane sesesmeseeen do....
WOGIKCRDONE ci iad dawds sds, Lice ses ae dguceebes youu ses be geese do....
Railway

employees:

Vi een OOONONG
ri

52.80
44.00
15,40
18.20
26.40
35.20

ais «4 aekG 0 ded bxdu pans edies skye xGveks <iPesecsceewoaes do....

39.60

tOts GUN Metie d 2 cay args cuweriia bess coc aed Med eee wes seh pueteceeew made do....

35.20

CROPES:

whe

sKeeeeds es

WT )eRGt COLIOCHORE

PROMO

ee

Soe sors

pe

one

19,30
17.80

sucee se eeuenev iad ene wedsstau ck dee slesap sa sae Pie ees bo eeuss do....

19.80

HAWAIIAN
[Extract from

eee eee te neers ee do....

haly wae oh e es es 6S ee dees veveseeskwiesans do....

the Commercial

Relations

ISLANDS.

report of Consul-General

1896.]

Mills, of Honolulu,

August

31,

The rate of exchange here is 1} per cent on Eastern cities of the
United States, and 1 per cent on the Pacific Coast.
Gold is at a
premium of 1 per cent over silver.
CURRENOY.

The Hawaiian money is paper and silver.

The gold, of which a large

United States silver and paper
amount is in circulation, is American.
paper money is secured
Hawaiian
money is also in circulation here. The
=
by silver held in reserve.
The minister of finance informs me that, including both Hawaiian and

United States money, there is in circulation about $3,000,000 in these

islands.

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1354——14.

210

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

WAGES.
The rates of wages are as follows:
Contract laborers on sugar plantations..............:.;.per month...
Laborers not under contract on sugar plantations........... do....

$12. 50
$15.00

to

20.00

16.00

to

25.00

Ordinary day lavovers «is snc «2sdse ne nwds sn mrencsobes
da00 per day... :
Domestic BOL Vants. « ..0sse cess se wesses seeees sess ease per month..

MiOChanlGh Jeveunswh cues areas $520 sence acon eeaS Rhee weed per day..
OlSTES TN StOPOB. .u0<5 the cas esensnseeces
swnene oneekawn per month..
BOO RIRGCDOIS tuxaswidustectsices caasidsacnseeakekaw abate oe we do....
Railway employees:
ER GIMCSTR ex ss sasnesndete aeetugne wee RUGN Dewees Conaes GOcees
CONGUCHOUN. 5.5 onesies ve codes kewbed by sedsaecnnt saceeessGOs.55
Pot WORE.
Juss Usecice tudes Maneebesane
beSe Stas dos do....
Heotion NOWGS 1. .scs ccveas sak sau ven enm Maewed sed ewe 05. do....
SOCUON TOPCHION ce pines caecce ed van Weeds eaWEas ase veers dO

1.00
2.50 to
4,00
75.00 to 125.00
125.00 to 150. 00
65.00 $6
35.00 to
30.00 to

100. 00
90,00
40.00
35.00
75. 00

These figures allude to the Oahu Railroad and Land Giannini’ on this
island. There are, of course, very few employees of this character
here. Plantation managers get from $3,000 per year up; overseers

from $40 to $75 per month.

TARIFF

CHANGES.

The last Hawaiian legislature passed a law “to increase the duty on
spirituous liquors, still wines, and other beverages made from material
other than grape juice.” This act increases the duty on Japanese saki
from 15 to 60 cents per gallon. The same legislature also passed an act
admitting free of duty into these islands wines made from the juice of
the grape containing less than 18 per cent of alcohol. Wines of this
character formerly paid an import duty of 15 cents per gallon. This
act will admit California wines into this country free of duty after
January 1, 1897,
Parts of bicycles, for repairing, and glass, when a component part of
furniture, are now admitted free. Formerly a duty of 10 per cent was
levied on these articles.

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MONEY

IN

PRICES

AND

GENERAL

FOREIGN

911)

COUNTRIES.

SUMMARY.

[By Frederic Emory, chief of the Bureau of Statistics, Department of State.]

While it is evident, from the many variations in prices of commodities
and rates of wages during the past ten years, as disclosed in detail in
the preceding reports, that an exact expression of the general results
‘an not be given within the compass of a single table, it is possible to
group together statements as to the nature of the currency and the per
capita circulation, and an approximation to the general changes in
prices and wages, i. e., the increase or decrease, in each country treated
of. Two important facts seem to have been established, viz:
(1) That there has been a general decline in the prices of commodities,
It is claimed,
especially in certain raw products throughout the world.
of money,
scarcity
to
due
is
prices
in
decline
this
that
hand,
one
on the
in Invenprogress
to
and, on the other hand, that it is to be attributed
tion and increased production both of raw materials and manufactures,
causing keener competition, with the inevitable accompaniment of lower
prices.* It will be noted that in Mexico prices have been steadier for
articles which could be most profitably exported for gold, and that
sharp fluctuations, due to local scarcity of product, have occurred in
such articles as wheat and corn, in which the prices have been generally
downward in the markets of the world.
(2) That there has been a general advance in wages, especially marked
in the leading industrial countries, all of which have either a single gold
standard or a double standard with a gold reserve.
The following table summarizes the conditions and changes in the
different countries in so far as they can be expressed in such a form.
For purposes of comparison, similar figures and deductions, as shown
by the United States Treasury reports and the United States Senate
Committee Report on Wholesale Prices, Wages, etc., 1893, together with
such figures of wages in 1896 as were obtainable from the U.S. Department of Labor and the U. 8. Department of Agriculture, are given.
* According to Mulhall’s Dictionary of Statistics, the world’s production of wheat
Russia
had increased from 1,198,000,000 bushels in 1860, to 2,271,000,000 in 1888.
increased her production

the Argentine
1860, produced,

130,000,000

from

Republic, which

in 1860

to 258,000,000 in 1888.

did not figure at all in Mulhall’s

India and.

compilation

respectively, 233,446,000 and 22,000,000 bushels in 1888.

for

These three

countries are now formidable competitors with the United States in the raising of
The estimated production in 1896, according to a report from Consul-General
wheat.
Karel, of St. Petersburg, dated September 26, 1896, based upon calculations by
French, and English authorities, is as follows: Russia, 349,082,666
Hungarian,
bushels (against 405,658,133 in 1895); India, 201,625,333 (against 250,858,026 in 1895) ;

the

Argentine

Republic,

48,149,333

(against

63,196,000

in

1895);

United

States,

394,222,667 (against 471,863,466 in 1895).

From Mr. Karel’s figures, it appears that the world’s wheat crop in 1896 is
bushels, against 2,529,756,204 in 1895, a shortage for 1896 of 185,485,542
ee
yushels.
The price of wheat (New York quotations) rose from 63.1 cents, the average price
The
in July, 1896, to from 75{ to 79} cents (May wheat) on October 13, 1896.
price of bar silver in London

fell from 318d. (68.778 cents) per fine ounce on July 25,

1896, to 293d. (60.333 cents) on October 13, 1896.
Mulhall estimates that the cotton production of the world increased from
2,551,000,000 pounds in 1860, to 4,783,000,000 pounds in 1888, and here again there
has been a great increase in the production of certain countries in competition with
Ey
the United States—notably India, Egypt, and Russian Turkestan.
As to the world’s production of manufactures Mulhall estimates that it increased
in value from $11,699,066,000 in 1860 to $21,772,721,000 in 1888.

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(B) ono eae eens

gold and silver_..|

(6) ...200s.0.cseeccoos

Netherlands .......|....- IO gatandiee
se wanswoes ace Gold only .............|
Re
ae OB scinanxmeeeeend aerwonleckie I a rence
am stn 6
|
Germany

........=.

Single,

gold h......2....-.|.-.-. Gig

Soin Sloecae

7421.70
|

Switzerland
Bi

-.....-. | Double,

aa

Mexico ............

ree BO

gold and silver...|

|

Gold,
with
limited |
coinage of silver.
Gold only..........--|

race pacgew
ius keels ee

Nominally double;
ally silver.

| Decline in cereals and pork
and in certain raw products

9.52
16.25

OOo aecacuaeeeeeewk }

10. 59

increase

in

beef between 1886 and 1895,
and in many lines of manufactured goods.

| General decline in cereals and
|
_breadstutts.
General

decline,

especially

in

Costa

Rica.........

Colombia

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ee

ane

ee |

8.34

Not

Single, silver
Nominally double;
ally silver.
Single,

silver

given.
9. 40

actu-

} Gold onlym........--.
currency 7n-.... |

|

|
|

|
|

eee

|.-...- (OD) cei
ainip aia |
|

General

|

advance;

G16

Rhenish- Westphalia textile
industries wages
increased

trom about $143 per head

in

1886 to about $163 in 1895; in
Government railroad shops,
from $217 to $244.
Day labor

shows
a _ general though
slight advance.
In many
trades the advance
is
marked from 1886 to 1892.

25. 00m

of coffee,

sugar.
Not given J
Cost

of

7.58

of skilled labor.
|

hardware
also in

meat,

and

No change ...-.-..<«<s
imported

goods

doubled; no change as to
prices of domestic products.
Increase in cost of imported
goods.

Paper

“In

|
food products.
marked in the case |
|
of farm labor.
| No general change as to food || Nochange in wages of |
products not exported; |
unskilled
labor.
prices subject to great flue- |
Advance in wages

prices

Single, po

advance...---

|

actu- | Both gold and silver..|

articles, except
and machinery;

Nicaragua

| General
|

| General decline ............... one (LO rere

tuations (see diagrams, Appendix
F,
Mexico);
advance in prices of imported

British Honduras.-.}

Wages of farm laborers from
23 to 404 cents per day.

| Decline in some articles; ad- | Slightadvance-......-vance in others.
|
49.245 | Decline, exceptin beet sugarg| Slow but regular ad|
vance.
for industries;

|

Remarks.

25.00

|

Austria-Hungary..|-...- eeeee ee ee

1836

$23. 129 | General decline of about9 per | Advance,
except in
cent a.
agriculture. b Farm
wages lower.
11.40 | Decline in some articles; ad- | General advance from
vance in others.
1881 to 1891 of 12.07
percent foroneclass
of industries and of
18.3 for the other.
Not given. | General decline f .........-..- No change ...... siamcete

|
Belgium .........4 | Double,

remem

General
advance,
as measured in paper currency.

AGNOW

Gold Only. ..-<nn<ne0s=

Change in prices, 1886 to 1896.

GNV

United
Kingdom | Single, gold...............
(Great Britain
and Ireland).
Oamada': . ..-0.---|00'+2 OG nccceeitnahawlinbeeune

a.

SHOIYd

Mints open to—

NI

Standard.

NOIMMOA

|

amet AD

a

of

334

cent as measured
advance,

measured
currency.

in

are doubled

ing to report of Vice-Consul]
Hempstead.

per

in

as

paper

however,

in purchasing power by adoption of gold standard, accord-

iin wheres
ieee

Increase
silver.
General

Wages,

|

|

‘SHTULINNOO

Country.

Gold ORLY . 20000 Spada

7.48

| Increase in wheat, wool, tallow, linseed, barley, beef,

flour;

decrease

corn,

beans,

butter.

gold

Double,

p.............

gold

and silver...!

NA is252

eameeasianmie

Not

Gold only r...........-

stated.

$22.05

|
| Not stated ..................-.|

General decline t.............-

in Chile prior to the adoption

of the gold standard.

:
None

some variation in
different localities

................. |

Generaladvanceupto
1892. u

|

In cer-

tain localities no change
|

oc-

curred in the years 1885-1895 ;
in others increases were re-

ported.

*

|
|

@ Average of Economist and Sauerbeck figures, 8.7 per cent.

b The

British Board

of Trade,

than in 1886, except in agriculture.

in a communication

to the United

States

‘The rise began about 1888 and culminated

Embassy

in London,

says:

in 1890, since which there

‘‘ Rates

has

of wages

in the principal occupations

been some fall, but not of equal extent

are somewhat

to the rise.

higher

Thus

the
etc., which are especially sensitive to changes in the state of the market,
has not been a steady and a progressive one, but has been of the nature of an upward followed by a downward movement.
The lowest point touched in the downward movement was probably in 1895.
The present year so far shows an increase.
An exception to this fluctuation of wages is afforded by the building trades, in which wages have
progressively risen since 1886.
Agricultural wages began to fall about the winter of 1892, and fell in 1893 and 1894.
They are somewhat lower than in 1886.”
¢e Coinage of silver and copper by the British mint.
change in wages,

d Figures

especially in the fluctuating trades,

given

such as mining,

iron

and

steel

shipbuilding,

in detail

are for 1886-1894 and 1883-1895.
For some articles, as, for instance, mackerel and other
canned beef, certain drugs and chemicals,
butter and cheese, pork, lard, potatoes, oats, Indian corn, coffee, tobacco, alcoholic liquors, coal, copper, iron, some kindsfish,of clams,
timber, cattle and sheep, prices were higher in
Canada in 1894-95 than in 1883-1886.
e No coinage of gold or silver by Belgium for twenty years.
J Price of coffee has risen in Brussels from 36 to 44 cents per pound.
g As shown by average
quotations at Produce Exchange in Paris in 1887 and 1896.
h Gold standard can mat be said to have been exclusively introduced in the German Empire, inasmuch as the silver thaler pieces formerly
coined are still received at
the rate of 1 thaler for 3 marks of gold.
i Figures as given by Consul-General Mason, of Frankfort, in ‘‘ Commercial Relations’’ report dated September
25, 1896.
j Gold standard adopted August 2, 1892.
No gold in circulation as yet.
Limited amount of silver circulated at parity with gold.
& United States gold dollar is the standard of British Honduras, and the British sovereign is also legal tender.
United States silver circulates

USir Alfred

in the number

Moloney, governor

of importers

since

1894.

of British
*

*

*

Honduras,

Competition

says:

‘‘ Not only has trade considerably expanded, but there

has become

keener to secure

trade, which

at parity with

gold.

has been an appreciable increase, over 40 per cent,

has had the tendency

to reduce prices.
*
*
*
The laboring classes,
the backbone of the colony, have been largely benefited as regards wages, the dollars now earned equaling the number formerly
received by them in sols.
Savings-bank
deposits have increased.
Land and house property, whether in town or country, has increased 100 per cent in value, commanding now in gold the same amount
received
formerly in the money it replaced.”
m On the 3d of July, 1896, the Government of Costa Rica ordered the discontinuance of silver coinage and prohibited the circulation of foreign
silver coin.
The
Government has also made a contract
with the Bank of Costa Rica for the adoption of the gold standard.
The per capita circulation of
Williams, of San José, September 26, 1896, is $20 Costa Rican currency, or $8.33 United States gold.
n Department of Panama excepted from paper money and authorized to use silver.
The silver at present is coined in England.

o
p
q
r

Chile
There
There
Silver

has
is
is
is

Costa

Rica,

as

given

by

Consul

had the gold standard since the resumption of silver specie payments, June 1, 1895.
a silver currency limited as legal tender to $10.
no mint in
Egypt. The silver money is coined at the royal mint in Berlin.
The goldis supplied by England and France.
coined by United States mints on Government account under the law of 1890.

8 Per capita circulation

October 1, 1896, as given

in United

States Treasury

statement.

¢t Figures, covering the period from 1886 to 1891, inclusive, as given in United States Senate Report No. 1394, Finance Committee, second
session, Fifty-second Congress,
Part I, show a general advance.
The price of all articles ‘sim ly averaged” in 1886 was 91.9, and in 1891, 96.2. But comparing the figures for 1886-1891 with the
figures
iven farther on in this volume from the Statistical Abstract published by the Bureau of Statistics, Treasury Department, it will be
seen that there was a general decline
rom 1891 to 1896, and for the whole period 1886-1896.
u According to Senate committee report quoted above, the relative wages in all occupations, ‘simply averaged,” were, in 1886, 150.9; in 1891, 160.7.
No complete
figures have been compiled by Government authority since the date of that report, but the industrial depression prevailing during
the period 1893-1896, as indicated by
reports of bureaus of statistics in manufacturing States, has undoubtedly resulted in reductions of wages.
See abstracts of these reports, pp. 248-253, and partial figures
of Department of Labor and Department of Agriculture for 1896, pp. 253, 267.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

SAOINd

United States......

Single,

standard.

and

| There was
wages in

NI

as sessececns

Indian

since adopthe
gold

NOIMYOA

WIG

in

cheese,

| Nochange
tion of

AUNOW

gold o.......2...-.|

GNY

Single,

‘SHIGINNOO

....22.006..--]

a

Chilo

STATES.

UNITED

IN THE

WAGES

AND

V1G

PRICES

United States are given:
For comparative purposes the following tables of prices and wages in the
NEW

YORK

CITY

IN

1886 AND

1896.
\saty, 1886. a| July, 1896.6

Cents.
a Veen Kune Degas sss aknenunnaeicicenvasaseanenas > per bushel..
Hn vil aceeciee ees steam eRe nos esiewsinwawenaweacses-a>-56 do...

843
47

per pound..

92

40

) pun euscwsaeenseceso sae ces ine aceee~a—~— sous => do.-...

eS

ea

Cents.
c 63.1
34.7
7.4

PRICES

OF THE

PRINCIPAL

Norz.—The

ARTICLES

OF MERCHANDISE

IMPORTED

AND

EXPORTED

NI
IN 1895 AND

1896. (a)

NOIGUOT

AVERAGE

values of the goods represent their value in the foreign markets.
IMPORT

PRICES.

August.

Coffee

ses
..---..-..2----ccececoce-

Pound... +...

Cotton cloth:
Not bleached, etc -..--.--- --«| Square yard ..
ws pene, ObC....-cccece eel See OF. caccees
ish:
Pickled—
Barrel
Herring ------ccscee--e0-Mackerel. .....2.0..-+ ccceheos-- GO
Pound
Glass: Cylinder, ete., unpolished.|
India rubber, crude .......-------|----- GG

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

..sscc<.
csusaswe
.....-..scaccuan

iets.

1895.

Unit.
8 oe

October.

January.|February.|

—

—

$0. 150

$0. 155

$0. 157

$0. 156

$0. 149

$0. 138

$0. 136

- 089
-119

. 080
- 116

. 081
. 123

- 087
18

. 076
. 122

. 075
. 122

- 088
.119

7. 84
11. 73
. 022
. 361

7.04
14, 21
. v18
.427

7.88
15. 67
.019
. 503

7.91
14. 97
. 021
. 486

6. 38
14.10
. 021
- 488

6. 28
14, 20
. 022
. 450

7.70
14. 86
. 018
-418

March.

|

$0. 142

- 086 |
- 116
5. 81
14. 57
. 021
. 435

April.

May.

June.

July.

$0. 143

$0. 143

$0. 144

$0. 087

. 091
. 114

- 085
.125

. 078
. 120

. 084
-116

7. 86
14.51
. 019
491

7.01
12. 34
- 019
- 432

6. 30
10.77
- 020
- 428

7.32
10. 45
. 019
. 380

‘SHIMLNOOO

Price per unit.

Imported articles.

|
{
|
|

a 23

No. 1394.
a Highest price quoted in tables of Senate Finance Committee reportfigures, Monthly Summary, except for oats.
b Monthly average export price as given in United States Treasury794 cents.
d Highest price in July.
ce Wheat was quoted in New York October 13, 1896, at from 75% to

B._MONTHLY

AGNOW

IN

ANV

A.—PRICES

YEARS.

VARIOUS

IN

PRICES

SAOIUd

I.

above

No.

aise

16

Senin

Dutch

Pound

........

PROOG San awn seein s+ wweinesss-2> 2 eee GW Dacisee'es
Cane, and

all other

..-....-..--- ee

grasses, or fibrous

table substances:
CL
a

vege-

|

OB Losses

|
ee

SIORR nn 3 io sono os senees sancee
Jute and jute butts -.........|.-.-PS

5 xo.

nnn

cp aensionicsclancisc

PRAGN GUAGE qos cham ersune aneaee|>
a>
Tin: Bars, block, and pig-...-.--.-|
Tobacco,

20. 85
- 021
- 023

20. 40
- 022
. 023

136
017
137

- 146
.015
129

- 145
- 017
- 148

. 142
-015
- 152

. 143
- 016
- 150

141
. 015
-117

. 134
. 016
2121

50

3. 35

3. 31

3. 21

3. 54

3. 29

3.40

. 022
. 023

22. 40
. 021
. 022

. 136
- 015
. 139

. 134
. 016
. 147

20, . 10

21

3.17

|

standard:

Textile

18. 67
- 021
. 024

leaf:

Suitable for wrappers. -..-..-0
ee ene epee
}

- 018
- 019

a
02
07
73
56
138

251.51
88. 03
17. 03
62. 03
79. 60
. 139

989
385

1.21
. 374

- 925
. 382

1.39
417

148
288
101

- 147
. 231
. 098

. 157
. 210
. 098

. 178
. 220
. 093

25
564
707

2.82
. 552
- 693

1.59
. 654
. 735

1.55
. 673
. 802

280.
150.
48.
98.
57.

22
88
47
81
65
- 135

246.
150.
22.
79.
68.

26
12
40
65
60
. 137

- 024
. 023

. 022
. 023

. 024
- 023

. 024
- 024

. 025
. 025

41
93
60
36
78
- 134

219. 23
131.10
24. 81
73. 54
68. 33
. 132

241. 63
181. 20
22.79
82. 61
68. 66
-131

15
. 86
- 40
. 22
- 45
. 136

. 696
377

. 780
. 394

- 943
- 466

- 936
. 466

. 178
. 231
. 089

- 166
185
- 100

- 161
. 176
- 102

. 159
. 199
. 092

» ttl
- 183
- 101

1.15
. 607
- 842

1.37
- 546
. 813

1.55
- 485
- 807

- 021
- 022

- 020
- 020

018
019

230.
140.
20.
93.
66.

1.40
Fe

247.
133.
20.
81.
67.

02
62
36
82
31
- 130

Wools, etc., and manufactures of:
CLASS FS Cs ~ccmesusesndonene
CHASED 6. . cccndsconessenc
Manufactures—

Carpets and carpeting. ---|
Ss

en

ers

Square yard ..
| Pound

......-.

a¥From Monthly Summary of Finance and Commerce of the United
b Mostly spiegeleisen and ferro-manganese.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AUNOW

not

rccet

24. 57
. 021
024

GNV

Sugar

ssc cpm

22. 02
- 022
. 023

NI

ID

21. 90
- 021
- 023

SAOLYd

Provisions:
|
COREE \ensdinatonneremeeaes a Lo aegis BG ssnensee
TG san cntnatcetsicctonceess< | Babel OO cinaawed
DOES <sccatowiveurece=csicnesne| 100 pounds. - -.
Silk, raw, or as reeled from the |

69
026
023

2. 65
. 467
. 759

2. 52
- 571
. 804

States, July, 1896, published by Bureau of Statistics, Treasury Department.
c¥For description of these classes, see paragraph 366 et seq., tariff of October 1, 1890.

NOITHOA

Sheet, plate, and taggers iron -| Pound ....<+‘Pim Pines...
2.22. .-2- 0s ssese|oo0- OG <cnsnnes

‘SHININOOO

and steel:

Pig ton 6 ..,22..---+-+--«<---2 | {eee

G

Iron

PRICES

AVERAGE

OF

ARTICLES

PRINCIPAL

THE

OF

AND

IMPORTED

MERCHANDISE

EXPORTED—Continued.

916

B._MONTHLY

Norsz.—The values of the goods represent their market value at the time of exportation
DOMESTIC

EXPORT

PRICES.

Exported articles.

Unit.

‘asiat

1896.

October.

a

August.

AUNOW

Price per unit.

ee)
a “yge

|February.|

January.

ge

March.

| April.

.
June.

May

July.

$0. 374
- 611
3. 52

$0. 366
- 620
3.47

$0. 351
- 652
3.43

a aiata
nine cnwciemaneces |, “TR OIBl. <aGieme
ADMPGHPACIEO:....
Bituminows....26.0.<s-s45.--- eae OO) 5 siscirndgrave

3. 88
2. 25

3. 79
2. 25

4.03
2. 33

4.34
2.14

4.24
1.99

4.43
2.11

4.52
1. 92

oal:

Copper:

|

Ingots, bars, and old....| Pound........

rom. unmanufactured

-........|...-- eee

.110

-111

«112

Nails and spikes, cut

LieStRer,

BOIS

Naval stores:
PEARED

6525 osc

DOW

isn ssecoes

Pound ........<

be seen sens ss]. 552 GO i3L2845%

nc neo eese
asada

Turpentine, spirits of
=

Wiad ..cwceatias
kc. GO icaostex
2 oe tees
Rog
Pound ...-...-

cake and oil-cake meal

Barrel ....ces

etc

- 080

078

. 078

082

. 059
. 057
15. 76
. 089

. 059
. 059
13. 82
. 090

. 057
. 065
14. 71
. 090

057
. 056
14. 78
098

. 065
. 060
16. 013
. 094

. 062
. 055
14. 57
- 087

. 060
. 063
14. 42
- 086

. 056
. 060
14. 82
. 078

- 058
. 058
14.41
-075

. 052
. 056
14, 60
- O81

12. 97

13. 80

16. 45

18. 33

19. 67

18. 83

17. 76

UT 17

15. 42

13. 62

. 022

. 022

. 191

. 186
1. 94

. 009

|

Gallon ..<.<.s

. 055

1,99

. 263

1. 96

. 268

197
1. 84

. 260

. 022

- 198
1. 92

. 266

- 025
175

1. 84

. 302

. 010

- 009

. 009

010

.012

|

. 020

Pe

. 022
168

eG

1. 82

1.94

4, 22
2. 42

4.3
2. 39

|

118

. 076

074

052
. O54
14. 48
072

. 060
. 054
14. 02
077

13. 52

11. 94

. 020

- 019

018

. 018

. 167

ATE

156

174

1. 97

1. 93

1. 84

1.

97

Big

. 264

. 207

. 248

- 247

010

. 010

. 010

010

009

. 009

. 293

. 050

. 048

. 054

. 058

. 055

. 060

. 053

056

. 054

051

. 066

057

. 064

065

065

. 070

068

. 065

. 066

sintaadead
...... ‘ie

- 291
. 041

. 270
. 041

. 291
. 042

311
042

. 285
- 041

. 304
. 041

- 284
. 043

280
044

256
. 040

270
- 041

260
. 041

252
- O41

AO vancewne
a
AO cixasows
GO axseeswa
OO a csemaern
GO. sxcveeen

- 092
055
048
- 086
-101
- 062

. 092
-056
. 050
. 084
. 099
- 059

.
.
.
.

091
055
051
086
099
059

083
057
051
081
099
056

- 088
- 056
. 046
076
098
057

.
.
.
.

084
058
050
078
098
057

. O84
060
046
077
- 099
- 058

080
056
042
080
099
054

. 081
. 057
. 041
. 075
097
- 053

079
053
. O8&
067
098
051

. 079
053
040
- 067
095
049

- 081
054
- 039
. 067
- 095
- 047

Vegetable—cotton seed ......|..-.-. OD
Pound
Paraffin and paraflin wax..-.....-

Provisions:
Beef—

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

. 196

018

$0. 347
. 631
3.47

071

Refined—illuminating........)..--- GO: coxcuwuil

PMR

. 028

|
|
|

$0. 368
. 678
3.49

1.09

. 107

- 081

«..<s<<

ou. ha wi anee ee eynecu lots <
POR
Salted or pickled .........|..--RAM OW sxccne= coccwcieensiewesedlscase
DOOR sa asi ie itn remedies enw eels eos
DIBAR n2conen dea ceenatincncedlasnse
Pork, piekled «2... .<c002 <2 000

104

082

ils:

Mineral—crude,

. 106

085

|

Pound

. 102

103

4,13
2. 23

. 085

-271

Gallon .. <<<.

.110

4.13
2. 33

. 076

. 063

Jloths:

Colored......5. s..2s-2Wncoleved). . 0.50655 0cecendee|e
eae edaaeokee
oss
UA
salen
eae ais wom
BRO
Iron and steel:
cs wicin seve
PIA TOR Jann

-110

4,29
2.10

|

nace MO csvsecsn
oes smisas aca nemnatinnewl

. 070

|
|
|

. 070

. 068

. 068

072

068

069

067

. 066

069

.
.
.

. 064

. 061

057

055

- 052

SHOIUd

$0. 395
. 610
3.51

$0.367
. 694
3. 56

NI

$0. 425
. 638
8. 65

$0. 353
. 107
3. 60

NOTHYOT

$0. 480
. 651
3. 70

$0. 357
. otk
3. 62

‘SGIUNINOOO

c

Bushel....<s<<
Reese
RE
0
psa GO icascecie
ioe occa iceiateca|
WS
eal LONER oiniaic es amin wie niiglpiais's | Barrel ..-....-

$0. 354
. 698
3. 51

GNV

|

Breadstufis:

- O71
- 148
- 092

- 067
. 139
- 088

.
.
.
.

.
.
.
.
-

.
.
-

.
.
.
.

.
.

.
.
.

.
.
.
.

Seeds

POU ie cok caadones saqwuaumessdlle ners do
COED

«cou a onwsiondass

diacens|eeene do

Ce
ee eee
ee do
SURAT, TOUMEG «..ccciccccwcvcnaance-- Naima a do
(ee
aa do

Wood:

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Boards, deals, and ——

M feet

088
005
039
050
090
14. 62

075
007
029
049
084
13. 12

078
006
031
049
078
14. 78

O77
007
029
049

. 082

14

20

077
007
029
052
086
15. 61

079
007
025
050
O74
15. 15

080
009
022
053
092
14. 68

- 063
- 132
- 074

. 060
-131
- 070

eee
- 005
.
- 022
. 049
.
. 086
.
14, 59
15.

007
020
050
087
50

AANOW

- 081
. 142
. 094

ANY

. 087
- 142
- 095

SHON

- 084
-161
. 090

NI

- 080
- 156
. 092

NOIGGOMT

- 081
- 138
- 079

“SATUINNOO

5 535 sa Gab ee susan unicntawal>
se. do
5c sadsidesescewnnscomeslosacs do

LI6

DUE
CMGOED

IN

1895 AND

I.

Silver.

London
quota-

Saturday.

tions.

PP

:
om ge

at par

($4.8665).

of a

pis

1895.

September 7 ....--.-------2--0-eceeeseceeceeenceecceee-

Pence.

3075

Dollars.

. 66722

RROR EE Poo

de cronesine nn i Sone ec kamdnssenonwunssuaeeede

66859
66859
66996
67270

- 67285
67216
- 67285
2 67422

PUSOGIIOS 20
October 26

oes Daas ecncas opens sapain smxnicmemeneerueeete

3033
30%

. 67544
- 67681

67766
- 67983
- 67905

3045

. 67818

304%

. 67544

November 3
December 7

3044
3035

303;

. 66174

. 66460

December
December

B02,
30%

. 66996
- 66859

67388
67216

304
30%

. 66859
- 66996

- 67216
67354

January 18
GUE
Re
5s
a ante Penida iw ape aaa oh
inn dr beset
PENS
Reh cd seis Sccset mrad caaieiteas a ac en talet i Sittin ape sifemune
Sd
a
arn pe ieiee FOE ee
a
ee
a
MOPECIES BD...
a cecandeednsee
bind dae vicindnnene ecown's |
I
5 oe bn sdb nay ok ae awa
wlan
ena |

30%
303
302
30%
30%
31

.
.
.

67407
67133
67407
67681
67681
67955

- 67767
. 67457
- 67663
67823
- 67823
68109

OE
See
ee a
eee acta siBils ts page aS
et
ES Se Me
eee) oe Ae
ee 2 Re OU eee
i
SS
a
ce
ere Soe ae heel eee
oe Bene > i
ee
een eee ee, ES ee
ee Set
ae ee
l

8143
Bly
314;
314

.
.
-

70010
69188
68620
68229

- 70204
69280
- 68831
- 68524

November
November 2:

30:
303

December 14
21
2

i
See
January 11

I

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I

a 8

ee

ee

inv in Sra agai

a Sig ble

EE

we ie ray sed

a |

31%

- 67407
37407
. 67270
. 66996

- 68367

of silver

0.7.

F

Oak.

Union.

Hemlock,

| nonacid.|

New
fine

Pata

Per pound.
Cents.

153 |

51694

30. 92
.

52437

30 »

“i

.

7

153
16
164
164

164

|

- 68111

. 67802
67767

’

at

par.

- 68978

{

November

change

Rio
8

'-

. 67182

-

November 2

to gold.

‘4

Dollars.

304
303
303%5
304%

- 68777

silver ex-

sl

age price of |

i

entembee 04 on. 4 case seamsees conden sacks ueaewewenad
DOUPEIR MOT DE Wo - dikes wee oe sbilsls inns ne -amesk phan enaepans
BOROMAROE Fn 5i6in wisocsncc carer akan one essacnenweanasesy
SRSODOE 6 Gass icas gas ee cdeie cnet eyumos saneemnnnn apnea

31%

pe per

>

Rubber.

g
Middle weights.

of a Unite
doline nt ae.
2

| we ins Fork

Per fine ounce.

Leather.

Bullion value

Based on
aoe

_

Coffee.

AUNOW

H
Equivalent
value—

Date,

1896. (a)

(NV

TABLE

ARTICLES

SIZ’

LEADING

Cents.

35@40

388@40
35@37
35: @37
85@37

Cents.

37

37
36
36
36

Oents.

24|
24
24
24
24

Cents.

13074

73@75
75
75
T5@17

85@37

82

24

78@80

16
16

35
35

32034
32

32

7
24

24

eye
78@80

152

35

32

30
30

24

24
24

80

15%
30. 62

51534

31. 02

148

30@31

34@35
32

30
28@30

23
23

T5@717
T4Q@77

.

143
143

30
30

28
26228

21022
21022

77
oF

14%
143

29@30
29@31

26@27
yo Ss

20@21

7
75

po
14
133
13
134
134

eee
29@31
29230
29@30
29@ 30
29@30

26@27
26027
26@27
26 @27
26@ 27
26

20@21
19@20
18@19
18@19
18@19
18@19

75
74
72
72
72
74

133
13%
13%
13%

29@30
29030
29@30
29 @30

26
26
26
26

18@19
18@19
18@19
18@19

74
734
73
74

.

143
148

i

51966

30.7

?

- 52546

30. 41

68556

po)

53190
i

30. 05
.

34@35
384035

80

- 52201

67505
67320

154
153

35

eee

28

PON

22

Vereen cnte=s

79
78
T4@77

74

SHOINd

OF

NI

PRICES

*SATLINNOO NOIANOA

C.—COMPARATIVE

30. 02

I

312

. 68778

. 69074

312
3124
3

. 68778
a port
. 67955

(C8700 |. wimiaceseammewe eeu
. 68039

a

ar sista

ee

ct wea

eee

a ines a Seems de

eae

eo

Ne

ne

eS

a
sa ie ane Raa
aia
ena
asa aieeaion <del
a
plete oe
a bw cli a
Sa oe SS ee ae an wg |
BP el
aS an ines on iaya anal
my sela
e ashiaa tod |

PIAS

OD ices ees

po

sie 2 Sia
a
Ne

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Ea

desnss Ho ctcemewscssus
cee wseee cues |

@ From Monthly

Summary

314

3044
308

. 69030

. 67270
. 67133

|

- 69278
. 69349

of Finance and Commerce of the United States, July, 1896, published

ieawne

18@19
18@184

AYHNOW

|

314%
313;
313
314

I
IE
SR

68914
69188
68778
69030

69039
69074
69141
69416
68968

30. 34

NT
in
ge aetna dmg AiR in ws im OR dig ce Si RMN
eee
ee
eee
nee eee a
Ne
icine Sami rag enna
He a aoe Pi mr cmaS
Se
ee
ee

oT)

.
.

.
.
.
.
.

- 52691

GNVY

- 68092

|
|

18@19
18@19
17@18
17018
17018
17@18
17@18
17018
18@19
18@19
18@19
18@19
18@19
18@19
18@19
18@19
18@19
18@19
18@19
18@19

|

8 Cc TOIud

. 68092
. 68366
. 68778
- 68778

3175

68386
68283
68386
68421
68681

29@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
2803
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@30
28@29

by Bureau of Statistics, Treasury Department.

NI

3175
3135
314
313

-

30. 36

NOTHYOA

- 67955

. 68092

- 52661

*SAITINOOO

3

31yy

|

61%

- 67955
- 67955

68559
68559
68248
68248

Wwe

31
31

.
-

Www

- 68229
- 68229

CONTCONTELO COSTCO

31%
314

II.

Date, Monday.

Fs

——e

:

Manila, sisal

pel g, | Manila.|

hemp,

Sisal

jute, and jute butts.

1, emp

Jute.

Cents.

Cents.
24.033
22@3
2403
24@3

Jute butts.

Per pound.

SOOO
DepGCMIDEE
Opto BOF
SO UMNNINO EY

haa
Diao
mara lui oieinre Gh hie die acorn
Sees ea EE
Re
Vanes
oo oc. pn sonane agen o-eeewesasa onc nn css so en eeteeeis aoe aa
NC. occ an sg -niotmes neice ened seem eo es ens aepaneeaeaucie sun
Gar a2 wae ka remiemains tainee nies panes ao Eade eee PoP
anes

RECN

EON

5 cscs emerge

eg tsa eave

xcs

Selo

a aod ac

October 7. ....-- 000 ceeocccescennnaccese Se
NE
8
Rca phere hi gc ts ese
ROT OSGP Ns
IS

naa

ee

ION OHUNOR frais
TROONO

ove Wain

Ee

sacs sere

sense ws Seleente

is seus asses arte

eae

aaiercin ows As Slaw Glos Se

5.0 cea cidin aces aja aa

sis

ee

Uae

on ea Sepa

oir eared awiaaie oe ane

I

ee

ee nee
Or
ae Sot Arann ee
eRe

a

iain enmiein G ceansians oS ed

ed dant cane epee
cin oa eseen ade heed

He aU

eee

ee

Sa each acne

ad

sae Shdenbam

merece

pa wSowminieaneeelk ee

ee

oS es Se
ee
ee
eee
eee
ee
a
ae
eee
ee
ee
ae ee nee
eee
eS
ee
eee
ee
= iste aa isd Sei sas geakuS SS NeR OS ae +o Sees Ieee See mas Hel eseeTaaic atm ais ake eens aaeeenee nee
a
ee
ee
Oe eee
eet ae ene
ee
ee
eee
ee
ee

Vee

a

ee

eee

eee

4

44

4

ae a pions nmaaiaien acne lomutmeueaemn

semanas

ee

een
aa

eee

ea

> eee

Sonu since cene eee
ene
em
c= anja oe eth atte ome

Cents.
44
44
4
3g

Es

44
44

Bea
Le
SOON
be

OGRERO Oo teen Sinica ena reeiciaca set sece+ dsm climes De meine me
IE
cinerea tare cco
See RA eRe
oan LT rm Rat

Cents.
44
43
44
4

dees
cag

Sees Saowace sain es aenecuenncscubue

ee

eSlosisa aa SS eae

ocx La ciaalai a ooh eine
se oe eeeeesas an Sesrennesaces
a escueGcanas ensscneneeeeeee
ae palaces asl ameaaae eat

Cents
33
33
34

Cents.
44 O48
45@4
4
4:

3F

4 @4b

4
44

4
4

44

4

4

4¢

3g

3g

34

3%

33

3g
3g

3%
4

44
43

45

32

4

3y
Be
HE
3e
~
44

“

42]
43
43

34
38 @3¢
3g
4
43

4 @4h
4

33@3g

23.@3:;

2303
23.38
24@3

Cents.
14 @13;
14 @13;
14 @1;;
1 @1,,;
1

@1y,

1y,@ 13
1ys@ 14
14;@14

43

3

33

22@3

4g

33

34
34
3
218

24@34

24@33
24@34
24 @ 332
24@34

1ys
135
14 @14
14 @14

32

4

&
4

3

3
3

24@33

1g

33

s

4B

33

22@34

Ea

4

4h

3

22 @3t

32

34
3%
3%
33

3g
34
34
34
34

44
4}
48@44
43

24@35

24@34
24@34h

1y;@14

AGNOW

Rice (‘*‘ good”).

GNV

TABLE

ARTICLES—Continued.

066

LEADING

SHOIYd

OF

is

Ly

@14

1$ @14
14 @14

NI

PRICES

NOIGHOX

C.—COMPARATIVE

Orion

IE

DO a5 oo

RUMI

LD ie

ORIOL

MO
To
SI
ua
LE 8/

| ET
SEN
SMR

eee mi eas ab Meieme ak Smale Sra SES oxide am cide tn sao
Disa eer reer aes

oa cca HS

eS

em

a aris sw: @ orn tenor

A aininn HRS: - ee

teed

ee Akeni
ems e een i et a

cee

I

A

Meee en eee ow ne rennet eee

ave on nmelae al gS eee

Seal

ISTE

ww tas aes

a

nS

ae

RS

eee
aay

me

olngie mince aang Seat

a

OSS ww

yn
2

Re

em

ao

onc 52 x1 no Sg aie ht ols ee aah 2c malay lawl aim mies na ar
Oa
Stas » wage ib ee
ie a
5 min iced sien BR eS mfr nce i SSS ote > ~ noe ce wa ER GIORNO.
ne
TER ge era
er tre a
eri
ltd mn 3c ape
ace
i we.» ics
os
SAC a
ne, let aS eek ee
are ene ee ene
00/2
ee Dae een
= Le
ee
ES Recrempershs ae eee an enn
ne Eee ete
On) On ak
nee. >.) an eee

R

ESE
ce cscs
erin

SS ee
ee
el
aaah are ata che cs aca, a

aaNet)

oA

aOR EE

ee
eh)
oe
emcee cesar reraanal
gE

Elgg

ae larg sera a

ee a

Me

Se
5 ane...

ea als | SE

et

ge

aia
Se
mae

EG Nae
cee le ors
dn ed a ete sniald lca iene
tas Oe el camden
aoe
PE
coc
ca
ed de ls geo
eal SR sca cag
eg
rte
es
STE
eRe
ne
it Sts a So
A (Ci
UR
gi
RN
al CC finan
pT
RIS Sane, ea ale SE oe
i
UCT aa en aN
te RR er Bcniks Bei

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

43

4

43
43
4h
44
43

3
3
3
3%
3

43

3g

44
44

4
4
43
4

4

32

33
33
3
32
4

3
3

4
4

35
38
3
3:

34
38
3%
3g

3%

44

44

43 @44
48@44
43
44
43

44 |
42
43

4g
43
4g
43

3

38@3
3803
38@3

3

3
3

23 @34

23 @34

23 @324
23 @34
23 @32
22@34
23 @34

38@3%
35

283d
22 @32

3
3g
3g
38

23
22@34
21 @3h
23 @ 3k

3

22@34

13
13

13

14

13
13
14
13
13

14
14
13

1k
175014
1};
@ 14
1);@ 14

‘SGIULNOOOD

1896

NY

Tea Ses

en

nar

Ses sare one aniline wee Ria Rate iR ES So SAS ETRE
et Sm) i
me ei = ail ie SIs
nk Si gies

ee

August
August
August
August
August

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3.
10
17
24
31

Seen ee

CO

Arte Sere ne

SS il i hi bar mil ier t 3 wa at
yo: as Ny
jc
Mh
SF a SS ae B OS AS Remne NSS SS EEle
Peters eens s ace aa eas as

ee

2

Ete

este dee

he

sas S Soin ae

en)

Se

se

eene

edna eweeeet ee iwdeck owecune con

ere

St

sind om =s'e Sou

ee

Se

Seeded

i),

eee

dick

Se

So cckowtul

eee

ECW RE SERGI ES Sich ac wc. winm adm e
eM
bodes wclcued
s SRe AR aA lale a ow <r iss Sal oS rac Yee
le co nace os wars wi cea

et

ee

Teer

lbs

Yelm ee

opto Sahara call aiSrd mie malo Sim 5) s alae Sd anole A epR A
IS ils
AN es a = oso te nmi meso iu Sie RS ee Sn ce
Re SSS AEE MAWES 8S 5 acm arrose aks See ceases
inddlne arenes aa mewnan bakwod cae
ou Sens aap abet

arcs areca mares
Sarees ws ww wid
pace, ores were
wine encieain

4g

32

43

32

Es

44 |

3%

43

4

|

44 |

4

43
43

|
|

44
43

5
5
5
5

|

4g |
|
|

43

43
4g
44
43

4

44
44

43
|

43
44

43

43
44
4s
43

A niv INOW

ee

Seco uRSeee

ANV

nh ar

ee

SHOIMd

een eh

eel

NI

a td wees

ee; 2

es CRASS Seas

NOTANOT

ee

ee

‘SUIMTINNOO

Se

Se

Rane

ANS

Tee

Se

ie Boe

Rate

09 OD 0 GD Co OY Co
1A
on fp esoen

SHR

32
33
32
3g
3g
4

bo DODD
PKC CNT

OEE

3g
32
38
32
3%
3g

aa“

PE

Pn

ES
4
4
43
44
42

Pbebsbshebehehed

Saale Saat «Soe ae See og a vee
anid Bsn od didi Soon eae mene Seeeeeveseecos mae wanda eewesecaea |
Stes ew ae RAERM bee anS saben ted vee tesewe mms aaunasedibenme k cease weetculed +. esos Goekecas
SF eeilsenint mor Sere esas eS la wel ban Ss owEES Sine Mas Enaush marae ewe remade ese esses cence ce
ARs
Tenn a esate taa at iceeaes ca 5os ocRnaciaeepaces Dats ocas al weeemeens seco leowsacol
SG ees renint AeSean feteweripre ss sess ey aacdee scion aeniseSeascsnd soe ones ERE
eees Pio ss bowels
June 1.... +8 Sie ne ely ead
eee
S tem eRREeNRKiGEeMwEREnd RoR Rees Jee eae od su wd
we se ebEL Satmmeis |

C.—COMPARATIVE

PRICES

OF

LEADING

bo

III.

TABLE

Pig—

Best mer-

Date, Wednesday.

Bessemer.

Grey

b

‘i

Southern

forge,

No.

2, foundry. e

lake ore. b

|
50
. 50
. 50
. 50
.00
25

Dollars.
12. 75@13.
12. 75@13.
12. 75@13.
12. 75@13.
12. 00@12.
12. 00@12.

00
00
00
00
75
75

12. 00@12.

25

Dollars.

September 4 ..-------------002-22-0-September 11
September 18
September 25
a ee
eneccsvee
csu
conc ecwsnncan
October 2 oo ccencc
October 9 .... 2-222 en eee eee ewe eee reeneneee:

.
4

16

...... nccceccncsccassesecconsceces

q

» 79

5.

. 50

CDEP BO

oo oa cmscinns acento ee eene a taeees

2

October

Oetober 2B .nco nec ccncscnasescccwcvsesseacwss-

Dollars.
10.
10.
10.
10.
10.
10.

00
00
00
00
00
00

10. 00

12. 25@12. 50

1.40@1.

55

10. 00

1.40@1. 55

|21.00@21. 50

50
50

20.50
|19. 50@20. 00

1.40@1. 50

|18.00@18. 50

‘November

6....--.---

L

. 25

12. 50@12. 75

10. 00

November
November

13
20...

;

50
3.75

12. 50@12. 75
12. 25@ 12. 50

10. 00
10. 00

1. 40@1.
1.40@1.

-..--- coc cow n cc nos cceeescocces

December

4 ....--.- 22-20

Deeember

11. ......~

December
December

24200

nnn n ne et ecco dececces
---

cn cncenesccccoens

18 ......---------------------eeee-25 ....-...-----------------eeeee---

9.50@10.00|]

3°95 | 12.00@12.25 |
12. 00@12. 25

12. 75@13. 00
12. 75@13.

9.50@10. 00

12. 00@12.

00

9.50@10.

25

9.25@
8.50@

11. 75@12. 00
11. 25@11. 50

12. 00@12. 50
11. 25@11. 50

00

9.75
9.15

January
January
January

eee
22 ec eree-1...-..---------------+eee eeeee
2-222 ----8....-------------

entree |
e ene eee--2-2-2---15......

ee ereee |
--- eee e ee
---2-2
January 22. ...----JANUAaLy 2Y. .- 22 enone een ene e nee e ee eee eeeee |
February
February

- crc reeeee |}
22-2 ---+5. ...---.---+---12. ...-.---++-----------------reeere |

202 |
February 19. ...--.------------------2+February 26. ......-------+-22------- 022-282? |
WMoareh 4. ....<cencccescoccceccsccencecsessenese |
March 11..... ctihertndmpeataseuwaresae—ee
March 18. ..200ccwscccccccsncses cccccccceecss
. osce sien cccesissecscessscesonenos
Marek Db...
April

1...

<2

ectens
cores sen
oc cnc nad ovcsceseec

eceees
--eee eee e neces
22 ---April 8. ....----

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1.40@1.

50

1.40@1.50
1.30@1. 40

2

VT

OO

150
1504

155
151

7.50
9. 00

i
ie)

134

135

8.50

is

|.----------- Iesiar

11.50@12.00

10. 75@11.

00

8.00@

8.50

1.25@1.30

16.75@17.00

|..----------

10. 75@11. 00
11. 25 @11. 50

8.00@
8.00@

8.25
8.25!

1.25@1.30
1.25@1.30

18.00@18. 50
18.50@18. 75

25
25

8.15@
8.25@

8.50
8.50

1. 25@1.30
1. 25@1. 30

|18. 25@18.
|17. 75@18.

11. 00@11. 25
11. 00@11. 25
10. 75@11. 00
10. 75@11. 00
10. 75@11. 00
10.75@11.00

|

8.25@
8.00@
8.00@
8.00@
7.35@
7.35@

8.50
8.50
8.50
8.50
7.75
7.50

1.
1.
1.
1.
1.
1.

|

10.75@11.00

\

|

10.75@11.00

13.00@12.50

13.50@13.75

;

7. 50

7. 50

1.20@1.

28.00 |
|.-----------

ee
| eo

30 |17.50@17. 75 |-----------28. 75
17. 25 |
30 |
TF. OW | ncuinntacanie
30
eT
A
1
25
25 |17. 00 @17. 25 |...--------17.00 |..---- -2s+<<
25
yk

25

1. 20@1. 25

127
155

7.50

1283

9.00

157

|

20. 25

ee

\.--<.<emeese

2.00
2. 00
DOO

A

&

150

156

8. 25

(e

145
1314

149
140

8.75
8. 75

A

148
150

149
150

8. 50
8.75

Ss
Zz

2

|
|16. 00@16. 25
|16. 00@16. 50

25@1.
25@1.
25@1.
20@1.
20@1.
20@1.

wade wraps Sens

ae ae
| cc emeedae
| Seccscew

1.25@1. 30
1. 25@1. 30

00
50
50
50
50
50

as

7.50

8.75
8.75

12.50@13.
12.00@12.
12.00@12.
12. 00@12.
12. 00@12.
12. 00@ 12.

7.50

122

136

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|16. 00@16. 25 | boclckawin news| sem ae saansne

50
00

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133

1. 60

\------------ | tins tie ate
|.-s--.------ [ee

|

ao

1. 60

|.---.-.-----

8.00@
7.75@

11. 00@11.
11. 00@11.

Oents.
7.50
7.50
7.50
7.50
7.50
7.50

Cents.
125%
124
121
121
123
123

7, 40

10. 75@11. 00
10. 75@11. 00

25
00

122

Per gall.

=
kK
be

124

11. 00@11. 25
11. 00@11. 50

13.00@13.
12.75@13.

ar

Cents.
124}
124
121
1214
123
123

| Highest.|

=
3

124

|.----------| <daiewomenos

13.00@13. 25
13. 25@13. 50

oe

|19.00@19. 25 |..---.------ clans

1.40@1.50

|

1896.

| Lowest.

in cases. ¢

|.-.---------|------------

|...---------

1.40@1.55 |21.00@21.50

1.40@1. 50

November 27

ye

|22.50@22. 75

| Refined,

42 gallons). b

Dollars.
Dollars.
Dollars.
Cents.
1. 40@1. 45 |. 2222 n nnn cnn | cow ens enone lonee eens nes
ee
1.4521. 50 || -cnccee.-5-1.30
28. 00
25. 00
1.45@1. 50
25. OO nwsss acosese
1.45@1.50 |24.50@25. 00
28.00 | 1.35@3. 60
1.45@1.50 |24. 00@24. 25
1. 60
28. 00
1.45@1. 50 |22. 75@23. 00
|21.00@21. 50

10.00 |

.50 | 12.25@12.50

Per ton.

Per ton. d

Per pound.

Per ton. d
1895 2

:

Furnace.

Rails. ¢

Billets. 6

o's

——

Crude (per barrel,

*

*

:

Petroleum.

Coke. a

Steel.

Iron.

‘

DS
bo

ARTICLES—Continued.

8.75

Ve

2. 00
2. 00

1374
137

1374
137

8.75
8. 40

es)
=

2. 00
2.00

143
143

143
143

8.50
8.50

TR
“

2. 00
2. 00
2. 00
2. 00
ed
2. 00

atawmacesre
ceedtwe
J oce

8. 50
7.10
8. 00
8. 50
8.15
8. 40

|ccccccecanlonsceseces
130
125
126
124
135
134
ee ee
ee
132
1324

2. 00

130

130

2.00

120

120

8.10

|

8.10

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

b At Pittsburg, for cash.
e' At Birmingham,

Ala.

e Prices at New York.

AWNOW
GNV

7.80
7.70
7.85
7.85
7.85
7.70
7.55
7.45
7. 60
7. 80
7.90
7. 30
7. 80
7.80
7.40
7. 50
7.55
7.55
7.55
7.55

SMHOIYd

2. 00
120
122
2. 00
1214
1214
2. 00
1243
124
2. 00
1224
124
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ies
cc adeeess deed
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105
106
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103
104
2. 00
110
110
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BOD
asc cceweclswaadionaice
BOO! lo snsccscnclownniwsinae

NI

@ Prices of Connellsville coke at oven in Connellsville region, ton of 2,000 pounds.
d Long ton.

1, 20@1. 25
20. ZS |s--nasewosee
1. 20@1. 25
2B: 25. | sacs
snn ao
1.20@1. 25
ve
a ee
1. 20@1. 25
BO
ardenaie
1. 20@1. 25 |19.60@19. 75
28. 75
1.20@1. 25
19.75
28.75
1. 20@1. 25
75
1. 20@1. 25
1. 20@1.25
1. 20@1. 25
1. 20@1.25
1. 20@1. 25
1. 20@1. 25
1. 20@1. 25
1.20@1. 25 !
1. 20@1.25
1. 20@1. 25
1. 20@1. 25
1. 20@1. 25
1. 20@1. 25

NOTHMOA

7.50@
7.50@
7.50@
7.50@
7.40@
7.20@
7.00@
6.90@
6.90@
6.75@
6.40@
6.40@
6.40@
6.40@
6.20@

7.75
7.75
7. 15
7.15
7.75
7.75
7.75
7.75
7.75
7.75
7.25
7.20
7.20
7.00
6.60
6. 60
6.60
6.60
6.50
6. 50

‘SAIMINNOD

10. 75@11. 25
10.75@11. 25
10. 75@11. 00
10. 75@11. 00
10.75@11. 00
10. 75@11. 00
10. 75@11.00
10. 75@11. 00
10. 50@11.75
10.50@11. 75
10. 50@ 11. 75
10.50@11.75
10. 25@11. 50
10. 50@11, 00
10. 25@10. 50
10. 25@10. 50
10. 25@10. 50
10. 25@10. 50
10. 00@10. 25
10. 00@10. 25

ECS

July 29.....
i
a
ae
ee
See
I cre oS roar acieateranipirmiaenimausinw
suminini= tae
EIT
coon canwananeniadaingmannens
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FT
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13. 25@13. 50
13. 25@13. 50
13. 00@13. 25
13. 00@13. 25
13. 00@ 13. 25
12. 75@13. 00
12.50@12.75
12. 25@12. 75
12. 25@12. 50
12. 25@12. 50
12. 25@12. 50
12. 25@12. 50
12. 25@12. 50
12, 25@12. 50
12. 00@12. 25
12. 00@12. 25
11. 75@12. 00
11. 75@12. 00
11. 50@11. 75
11. 00@11. 50

IV.

red, winter.

.
No. 2

Corn,

mixed.

a

| |

Lard,

ts, No.2.

4
prime

Oleoses

contract. ”

—

Sugar.
Pork, mess

Tallow.

new.

oa

—

Date, Thursday.

Per bushel.
Low- | High-|
est.

1895

bin

September 5.--....-..-.-September 12............September 19. ......-.....
September 26. -............
OcCtObOr B <sdcccncecsusus

Cents.

62!

est.

| High-|

est.

| Cents. | Oents.|

604
62
654
66

October 10........---..--October 17......----------

664. {
68i}

Ovtober 24.2... csceccscce

70%

October 31.-..-...----000November 7 .---...--.---+
November 14......-------

Low-

693 |
673 |
674 |

388 |

61%
644
674
68

374
305
38
37

71g

39

703 |
685 |
674 |

est.

est.

Cents.|

Cents.|

Oents.|

Cents.

304]

|
|

37 |
38% |
37
368 |
36¢|

234]

374
41
383
374

374 |
38§|

394

373 |
36%|
363 |

6.
6.
6.
6.

274
25
20
224

232)
233]

238!
244|

6.128)
6.00

24

24

5.90

232]
234]
282 |

24 | 5.90
282]
5.95
232)
5.85

| Cents.

| 6.25
6.
6.
6.
6.

|

Low- | High-

L. | H.

est.

|Cts.|Ots.|

Cents.|

16

|6

274 | 6
30
6
20
6
22% | 6

6
6
6
6

44
44
44
43

6

44

5. 95

6

| 6.00
| 5.95
| 5.90

| 58|53|
| 54/58]
| 58 | 58)

|

44

6.124] 6 | 6
| 6.00 | 6 | 6%]

| Low-

est.

43
44

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| High-

est.

| Dolls.

|

Ln

| Dolls.

41 | 10.25 | 10.75]

43
42
44
43

|

10. 25
10.00°|
9.75
10.00_|

434

4b
4h
4h
42

9.75

est

|

est

10.
10.
10.
10.

12.
12.
12.
12.

00
00
00
00

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10.25]

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10.00]

10.25

10. 00

10. 00

10. 00

9.75 | 10.25]
10.00]
9.75 |. 10.25 | 10.00]
9.75 | 10.00}
10.00}

lated.

12.00
00
00
00
00

12.00
12.00

12. 00

12.00
12.00
12.00

Cents.

Cents.

3. 00

3.25

3. 00
3.00
3. 13
3.13

3.25
3.31
3. 50
3. 56

3.25
3.25
3.12

3. 00
3. 00
3. 00

3. 63
3. 63
|

3. 50.

3. 37
3. 37
3.37

Cents.

4.16
4.16
4, 23
4.41
4.47

4,53
4.47

4.47

4.35
4, 24
4, 24

354 |
352 |

228]
29

23

23

23 | 5.674]
5.70
223}
5.60 | 5.60

5. 80

5.80

| 54 | 58

| 54 | 5h]
| 54|52|

4h

43%
43%

48, |
43,|

9.50 | 10.00]
9.00|
9.50]

10.00]
10.00]

12.00
12.00

3. 00
3.13

3. 00

3. 37

3. 37
3.50

4,24
4.35

December
December

12 .......<. 5.
19 ......6<.+00-

694
69

70
693

345
334

35
333

222
22

22%
23

5. 45
5. 50

5.45
5.524%

| 5
| 5

4
3g

44
3%

9.00
9. 00

10. 60
10. 00

12.00
12. 00

3.13
3.13

3. 50
8. 50

4, 35
4. 35

69
68g |
704|

695 |
692|
70%|

344 |
358|
352|

344]
353 |
354)

232]
24¢|
24

23§|
5.60 | 5.60
244 | 5.75 | 5.80
24 | 5.95 | 5.95

| 5 | 5
15
|5
15 | 5

3. 37
3. 37
3.37

3.75
3.75
3.75

4,59
4.59
4.59

36

243

244

| 5

3. 37

3. 87

4.72

4.18
4.18

4. 84
4. 84

344 |

234 |

232|

5.50

| 5.55

|5 | 5

8.75 |

January

23 ...---..sssece

FAMVALY 30...
en ccmasanne
February 6.............-February 13...........--February 20...........--February 27..-.....-..--March 5........-.----.--March 12..........-...+.March 19...............-Mareh 26 ........---sccces

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

9.50
9. 50

3%

3%

|

33 |
318
3%

33
9.00;
3% | 10.00}
3% | 10.50]

925} 10.00]
10.50! 10.00]
10.75 | 10.00]

12.00
12.00
12.00

2 | 5.90 | 5.95 15
|5
254 | 5.874]
5.90 |5 | 5
258)
5.824]
5.828/5 |5 |
254|
570 | 5.70 | 43/5
264|
5.60 | 5.60 | 42/42 |
26 | 5.60 | 5.65 | 43 | 42 |
252]
5.60 | 5.60 | 43 | 42]

318 |
313;
33 |
333°]
32 |
3%
33

343

313

11.00

12. 00

33
344 |

318 |
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1896.
PRET S occ onca ce ~ dene
FanMIAy D «nn -s0---<0eneSamant y 16 on. psc cannsvnss

|

9.25]

|
73%

|

774 |
g13|
793
793 |
814 |
814|
798 |
77% |
784 |

75

782|
82
30; |
79%|
814;
818
804
78%
79%

35¢

36
365 |
36, |
364|
37 |
38 |
394]
37
37

|

|

36; |
37 |
36g]
364|
374|
39
394]
374
37;

25
254]
253 |
253/
263)
26
253 |

25
243

|

254}
25 |

6. 00

6.00

5.50
|
5.374 |

5.50
5.40

5

| 4% | 4%
| 47%] 4%]

312]
3%
348
348]
32
31g
32%

10, 75

10.00]

12. 00

Per pound.

354 |
354 |

53]
5

9. 50

-

| Dolls.

10.00]

granu-

| High-

| Dolls.

10. 75
10.25
10. 00
10.25

2 | 10.007;
45, | 10.00}

44
43
44

| Low-

est

tion.

67§|
70

34

|

23%
25
244
234

est.

tion.

66, |
693 |

|
|

363

23%
|...-...
244
232

24 | 6.25

| High-

polariza- | polariza-|

Per barrel.

8

on

21 1.056.005

68% |

364

Low-

est.

yates tial

Noveniber

673 |

672

Low- | High-|

est.

Musco-

ans,ob0 pong

November 28 .......---.-December 5 ..-......-----December 26 ......-..---

67

63z |

672 |
682 |

Per pound.

cee,

Bool, Swamy)

9.75 |
9.00!

12.00

3.18

3. 56

4.24

4,47

|
|

10.00

10.25 |
10.00!

10.00]
10.00!

10.75 | 11.00] 10.00]
| 10.75| 11.00{ 10.00]
| 10.50] 10.75 | 10.00}
10.25] 90.50] 11.00]
| 10.25| 10.50| 10.00}
| 10.25 | 10.50| 10.00}
| 10.00} 10.50|
10.00|

AUNOW

a
Wheat,
No. 2,|

Provisions.

ANY

Breadstuffs.

12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00

3.37
3.50
3. 62
3.75
3.75
3.75
3. 62
3.75
3.75

3. 87
3. 87
4.00
4.12
4.12
4,12
4.12

4.65
4.58
4. 65
4.72
4.72
4.72
4.72

SHOId

Taste

ARTICLES—Continued.

VEG

LEADING

NI

OF

NOI & TiOM

PRICES

‘SHININOOO

C.—COMPARATIVE

3g
38
38
3

Te
oa scwmnmeneccceas
Sa
eae

aoe

=33

308
:

35§
|
358

254
25

=
2

34
35.

ga]

Se|

33

214

214 | 4.00

4.00

| 44/42)

23

234 |

8.50

| 44

oy May 14.-... 2222.22...

2|

Liens

Seca)

Femoti _- oc... 1...
pu Junel8........-.....-.
Oudune 25.2.2...
eee
July 9..- 3 oo. nee oe
LL:

ae

~ ee
+ a

Mmgst 6... 2.222.000.
---:

Amgast13_.......-....-..
August 20........--....-yey
eas

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

745

S|S|

693
693
63g
644
632

62

754

|
|
|
|

ece|

664

65a |
66
662 |

aot

el| elS|

71¢|
foe
694]
654
643 |
62%

334|
333 |
337 |
334
324|
323

354 |

|

332 |
344 |
33¢|
334
3231

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3r'|

66g)
66g |
674]

293|
293)
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68

304

288]
28)
264)

3g

|

25

| oaS|

22
22
214]
21
202 |

228]
22
202|
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| 5.5. = 05

95 | 4.90

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,

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204 | 4.50 | 4.50 |
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22 | 4.25 | 430 |
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4.20
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204|
3.90 | 3.90 |

4i| 44 |
44 | 49 |
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3.80 | 3.85 | 44/48]
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3.724 | 3.724 | 45] 46 |
|_|

|
|
|

314]
38 |
3 |
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8.00|
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7.75|

3h

7.75 |

3

8. 00

33;|
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12.00
12.00
11.50
11.50

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3.75
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34
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35
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8.75
8.75|
8.75

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9.00]
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7.50
8.50|

10.00
10.00
9.00
8.50
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|

8. 75 |

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8. 30

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6.00 |

9. 00
9. 00

3. 62

4.18{
4.25|
4.37|
4.31

4.89
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87

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3.31
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25 | 5.30 ] 5.30 [4,%/ 4%!
244|
5.30 | 5.30
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254|
5.20 | 5.20 | 45/44)
253 | 5.128 | 5.15 | 4h | 44]

GNV

25
243]
254 |
254 |

4 60

9.00
3.00
3.37 | 4.60
9.00
3. 00
3.37|
4.47
9.00 '|......----|0s0--200-|secnnene
|

SHOINd

372 |
40 |
40 |
39

NI

872 |
40
40
383 |

NOIGMMOL

80
80g]
774|
754 |

‘SHIUINOOO

7g
794 |
76: |
743 |

G66

April. .....2.2ncacose--- |
April9..- 2222222222222... |
I
cei cnsnabinaes
See

C.—COMPARATIVE

PRICES

OF LEADING
TABLE

|

Cotton.

aes

Raw silk.

Wool.
China.

New
| Orleans.

ee

bo
bo
<=

VY.

|

oan

ARTICLES—Continued.

New

Italians,

Japan, best

York.

classical.

filature.

Washed

Shanghai, .

,
Canton,

best filature.

re-reels.

clothing.

Unwashed.
i,

Ohio
1i me, . bloc

| Ohio: fleece,
|

Xand XX.|

3-3

blood.

pas.

a

5

sii

Kentucky
and Indiana, 4-3

hlood:

|yron¢.
ontena:|

|

Wyoaural
HUES ae

Utah.

<A

Per pound.

3

|

|

1895
bepbem
ber 6. ..5..-..52-+2-s0s-usea==-September

ee a

i|

eee

ac]
Cents.

ve

Cents.

733

84

82,

ra

October 18.......---.------+-.--+------

975

Deusen 6.2 5
oe ann oan a- eee neceg nae
1
ee
en

1%

Dollars.

84

BeptemMer 27 ois <cteccccamausse
cones |

September 20........-..-.-.----------- |

4.

82

93
93

DROBO FG. «50052
sn nen om owen newee
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4, 25

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4.50

4.25

4.50
4.50
4.50

4.25
4.25
4,25

4.50

4. 50

4.50

4.25

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4. 25

4.25

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3. 50
3. 50

2.45
2.45

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3.50

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3.50

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3. 50
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19
19

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213

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|
|

4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.25
3.25

4.25
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4. 00
4. 00
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|}
|

|
|
|
|
|
|

3. 50 |
2.45
3. 50 |
2. 45
3.50 |
2.45
3.50
2.45
3. 50
2.45
3.50 |
2.45
3.50 |
2.45
3.50 |
2.45
3.50 |
2.45
3.50 |
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2.45
3.50
2.45
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2.45
3.50
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2.55
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3.50
2.45
3.50
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2.45
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|
|

|
|
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|
|
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19
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20
19
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18

|
|
|
|
|
|

17
17
163
163
16
154
15
144
144
144
144
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144
144
144
144
144
144
144
143
144

|
|
|

|
|
|
|
|
|
|

35
35
34
33
32
314
314
314
314
314
31
31
31
31
31
31
31
31
31
31
31
31
30

31
31
30
30
30
30
30
30
30
29
29
29
29
29
29
29
29
29
29
28
28
28
27

AUNOW

4.50 }
4. 50 |
4.25@4. 50 |
4.25@4. 50 |
4. 25@ 4. 50
4. 25@4. 50
4. 25@4. 50
4.25@4. 50
4.30@4.40|
4.30@4.40 |
4.30@4.40|
3.30@4.40|
3.30@4.40 |
4.3004.40|
4.30@4.40|
4.30@4.49 |
4.30@4.40 |
4.30@4.40|
4.30@4.40}
4.25@4.30|
4.30@4.40 |
3.80@4.00 |
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PRICES

OF

LEADING

TABLE

ARTICLES—Continued.

866

C.—_COMPARATIVE

VI.

|

Tin plates
(Bessemer

Spelter

Lead

lease

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3. 40

September20............-.----------

4

3.2

4

September26.........-..-----.---.--

3. 334

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October 11 .....-...-..22-----------October 18 .....---...--- 200-2222 - ee
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3.30

November 29. .....--...------------- |

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a
December

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|

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3.65

8.65

3. 65

4

3.65

3

3. 65

3

3. 65

3

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:
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405, @403

| 4.881@4.893 |

4.8794. 88

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4.86 @4.864 |
4.87 @4.874 |
4.863@4.87

5.192 @5.
5.184 @5.
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@ 404
404,040
403;@404

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|

4.89 @4.90

4.88

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4.87

| 4.87 @4.88

3.65
3.65
3.65

| 4.87 @4. 873
| 4.88 @4.88
| 4,88 @4.884|

3. 65

4. 88:

4,881@4. 884 |
@4. 874

4. 8614@4.864 |

4.88: |
4, 884

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3.23

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3
3

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4, 884

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3

3. 60

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3.12

3.5

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3. 60
3. 60

4.883 |
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404; D403

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4.87 @4.872 |

4, 884

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5.174

4. 88

3. 60

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3. 60

3

5.161205.

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3

3.274

accom coe --- |
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3. 65

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September13.......-....------.-----

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4

NI

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4.87 @4.874|
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Federal Reserve Bank of St. Louis

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124
12
12

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3.01

12

3. 02

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3.05

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3.07

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4. 874 @4. 88
4.87 @4.88

4. 89

4.87 @4.873 |
4.87 @4.873 |

5.17% @5.17%

5.184 @5.17z5
5.184 @5.1775

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4. 873

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4. 864 @4. 864

5.182

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5.184,@5.184

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5. 1632 @5. 16%

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4, 853 @4. 86

4, 861 @4. 863

4. 861 @4. 863

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4. 874@4.873 |
4. 874 @4. 874

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39338@40

40

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404

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‘SGINLNOOO

a

AUNOW

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65 @67
683 @69

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|
|
|
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59187
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638571
62476

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62744

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Federal Reserve Bank of St. Louis

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aml

Cents.

. 69506

(RS
le
ee
RS oe
ye

18 @19

@28

. 69599

eee

CO
faa

27 @28

- 74257

se

1895.

Le

32@24

@19

334

oe

Cents.
16}

. 66722

csetln a. 3

ig Ce Esp aetna

ORE
Be
OCR DOE
PUOROIMMES 2
WIG VCERDOP
Ree
BOr

163

18

a Seieececaemaae cine

wes

. 74257

Cents.

30x%5

Se

OSMAN cs ctr
ah yr
SIE Bee
I ol
eg
NNN AE a
Dc
ac
hs Pi
OI
ce
an
hao

i

Cents.

27

. 74158

rape

ics a cetera aimed te, = aE

Cents.

32@34

. 72998

INOVOREDOE SE. . 4.5.0 ceniiaeidcd ain ame ean eee nt nnn enn sinisiaiwamaaeaitecinbinin
\seesas sdemeneiece
DNS CII
ahi seieee hems ae Corea ic
am SS Hie mip wi cede ve ED RI
ee AGE ae mpage aS Sele erS
ASTER

Dollars.

. 73435

83%

Para.

Per pound.

334

sae senes cowatnerseescwanaesmaesasoeerteoeese=
stosmen seneaueea

sae oi ina

Dollars.

——
nonacid.

| New York.

Per fine ounce.

SSIESEy Oe tater airs Sania inraie

Rubber.

Middle weights.

| ©XChange
| pate
of exat par
change at
($4.8665).

0&6

Coffee.

aie Selene

ee eee ee en Pee
ee
Lee

i.

ae a ie

|

274

303;

. 66448

AYNONW

VII.

GNVY

TABLE

ARTICLES—Continued.

. 60405

66974

16

2

eee

|

165 |

ee

38@40

2B M26

37

16 @164

Mose
e cs aes
16

@164

23

73 @75

74 @716
70

@704

70 @72

SHOIYd

LEADING

NI

OF

NOIGNOA

PRICES

‘SGININOAOD

C.—COMPARATIVE

VIII.

New

Rant

@Odiannc:

Manila.

|

Sisal

hemp.

Jute.

Cents.

Cents.

Jute butts.

Per pound.

1893
ERRAND exit

2 seein

i

enie a ae meen ned ae women

e ae aniiac emule

seen gaca nase nea ce eee.

elo
a
en
ee
De IS
RS ES
Rees Say hele Se
eae
et ee eno
oe
ae
SOV OUMOOT O o.535 35 coteeScapcenaaiess ateronginetnrt bus aehes ere ea eeteee ara ata as eee

MO RTM

Ore 0 Ns cpa

SE

alla

cre, nial saan rede ekan celee cetnatie tm Le asain Gx ORES Uae

en oom

Cents.

23

Sh.
ys
44

4h

Cents.

24

So esskeesee
eee
44

4

Cents.

24

3i
34
43

32

|

Cents.

52

3%

54
54
54

Bi
4
3g

315

5L@5E | 35 @4

DE DBE

|
|

Cents

oh een aaa

Nicos
oe lasers set
2% @3%
13@24
34 @44
12 @24

2 @4E

1Z@2%

1894.

ETN

eee aoa

OSIM
EY Oy cass

ee
2
SL

ecco

TE eS ST
SS
Se

PRRs

Re

2 2, AE

Sc

oa

a

aa

a

RD

Skea ars aad ie ata

ee rae

RES DIS SERRE
sh RE
a ee
ei ae
eee
ee SOS Ste
eae
rte i ecg

Sakti d SE

BAS
t RP
NSS NEREN TSS Oak
eh

A

a TE
ea

ONE
io Es
ean shes
60003
Ee Real SS
a
ue ee
I ee
ee

tira

NE Fi a
a

I

sn

areca

tk

nnn

I a
a
a
randy aren

pape

ae

eB

Eee

Se Sie

a UI ~ a pm cad

Ew diane be ce eerie

A Senet pee
Re a
Poh
ert te ce ea
wong

Om

OC

orale oe

em inle

en ee
eee
eine

mle arpa lied pia teict

nS o/s Las

Asis

lB yas I peng Tc Sagan EN ine
RN
caus NE ae as
cages ge der Cds ln ce
EE cp Ag coil Rd
5!

es oo ee aes
e ee
ad Soran ok ee
ee
See hal Oe
nett meer
ee
ee
eee
eee

Oe
eae
OSs
el pe
tee ee ee
se ee
eee

1895.
UMMPTIGV TE Sheela els Sawa soe eee oe
See se esis ein Seewid ne se cease deen ae sgmecee= soca S 5.
TNE
Ae
og ic
eee
oe aes oe de Se sen one acaSe susan wee Senses eneatemceensweee eck
Ce ee
ee
ee
ee
ee
ee
ee
eee
DREN ea

2 UM

2

oa

Cae 2 alo Li
ee
eal I
a

Ete a) ee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Sn

sa

ies

ee

tele

ee

Sa

mina

MURR

ee

SSS wee

wea

ne wan Seaman

ee

bee belies

ie oe cole i Te ca al es aie apa ee Rin
NN PS 1 ee Re
0
SI CRBS Miah sep) ele sian inet VN. Spies, Re ane
COs SESE le

Re

ee

ee

ree

taeee ae

33

5k @54

43
43
43

44

4h
43
4h

4
44
43

5 @b5t
34
43@4% | 34 @33
43 @4z
3385

33 @43
23 @3%
23 @3z

5

4h

45

64 @6% | 35 @32

27 @41

64@6:
64

325
34

24
23

23
28
23

24 @34
24 @34
24 @34

44

5

5
5

48
43
43

45

(a)
5

‘a
4
44

4

43

45
43

43
44
44

54 | 32 @3%

4E@5

| 3%6@34

5S |
54@54}3
43 |

34
@3;7,
23

34 @4

13 23

33 @4

13

22 @3%

13@ 2%

@33
@33

24 @34
2% @34
21 @25

@ 23

13 @ 2%
13 @24
18 @24

13a 2%

13 @23
(a)

(a)
(a)
(a)

|

43
43
44

4}
3g
33

4
43
42

43@44
4204
43@43

44

4

44

44@44

45
42

44
43

44
43

4204)
25
4d | 2.9.@25

ee

44

eee

42

ae
So
Be CTE

3%

43

4

423

4

4

24

2

@3%

(a)
(a)

175
lig

4k

| 255@24

25; @ 32

1Z@14k

4

3%

24 @33

1301;

22 @32
24 @32

13 @14
1k@14

ACNOKW

|

ANY

Charlestou.

SHOIYd

wont.

and jute butts.

NI

New

Monday.

sisal hemp, jute,

a Nominal.

T&G

Date,

Manila,

NOIUOL

Rice (‘‘good’’).

‘SHININNOOD

TABLE

Steel.

Pig.
Bessemer.bz

Best mer-

| Gt@y
forge,
lake ore. b

No.1. X.c¢
.

1893
2... -..-cecec
serene scececee
cczsintratimn
choosed enitem ion sar wees

November 1. ............. 22.2 c cae cccecwccacce
sae
December's . . . 2 .c.ncccccecccccccevcowes
cone

Dollars.
12. 25@12.50
11. 75@12.00

Dollars.
| 11.75@12.00
| 11.10@11.50

11.50 | 10.75@11.00
11. 00@11. 25 | 10.50@10. 75

Billets. b

| muck iron.b

Per ton. d

September 6...
ONC OMCRE A a5

chant bar,

Per pound.

Rails. ¢

Furnace.

Per ton. d

Dollars.
| 14.00@15. 00
| 14.00@15. 00

Cents.
1.55@1.
1.50@1.

| 14.00@15.
| 14. 00@15.

£50 O17. 55 | 17. 50018;
1.50@1. 55 | 17. 00@17.

00
00

Coke. a

Dollars.
20.90!
£8: 50!)

60
55

Per ton.

Dollars.
lean
boo keen Se
nn asciceece
ces

Petroleum.

a

——

4 eae)

Refined,

He CBRERS

| Lowest.

| Highest.|

Dollars.
1. 20@1. 25
1. 20

Cents.
602%
694

Cents.
624
692

Cents.
5. 90
5. 90

1.10
1. 10

73
774

73
74

5. 90
6. 25

1. 05

80%

804

6. 25

60%
814
82

81
822
824

6. 25
6. 25
6. 25
6. 25

00 | so ocveccssenss
50
24, 80

Per gall.

1894

SARIS

dase ced wlc mie iecimpatmmintiye
Seater wie Tasks

10. 75@11. 00

10.00 | 13. 25@14. 25

RORUHAEY 0 cass decicitcarinasipisakeeees
earns
TER OTE DY - oooaaase alarnicse eer ds nin oresiai rca. im wilacagyeis
SST
ha
Src ge a
Tags Jeo
ota
Dogue

10. 75
10. 50@10. 75
10. 35@10. 50

9.75@10. 00 | 13. 00@138. 50
9.60@ 9.75 | 13.00@13. 50
9.35@ 9.60 | 12.75@13. 50

DIE 4

AE

1L. 00@11.

CG

Or

ONY

Ooo

August

Sirsa.

ee

8

cases

GV

Oe

tee

i

cinerea

sone

ad

ose semebneersassaowoueenes

I .....--..0.-.-e-e-cececnoseeeveeeso|

BemlenaWOt

WOU

so own een
o.oo

xeon poeta
auce ewes

DOM S <6 oxo
CIM DOE Tos

DSCOmBer

cxcaneuweseeecuecenecewowens
cSaccee

eect ese omawescensnce

5 Sons ve ciscacss cawcvescanes'sdaeeace

50

9.50

| 12.50@13.

24. 80

(e)

852

852

30 | 19.00@19. 50 | 22.00@24. 00

(e)

874

874

6. 25

11. 75@12.

9.75@10.

00

1. 25@1.

30

(e)

832

84

6. 35

(e)

794

793

6.35

822

83

6. 35

9.75@10.

00

| 12

11. 50@12.00

| 10.00@10.

25

| 12.50@13.

50@138.00

00 | 22. 00@24.

85@

00

1.25@1.

12. 25@12. 50

| 16.75@17.

00
~ 90
.90

00 | 12.50@13. 00
00

1. 25@1.30

90@1.

9.75@10.

| 12.50@13.

25

15. 90

1.25@1. 30 | 16.00@16. 25
24. 80
1. 25@1. 30
15. 50 | 24. 00@27. 00
1. 25@1. 30
15. 75 | 23.50@26. 00

13. 00@13. 50
00

9.40@

1.35@1. 40

po)

el

ne

ae

t. 20a 1. 2a |!) U7, OBOE.20) lo. ania: og iocemcie

00

1. 20@1.

25

11. 00@11. 25 | 10.00@10. 00 | 12.50@13.00

£.05@4.

20 | 16. TS@TL7. 00 |2222 son
sce cies

1. 00

82%

82%

6. 35

10. 50@10.

1.10@1.

15

75

O29

10, 25@10, 35

9.25@

10. 00@10.

9,50!

ns omrssncseces

50 | 12.00@12,

5u

1.10@1.15

TGs Os)

2c

cs ccen cs cu|Seeweoearcee
1.00

8z

825

6. 35

| 15. 25@15. 50

152 €D' | swcaneatcdases

22. 75

1.00

81k

9u

6. 55

22. 75

- 90

1895
CAMEREY

2 acoc saeasicceascawetacsasaseesedcace

25

9.00@

9.25

50

1.10@1.15

| 15. 00@15.

954

6. 90

WODPUSPY 6...
cis occ aenc em necesssenecems =
SO)
correcta
cole shat
aees seed

10. 15@10. 25
10. 15@10. 25

9.00@
9.00@

9.25 | 12.00@12. 50
9.25 | 12. 00@12. 50

1.10@1.15
1.10@1.15

| 15. 00@15. 25
| 15.00@15. 25

22. 75
1.00
22 To | saee nee =e

103
105

1034
1052

4.18
7.40

RTI DS
see
sarin
este
ape
DoS
Bi snttt Amae mania we nian aye
mage
aitelen ate m9
PCBS G so anicccwes odin ccmececdedeescndasnnan

10. 25@10.
10. 75@10.
12. 00@12.

1.10@1.15
1.10@1.15
1.20@1. 25

| 15. 25@15.
| 15.50@15.
| 17. 75@18.

22508
22. 75
ey Tn

|esiceccws nent
4.15
ls woe a cae

113
1834
147

114
185
147

7.70
9. 65
8. 50

Dates BF oa
Si
Bos OE ee

13. C0@13. 25 | 11. 00@11. 25
15.40@15. 50 | 11.50@11. 75

30 | 20.50@20. 75
ZB IOO
40 | 21. 50@22, 00 |. --.-----2s---

5 cate cme ciemae
1. 35

149
126

149
126

8.15
7.50

eet
a

a

arcana
eee en

ae
ae

See Bel
nT
-|

50
9.00@ 9.25
85
9.50@ 9.75
25 | 10.40@10. 50

| 12.00@12.

| 12.00@12.
| 12.00@12.
| 12, 25@12.

50
50
50

S9. 25
9.25

a Prices of Connellsville coke at oven in Connellsville region, ton of 2,000 pounds.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J Foundry

1. 25@1.
L35@1.

25

60
75
00

b At Pittsburg, for cash.

No. 2 at Birmingham,

Ala.

ce Prices at New

York.

944

d Long

ton.

e Strike.

AUNOW

Tron.

Date, Wednesday.

G&G

IX.

ANY

TABLE

ARTICLES—Continued.

SHOIYd

LEADING

NI

OF

NOIGNOH

PRICES

‘SHIULINOOD

C.—COMPARATIVE

X.

F
Beef, family.

Date, Thursday.
Per pound.

polariza- | polariza- —
tion.
tion.
ated.

Per barrel.

Low- | High-|
est.
est.

Low-/}
est.

High-|
est.

Low- | High-|
est.
est.

Lowest.

| High- | Low- | High-|
est.
est.
est.

Low- | High-|
est.
est.

Lowest.

| Highest.

| Lowest.

| Highest.

Cents.|

Oents.|

Oents.|

Cents.|

Cents.|

Oents.

| Cents.

| Cents.|

Cents.|

Cents.|

| Dolls. |

70
70
674

704
704
68%

47
483
462

474
483
47

31
344
343

314
8.70
344 | 10.10
35
10. 50

34

| 8.75

8. 80
10. 10
10. 50

104
11%
103

104
112
104

42
53
5s

January 4 ..-.........
February 1............
i

66
65}
623

673
66
624

444|
435 |

425
425
424

45
433 |

34
34
37

36
40

344
34
37

|

683]
61

41%
42
41

8.30
7. 95
7.65

8. 35
8.00
7.65

364 | 7.65 | 7.65
404 | 7.85 | 7.85

7
7g
Tt

63
ves

74
TE
7;

7
Th.

ict
DED

August 2.............

595
59g

563 |

603
603

444
453

447
46

48
50

41

48
504

7. 00
7.30

7. 00
7. 30

41 | 7.35 | 7.35

%
Ts

Tk

September

6.-.........

58

58%

553]

65

554 |

65

34

34%

9. 00

9. 00

9

November

1 ..........

55

554

60

564 |

57

January 3
February 7
Marek: 7.2.6.0.

60%
574
584

60.
7.
58%

61
484
493

POMC Gina
PONY 4...
August

80
734
T2¢

823
73%
T4b

56
493
483

1698.
September 7 ......-...
October 5...........-.
November 2 .......-..

December 7..-.....--.

683 |

683 |

46

46

34

Oents.|

| 8.80

|

Oents.|

|Centrifu-|
gals, 96° | Standawd

Dolls.

| Dolls.

| Dolls.

des |

4%
53
54

16. 00
18. 75
19. 50

53 | 15.00]

17.00
19. 00
20. 00

11. 50
12. 00
12. 00

12. 00
14. 00
15. 00

54
53
55

4g
&

54
54
5fs |

13.75
14, 25
13.50

14.50]
14. 75
14. 00

fi
vey
9

Por

Oents.

P

pound

Oents.

5
| Cents.

15.00

3. 00
3. 37
2. 87

2. 62

3. 50
3. 87
3. 25

3.00 |

4.23

43 | 13.50]
14.00]
5¢s | 13.75 | 14.00}

14.00]
14, 00
12. 00

12.00]
12.00]

15.50
15. 00
14. 00

2. 50
2. 69
2. 81

2. 75
3. 06
3.18

3.74
3. 98
4.17

4i4
45

43
45

13. 25
14. 00

4% | 14.50]

14.50]

10. 50
9. 50

10.00]

12. 00
11. 00

12.00

2.50
2. 69

2. 69

3. 87
3.12

8.12)

3. 80
3. 98

94 |

4

45

43

15. 50

15. 75

10. 50

12. 00

3.12

3. 81

7

15.50]

12.00]

5. 09
5. 08
4.72

1894.

cS: | nae
7
a ae

ae
acini
ise wimeicrase

October 4.............

December 6...........

66, |
602 |

542 |
603 |

563)

61

553]

554 |

48 |

564 |

322|

323]

8.10

| 8.10

60

324

323

7.35

7.30 | 7.30

7.40

Tk

73 |

62

4g

42

13. 50

513
49
493

343
834
33

343
33%
33

7.10
6. 95
6. 724

7.10
7.00
6.75

14
64
7

74
63
Ts

9
8

43
43
44

44
48

42
44
43

12.75
11, 25
11. 75

6. 80
6. 70
6.474

Tz
62
6

8
7
64

4%
43
4

fecewee.n
42
4

13. 75
13. 25
11. 75

34g |

344]

94

74 |

6z

43

|

13. 50
14. 25

4% | 14.75!

15.50!

14. 50

4% | 13.50]

10.00]

10. 00

14.00
13.00

12.00

12. 00

2.50
2. 37

3.12

2.87]
2.84 |

3.75 |

3.98
3.86

4.35

4.72

4,35

14.50]

10.50]

12.00

3.00

3.00

3. 50

3.50|

3.86

3.98

13.25}
12. 00
12. 25

10.50]
10. CO
10. 50

11.00;
11.00]

12.50
12. 00
12. 00

13.00
13.50

2. 63
2. 69
2. 69

2. 69
2.75

3. 00
3.12
3. 00

3.00 |
3.09 |

3.74
3. 68
3. 80

3.86
3.91

14. 50
14. 00
12. 25

11.50
10. 50
11. 00

13. 00
13. 50
12. 50

2. 94
2. 87
2.94

3.37
3.25
3. 25

4. 35
4.35
4, 35

1895.

Say
WEG. Boscawen owenem
oe octiewcmee
ose ntemecawe
1. .-...-s0-00

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

60
683 |

603 | 56
695]
(a) |

56
(a)

573
503
494

|

338 |
324 |

332]
323]

7.20 | 7.20
7.00 | 7.00

334
28
28

84
284
28

6.75
6. 65
6. 45

9
83

4% | 13.50}
4g | 13.50}

|

14.00]
14.00]

@ Nominal.
Ei

Per bushel.

Musco-pm
ahaa.

AGNOW

Pork,
spmess,

Tallow.

ANY

°
| Oleostearine.

SHOIYd

Lard,
prime
contract,

Oats, No. 2.

NI

Corn, No. 2,
acca,

Sugar.

G&S

Wheat, No. 2,}
red, winter.

Provisions.

NOIGHOA

Breadstuffs.

‘SHUIGULNONOO

TABLE

LEADING

TABLE
Cotton.

ARTICLES—Continued.

XI.

Raw silk.

Wool.
:

F

China.
leans.

New

York.

Italians,

classical,

Japan, best

filature.

~
F
Shanghai,
best filature.

|

Un-

Washed clothing.
Canton | Ohio fleece,
re-reels. | Kand XX.

washed.

Ohio
dae,me- | Kentucky
and Indi+3 ‘load:
ana, +é

Fine medium

(scoured basis).
Toutana.|

Wyo-sad
datas
Utah.

Cents

Cents.

GNVY

New Or-

Per pound.

Cents.

fy

Cents.

Dollars.

748 | 5.00 @5.25

8
Tz
T385

835
83
825

TW,
72

84,|
4.15 04.25]
738 | 8.95 @4.10|

4.50
4.25

@4.75
@4.50
4.00

Dollars.

Dollars.

Dollars.

Oents.

Oents

Cents.

4.75

4. 00@4. 25

4,25
4,25
@4. 00

3. 75@4. 00
3. 75@4. 00
3. 50

2.75
2. 75
2.75

23
23
23%

254
25
24

20
194
194

354
354
36

334
33
334

3.87204. 00
3.87404. 00

3.50
3.50

2. 75
2.75

3. 50
8. 25
3. 25

23
224

2. 624
2. 60
2. 60

24
234

33
33

20
22
22
21

34

33
33
33

20
20
20
184

18

35
35
35

2.35
2. 35
2. 60
2.45

22

19
19
20

8. 05
3. 05
8.15
3.15

21

23
23
24

35
35

2.45

21
21
22

19
19

17
19
19
18

32

33
35
35
344

31
33
33
324

3.75

2.75

23

25

20

37

353

TaMUary 5. 12..s0cccessesscancvcconeecc
WORraary 2.5. a n0caccceas ordnmeiocecaee

MIRO Or alae
SN
Oo
1
ge a

cinta steicicera sn aime oe ae ea
caution Siw eciewimeic e Seto eee
ae
ee
ee

June t i... e es
RD

ir

i 5
er
ae oe ey ae
EUS
IE 6 aca Sinan iin clinic
nia SE
September 7 .....c6-----e
ne ec cece ccs
vee
a
ern

November 2. . n-ccsneece
ts easenctns
Devermbery ...
nsec seca ts csaeeee

NI

1894,

Ts
TPs
6g

ves
6g
63
64
52

535
5

7%
Tz
74

3.75
3.75
8.75

@3.90
@3.85
@3. 85

7
6%
643
“5

3.40
3.40
8.90
8.80

@3.50
@3.50
@4. 00
@3.90

Tz’ | 3.60 @3.70|

3.75
3.60
3.60

@3. 874
@3. 80
@3.80

3.20
38.20
3.70
8.50

@3.35
@3.35
@3. 85
@3. 60

3.40 @3.60

3.15

53 | 3.624@3.75|
3.50 @3.60
5g | 3.623@3.75 | 3.50 @3.60

3. 05
3.05

2. 45
2.45

183
18

20
20

18
18

34
33

32
31

533

3. 6243.

75

3.50

3. 05

2.45

17

20

17

382

31

533
63

3. 624@3.
3.90 @4.

75
00

3. 623 @3. 75
3.75 @3. 874

2.45
2. 45

164
164

20
20

3.75

3. 05@3. 20

2. 45

16

18

30

31
28

@4.00

17

32
30

3.90

20

17
17

7

3.75 3.874 |
@3. 874
4.00 04.25

3.05
3. 05@3. 20

163

30

4.20

@4.30

4.00

3. 05@3. 374

1895.
DBORAEY,

Bo vionin dn nwnccncs
nw nemoienansae

POREWArY. 1 o-- oae naw e en anccncncawcroan

|
PIO

a
rn
anal eee aT
Gi xavaccieins
oncimlnks opined cien weds ke

SEE
Tp

ee

BRBURE

Sn

is re

SESE

EAE

ead

indice aemere

Git Se eel aie UR

2. 2. 60 inven mde rinccennwmwaecease

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

575

5

5py
52

633;
613
625

@3. 60

5g | 38.6240@3.75 | 3.62403. 75

613 | 3.90 @4.00]
7
7s

| 4.15 @4.25|

@4.124

3.05

3.05@3.20

3. 30@3. 45

2.45

2.45

17

164

20

17

32

31

28
28

2. 60

18

2. 45

a]

18

19

‘:

333

19

32

34

32

NOIGYOA

1898

September 1..........--2.22.eeeseeeeee
Qeteer 6... ccc scenncnenacereaeoeeos
see
Wovember 8 os sss sencnccsncercacaconcs
Weoember b 6 occnccoscccsenseacshooecon

‘SGIGLINNOO

Date, Friday.

VEG

OF

AWTNOW

PRICES

SHOINd

C.—COMPARATIVE

XII.

Metals. a

Rates of foreign exchange at New

Lead.

(zinc).

(Bessemer

:

steel

ge

IC 14x20).
Bor

Ton.d

1893.

Soptember f .........-s0cccnrecapeeus
DotObOr 6 hse ecco cc cace seemennnce
November 3......-----.---------e0-000
WORAOL

Ecce
act tea
ese

See

Dollars.

12
il
11%

11¢

Cents.

9.50
9. 624
9. 674

10. 20

Cents.

19. 274
20. 90
20. 574

20. 60

Cents.

3. 60
3. 674
3. 374

3. 35

Cents.

3. 60
3.75
3. 574

3.824

1124

EA a eso

113

WODEUATy 2. . --ennnse<
see ceneesecperae
a ed

ace etcvae

oss ccoenandwemn
ded paacrncdihan

PA cannaccdiccecesmg
se canaway seam

PIO

bo incswanenrncccteenesdascendeae

OOLY G nccnacgcccsas

August 3........
September 7
DOONCT GF ona. <wincdinsicwor
yc cencwneee ce
November 2

11

103

103
11

103
103
103

10. 074
9.75

9. 55

9.50
9.35

9. 25
9. 05

9.90

Go ncecaw eee wenpecesees

114

10. 56

COUN Fido

=a

124
124

8. 20

Dollars.

Dollars.

Amsterdam.

Frances.

Guilders.

4.81 @4.814 | 5.2335. 222
4, 823@4. 824 | 5.21205. 214
4, 80L@4.804 | 5. 232@5. 234

4.90

4. 823 @4. 83

4. 844

19. 95

9.
9.
9.
9.

874
62
374
86

10. 55
11.79

3.274
8. 85

3.40

3. 50

4.874 | 4.84 @4. 85

3. 75

4.85

8. 623

5.20

@5. 19%

3.7

3. 55

4.833@4. 833 | 5.20 @5.193

4.85 | 4.854@4. 86

4,84 @4.844 |] 5.192@5. 18%

393 @3943
39% @3918
3913@39%
404,@404

4. 874

4, 864@4. 862 | 5. 174@5. 16%

401 @403

403

@405%

4.75

4, 862@4. 87

404

@402

4.88

4.86

@4. 884

3. 30

3. 40

4.75 | 4.88 @4.884 |

19. 30

3.424

3.474

4.724 | 4.874@4. 88

13. 60

13.40

3.15

3.374

3. 30

3.65 | 4.87404. 88

4.863@4.87
4.87

3.75

3.114
3. 084
3.11
3. O74

8.05

3.274

38.60

14.19

3. 29

3.71

8.524

a Average prices at New York.

3. 30
3.52

3. 20
3.10
3.21
3.174
3.61
3. 84

3.57%
3.50
3.50
3.524

4, 874

|
|
|
|

4. 884

4.88 @4.89
4.88 @4.884]
4.883@4.894 ]
4. 883@4. 89
4.89

3.65 | 4.89 @4.894 |
3.75
4.90

5. 174@5. 16%

5. 16% @5. 164

| 5.1625. 164

4. 864@4. 863

8. 45
3.42
3. 424

14. 30
13. 074
13. 98
14.21
14. 12
14.3

4.864@4.87

3. 60
3. 224
3.173
3.124

4,724 | 4.88 @4.884 |
4.77% | 4.85404. 86
3.85 | 4.864@4.874|

@4. 864

403 @403,

403 ©4033

4.80 | 4.873@4. 88

19. 85

14.75

103

Fa: ee
ne
er
Pease ook.
ce neecss ieee tee

18. 75

19. 35

9. 55

cosas tpasnscevesceun

103
104
108
103

3.15

19. 874

18. 70
16. 124
15. 80

9.55

ce

20. 50

9. 05
9. 15
9. 65

10%

Webrasry Lint. dscccenswerosnssecesen
jot
i
een eit eee ae
cu
i
ee
a
eee
eee

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

113

102

December 7
I

:

Paris.

;

eo oe ae
cog Ed Mare

on London.

4.85 | 4.82404. 83
5.00 | 4.834@4. 84
5.00 | 4.814@4. 82

1894,

FAG

dou

b

Dollars.

Prime com-

mercial bills

er box,
100 pounds.

Per pound

—_

bille om Low.

5.174@5. 16%

40k @404
403,@403

4.87 @4.874 | 5.17305. 16%
4, 844@4. 843 | 5.193 @5. 18%
4.853@4.854 | 5.192@5. 183

403,040
40 @40E
403 @403,

4. 864.4. 864

5. 174@5. 16%

407,@404

5.163@5.164

404 0405,

5. 164 @5.

40%;@404

| 5.162@5. 164

@4.874 |

4. 874@4. 874 | 5.1645. 158
4.862@4.87 | 5.174@5. 16%
4.88 @4. 884
5. 16%
4. 8744. 872 | 5.1625. 16,3;
4. 872 @A.

88

158,

4.88104.884 | 5.1615. 15,3
4, 8823@4.89 | 5.16%@5. 164

6 Long.

408,040

405.0408
402 @405,
40 3,@404
404 @403;

AUNOW

Straits

GNV

lake

Tin plates

pelter

SHOIUd

warrants.

Tin,

NI

Date, Friday.

Copper,

NOIMMOX

—
ig-iron

‘SHIUINOOD

-

York at 60 days.

404 @408,
404 @40:5,

GEG

TABLE

MONEY

236

AND

COMPARATIVE

PRICES

IN FOREIGN

PRICES

FOR

COTTON,

Prices of middling cotton

AND

YEARS

COUNTRIES.
TO

PRIOR

MANUFACTURES

1896.!

OF.

and of the staple manufactures
market from 1848 to 1895.

York

of cotton in the New

New

[Prepared by Mr. Joshua Reece, jr., to 1892, and for 1893 to 1895 by Mr. A.B. Shepperson, both of
York.)

New York

Year.

Middling | Standard | Standard |” Mills

cotton, per|
pound.a

Cents.
8. 03
7.55

sheetings, | drillin gs,

| per yard. | per yard.a|

shirtings,
per yard.

Cents.
6. 83

Cents.
14, 21

6. 90

14. 21

Cents.
6.78
6. 91

| Standara | ®4 by 64

bleached |

g.

Ps ‘a

prints,

are
Fans

| per yard

Cents.
10,17

Cents.
4.35

9. 33

4, 58

12, 34

7.87

7,97

14. 96

10. 62

5.19

12.14
9, 50
11. 02
10. 97
10. 39
10. 30
13. 51
12. 23
12. 08

7.08
6. 96
7.92
7. 96
7. 64
7.50
8.90
8. 25
8. 50

7.75
7.70
7.93
7. 84
Nett
8. 10
9. 04
8.70
8. 82

14.75
14. 50
14, 50
15. 00
15. 00
15. 00
15. 00
15. 00
15. 42

10.
10.
10.
10.
9.
9.
10.
9,
9.

50
50
50
50
80
50
10
50
50

4,59
4.70
6.15
5. 81
5.11
5. 36
5. 98
5. 60
5. 67

8. 73

8.92

00
55
04
07
04

9.58
18. 94
83. 41
53. 02
87.33

11. 00

13.01
31. 29
67. 21
101. 50
83. 38

10.
18.
36.
52.
88.

15. 50

9. 50

33
00
33
35
58

9.7
14. 40
21. 24
063. 25
29. 00

15.
21.
85.
48.
49.

5.44
5,
9.
15.
23.
20.

33
81
20
42
24

43. 20

24. 31

25. 14

45. 90

21,15

14.13

31.59
24, 85
29. 01
23. 98
16. 95

18. 28
16.79
16. 19
14, 58
13. 00

18.
16.
16.
14.
13.

79
49
49
98
64

85, 21
26. 65
24.79
22. 50
20. 83

16.
13.
14,
12.
11.

58
83
00
41
62

9,12
8.18
8. 30
7.14
7.41

15.14

20. 66

12. 00

7,88

20. 14

13. 31

14, 13

19, 41

11. 87

9. 75

5.57

15. 46
12. 98

10, 41
8. 85

11. 12
8.71

15. 12
13. 58

8.71
7.06

5. 33
4,10

22. 19
17. 95

11. 82
11. 22
10. 84

14. 27

11. 42
8. 46
7.80
7.97

11.75

8. 46
7. 65
7.57

18. 04
12. 46
11. 00
11. 62

6. 69

6.77
6. 09
6. 25

4.38
8. 44
3. 93

11.51

8.51

8.51

12. 74

7.41

4,51

12. 03

8.51

8. 06

12. 74

7.00

3.95

11. 56

8. 45

8. 25

12, 95

6. 50

3. 76

11. 88

8. 32

7.11

12. 93

6.00

10. 88
10. 45

7. 28
6.75

6. 86
6. 36

10. 46
10. 37

6.00
6. 00

8. 60

8. 36
8.12

9. 28

6.75

6. 25

10. 65

6. 00

8.31

10. 21
10. 08

7.15
7.25

6.58
6.75

10. 88
10. 94

6. 00
6. 50

3.33
3. 81

10. 65
11. 07
8. 60

7.00
7.00
6. 83

6. 75
6. 75
6.41

10. 50
10. 90
10. 64

6. 50
6. 00
6. 00

3.81
3.34
2. 95

7.71
8. 56

6.50
5. 90

5. 60
5. 72

10. 25
9.75

6. 25
5. 25

3. 89
38.30

6.94
7.44

6.11
5.74

a Including 1881 and since, the prices of standard

5.07
5. 69

9.50
9. 85

4, 90
5.25

2.75
2. 86

drillings are net; raw cotton prices are also net

for the entire period.

1'The following tables are taken from the Statistical Abstract of the United States,
1895, Bureau of Statistics, United States Treasury,

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FLEECE

FOREIGN

COUNTRIES,

237

WOOE.

Prices of fine, medium, and coarse washed clothing Ohio fleece wool in the astern markets
for the months of January, April, July, and October, from 1852 to 1896,
[Data furnished

by Messrs. Mauger & Avery, New York.]

January.
Year.

:
Fine

:
Medi;
py
Coarse. | Fine.

Oents.| Oents.|
eee
PODU ssawoucceseass
PO0da do. scaseennee
ob ee ee
Deeb oxaveudaesdess
POO ya ccvaneawewes
ROUN vkpiasiccacewes
) > See
ERGO cae ncdseseeoe
TOO ssawkcaeesewas
MURS seaviekevnsens
Seren
CUES
25 ch avienwns
WB ODies swekdes seine
eee
WOGt ha waesetaedees
TNO: ote.
4s, enews
DBOO xpacews duaeee
DO Ocamsiewceccensic
BO llseesswcasannes
1
a
ee
a
OL, eer
1 ee
i
ae
AE nw a niawesaiees
CY
PROG ce c0d.o
bei wea
Re
abe iy cy eka e's
LC a
re
Lo re
‘vc es
DOOD cp cvebite codeis
Co eo
ee
ee
a
LS
ROME aca <aimme Read
ae
ae
1
eer

43
58
53
40
50
58
40
60
60
45
48
75
80
102
70
68
48
50
48
47
70
70
58
55
48
46
44
84
50
47
44
40
40
34
35
83
81
34
83
33
80
29
23
174}

April.

38
56
47
35
88
50
33
52
50
40
50
68
78
100
65
53
43
50
46
46
72
68
54
56
52
43
45
35
55
49
46
43
40
83
36
38
85
38
37
37
85
33
24
20

Cents.
34
50
42
82
85
42
27
45
42
37
50
70
76
96
50
50
88
48
44
43
66
65
47
47
42
36
88
82
48
43
87
33
84
29
82
84
33
83
29
81
31
29
21
19

;
Medi‘
ory Coarse. | Fine.

|Oents.|Oents.|
42
62
57
43
57
60
42
60
52
45
46
80
78
80
65
60
50
50
48
50
80
56
56
54
46
45
40
34
55
40
42
44
88
32
33
83
81
33
82
82
29
30
21
164;

July.

36
56
52
35
45
56
35
46
45
87
45
85
77
80
60
55
48
50
47
52
80
53
56
52
49
40
43
34
60
44
45
44
38
82
34
387
84
37
36
87
84
82
23
20

Oents.
33
50
46
32
38
45
80
37
40
32
43
80
72
75
48
50
45
48
46
47
76
48
47
46
40
33
35
81
52
37
84
37
84
28
80
33
83
31
29
31
31
81
20
18

:
Medi:
ath. Coarse. | Fine.

|Cents.|Cents.|
45
60
45
50
55
56
43
56
55
38
48
75
100
75
70
55
46
48
46
62
72
50
53
52
38
50
86
37
46
42
42
39
35
32
33
84
29
35
33
81
28
24
20
18

October.

388
53
37
40
42
50
387
40
50
30
47
70
100
73
67
49
45
48
45
60
70
48
538
49
35
44
36
38
48
44
45
41
84
81
33
37
33
89
87
35
84
26
21
21

Oents.
33
48
30
33
36
40
80
35
40
22
45
65
90;
65
60
45
43
47
43
55
65
44
46
46
31
37
32
34
42
36
34
33
30
28
29
34
31
32
29
29
30
25
18
19

:
Medi‘ii Coarse,

|Cents.|Oents.|
50
55
42
52
60
38
56
60
50
47
60
85
108
75
63
48
48
48
48
63
66
54
54
48
45
48
35
41
46
43
42
89
35
33
85
82
81
33
83
81
29
23
19
18

42
50
86
41
55
30
41
50
45
48
60
80
95
75
60
46
48
48
48
62
60
53
64
50
40
44
37
43
48
46
45
40
34
35
38
36
84
87
37
35
33
24
al
21

Cents
37
48
30
36
45
25
36
42
40
50
63
76
100
65
56
40
45
46
44
58
57
47
47
42
33
36
32
38
42
36
34
84
30
82
34
34
31
81
81
30
29
21
19
19

Nors py Messrs. Mauerr & AvieRY.—This table exhibits, in a concise form, the prices of the three
rades of a standard domestic fleece wool in the seaboard markets at the beginning of each pn
nits present shape it is deemed to be intelligible to all interested in wool.
In the special features
of character and condition ‘‘washed Ohio fleece wool” is less subject to variation than any other
description, and thus is more a basis of value than any other class.
Wool, owing to its wide variety,
difference in character and condition, and liability to shrink in cleaning, is precluded from speculative
operations which apply to products which may be dealt in as ‘‘ futures.” For these reasons the prices
of wool are not liable to the same changes as cotton, wheat, eto.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

238

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES,

MESS PORK, GRAIN, GROCERIES, ETC.
Prices of mess pork per barrel in the New York market from 1836 to 1895,
[Furnished by the statistician of the New York Produce Exchange.]
Average
price.

Year.

Average
price.

Year.

Dollars.

P18 || WSSla diesd owe.

21.66
21507
39) 32
TOOT
EL, 86
20
30, 82.|||
10150)!
12.93:
LOS TO
OLS)
Dee)
ET O02
HO 70.

|)
||
|]
|)
|f
||
||
||)
|||
||
|||

Average
price.

Year.

Dollars.

14,00 |] $666... csecsves

1862. 040.6065
IS0B no csvases
WSGt es sce ees
1800 swidawasees
1886. accesses
PEST ss cnscces
1858... .cceeee
VS00)..
6. cescns
1800......00066
SEGL. x vs wasicin
WSG2. nace ces
LOGS. o.cctage
1S64occccs css
186 Ssnwincesces

16.04
15. 95
12,97
T7290
Ske
22.20
17:48
16.49
2.09)
16.60
PAS
TS.82
88: 19
20,22.

Dollars.

||
||
||
||
|
||
Vi
|
||
|}

T1867. .seenees
L868... <<ccese
1869. ...0ene«
W810. vcnewee
he fl Pee
L8%as sss secon
USTB. n0e.c0n sain
1874... 0.002.
PS70..6 Seencns
1876. c6ccs000
HO nane sane
| TETi Le cleeewe
|| 1870... ssccens
|| LSB0 nasese cee
|

29.04 || 1881

POAS
26.52
81. 64
26.88
BG.46
SOG
16. 36
FO TG
BL. 1S
19.68
14. 76
O77
9.86
33,23:

Average
puiane

Year.

||
||
|]
|)
||
|
||
|
||
|)
||
||
||
||

......s00%

Dollars.

16. 94

EBS2 sn scseasiare
1888..........
1884..........
T8860...
osm cine
TS86: 2... cesses
PSST sass eccss
1888..........
E880: 5 cs'scsias
890... ...0<s00
1801. 2. sense
1892.
sey
1898. . 2. cceen
E804. cccsasiee
1890 .ccsne0sice

19. 79
16, 59
16. 48
11. 58
10. 63
15. 00
15.10
12. 58
12.18
11. 38
11. 52
18. 35
14, 13
Ol

Prices of leading articles of grain, groceries, and provisions in the New York market from
1879 to 1895,

by
oe
‘.? | No. 2,

Calendar
- er,
Wl
year.

per

bushel.
(a)
Dollars.)
HOUD
SSO
MOO
G82)
MOSS
iKoo:
TRS
OSG
SST
TABS
RESO
BE90
SOT
F892
1893
1894
1890

caawte
«cea
once
conc
c.sace
ae
. .2.<
cece
seca
<4
ise
was 5
occas
12-02
......
......
usccue

1, 212
1. 270
1.318
1.278
1.175
. 975
. 964
- 885
. 889
971
- 883
. 983
1. 094
- 908
. 739
. 611
. 669

Rie
0. 2,

mixed,
| mixed,
per
per

ad

Beef,
extra

vents
ract,

oe
ow,

-

mess,
| prime,
| fair to}
per
per '| prime,

|pushel.|bushel.
| pound
P®, | barrel.
| pound.|
(a)
(a)
(a)
(a)

per

Cents. | Cents. | Cents.
37.1
42.6
45.9 |
51.9 |
42.9
36.0
35.9
35.1
84.3
35.5
28.8
28.9
46.0
86.3
35.9 |
87.2
28.9

6.62
7,91
21.387)
11.78
9.82
8. 25
6.78
6. 50
7.09
8. 72
6.88
6. 33
6, 59
7. 69
10.34
7.75
6. 50

|Dollars.|
|
|
|
|

11.32
10. 44
11.75
138.45
12.84
12. 38
10.81
8. 23
8.13
7.46
6.98
6.96
8. 35
6. 86
8.17
8.16
8.09

Cents. | Cents.|
6.388
6.38
7.00
8. 38
7.88
6.75
5. 50
4.25
4.00
4.88
4. 69
4.59
4.81
4.62
6.44
4,81
4.33

y

ava,

Eee

aaa
pound.|
P (c) .

(a)

49,8
56.1
63.1
80.1
65.1
60.8
58.1
48.4
50.6
57.3
43.0
48.1
70.4
54.0
49.9
50.9
47.7

Coffee. b
:
razil,

|
|
|
|
|
|
|
|
|
|
|
|

14.86]
15.12]
12.23
9, 77
10.86}
10.92 |
9. 01
10.32]
18.04
15.26]
18.30 |
18.03]
16.40]
14.43]
17.42]
16, 41
15.80]

Sugar. b

eel if-|

—

Hard,
ay

| Meee
| BESper Ay | CO
per
per
pound. | pound. | pound.

Oents. | Oents.|
24.14
22.93
16. 82
15. 92
17.68
16.56
15, 49
16.84
18. 92
19.98
21.29
24.37
24.50
26.37
24.28
23. 25
26.60

_,

8 wi

6.93
7.88
7,62
7.29
6.79
5. 29
5.19
5. 52
5. 38
5.93
6. 57
5. 57
8. 92
8.32
3. 69
8.34
3. 23

Cents. | Oents.
8. 53
9.48
9. 84
8. 87
8.14
6. 37
6. 06
5. 81
5. 66
6. 69
7.59
6. 00
4, 47
4.21
4.72
4.00
4.00

a Prices furnished by New York Produce Exchange.
b Prices furnished by Mr. A. Noel Blakeman, of New York, except those for 1895, which were
nished by Mr. J. E. Searles.

8. 81
9. 80
9.70
9. 35
8. 65
6.75
6. 58
6. 23
6, 02
7.18
7.89
6,27
4. 65
4.35
4.84
4,12
4,12

fur-

e Since 1890 quotations are for No.7 Exchange Standard, which is equivalent to ‘‘ Low Ordinary,”
and is 140 points below ‘‘ Fair Bio.”

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

239

COUNTRIES.

COAL.
Prices of Schuylkill whiteash lump coal at Philadelphia, and of bituminous (Cumberland)
coal at Baltimore, from 1839 to 1895.
[The prices of anthracite furnished by the American Iron and Steel Association;
Saward’s Coal Trade Journal.]}
Annual average
price per ton.
ee
Anthra-| Bitumi-

Year.

Anthra-|

Bituminous.

cite.

nous.

cite.

Dollars.|

Dollars.

Dollars.|

WSOOs swdws ences
POAO pad vases
re
}oe

5.
4.
5.
4.

8.
8.
8.
3.

OUD is seceedest

3.

| ae
MB OD ic winks beak
Rae: Casenie
sas
be
MOSS i cenecesas
CC ee
WBOO 66 «iwacons
Se
of
oy ae
CS See
DaOO sa Konkanna
ee

3.
3.
8. ¢
8.
8.
8. 65
3.6
ae
3.4
3.
5.
4,
4,

Cl)

8.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Annual average
price per ton.

Annual average
price per ton.
Year.

43
25
40
89

Year.

Dollars.
3.70
3. 63
3. 49
3. 44

of bituminous, by

Anthra-|

Bitumi-

cite.

nous.

Dollars.|

Dollars.

|
|
|
|

2. 59
8. 22
2.70
4. 53

8.15
2. 86
2.79
8. 75

4,14

4, 23 |

4,53

8.75

6. 06
8,39
7. 86
5. 80
4. 37
8. 86
5.31
4,39
4. 46
38. 74
4, 27
4,55
4.39

5. 57
6. 84
7.57
5, 94
4.97
4,71
4.97
4,72
4,72
4, 66
4, 84
4. 50
4, 35

3. 87

8. 87

|

4.61
4,54
4.42
4.10
4. 00
4.05
4, 21
4, 04
38. 924
8. 85
3. 98
3.90
3. 90

8. 50
2. 90
2. 50
2. 25
2.10
8. 45
a2. 60
a2. 60
a2. 60
a2. 60
a2. 50
a2. 40
a2. 25

38. 50

a2.00

@ The price on board fixed at Baltimore by the Seaboard Coal Association.

MONEY AND PRICES IN FOREIGN COUNTRIES.

240

DOMESTIC

IRON.

Prices of pig iron, rolled bar iron, iron and steel rails, per ton, and of cut and wire nails,
per keg of 100 pounds, from 1850 to 1895.
[Furnished by the American Iron and Stee] Association.]
Pig iron,
0.1

Calendar year.

4

:
R
ar iron, | Iron rails,

‘

oo,
™*

anthra- | best | standard
citefoun-| rolled. a |sections.b|

4
bi
~
BEES, C | TANS:

dry.@

59. 54

22. 68
36. 12

58.79
83.50

27.75
27.12
26. 38

74, 58
73.75
71. 04

22. 75
20. 25
23. 88

58. 75
60. 83
70. 42

21. 38

36.88 |
22. 25
23. 38

35. 25
59.25 |

46, 12
46, 88
44. 12
39. 25
40, 63
33. 25
35. 12
48, 88
42.75
30. 25
25. 50
22. 25
18. 88
17. 68
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
13. 10
a
d
¢
d

At Philadelphia.
At mills in Pennsylvania.
Wholesale store prices at Philadelphia.
Base prices from factory, f. 0. b. Chicago.

e Superseded by the manufacture of steel rails.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

54. 66

91.33

62. 29
60. 00

91. 04
146,46

106. 38
98. 13
87. 08
85. 68
81. 66
78. 96
78. 54
97. 63
86. 43
67.95
60. 85
52. 08
45. 55
44, 24
51. 85
60. 38

58. 05
61.
50.
44.
40.
43,
49,
44.
43.
45.
42.
41.
38.
29.
30.

41
30
05
32
12
37
99
40
92
56
89
08
96
02

Dollars. | Dollars. | Dollars.

oa

“fg

3.71

£9
48.38|
17.20 | ae

3.13
4, 85

47.8

45.63 | &™

4,76

80,13 | Si
62.88 |
64.38]
64.25)

3. 28

Fry
22
gd

4.10
8.92
3.72

48.00 | “3a
42.38 | dq
Fy -_
41.75

3.138
2.75
3.47

Sp
50.00}
49,88 | go

76.88]
126.00)

53.
FS3

98.63
86.75
83.13
78.88
77.25
72.25
70.388
85.13
76.67
58. 75
47.75
41. 25
35, 25
33. 75
41. 25
49, 25

| & Ba
|
| 166.00
| 158.50
| 182.25
| 106.75
| 102.50
| 112.00
| 120.50
94, 25
68. 75
59, 25
45. 50
42, 25
48, 25
67. 50

45. 50
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(8)
(e)

48, 50
37.75
380.75
28. 50
84. 50
37. 08
29. 83
29. 25
31.75
29, 92
80. 00
28.12)
24.00]
24. 33

47.18

61. 13

>

3.53
3. 86

oo
ES

5,18
7. 85

.
2

7. 08
6. 97
5.92
5.17
4, 87
4, 40
4,52
5. 46
4,90
3.99
3.42
2.98
2.57
2.31
2. 69
3. 68

3.09|

8.47
3. 06
2. 39
2. 83
2.27
2. 30
2. 08
2. 00
2.00
1.86
1.83
1.44
71.08
1.47

2
&
3

B=
=)
4
o
4
a
B
|
|
8
q
=
3
4
be
°

&@

3.15
2.55
2.49
2.51
2. 04
1.70
1.49
1.11
1. 69

J Prices based on a new classification adopted
in 1893, the base price and schedule of extras

being changed to correspond with the wire-nail
schedule.

en

20. 88

NN

Dollars. | Dollars.

Ot

ET

a

EXPORTS,

1871

TO

1895.

Prices of leading articles of domestic production exported from the

United States from 1871 to 1895.

[The value of the goods represent their market value at the time of exportation. ]
|

;
Year ending June 30—

la
I
Ne

NaN

ach ig
Oh ia sc

ots

aa
ce
cs

Dollars.
. 759
- 695
- 618

as sl in ea ee
nl isd i A
mare
ism
ES a

a) a

eased See

MT ila we creer ni Sn atin a eae
1:
EA
ee Tees tee eee
BGO exis See oca
a ooo meee weer e
Oia
oe sso
wie
wins Se ec dees
MT Nt
iis DSc
lat pore mages
BROAN ss ars 1 ew snocats cain eee eae
Co ee
ee
ee ee
ne,
Eee
eens ee
oS ee
een
i
TN
ee
es ee
EE
oe
BS OB sd Se eile ade aha erence
2 ae
ae ee
ea
ae
So
ee
PO
ee ee on ee
MO ts B cesb wc bie een lain Stele eee
BO
tink Sek eat inated
e em
Le
a
ee ae oem Te
ee
eee Se eee
DN eyo
econ ica 2D) Stel aed tine
Ra
a Far nets ina
ino aaa on va
ts ene
EE ery Rtg neeen ey

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Corn, per| Wheat, | bt mg
becslacl._ | . Led ,
per’
ushel. | }-re],

- 719

|

|
|
|
|

|
|

. 848
- 672
- 587
. 562
.471
- 543
« 652
- 668
. 684
611
- 540
- 498
. 479
- 550
474
418
. 574
~ 55
. 58
46
53

| Cotton, | Leather,
aed
|Pound.a|
pound.

|
Dollars.) Dollars. |
1.32
6.59 |
1.47
7.11
1.31
7.57

1. 43

7.14

1.12
1. 24
pe |
1.34
1.07
1.25
jie |
1.19
4.13
1.07
. 86
87
89
85
90
83
93
1. 03
80
67
58

5.97
6. 22
6.49
6. 36
5. 25
5. 88
5. 67
6.15
5. 96
5. 59
4. 90
4.70
4.51
4. 58
4. 83
4. 66
4, 82
4. 96
4.54
4,11
3. 38

Cents.
14.9
19.3
18.8

15.4

15.0
12.9
11.8
1.2
9.9
11.5
11.4
11.4
10.8
10.5
10.6
9.9
9.5
9.8
9.9
10.1
10. 0
8.7
8.5
had
5.8 |

Cents.
25. 3
23.7
25.3

25.2

26. 0
26, 2
23.9
21.8
20. 4
23.3
22.6
20.9
21, 1
20. 6
19.8
19. 9
18.7
17.3
16. 6
16. 0
16.4
16. 0
15. 0
5. 1
15.3 |

| lumina-|

Bacon

| ting oils,|
and
| refined, | hams,
| glen.
ail

Cents.
| Oents.|
25.7!
11.4
24.9
8.6
23. 5
8.8

17.3

14.1
14.0
Zi.
14. 4
10.8
8.6
10.3
9. I
8.8
9.2
8.7
8.7
7.8
7.9
7.8
7.4
7.0
5.9
4,9 |
4, 2 |
4.9 |

9.6

11.4
12.1
10.8
8.7
6.9
6.7
8.2
9.9
11.2
10.2
9. 2
7.5
vo
8.6
8.6
Fi
7.6
8.1
9.1
9.6
8.7

Lard,
—.
pound.

_

:

bate
on
Butter,| Cheese,
per ?
per :
_.
dl
pound. | pound. | P°¥nd- | pound.

Cents. | Cents.
13. 2
10.9
10.1
7.2
9. 2
7.8

9.4

8.2

13. 8
13.3
10.9
8.8
7.0
7.4
9.3
11. 6
11.9
9.5
7.9
6.9
tok
7
8.6
Pe :
6.9
7.2
9.5
9.0
7.8

10.1
10. 6
9.0
6.8
5.7
6.1
at
9.0
9.9
7.9
2.2
5. 9
6.6
7.4
7.4
6.0
5.9
6.0
7.8
8.0
To

| Cents. | Cents.
8.7
21.5
7-6
19. 4
7.7%
24,1

8.2

25. 0

8.7
8.7
7.5
Tod
6.3
6.4
6.5
8.5
8.9
7.6
7.5
6.0
5.4
5.3
5.5
5.4
5.6
5.7
5.4
5.7
5.7

23.7
23.9
20. 6
18.0
14. 2
U7 4
19. 8
19.3
18. 6
18. 2
16.8
15. 6
15. 8
18.3
16.5
14,4
14.5
16.0
19.0
17.6
16.4

| Cents.
13.7
i ay
13.1

13. 1
13.5
12.6
11.8
11.4
8.9
9.5
ps ae
11.0
11. 2
10.3
9.3
8.3
9.3
9.'9
9.3
9.0
9.0
9.4
9.4
9.7
9.1

Eggs, | Starch, | Sugar, hig
—
nial | per :
per 4
dozen. | pound. pound. | pound.

| Cents. | Oents.
28.5
6.6
20. 3
5.0
26. 6
5.3

22. 1

5.7

25. 6
28.0
25.9
15. 8
15.5
16.5
17.2
19.2
20.9
21.2
21.5
18.3
16.3
15.9
13.9
15.4
a7.7
18. 0
23. 2
16.9
16.8

6.0
5.4
5. 2
4.7
4.2
4.3
4.7
4.8
4.6
4.5
4.0
4.1
3.8
3.5
3.8
4.1
3.7
3.1
3. 2
3.2
3.2

|
| Cents. | Cents.
13. 2
9. 2
12. 6
10.3
11.6
10.7

10.5

9.6

10. 8
10.7
11.6
10. 2
8.5
9..0
9.2
9.7
9, 2
vee!
6.4
6.7
6.C
6.3
7.16
40
5.7
4.6
2
4.4
4.6

i2.¢
10. 4
10. 2
8.7
7.8
yf
8.3
8.5
8.3
9. 1
9.9
9. 6
8.7
8.3
8.8
8.6
8.7
8.4
9. 0
8.5
Pa

AGNOW

A

GNV

LR

SHOINd

en ret

NI

ce

NOIMYOX

a

‘SHTULINNOO

a

a Upland.

1¥G

sitet

242

IMPORTS,

COUNTRIES.

FOREIGN

IN

PRICES

AND

MONEY

1879

TO

1895.

Prices of leading articles of merchandise imported into the United States from 1879 to 1895,
The

values of the >goods

market.
in the foreign
oS

represent their values

Copper,
plan, bare,

Verde
Cy linder,

|

Soak
:
ear ending

pound

nous, per

June 30—

es

eeiaanin

nfante

factured,|
per

yard.

TESU: Secaeweks
USO oee asadea

for: per

percha,

ton,

crude, per

. he ye .|square|
ey
Poot,

|

pound,

,
| Dollars.

11.6

12.7

830. 30

2.9

45. 0

108. 27

40.8

3.34
2.97

13: 5
12.5

15.6
12.3

‘1.7
11.9

285. 27
268. 51

3,2
3.1

39.3
42.1

123. 20
126. 81

67.1
56.2

10.0
8.2
9.3
8.2
1.8
10.7

12.2
11.0
10.7
7.7
1. U
5.7

11,9
13.1
@11.2
@10.9
@l7
@12.2

270.
282.
277.
266.
283.
269.

11
16
35
20
70
21

3.0
3.2
3.1
2.8
2.5
2.3

39. 0
38. 0
36. 2
34. 3
32.0
80. 0

166,
169,
163.
152.
133,
128.

58
54
08
12
22
45

62.8
i, %
55.9
37.6
40.6
48.0

| a12.7|

316.66

1.9

32.0

144, 64

7.0
7.0
8.0
8.7
8.1]
8.8
(8

@ 13.0
a@13.0
a14.0
a14.0
@13.0
| @12.5
12. 0

262.
271.
261.
251.
280.
807.
284.

25
87
69
43
63
18
71

2.0
2.0
3.0
2.3
2.4
2.0
2.0

82.0
33. 0
37.0 |
36.0}
24.8}
23.0 |
22.2

168. 96
200. 63
150.76
181.45
142.30 |
146.74
126, 94 |

fo. blaa)
sc ac cuwtwss
ey er
SARRP
as caves
a ree
ca visk bane

2. 57
2. 89
8.12
BelT
3.10
3. 00

TORS Uo F ovseees

3.24]

140

PSO
NCL 0
BOON
[B00
T6906
NOS
1895

sescteeee
eae
a
os i clara
sceesdaeees
.e<woadess
cad cacesaes
......-----

3.40}
3. 30
3.40
3.28
8.28
8.28
3. 05

13.0
16.0
619.0
b20.0
14.0
16,4
14.7

|
|
|
|
|
|

‘Bars
pst

Cents.

GT

|

|
|
|
|

|

|
|
|
|

ad
pound.

tobacco,

per pound.
ii Aa ho

Suita-

|steel or in)
ton.

|
|

Leaf

Sheet,
| Tin
plate, | plates,

terne1" .|
ways Of | and
,." im tf
Or)
plates,
|
of taggers
part per
June 30— | | per ton. | steel,
taggers
iron,
| Pig iron,

va
|| tin,
pound.

for
jy16
Goat

Other

wrap-

leaf.

pers.

|

Cents.

1OdO vets oaneass
US80 .2ssss<dess
ROS) Widnes soa
be Fee
ae puny
BUCS ss sexebsers
MOOR <c0es saute
EBS. sachesseuss
T886:...-a50'keine
Lc, | eee
HORS cng cons <<
kes 5
BSGO casceso
TOUO'. 4. <+e8esee

21. 97
19. 42
20. 98
18. 57
18. 32
17, 48
17. 70
15. 50
15. 59
15. 49
16.19
25. 09

26. 80
32. 60 |
36. 15
33. 35
82. 60
31.79
24, 80
26, 21
19. 32
23. 53
238. 96
23. 47

6.5
3.6 |
6.3 |
3.4 |
3.2
3.7
4.3
4.2
3.6
3.3
3.0
3.0

3.7
4.5
8.8
8.8
3.7
3.6
3.3
3, 1
3.0
38.0
3.0
3.0

Jae nUee
WSOB csc
POO cco sse ines
RUD cas Se cakacis

23. 83
22. 74
27.27

24. 08
19. 43
14. 33

2.2
2.9
2.0

2.8
2.6
2.4

24. 65
21. 87

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a
b
e
d

25.96
33. 49

3.0
2.6

| Cents.

| Cents.

(¢
(e)
(ec)
(¢)
(c)
a89.8
ad 82.2
ad 84.4
d91.9
89. 6
490.0
a92.5

|
|
|
|

94. 0
71.5

3.0
2.9

|

95. 0
114.0
127.1 |

43.9

38. 0
44.0
b 52.0
b49.0
42.7
44,3
45.0

|

|S| Macké
||
|

|

|

Mol
_.orel,
| < 2 ssl
Ber)
per - Sosy
gallon.

Rice
meee
Per

pickled,
Harrel

(200 lbs.).!

| pound,

|
|

Dollars. | Dollars. | Cents.

os sec oe
i< ac soso.

Cents.

Cents. | Dollars.

Cents.

Oents.

12.5

| Cents. |

OSD
WSO
iRobo
POSO.
CC
NSS?

PSO.
POH

1

i

ng
BSP ee
gutta-

8, 51

Dollars.
BOTS os sn scalecs

1

per

|dow glass,

ton.

;

pound.

Year ending

;

Plate

a le. 1, | glass, | Hemp
ingots, | Cotton
Coal, bi
oat, Dl | Coffee, | old, and | cloth,
|, ~
| ane com)
‘unsil- | and subSait Flax, per|mon wit-| cored | stitutes
sehen
en
tumi-

|

| Doilars. | Cents.

| Oents.

53. 8
50. 3 |
52.2 |
52. 4
57.4
45.9
48.7
49.8
49.7
58. 4
55. 0
61.0

6. 41 |
4.38 |
6. 11
6. 81
8. 20
9, 90
7. 62
6, 05
8. 09
9. 46
13,57
14. 35

18.8 |
22.9
23.5 |
27.0
23.2
16.4
3.4
14.3
14, 1
15, 4
18. 0
16.0

2.9
2.9
2.3%
2 2
a |
2.0
2.1
2.0
2.0
1.8
2.0
2.0

40.9
38.7
35.9

11. 22
11. 58
10. 45

12.8
10. 1
8.6

1.7
1.5
1.7

58. 0
43.0

11.95
9, 62

Bleached, dyed, colored, stained, painted, or printed cottons only.
Overvalued by reason of depreciation of Brazilian paper milreis.
Not separately stated.
Prices of imports for consumption.

16.0
13.0

2.0
2.0

MONEY

AND

PRICES

IN FOREIGN

Prices of leading articles of merchandise
Silk, raw
:

:
ene

2

Tin, bars,

pie honk ;

reele¢
from the

;
pox #

Sugar,
per

cocoon,

per >|

per
pound,

gallon.

blocks, | Cloth-| ||

or pigs,
in
grain, or | wools,

be

pound.

*|

granula-

per

Carpet “carpeting

ombing jand other
|wools, per] similar
| a
pound.

| Cents. |

Oents.

| Oents.|

:

ee

|wools, per

saaate

pound.

yard

Cents.

Dollars.

ted, per | pound.
pound. |

Dollars. | Cents. | Cents.

243

imported, etc., from 1879 to 1895—Continued.

F

oF as

COUNTRIES.

Cents.

ISG) sais xis wrecetss

4.43

50. 3

4.10

24. 2

14,4

21

24

12

1.44

DGG

cae wchene's

4. 69

57.7

4.18

27.4

19.5

23

29

14

0. 86

WORE Siwusea.
tks
TOBE Sinise seen eek
OCG eee
s ceases
(ae
WOOD ia gan) teikine
WOOO. waeesssu=s
OGL ose oacew aie
BOGOR 5 ok Ssueeyos
FOOD chuexaemess
WOO dl yeesckaseess
SS
|
re

4, 27
4, 48
4.31
3. 88
8. 62
3. 62
4, 06
3.70
8.48
8. 92
38. 66
3. 23

62.8
64.8
63.7
71.4
65. 6
66. 5
69.3
68. 6
69. 0
70.0
68. 0
71.0

4,41
4. 41
4,37
3. 61
2. 67
2. 84
2. 50
2.75
3.21
3. 28
3. 03
2.98

25.7
24.6
23.5
20. 2
19.5
19.6
18.7
15.8
16.0
15.0
17.0
16.0

20.8
23.7
22.9
20.9
17.9
21.0
23. 4
27.6
21.0
20.0
20. 0
20.0

23
22
22
23
20
16
19
20
20
23
23
21

29
28
25
23
24
22
24
24
23
25
23
23

14
14
14
12
Ty
i
12
12
12
12
11
9

1.08
1.33
1, 26
1.37
1.41
1.35
1.46
1.46
1,21
1, 23
2.09
2.06

DAD, we becvenswe

3. 90

71.0

3. 09

16.0

20.0

18

22

9

2. 30

TU aches
ces aes
BOOS cs0a:0 sees

3.16
2. 76

70. 0
69.7

2.92
2.14

15.1
18.5

15,7
14, 2

16
15

26
20

9
9

2. 28
1.95

SILVER.
Annual

price of silver in London, per ounce, and
to 1895.

commercial ratio of silver to gold, 1833

[From Production of Gold and Silver in the United States, 1894, Preston.]

Value of
:
a

sy

Car

High- | Aver- |

Low ="

est

age

| quota: | quota-|

quota-|

afine

|
| Com-

| ounce at|

average |

pon,

|

q

mer-

—

cial

bese

year. | tions. | “tion. | tion. | quota- | ratio.||

Y°'™

tion.

1833....)
1834. ...

1835....)

Pence. | Pence.

583

|

59%

59%

|

60%

594

|

598

603

TSB. 50%

59

60g

1.297 | 15.93 || 1865....]

\

“|

Z f

est

age

quota- | quota-|

a

fine

average | cial

| “°™ | tion. | tion. | quota- | ratio.
tion.

Pence. | Pence. | Pence.|

Dollars.

614, | 1.388

1.318 | 15.73 || 1868...

60.

60

62

614

614

1, 339

60

1,315 | 15.72 |}

1868....

60

614

604

1. 326

597;

1.305 | 15.88 || 1869....

60

61

60, |

1.325

604
60,5;

1. 326
1. 822

1.308 | 15.80 || 1867....}

1838....|

594

GO,

|

594

1.304 | 15.85

| 1870....|

1839. ...
1840... .

60
603

60g
603

|

608
603

1,323 | 15, 62 || 1871
1.323 | 15. 62 || 1872

om-

| ounce at | mer-

61g

5944

|

Dollars.

—

Value of |
ver- |

603 |

5918

60

1836. ...

59y%

igh-

604

603

60,3;
594

61
61

57% |

6938 |

| 15.44
15. 438

60,% | 1.328

| 15.57

15. 59
15, 60

60,%, | 1.328

| 15.57

15. 57
15. 63

504 | 1.208

| 15.92

1842....|

594

60

59%

60,4, |

1.816 | 15.70 |) 1873
1.303 | 15,87

| 1874..

572

59

58,8, | 1.278

1844....|
1845....|

59

594
58%

59

1.297 | 15. 98

| 1875

578

56%

1. 246

1846. ...

69

|

604

608

592,

1.304 | 15.85 | 1876
1.298 | 15. 92 | 1877
1.30 | 15.90 | 1878....|
1.308 | 15.80 | 1879....|

554

|

59}
59%

59,5;

| 17.88
| 17.22
17. 94
| 18.40

60

594

1.304 | 15.85

18. 05

|

60

593

1.309

| 15.78

|
|

1841....)

1848... .

60;

59% |

1847....|

58%

1848....|

583

1849... .

593

|

594
594

5955;

| 1880....)

|| 1881

1850...)
1851.
1852....|

594
60.
59%

61h |
| 618
| + 61%

61y%
61
604

1.316 | 15.70 | 1882
1.837 | 15. 46 | 1883
1,326 | 15.59 | 1884

—
854. .

608
0)

614
61

614
1

1.348
1, 348

1856. .

604

624

615

1, 344 |

58. .

303

1855...)

1867.

eo’ |

61

61

625

1609...|

614

6

1863

61

61

1860....|
1861
1862
1864....|

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

él ty
614

3158

of | oot

612 |
60s |
61

628 |
618 |
62

6142
Gots |
61,4

60g |

62h |

61g

61g

134d

1, 353
. 844

136

1. 352
1.383
1.346

|

1. 845 |

1. 345

33
3

|

463
53h
494
48%

584
583
554
533

| 16.17

16. 59

52% | 1.156
5413 | 1.201
52, | 1.152
514 | 1.123

518

52

524

1. 145

50%

52

5148 |

1.188

1.136
51i3|
1, 0:
508
502 | 1.113

| 18.19
18. 64
| 18.57

re Ys
;

ier
»
394

4 Ea

50
50
49}

52
513;
51g

44

18. 16

97823 | 21.13
93897 | 21.99

42

- b
Cy

: porte

= bs

ey

45y5 |

«98782 | 20. 92

2948

65406 | 31, 60

39$
87106 | 23.72
35%5 | - 78031 | 26. 49
285
63479 | 32.56

244

MONEY

AND

FOREIGN

IN

PRICES

COUNTRIES.

Bullion value of 371.25 grains of pure silver at the annual average price of silver each
year from 1850 to 1895, inclusive.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

[Prepared by the Director of the Mint.]
Bullion
value.

Year.

Bullion
value.

Year.

Dollars.

Dollars.

°

1. 004

- 988
- 964

. 894
. 929
. 891

. 868
. 886
. 880

. 878
- 858

. 861
.
.
.

823
769
756
727
723
809
764
673

. 603
- 491
. 506

COINAGE.

Coinage of the United States mints from 1841 to 1895.
[From the Report of the Director of the Mint.]
>

Calendar year.

Total coinage.

we

==
Gold.

Silver.

Dollars.
857.
407.
797.
670.
447.
177.
325.
512.
761.
738.
492.
187.
909.
962.
968.
768.
040.
413.
570.
654.
530.

Minor.

Dollars.

1,
1,
8,
5,
3,
4,
20,
8,
9,
31,
62,
56,
39,
25,
29,
36,
32,
22,
14,
23,
83,

091,
829,
108,
427,
756,
034,
202,
775,
007,
981,
614,
846,
377,
915,
387,
857,
214,
938,
780,
478,
395,

50
50
50
00
50
50
00
50
50
50
50
50
00
50
00
50
00
50
00
00
00

20,
28,
31,
23,
19,
17,
23,
21,
21,
57,
35,
32,

081, 415, 00
295, 107. 50
435, 945. 00
828, 625. 00
371, 387. 50
582, 987. 50
198, 787. 50
032, 685. 00
812, 645. 00
022, 747. 50
254, 630. 00
951,940.00 |

20, 875, 997.50]
22, 445, 482. 00

46, 579, 452.50 |

Total.

Dollars.

1, 182,
2, 332,
38, 834,
2, 235,
1, 878,
2, 558,
2, 874,
2, 040,
2,114,
1, 866,
774,
999,
9, 077,
8, 619,
3, 501,
5, 142,
5, 478,
8, 495,
3, 284,
2, 259,
3, 788,

750,
750.
750.
550.
200,
580.
450.
050.
950.
100.
397.
410.
571.
270.
245.
240.
760.
370.
450.
390.
740.

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

609,
691,
982,
908,
1, 074,
1, 266,
1, 378,
8, 104,
2, 504,
4, 024,
6, 851,
15,347,

917.
005.
409.
876.
3438.
143.
255.
038.
488.
747.
776.
898.

10
00
25
25
00
00
50
30
50
60
70
00

1, 252, 516. 50
809, 267. 80

24, 503, 307. 50

Dollars.

15,
23,
24,
23,
38,
41,
61,
64,
41,
44,
99,
50,
67,
42,
16,
27,
178,
246,
364,
205,
101,

973.
833.
283.
987.
948.
208.
836.
157.
984.
467.
635.
680.
059.
638.
030.
106.
010.
000.
000.
660.
000.

67
90
20
52
04
00
69
99
32
50
43
94
78
35
79
78
46
00
00
00
00

2,
4,
11,
7,
5,
6,
22,
5,
11,
33,
63,
57.
48,
34,
32,
42,
387,
31,
18,
25,
87,

926,
968,
1, 042,
1, 819,
1, 697,
963,
350,
99,
369,
379,
342,
246,

687.
552.
960.
910.
150.
000.
325.
890.
380.
455.
475.
970.

14
86
00
00
00
00
00
00
00
00
00
00

21, 618,
29, 954,
33, 461,
26, 557,
22, 142,
19, 812,
24, 927,
24, 236,
24, 686,
61, 426,
42,448,
48, 546,

280,750.00 |
498, 400.00 |

210, 800, 00

240,
185,
967,
687,
668,
638,
638,
879,
164,
892,
488,
896,
522,
577,
905,
027,
870,
679,
429,
938,
280,

581.17
991. 40
830. 70
207, 52
595. 54
965. 50
611. 69
720. 49
695. 82
306. 00
524. 93
228. 44
539. 78
870, 85
243. 79
115. 28
810. 46
783. 50
020. 00
704. 00
270. 00

22, 409, 264. 00
23, 753, 149. 80
019.
665.
314.
411.
880.
130.
368.
6138.
513.
950.
881.
803.

24
36
25
25
50
50
00
30
50
10
70
00

71, 293, 560, 00

MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

245

Coinage of the United States mints from 1841 to 1895—Continued.

Calendar year.

Gold.
Dollars.

POU weed

ewe eke e tee e kas Made we abe gw

Total coinage.
=
hh
Silver.
Minor.
Dollars.

Dollars.

UG Rear tc age aiomeessnagets
cous ea ceed

43, 999, 864.00 |

49, 786, 052.00 |

28, 393, 045. 50

8,525.00

28, 518, 850. 00

58, 186. 50

IO Vacer<cabanssvteacsnneoesersa
es me

89, 080, 980.00 |

27, 569, 776. 00

165, 003. 00

MRA U ces site iow i appesecceeacaaeemeeen
HAG iais yaa vibsctaes <b ice vesweasees
HOE ose enedsisdsaenetawamasaned
14 ae

62, 308, 279.00 | 27, 411, 693. 75
96, 850, 890.00 | 27, 940, 163. 75
65, 887, 685.00 | 27, 973, 132. 00

WEABenak
a aeasweaewescseusevasseesene
cic) ie
ee ee ee meet

29, 241,990.00 |
28, 991, 756.50 |

Total.
|

Dollars.

|

72,401, 434, 50

391, 395. 95
428,151.75 |
960, 400. 00

90, 111, 368. 70
125, 219, 205. 50
94, 821, 217. 00

29, 246, 968. 45
28, 534, 866. 15

1, 604, 770. 41
796, 483. 78

78, 363, 088. 50

66, 814, 859. 00

60, 098, 728. 86
53, 323, 106. 43

ECBOy cp piccvidensnoe
dnc yet exviene onde

27, 773, 012.50 |

28, 962, 176, 20

191, 622. 04

56, 926, 810. 74

AGRO scala bese omen denheeata
spe ee'ed
GEG. =sceessen
secuch anes euweres sues

28, 945, 542.00 |
23, 972, 383.00 |

32, 086, 709. 90
35, 191, 081. 40

343, 186. 10
1, 215, 686. 26

61, 875, 438. 00
60, 379, 150, 66

TORS sire sctaneagaagtenawanes
MERE
MSOO eave ch upans vee ea sere beanrdadeds

31, 380, 808.00 |
21, 413, 931.90 |

38, 025, 606. 45
35, 496, 683. 15

912, 200. 78
1, 288, 408. 49

65, 318, 615, 23
58, 194, 022. 64

BROW echo clea:? iesn'esSty care l bw weds Ranges:

20, 467, 182.50 | 39, 202,908.20 |

UO
ch

cge as ks psssbiweseasesarescees
nee
cree ere. rer

29, 222,005.00 | 27, 518, 856. 60
34, 787, 222.50 | 12, 641, 078. 00

1, 312, 441. 00
961, 480. 42

58, 053, 302. 60
48, 389, 780. 92

DePG

cere ost bewe te asineeitasneea
swe

56, 997, 020. 00

8, 802, 797. 30

1, 134, 931. 70

66, 934, 749. 00

St
rer
eer
DDD aswecxncsvnsaereebeseunea
acess

79, 546, 160. 00
59, 616, 857, 50

9, 200, 350. 85
5, 698, 010, 25

438, 177. 92
882, 430, 56

89, 184, 688. 77
66, 196, 798, 3

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1,884, 792:14 |

61, 054, 882. 84

246

MONEY

AND

PRICES

II.—_ WAGES

IN

IN FOREIGN
THE

COUNTRIES.

UNITED

STATES.

It is to be regretted that there is no United States Government compilation of wages later than that for the year 1891 in the Senate Finance
Committee Report on Wholesale Prices, Wages, and ‘Transportation,
printed in 1893. As to the rates of wages up to 1891 the report, Vol.
I, pages 13, 14, says:
The course of wages throughout the period covered by the investigation is shown in the following table:
Relative wages in all occupations, 1840 to 1891, grouped by different methods.
Average
Simple | according
average. | toimportance.

.
2m

87.7
88. 0
87.1
86. 6

Average
Simple | according
average. | to importance,

Te
meat.

BOS VW EBGGs sida cc. wneaes we eeeices
TOS
Gh outst eae Tae
esas
SH Tl
TSGSe wiveos nese cuweenawecns

152. 4
157.6
159. 2

98) 0. ll ROG0s

162.0

«<s0pe<ssede

esses

O02 ||
SOL 7
GOVT Il
Oo |
SU. IG Ml
OGconll
O06 9 |]
QU Ul
G1. S |)

91.8

CAP

Roe Teer |

139. 9

439.4

95.8
98.0
99. 2
99.9
98.5
99.1

G5,/8 |) AGRO clans cs tacsc eww dibasic |
OCG fl NOG. ks wesesensesededenas
98. 0
99.2
97.9
99. 7

141.5
146.5
149. 9
152.7
152.7
150.7

143. 0
150.7
152.9
059.2
155. 1
155. 9

100.8
102.9
110.5
125. 6
143.1

REGS

obec st aasenccandeeees
vs ass cutee els reer
sa os0adsastauseeare
nes
aa veccvecenvsetesoss
doen sskdnns
sass eawees
cuttes. oengosecsesers
exes eve ciac.aeenveesns
can wscacpeasceswewessoe
.s. takes cerceaseveses

167.4

86.5
86.8
89.3
90.8
91. 4
92.5
92.7
90. 4
90.8

100. 0

COTO
Ghats
BO
2Ge
GBA
ROW:
TONGS
MST
TOTO.

155. 6
164.0
164.9

Se

ie

ene

162. 2
163. 6
166. 0
167. 1
161.5
158. 4
152.5
144.9
142.5

100. 0

167.1
166. 4
167.1
166.1
162.5
158. 0
151.4
143.8
140.9

150.9

100. 7
103. 7
118.8
134. 0
148. 6 |

155.8

1538.7
155, 4
156.7
158. 9
160. 7

156. 6
157.9
162.9
168, 2
168, 6

A summary of the table by five-year periods is given in the following
table:
Relative wages in all occupations by five-year periods, grouped by different methods.
.
Period.

‘
Sree
Simple | according
| average. | to impor|

1840-44

1845-49.
1850-54.
1855-59.
1860-64.
1865-69

.
.
.- -

|

|

Average
Simple | according
average. | toimpor-

+
Period.

tance.

87.2

90. 2
92.3
98. 9
108. 0
154, 9

SOG

SOLO
92.'6.
08,0
111.4
160, 1

tance.

| TOL ec caseecvucnsssense

|)
|)
i)
||

Welles 22.0
Gangs 5 252%
ROB0S64...
ca ccsdsecancecans
1880-80. <5 <5 <cesswcviwness
1890-91 (2 years) .........-

164.1

|

147. 6
148.7
153. 5
159, 8

|.

165.8

146.7
152. 2
157.8
168, 4

Wages equally with prices felt the disturbing influence of variable

currency during the period from 1861 to 1878, and in order to furnish
a basis of comparison with prior and subsequent years, we reduce in
the following table the relative wages for the years 1861 to 1878 to the
gold basis.

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

QAT

Relative wages in gold in all occupations, 1840 to 1891, grouped by different methods.
Average
Simple | according
average. | toimpor-

oar
“

tance.

Voar

|

Average
Simple | according
average. | to impor-

:

|

tance.

87.7

82. 5 |

108. 8

87.1
86. 6
86.5
86.8
89.3
90.8
91.4

84.1 |
83.0 |
83.2 |
85.7
89.1
91.3
91.6

114. 9
119.5
138.7
147.8
152, 2
148. 3
145. 0

88. 0

79.9 |

HG, I

117.1

121.8

119. 1
123.5
136. 9
150.3
153, 2
147.4
145.9

92.5

90. 5

140.8

140. 4

92.7
90.4

90.9
91,1

135. 2
136, 4

184, 2
185.4

90. 8

91.8

140.5

139. 0

91,8
95. 8

98, 2
95.8

139. 9
141.5

1389. 4
143.0

98. 0
99. 2

97.5
98.0

y

146.5
149.9

150.7
152.9

:

152.7

159.2

152.7

155.1

|

99.9

99. 2

98. 5

Ao Dill OO Preise 03s . pneceeebeaeee

99.1

BOLT IN teu

100. 0

BOGSO

100. 8
100. 4

WOO)
Os 2

76. 2
80.8

| TERUG

canes amincts aces eae

150.7

155.9

ee

150. 9

155.8

UBSE. ob seed scseeoeqtaseg
ase
PROS a: ccc eaw esos nets

153. 7
155. 4

156. 6
157.9

156.7
158. 9

162.9
168. 2

Slee i Meedwtss
Cbg 4! MBeOs

66, 2

anos |S weseesyaasceecue

ec cucremseaueaeasce
22. sawensdeosaeeiseas

G57 || MBH aw

ous seess > tens enenes

160, 7

168. 6

From a consideration of the foregoing table it becomes evident that
there was a gradual advance in wages from 1840 to 1860. Since that
date the advance has been less regular but more rapid. The period
from 1875 to 1880 was marked by a standstill, but since that time the
advance has been continuous,
WAGES

IN THE

UNITED

STATES

IN

1891.

The following table of wages paid in certain occupations in the
United States in 1891 was compiled from the Senate committee report
above referred to and printed in United States Consular Reports for

September, 1895:

Average weekly wages.
Trades and occupations.

Amount,

Building trades:
WSTIGIIAV
OTS 65 sess -snceeeedaccedeas
Hod carriers........-....+.---+

REANGRE. vicanapeerceasagececec
aneoas
WORQOUS essays snshew ces sa cela nis
PIQHOLONS .....0s00cascenewewaceeenss
DIATORS.
OOM

Trades and occupations.

Amount.

$21.18 || Blacksmiths’ strikers.......----------18,38 || Cabinetmakers: ......00ss.. 2086-1. 9de

21,00) ||) COOPERS: ncnc100000cesresccds-leeesiuws
9.60 || Draymen and teamsters..........-.---.
28.10 || Wy6Y6. <<. sos ciesssdecsatice
sas aaeeeeee

$10. 32
18. 32

16. 08
10. 80
9. 00

d6.0c cede esweauwseccevesetesss
x a.ca cwessicacenaeslsoenwaweba

21,00 |] Gardonors.....0...ccacdeasccdecesssgeee
17.80 || Laborers, porters, ote...2.....--.--+--- |

13. 50
8. 88

Carpenters .......5..5--0ceecde
coeneeOG HGGCLS 2 ..occes
yess cyeedees cece

TDS |) Piltons . 66 0+ oct~esccecsenceseneee
ses
TI, 90 |) Stonecutters. ... 2. ..n0u: seca: see enctee |

16. 42
21.00

PUDONG cs <dinaxs
sae eeeeacccas dy say

Blacksmiths ..........-.c.sesseeeeeeee-WAGES

IN THE

19.00 || IMGMINPIgntS .:c-curecctseendss<cencuats |

16, 02 || Tinsmiths ..........----------- eaiebetes |
UNITED

STATES

16. 80

14. 35

IN 1896.

While there are no complete figures available for wages in the United
States in 1896, it may be assumed that there has been a decline in
the rates as reported by the Senate committee for 1891, owing to the
general industrial

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depression which

began

in the year

1893 and

still

248

MONEY

continues,

AND

PRICES

IN

FOREIGN

COUNTRIES.

The March, 1896, bulletin of the United States Department

of Labor prints summaries of reports of the bureaus of statistics of
various States, from which the following extracts are taken:
CONNECTICUT.
[Report for year ending November 30, 1895.]

The changes in rates of wages reported were only those that were general in character. There were 2,624 employees affected by advances in wages, the average of
percentages of increase being 8.52. The employees affected in establishments reducing weges numbered 1,287, the average of the percentages of decrease being 8.53.
There were 20,190 employees affected by the restoration of wages to a former rate,
the average of the percentages of increase being 8.5. The average weekly hours of
labor in the 1,000 establishments for the year ending July 1, 1895, not considering
the days closed, were 58,07; deducting hours lost by reason of days closed, the average was 54.46.
MONTANA.
[Report for year ending November 30, 1895. ]

The average daily wages of employees in and around mines, mills, and smelters,
as computed from statements made by employees in nine counties of the State, and
covering the occupations of 2,085 men, are given as follows:
Average daily wages of employees of mines, mills, and smelters.

Occupation.

Average
wages
per day.
¢

Occupation.

Average
wages |
per day.

Occupation.

Average
wages
per day.

|

Mine employees:

| Employees

Miners ....cssecscne

$3. 37

Pumpmen...........
Timbermen ........
Station tenders... ..
CARMOR: <5 4% <ye225.0%
Employees in mines,
smelters, and quartz
mills:
Foremen ..........Amalgamators .....
Blacksmiths ..-..-.Blacksmiths’ helpGUS 2 cnsacadssasews
Batterymen.......Boilermakers ......

4. 00
3.75
3.50
3.12

4. 74
4. 08
3. 85
2. 73
3.75
4,12

in

mines,

Employees

in mines,

smelters, and quartz

smelters, and ms

mills—continued.
Bricklayers
and
Masons.......-..
Carpenters .....-...
Charge wheelers ..
Concentrator men .
Crushermen....-..
Cooling floor men. .
IDIPHOIS «<a.
sic es «
Dynamo tenders. .Engineers.....-.-.
HUPOMON. .<s002%s0Feeders .......-+-+
Furnacemen ......

mills—concluded.
Furnacemen’s
Hhelpenseias+-<n<s.
LADOReYS ...0..005.
Machinists........
Machinists’ helpCIA catanewewes«ss
Millen... ...<<05.6
Refiners...........
RROASTOTE 0.400.560
Skimmers .........
Trammers.......-Weighers .........
Vannermen .......

NEW

$5. 33
4,01
2.50
3. 00
3.19
3.00
4.00
3. 50
3. 85
3. 00
3. 09
3. 35

$2. 62
2. 72
4, 02
2. 85
8.37
5.00
2. 93
4, 25
2. 87
2.44
3.00

YORK.

[Report for the year 1894. ]

The bureau sent to each trade organization in the State a letter of inquiry containing the following questions: Date of organization; number of members at time of
organization ; number of members at present time; rate of wages previous to organization; rate of wages at present time; hours of labor per day previous to organization; hours of labor per day at present time. Is improved machinery used in your
trade or calling? Has the use of machinery increased the number employed in your
trade or calling; and what per cent? Has the use of machinery decreased the number employed in your trade or calling; and what per cent? In your opinion has a
reduction of wages been prevented by the fact of the existence of your organization?
Have the general conditions in your trade or calling been improved owing to the
existence of your organization? Has your organization rendered any aid, financially
or otherwise, to its members during the past year? Howmuch?
The answersof the
various organizations to these questions are printed in detail.

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

249

Returns were received from 695 organizations.
The following statement shows
the results of the summarization of the detail tables, which present the statistics relative to wages and hours of labor:
Wages and hours of labor prior to organization and in 1894, by industries.
Wages,

number of organizations reporting—

| Hours of labor, number of organizations reporting—
Se
SS
InDeNo
Total. | grease. | crease. change. Total.

Industries.
InDeNo
crease. | crease. | change.
DIE ¢ sins 4:5 cena
a0 hore Rines 6a sana
Cigars, cigarettes, and tobacco. ....-.

136
31

CIOS WIIE neue «doe sd snnninece
¥eeee sim

30

Coachmen and livery-stable emDIVER: . accseenean
st eaeneeneaneen
POU PLOWWOUS so. ss cs cede domestics
PUTING cisccnwd
scsi as cnbsangasds
Glass and terra cotta ............--+6
Bats,

18 |
3

2 |

Soild eens
8
i
1
ll
LS Reo

caps, and furs...............6-

|
2
eee
ree
eee

51
ff

6

177
40

30
9

207
49

1
12
3

4
5
8
3

5
19
6
6

2

2

4

(seer
5
G4 Sea eerces
20
10: | waseeee
1
|
18 |
1
12
ee
b|
(al escent
| apenrtens
TS |caadGeows
3

2
45
12

a
65
13

5
5
6
10

18
6
6
13

38 |

Ue
10
3
2

e

ee
19 |
2
B hi dcsesus
ol A

ik

1}

al

Hotel and restaurant employees.....
Tyon ANd BiCel . 2... sce eiecade
cence se
TOGUHODs wisaec s 80s acuias,. ossesesens
cae
Malt and spirituous liquors and minOa WTOLGE:..<. .+s.nanasewtedasvonake
RERRD ..: ssa ced nkaavewmeeies
bayer cme
DEO:
«css odeacneu ems haneewian «aden
Musicians and musical instrumentsPrinting, binding, engraving, stereotyping, and publishers’ supplies.

4
25
6

1 |
18
8

2
7A
1

21

2

11

OF

Railroad employees,

57

3

25

85

16
2
2
DO

(steam).-....-..

Railroad employees (street surface) - .
HEORO WOLKOLB..
25 scicsscccnsvessss
ace
DiPeeh PAVING. .sciancrcescdesenccnse
DOGS cans Kb beets d cbs dene a tesex awe
Theatrical ...... ee
ee
ee
WV OOG, WOPKODS.cs.c0wcseeeusscveanees
Miscellaneous ....... dae eucieeanervks
OCH

1
2
2
ewan as

On

1
4
2
3

Diesscaess
1
13
1
6
Sins weetae
6
8
]
1
Bilvchescsalmaduemes
iO
al
6
2
8

saavawaanicine cuevache was es

402

62

1

|

174

pee

eee

lasugataes
2

2 lsseagess
DO Nisisrmeasin's
D |csesnsse
IG came
S Sexiness
12 |naseeaa
1G | nccsewas
638

6

27

12

3

17

40

37

27

51

80

i
19
3
8
2
10
9

eee

3
6
2
2
2
8

2
22
9
10
4
12
17

404

247

657

There were 49 divisions of working time reported by 656 organizations.
Eight
hours constituted a day’s work in 42 branches of trade, and the eight-hour day was
enjoyed by 48,411 members

of 169 organizations.

The number is nearly one-third of

the 155,843 members reported.
The daily hours of work and the number of members observing the indicated working time are shown for each organization reported.
Four hundred and seventy-four organizations, with a membership of 121,957, report
$511,817.59 as having been expended in benefits during the year, of which amount
$106,801.69 was

to assist

those

out

of work, $60,207.98

to assist the sick, $93,437.92

in cases of death, $89,150.04 to support strikes, $10,676.74 donated to other labor
organizations, and $151,543.22 not classified.
Out of 695 organizations, 371 report that improved machinery is used, 285 report
that it is not, and 39 failed to answer thequestion.
Sixty-three organizations report
that the introduction of machinery has increased the working force, while 208 state
that it has resulted in areduction of the number of employees, and 47 failed to answer
the question.
Five hundredand forty-four organizations reported that the existence of the organization had prevented a reduction in wages, and 96 reported that it had not, while 22
failed to answer the question, and 33 reported that there had been no attempt at
Six hundred and twenty-two organizations reported that the
reduction of wages.
general conditions of labor in their trades had been improved by the existence of the
union, 49 that the union had not improved general conditions, while 24 failed to
answer the question.
There were 667 organizations that reported their membership as 46,455 at the date
of organization, and at the time of reporting, in 1894, 691 organizations reported their
membership at 155,843.

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250

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

PENNSYLVANIA.
[Report for 1894.]

Facts are given relative to the number of persons employed, wages paid, and value
of product for 412 manufacturing plants for which returns were received for 1894 and
comparative figures given for 1892 and 1893. Reports were not secured from all the
plants in the State, but from a sufficient number, it was believed, to form correct
The results are summarized as follows:
general deductions.

Employees, wages, and value of product hy
and

manufacturing establishments, 1892, 1893,
1894,
|

99
1892.

Items.

Percent of decrease.
1894.y

1893.

|

|

eee sess
ss icateenacsee
Motel WECOR....<
Value of product . ...22.--250+ste-----*

1893.

1898 to

L

1894.

eee

116, 310

11. 38

12. 32

$72,575,550 | $60,629,740 | $48, 268, 005
$286, 402, 751 | $236, 919, 298 | $191, 492, 115

16. 46
17. 28

20. 39
19.17

132, 653 |

149, 690

Average number of employees .-...---

_——

ry

1892 to

|

The followVarious reasons are given for the decrease in the different industries,
ing statement is presented to show the decrease in employees by industries:
Employees of 412 manufacturing establishments, by industries, 1892, 1893, and 1894,
Industry.

bios
Carpet

|

err rc r Ler err
eC
rr rrr Cri
er eer ee te eer
eer
eee cee ees e ene cence meen seeeen rer ees cnenes
« -. 2.2222 saree ese

sess ns ees ee semen enewenetten ce renees noes
OBIOTY. «.2<<06+25-0cnssateces
sips caaea peewee erases 4ce ae
SU GUIGIN ois Sud sae akoues caaewciewedanoaenewes
COU OI ise <1. boa wees a hae Rann caw HSdbReS STEMS RR SCEseasE ey Geese wales ees
CUBS ee rire

hoe eS

eat hd

te

nde hmong ge pec hke Ries eae Bema sweEs oe

RES COLAC OUS vs6xnee an coslgnet4 seh cn~ new cate

PALL etteeeras atone

See

dere ges ei ba egos kwseaee eos |

a ie We oe

RHODE

aaa

eee

es

1892.
1038, 471
4, 648

1, 786
5, 390
3, 818
7, 239

28, 388

1893.
92, 590
4, 097

1, 547
4, 543
38, 490
6, 579

19, 507

149,690 | 182,653 |

1894.
79, 829
8, 623

1,518
4, 001
8, 093
5, 152

19, 099

116,310

ISLAND.

[Report for 1894.]

Returns for textile industries show for each of 2,299 employees in the cotton,
woolen, and mixed textile industries numerous facts concerning their civil and social
conditions.

Thereturns

are summarized by towns and for the State.

The totals for

some of the items shown for all three branches of the industry are as follows:
EN

On IGE Per WEeeites oi... La sok

ea bes seed ae

awake bes ts dane weeks ntalean sees

EL . aek age Be et Mewes Bee solaleelh Se omarion.
ee ae
ieMerierdoch wee te
be son's a te Bowe Meee REM EN SE Es Rew ew eens teen shes
oiine
BENG ode deslee cadasuis seu
Wide Wels 2. sGed-uly a oeeun gucce wc se ad dee ts yates ipa ecnbeas 270 aod Sane
mo cece USl wanes Ue sky Sue arate 5 eV Ewes Aad saeco ke esa aee as
GEV) Waited
Foreign born 2... 1.2.2... cae cee ener es neces cence eens peewee cere teen en eeee
eee eee
--2- sees rere e ---.-------- +--+
Largest number in family.....-.-..
ccesweeatees.aees
de
05
tes
das
beaded
lose
2.
22225
22.225
iiily
in
mUMber
Siisliest
Number owe Romos. s ..66 105.0. coscaw cow ecs eas ees cose curses ee teenie tee eee
22 en. pss cca cts co .. se ws can cee teen ene
Wiumber free trom InctimbPaAHCe......
Number hiring tenements (39 also own homes)......----------------.-+++-+++
eee ee
eens eee cee +
----+++ 2-02 see es eee
.---Highest daily wages ...--+--+
-..- --+- +222 cece cone eee e cee ence tees cece cee eee
Lowest daily wages......-.
Number receiving an increase in wages during the year.....-...------------Number receiving a decrease in wages during the year........--.-.-----------

Number unemployed during a portion of the year......-...---------+++--+---

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Federal Reserve Bank of St. Louis

2, 299

1, 559
690
50
827
1, 472
15
2
245
88
1, 378
$6. 00
- 40
32
1, 36

1, 692

MONEY

AND

PRICES

IN

251

COUNTRIES.

FOREIGN

The bureau secured reports from 121 manufacturers of textile industries covering
the operations of their establishments during 1893 and 1894, Fifty-six of these
reports were for the cotton industry, 44 for the woolen industry, 10 for print works,
dyeworks, and bleacheries, 8 for hosiery and knit goods, and 3 for silk and silk goods.
The statistics are given in detail for each industry. A summary for the 121 establishments is presented in the following statement:
Statistics of 121 manufacturing establishments, 1893 and 1894.
Increase (+-) or deItems.

1893.

crease (—).

1894.

Amount.

Partners:

96

wee nds Vbttas Revers
OPAL .cwwsceiwaventades

103

scenes ene e secon.
Corporations... ........-05.s---se

el 63

Stockholders:

ces ccneer ene
Male oo. 0cnwiedscanscnessscngenss
WOWAIO

|

teed dae bee pee ern see
svc sscceecguaces

86

—10

105

—10. 42

+171. 43

+12}

+1.94

4+2|

64

ee

702

786

+84

347

382

+385

|

Ss
a

| es
re

bats
19

7 |

enon ecnue scenes snes
MPOGIAL co <c4,0cewsennse

ee
=—l

le See

;

|
they canece
- 2 JeSeessosdbewsvdcuseetudssess

MIDNO:

57

1

121
58

FRStAbUSHIMONtH:. 2 ewikecccre cncdseecetdewcsccsanss
cs ccseeces scene cine mae@eeee
PPEValS ATMS 5 ..605..

| Per cent.

|

+1.59

4-11.97
+10. 09

Banks, trustees, et.....-.-------s-eeeeee

84

104

+20

+23. 81

< are ene here
OUEL «cctcge scsewe san aseegee.tiane

1, 183

1, 272

+139

+12. 27

1 236

1, 377

+141

411.41

Total partners and stockholders .-........ Jae ades

22-22 s ee eee eee]
Capital invested ........-----+---Employees:
ce Vacca b wees enccces
Groahost MMMPCL. ....sc0s
ene see oe twee eeny
RiANOR x ckcnceces cckcddevonb
PN OVAGO coins sass de tass ness sins sens bacsewes
DOUG) WAGES 6. cs venas ceacaninneraceasascstasawer
Average annual wages.......--.4..-----+--ee-eeAverage days in operation......-.-.-------++++++
0205s sesesceccens
Oost-of materials used ..........
Value of goods made and work done.........---- |

$37, 578,111 | $39,118, 5380 | +$1, 535, 419
80, 352
26, 570
28, 704
$10, 466, 032
$364. 62
282. 05
$27, 496,995 |
$48, 405,877 |

—1, 734
28, 618
—5, 748
20, 822
—2, 981
25, 778
$8, 486, 246 | —$2, 029, 786
—$37. 29
$327. 33
—30. 37
251. 68
$21,130,276 | —$6, 366, 719
$87,404,848 |—$11, 001, 029

+4. 09
—).
—21.
=—10,
—19.
—10.
—10.
—23.
—22,

71
63
21
39
23
77
15
72

MASSACHUSETTS,
[Report for 1894.]

The statistics are not shown for all the manufacturing and mechanical industries
of the State, the report being confined to a comparison of returns from the same establishments reporting for the different years. Comparisons are made for 4,093 establishments for 1893 and 1894, for 3,073 establishments for the five years from 1890 to
1894, inclusive, and for 857 establishments for the ten years from 1885 to 1894, inclusive. The statistics presented in this synopsis have been selected principally from
those given for 1893 and 1894, to which the major portion of the report is devoted.
Reports were received from 4,486 establishments for 1894; of this number 4,093 are
compared with reports for 1893. These reports are grouped in 75 classified industries, and reflect the industrial conditions prevailing in the State during the two
years.
’ The increase

or decrease

in capital

invested,

wages

paid, stock used, and

goods

made and work done in 1894 as compared with 1893 are shown in the two statements
which follow for each of the 9 leading industries of the State, and for the remaining
66, of the 75 referred to above, considered together.

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252

MONEY

AND

PRICES

IN

Statistics of manufactures
Estab-

Industries.

Year.|

Boots and shoes -..
Carpetings ........
Cotton goods ....-.
Leather...........Machines and machinery
Metals and metallic goods ....
Paper and paper goods .-.....
Woolen goods
Worsted goods
Other industries (66)

FOREIGN

in 75 industries, 1893 and 1894.
ee

;

lish-

ee

1893
1894.
1893
1894
1893
1894
1893
1894.
1893
1894
1893
1894
1893
1894
1893
1894
1893
1894
1893
1894

638
638
11
11
148
148
141
141
322
322
327
Bat
98
98
115
115
21
21
2, 272
2, 272

$26, 084,
26, 125,
7, 9938,
7, 277,
115, 110,
114, 018,
7, 939,
8, 344,
30, 447,
30, 414,
19, 924,
19, 367,
24,497,
24, 881,
25, 233,
24, 094,
13, 738,
15, 225,
160, 150,
147, 908,

1893
1894 |

4, 093
4,093

431, 121, 145
417, 647, 636

ments.

COUNTRIES.

Wages paid.

VeSEet.

$20, 477,
20, 082,
1,589,
1, 329,
24, 547,
21, 863,
2, 797,
2, 722,
8, 613,
7, 276,
6, 628,
6, 591,
4, 082,
3, 961,
5, 747,
4, 887.
8, 334,
2, 903,
44, 678,
39, 483,

810
879
248
249
469
597
915
321
599
153
086
325
673
825
739
195
952
680
654
412

354
006
019
350
036
643
042
360
264
856
730
555
892
597
269
984
653
940
678
794

122, 495, 937
111, 108, 085

Stock used.

$49,
48,
4,
3,
46,

901,
536,
787,
621,
150,

xo0ds made
and work
done.

149
031
252
574
475

$84,
82,
7,
5,
85,

425,
479,
427,
760,
829,

819
517
385
705
812

41,
11,
10,
9,
7,
10,
9,
14,
13,
16,

893,
381,
997,
095,
964,
585,
186,
914,
570,
377,

414
709
498
079
667
088
323
112
057
058

13,
10,
8,
146,
129,

019,
484,
587,
612,
834,

911
830
957
728
604

243, 740, 268
218, 367, 401

320, 239, 480
287, 212, 036

552, 938, 022
496, 144, 574

74,
16,
15,
25,
21,
22,
19,
23,
22,
27,

985, 327
063, 980
568, 653
387, 721
774. 080
361, 691
363, 367
682, 831
217,777
778, 635

22, 284, 958
16, 240, 380
18, 347, 789

Decrease in manufactures in 1894 as compared with 1893 in 5 industries.
Decrease

sft as
Capital.

Industries.

Amount,

Bootsand shoes....|
Carpetings ........ |
Cotton goods -.-..-.-.-

WGRHHOT. «5-40 ec0%s
Machines and ma-

>

@$41,069 | @0.16
715, 999
8. 96
1, 096, 872
.95 |

a 404,406 | a5. 09
ra

1, 336, 408

556, 761

2.79

ROCUS Snare wose ins
@ 384,152 | @1.57
Woolen goods.....1, 139, 544
4, 52
Worsted goods ....| a1, 486, 728 |a 10. 82

Paper

Other

and

paper

industries

|

(CS) cwcasessecenes | 12, 247, 242
Tote)...

25. | 18, 473, 509

7.65

|

74, 682

lic goods..-..... oe

and metal-

se

$395, 348
259, 669
2, 6838, 398

33, 446

|

Amount.

1.93 | $1, 365, 118
16.34]
1,165,678 |
10.93 | 4, 257, 061

2. 67

384, 211

on

3, 38

1,180, 412

12.48

37, 175

56

1,398, 765

121, 295
859, 2-5
430, 713

2.97
14, 95
12, 92

1, 344, 055
8, 357, 147
1, 846, 878

|

|

11.63 | 16,778,124}

3.13 | 11,392, 852

9.30 | 33,027,444 |

Dies

Amount.

a

2.74 | $1, 945, 802
24.35
1, 666, 680
9.22 | 10, 844, 485

15.52 |

5,194,884

Goods made and
work done,

De

Amount.

GIBELRY «2.50000.

Metals

Lin nite
Stock used.

Wages.
Pa]

in—

2. 30
22. 44
12. 63

500, 327

|

3.11

8,618, 641

14, 23

13. 21

2, 998, 324

13. 41

9. 01
20. 50
17.70 |

1, 465, 054
5, 498, 677
2,892,591

6.19
19, 78
17. 81

11.44

25, 372, 867

10.31

56, 793, 448

|
|
|

10.41
10, 27

a Increase.

The term “capital invested,” used in compiling these st atistics, does not
merely cash capital or capital stock, but includes all forms of capital devoted to mean
production, such as notes, bills receivable, and v alue of land, machinery, and stock
on
hand or in process of manufacture.
Inasmuch as some of the elements included as
capital are variable from y ear to year, it follows that apparently wide fluctuations
in the amount of capit al invested will sometimes appear in the returns, A reduct
ion
in capital does not, of course, imply retrogression.
Four of the 9 leading industries show an increase and 5 a decrease in the amount
of capital invested, the decrease for the 75 industries amounting to 3.13 per cent,
A
decrease is shown for wages, stock used, and v alue of goods made and work done in
each of the 9 selected and for the tot al of the 75 industries.
The following comparative statement presents statistics for 1893 and 1894
concern-

ing the number of employees and the aver age yearly wages paid in each of
the 9
selected industries, and in the 66 other indus tries considered together.

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MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

253

Employees and average wages in 75 industries, 1893 and 1894,

Industries.

Boots Gnd SNOCS.
OCOLEPOMMBE.
COUN

EstabJishments.

Year.|

<< .s05sseescvesencesbecssac

«5 s.ic005 cwewneteasdnncaawe's'esnie

GOONS <6 doc scssenslemioseede
seen scion

TUBS DHOD ax vaxpicsisinn se sapnatan eae ees cent saree

Number of employees.
| Average.|

Smallest.

41,
40,
4,
8,
71,
68,

31,
82,
1,
1,
59,
55,

253
863
335
744
506
235

Average
wages
Greatest. per year,

1893
1894
1893
1894
1893
1894

638
638
11
i}
148
148

506
154
917
983
729
164

49,
48,
5,
4,
76,
76,

744
151
081
667
711
094

$496.
491.
366.
355.
343.
320.

38
45
56
06
29
42

1893

141

5, 666

3, 866

7, 289

493. 65

1894

141

5, 728

4,521

7, 129

475. 27

Machines and machinery............-....-.

1893

322

15, 806

11, 772

19, 108

544, 94

Metals and metallic goods..................

1894
1893
1894

822
327
327

18, 581
18, 067
11, 754

10, 688
10, 299
9, 580

16, 140
15, 172
18, 626

535. 81
507. 29
560. 79

9, 924

8, 244

11, 012

411. 42

Paper and paper goo0ds......-.s..06.00..05.
WOOlR
Worsted

Q00GS <2 scaceais cxawncvwnniogesenssan
goods.......-.- pica

Other industries (66)...
OUD

aoue eve heeasens

26s .cwass scrwesscces

.sestscceeccenews Seceskonckaesae

1893

98

1894
1893
1894
1893
1894.

98
115
115
21
21

1893

2, 272

94, 387

68,734 | 115, 917

1894

2, 272

86, 345

68, 432

|

105, 595

457. 28

1893
1894

4,093 |
4,093 |

280, 868
268, 398

214, 261
206,423 |

328, 763
810, 167

436, 13
421, 81

aFigures here apparently should be $354.60;
b Figures here apparently should be $473.36;

9,
15,
14,
9,
9,

665
520
261
404
222

8,
11,
10,
6,
5,

148
215
163
979
590

10,
17,
16,
10,
11,

787
989
703
790
275

409.
370.
342.
a 354.
314.

89
31
75
28
89

b 487. 36

those given are, however, according to the original.
those given are, however, according to the original.

The total for the 75 industries given in the above statement shows a decrease for
1894 in the average, greatest, and smallest number of persons employed, and in the
average annual wages.
The decrease in the average wages amounted to $14.32. or
8.28 per cent.
WAGES

IN FOUR

CITIES

OF

THE

UNITED

STATES

IN 1896.

In response to a request from the Bureau of Statistics, Department of
State, for any available data as to present rates of wages, Col. Carroll D.
Wright, Commissioner of Labor, supplies the following statement of
wages paid at the present time (1896) in certain occupations in the cities
of Baltimore, Philadelphia, New York, and Boston.
The statement
shows the number of persons for which the daily rates of wages were
collected, and “all the rates,” explains Colonel Wright, ‘“‘are from the
books of concerns in which the persons were employed.”
Rates of wages per day in certain occupations in 1896.
BALTIMORE.
Number | Daily
of
rates of

Occupations.

persons. | wages.

Blacksmiths ......<50.0.s0<

1)
3 |

7

|
Blacksmiths’

helpers ......-..

20
2
15
5 |
10

Boiler makers ......-.. 5.0.

50 |

Carponters ..........:-.5.04.

20

BVICKIAVOPS....

. 6. sseecs vanes.

48
10

4 |

16;

Engineers, stationary........ |

Digitized for FRASER
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Federal Reserve Bank of St. Louis

Occupations.

$1.75
1. 80

persons. | wages.
1
4

$1. 284
1.50

2.25
|
2.60
| Galvanized and sheet iron
1. 34
WORMMODS) <c6-<006sceeseoeae
1.50
1.663 |] Hod carriers... .....-2s..+5+-

18

2. 00

16
4
6

2. 00
2. 25
2. 06

2.00

2.25

1

|) Iron workers, structural. ....

85

1.80 || Laborers, building.--.--.-.---

14

3.00
38. 50

2. 00

2.26

2,50

12|
4

2,00
2. 25

11|

Daily
rates of

PGGiNCN 5.< .so0css ievacecess

1384|

70 |

Number]
of

252

2.50

|

| Maghinists

|

|

...i2:2.2..s.4..62

15
38

15

1

3

1. 664

1.75

2. 00
2. 25

1.25

i. 50

1. 664

1.70

10

1. 80

2
6

1, 85
2. 00

58

2. 26

|

254

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Rates of wages per day in certain occupations in 1896—Continued.
BALTIMORE—

Number|

Occupations.

1 |
1 |
3
11

'
1.0%

Daily

of
rates of
persons. | wages. |

Machinists’ helpers ..........

MEIGS:

Continued.

cc cc heblios
Snes.

46

80
6
4
12
26

IPARIMPOTAlaa <ectsie <¥a kee ot web a

23 |

Number}

Occupations.

$1.20 || Pavers, Belgian block .......
1. 25
1.35 | PIMOR Se sci cusscdvnbeoka
=
1.50
2.25 || Roofers, slate................

5

|

17

|

1

|

5

Blacksmiths’ helpers ........
|

15
1

Boiler makers ............... |

5

|

|

1. 864)

16

i!

38
se

|

2 20 || “DIMSTIENS

2, 284

Blacksmiths’

Digitized for FRASER
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Federal Reserve Bank of St. Louis

helpers........

1. 584
1.774

90

7 |

3 |

cc seek ec ecee es

1 |

1}

i |

|

1. 864

8.37

4, 00
2. 50
2. 664

3.174

3.75
4,50

2 |

a

2. 50
2. 60

15
10

2.75
3. 00

£7

38. 25

on

Boiler makers

2. 05 |

51
ny

19
19

2

102
4

2|

h

2.25

9

2. 40

2.50

|

10
52 |
1]

2. 834

1.00

1,25
2. 75

2. 00

2.20

2. 24

2.40

2. 704

|

YORK.

1

16

oo

|

90

2, 25

2. 00

14
4
21

2.144

10

eee

2. 00

ae

1

........... Pre

2. 00

2

38

2.24

2.00 || Stonecutters.......-........

NEW
nc

30}

4 |
12 |

3. 854 | Plumbers’ helpers ...........

1. 763

9

Plasterers

2.00

1. 96
2. 054

10}

2, 854

2. 334

262

|

2. 284 |
2.50 | Plasters’ helpers ............
2.574)
PIUDINCHS sie <x sea << ee cece.

7

|

1
19 |

234

1.774

13

3. 36

3.50

2 |

|

24

4.00

1. 774
1. 864
2. 054

1.68

1

2. 65 |

1

21
2
9
125

2. 50 |

3. 00
8. 57

2. 70%
1. 494

18

2, 25

7
4

4
é

256

helpers............. |

2.70 | Painters’ helpers ............
1. 68 |

1

Laborers, building. ....-.....

Masons’

38
2 |

1

|

DV66 | PAMNGONS : 06 4s5sawereava veces
2. 24 |}
|

2.52

14
1
12

Hod carriers ....0.2
5. seewen
43

|

1. 68

|

2. 52

12

1. 833|
1.96 |

3.15

2. 424

27

1. 774|

39

2. 334

1

2. 704

$2. 24

2. 25

6

1. 493
1,68 | Machinists’ helpers. .........

2. 474

4

6 |

6

2. 52

18

20 |

acai b ice eo. 5 te oes

2, 50

Pen0e|| MASONS. <aseeacawenssencwewe

15

Engineers, stationary........

..................

|

4

96

Carpenters’ helpers........-.

2. 25

1. 864

133
23

CamMenvers. .. sv csseesvensaes
n

$2. 24 || Machinists

5
4
25

|

3.00

2. 50
8. 25
2. 00

3

2

2

1s s.<esseasccens

Blacksmiths ...o<<..5. 5050556

10

26
18
20

|

|

PIPOMONs

$2. 50
4.50
2. 50
2.75

2.50

|

Blacksmiths .............
2... |

BMCKAyOrss.

2
10
40
4

2.75 || Steam and gas fitters ........
1,50 || Stonecutters...........-.....
1,75 |) PERS WIGHE. case vesesccaves.
1. 80
2. 25

BOSTON.

Boiler makers’ helpers.....-.

Daily

of
rates of
persons. | wages.

ss

=

~]

rT

...............

$2. 25

|

9

2. 60

|
|

16
12

2.75
2. 80

|

10
3

|

|

2.65 |
| Boiler-makers’

|

helpers ......

3.50 || Bricklayers...2...<.--sc0.e|
3.75
|
1.60 | Carpenters ............-.... |
1. 75

2.00 |

2. 25 |
2. 50 |!

|

ina

8

|

1

1

10

6 |
128
7

2.50

3. 84
1. 60
1.75

2. 00

3. 00
4. 00
1%

11

2. 25

10

2. 40

7
Ti

2.50
2. 60

MONEY

AND

PRICES

IN

FOREIGN

255

COUNTRIES.

Rates of wages per day in certain occupations in 1896—Continued.
NEW

| Number |

Occupations.

13
1 |
31
1 |
197
a
]
1

Carpenters’ helpers..........
|

|

-........,.....

Coppersmiths’ helpers. ......

16

3.00 || Machinists’ helpers. .........
2. 50 |

2.00
2. 25
2.40

:

POROUS

3.50

te

3.79

2

4.11

48

1.75

12

2. 00

5
20
139 |

2. 50
3. 50
4, 00

7

1.50

6

24
1

8.00

2. 00
3.00

13
3

3. 25
3.29

ca vacesceia

11

2. 00

9
244

3.00
3,50

PEIUOLS

|

baeebees..

||

3.50 |

4

4.11 || Painters’ helpers ............
1.75

8
8
1
55

Plasterérs ...................
2.50 | Plasterers’ helpers....2..¢.<..
S000 W) PTUBUORS «ov ecn<eos0o.owxsccs |
3. 46
38. 50 |

|]

5
7

2.00
2. 25

|
|

2.40

| Plumbers’

2. 25

40

helpers

|

2. 40 |

2. 50
2.75

55

3.00

85

| Roofers, slate ................

3. 50

|

2

8. 25

|

10

8.50

30
5

2.00 | Steam and gas fitters’ helpers.|
2.20 |] Tinsmiths .icccce dsccecscseee

125

|

2. 50

4

2.00

1, 00

8

1, 25

1.50

8
8

1.7)
2. 26

8

38. 25

2

3. 50

6

12
|

3. 00
3. 25

2

59

|

-

2.40 |

7

Machiniste:...5.0s..s...cs0..

| Steam and gas fitters ......-.

|
|
|
|

2. 50
4. 50
4, 00
2. 20
2. 25
2.75
2. 88

3. 75
3. 84

|
|

3.75

2.25

159
]
dcuaneause. |

45
25

ccaxisethd vbaesbentnes

9
53
207
156
1
6
1

“a
5

1,50

1. 60

14

2.00
2, 25

3

1.50

2

| Pavers, Belgian block........

32
19

43

75

58

1, 60

cam

3. 60

1

4,93

6

Laborers, building ...........

3. 46

............-.----.-.

11

..... |

3. 00
3.10

2.70
2.75 || Molders

J

<< cssessc00.- |

|

| Masons.............-........|

2.50 | Masons’ helpers ............-

7

structural

2.75 |

2, 25
2. 40
2. 50
2. 60
2.70
2. 75
2. 90

2. 96

2

2

2

Ironworkers,

2.25 |
2.50 |

1

carriers...

2

6

46

$2. 05

19
5 |
23
93
2
41
1

40

32
53

Galvanized and sheet iron
workers’ helpers...........

40

76
5

2

Galvanized and sheet iron
WODKOTS \w.0tsenweewette
cceGs

2.75 | Machinists ..................

2.95
3.00
3. 46 |
3. 50 |
3. 84
4. 80
4.94

1.50

1

Daily

of
rates of
persons. | wages.

1,76
2. 00

3
38
1

bcs 50's co sesencavee
ict

Number!

Occupations.

L

6 |

Engineers, stationary........

Mod

|

|
2

25

;

ICON

Daily

|
of
| rates of |
| persons. | wages. |

Carpenters . ....<s.0-00.00055

Coppersmiths

YORK—Continued.

2.75

3. 00

70

3. 50

80
1

2. 00
2. 00

yi

2. 50

3

|

|

3

2. 40

2. 60

PHILADELPHIA.

Blacksmiths . <<<.....<.ss0s<. |

8

|

12}

|

1

|

$2. 00

2.05

27

4

4 |

13
29

6
4
147

Boilermakers ................

Brioklayors.....46ss000eces-

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Federal Reserve Bank of St. Louis

59

|

145

52

$2. 00

2. 25

2. 25 |

2.40

206

2.70

2.50

180

2.75

2.75

3. 00

1,40 |
1.50 | Carpenters’ helpers.......---

150
214
52
5

2. 85

3. 00

3.15
1, 50

1. 684)| Coppersmiths.......-.....--.
1,70 || Engineers, stationary........
2. 50

30
10
2

3. 00
2. 124
2. 20

4. 05

12

2. 28

3.75
|

40
116

2.174

140}
Blacksmiths’ helpers ........

Oprpenters ..-..<.%.5...0-205

il

2, 25

256

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

Rates of wages per day in certain occupations in 1896—Continued.
|

Number}
Daily
of
rates of
persons. | wages.

Occupations,

Engineers, stationary ........ |

19

IBTVEIMON 4.4.05. ctheseeeancewess|

1
16
41

|

Galvanized and sheet iron
WOPKOUS <<l-asecsccsdeseuets

150
7

12

Biod @arriets <0. 4.005.255

Ironworkers, structural

.....

|

$2, 50 |
275
|
2.80 |
1. 574 |
S00" ||
|
2. 26
2.50 ||

2.70

Number
of
| persons.

Occupations.

Machinists’ helpers..-........
MOSES <iseenas oxsecssiss «eas
Painters ..<cs2-c0s
snes ceceees

|
|
Pavers, Belgian block.....-. |

|

10
20
6

2.75. || PIASUONOME ..62<- 0.0255 academe |
1.75
|
2,00 || PEMIDOLS:..) -cdccenews
sees ss

16
45

2. 25
2. 35

49

2.50

40
a

2,70
2.00

|| Steam and gas fitters ........

OMIONS .cce caus see < oe ee=oe = |
Laborers, building...-....-..

68
133
42

1.75

Mis@iIIMIBG! 2c <.Sa4 So 5 ss cece

301

2.00

| Steamand gasfitters’ helpersStonecutters......-..-.......

IIL—WAGES

2.75
1.50

5

Machinists’ helpers. .-...---.-

OF

|

2, 20

41

2, 25

587

2. 50

11

1.50

FARM

LABOR

IN THE

UNITED

Daily
rates of
wages.

23
208
50 |
10 |
419 |
11
100
25

$1.75
2.00
2. 50
2.70
2.70
2.75
3. 00
2.50

20

103
10|
1

4,50

+»

3. 20
3.50
2.50

91
17

3. 00
38. 50

8

2. 00

1 |
279

2, 324
2. 50

3
16

2. 664
2. 75

80

3. 00

7

1.50

1

1.924

10

3. 25

Ad

3. 60

ST ATES.

The latest official statement of wages of farm labor in the United States
in published form, is that contained in Report No. 4, Division of Statisties, United States Department of Agriculture, “ Wages of farm labor,”
1892, giving “results of nine statistical investig ations from 1866 to 1892, ,
etc. Following are extracts from this report:
The investigations of rates of wages for farm labor, nine of which have been made
during the past twenty-six years, hi ive been very complete in method and satistac-

tory in result.

Beginning when

the average rates were

labor was in demand

high, gradually declining,

rising to a normal status, which
during the last ten years.

to repair the wastes of war,

finding

lowest level in 1879, then

has been maintained with wonderful

The most iimpor tant facts ascertained are those of wages by the month,

uniformity
both with

and without board, for the summer season or for the year.
In such wages are
included a very large proportion of the hired agricultural labor of the country.
Of the transient labor employed, the most important is that of the harvest period.
This is generally about 40 per cent higher than transient labor employed for other
purposes, and higher also than regular monthly wages in nearly the same proportion. There is a great difference in the relative proportion of transient labor in the
several

geographic al divisions

of the country.

In the

South

engagements for the

year are the natural and customary rule of labor contracts, and transient labor is
only available to a limited extent, and only desirable for excess of cotton picking or
for the trucking and fruit-growing harvest exigencies, which are annually claiming
increased importance.
On the Atlantic Coast market gardening, orcharding, and
berry picking give increasing prominence to transient rural service.
In the wheatgrowing regions of the Northwest this class of farm labor assumes the highest
importance “and dominates the labor situation, as shown in the swelling rates of
rages in Minnesota and the Dakotas.
Our methods of obtaining these averages are like those employed in various lines
of crop reporting.
Our county boards of observation inv estigate and fix upon a
county average, and these averages are consolidated in this office by applying the
rate to the number of local

laborers, and

so

making

a true

average.

Each State

agent consolidates the returns of his own correspondents in the same way.
The
two results are then compared and harmonized.
Of course, as in census work,
obvious errors of record, extravagances, and impossibilities are eliminated.
The
result is very consistent and in a high degree trustworthy and convincing.

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MONEY

AND

PRICES

WAGES

The average

out board”

rates

by grand

per month,

IN

BY

GROUPS

.

boarding

|

Sections.

OF

COUNTRIES.

257

STATES,

divisions of the country, representing

laborers

investigations :

i

FOREIGN

1892. | 1890. | 1888.

themselves, is thus stated

1885,

‘wages

1875

1869.

|

HKastern States .........-.-

$26.46

Middle States .............
Southern States...........

23.83
14.86

|

1866.

abiley

$26. 64
|

with-

for the nine

$29. 00 | $32.03 |

23. 62
14.77

26.99
15.28

Western States ...........
Mountain States ........-.
PACIHG StATOS ...c0esecenes

22.61 |
82.16 |
86,15 |

22.01
81,94)
34.87

83.37 | 30,24 | 86,50

ANOTHRS ¢52<52deeq

18.60 |

18.34]

18.24)

18.06)

|
|

$33.31

29.19
16.49

29. 83
16. 63

23.25 | 26.39
|.u....csleccecuesl-oseeeee
|
| 43.50 | 46.38

18,58 |

16.05 | 19.49]

27. 84
27.28
44. 60

25.92]

26.87

Wages are highest in the Pacific Coast States.
The Mountain States hold second
place.
Kast of the mountains the highest rates are in the Eastern States; in the
Middle States about 10 per cent less, and in the Western States there is a further
reduction of about 4 per cent.
The Pacific Coast prices represent the most profitable
The soil is very rich, with the disadagriculture of any group of American States.
vantage of local lack of moisture in its southern area, compensated in part at least

But the climate makes the agriculture of California,
by facilities for irrigation.
giving it products that can not be grown so well, if at all, in other parts of the
United States, and relieving it of competition with the great staples of other States.
It is true that wheat is still grown there, first because a convenient pioneer crop
needed by a growing population, and since by force of habit and for present utilizaCalifornia furnishes the
tion of lands soon to be required for more profitable uses.
best American

illustration

free-

of diversification in agriculture and

benefit

of the

dom from injurious competition and overproduction, employing agricultural labor
in growing fruits and nuts, and producing wines and table oils and other products,
which must ever be searce and dear so long as they are obtainable only by the grace
The laborers simply share with
of foreign labor and the greed of importation.
The agricultural labor
proprietors the profits of a highly remunerative agriculture,
of New England is dear because of its scarcity, caused by the great variety of manufacturing

kind

every

for

a demand

make

which

industries,

labor.

of available

The Middle States have less pressure upon the labor market, while enjoying a brisk
demand,

which places wages somewhat

above the average.

The West, while exten-

sively agricultural, is largely and in constantly increasing measure employing labor
The predominating employment of
in productive industries outside of agriculture.
the labor of the South in agriculture, far more than the fact that a considerable
proportion of it is furnished by the colored race, is the cause of relatively low wages
in that section. The tendency to advance is already observable, and will continue
with accelerated rapidity as variety in agriculture progresses and resources for
are utilized.

other lines of production

is furnished

The wages of farm labor, when board
are as follows:
Districts.

1892.

Eastern States ............
Middle States -..........-.

$17.50
15. 78

Southern States...........
Western States ...........
Mout tain States ..........

10.02
15. 36
21.28

Pacitic

p

States

1890.

| $17.71
15. 61

|

10.10;
15. 00
20.64!
5

Average

1888,

| $17.21
15. 41

1885.

| $16.70
15, 24

|

in addition to the money rate,

1882.

1879.

| $16.92
|
14, 71

| $13.08
12,37

1875.

| $18.59
16, 98

1869.

1866,

| $20. 44
18, 37

$20. 82
19.01

9.90
15. 09
21.99

9.90)
15.20 |
19. 74

9.92]
8.46
9.94 | 10.55]
15. 60
12.75 | 15.44 | 17. 04. |
OY US sees oocleseneaa autem

10.75
18. 48
17. 61

25.

24,

23.

29.48

08

12. 36

37

12. 34

73

12. 41

25.

88

10. 43

28.

13

28.69

|

12. 72

This table presents a narrower range of differences, as the high rates following
the war gradually declined, than the other, in which was included the cost of board,

which was proportionately high in those days of abnormal prices. The decline from
1866 to 1879 was least on the Pacific Coast, amounting to only 12 per cent.
In the
South it was the same,
There was a steady demand for the products of these regions,
preventing

more than a slight fall from

the excessive activity in production
the manufacturing

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Federal Reserve Bank of St. Louis

sections.

135A——17

the abnormal

rates

naturally produced

following the war period.

Production

in all lines was

by

It was different in

exceedingly

active up to

MONEY

258

PRICES

AND

IN

COUNTRIES,

FOREIGN

money,
1873, when the monetary revulsion set in, constricting the circulation of
conreducing
and
business,
ng
paralyzi
means,
available
of
inducing the hoarding
out
throwing
s,
operation
factory
of
The result was the shutting down
sumption.
back
go
to
forced
were
who
laborers,
l
industria
of
nt
continge
of employment a large
with the
to the farms or engage in gardening or fruit production in competition
regular forces

This

of farm laborers.

reduced

the

wages,

with

30 per cent

board,

1879.
in the Eastern States and 27 per cent in the Middle States, between 1875 andentered
and
westward
way
its
forced
labor
Gradually a portion of this unemployed
of
into competition with the agricultural labor of the West, reducing the average
cent.
per
17
or
1879,
1n
$12.75
that region from $15.44 (with board) in 1875 to
the
The difference between wages with and without board at various dates in This
study.
‘ geveral geographical divisions affords an opportunity for interesting
difference stands practically for the cost of board, and represents variation in prices
Comparing
of products consumed and in the average rations of the several groups.
of average
period
a
in
ely,
respectiv
1866,
these equivalents for board in 1892 and
follows:
as
is
t
statemen
the
,
elevation
abnormal
of
one
in
wages and
:

|

Sections.

Hiaatiann -Cintedic

ee pekescest eeu i oak ada ckweted= aoe epyesadmemeaensger |

cc oe cect e ween a= seen rt ee ne chee sees cece ome reeetr ss |
Middle States...
- sen
secsena terse
cece tate----ssesennein
ccc
<-Southern States. .....-

au ssnohvaeu seen ena 7 senseenee es teeeeeetesetese
WiGstOril SUATCS .u2<e+-25
eecices |
Mountain States ..-..- <<<. <-so05 oeses see ncew maar caenscsina rein
aCific

States .....-2---- eee ence eee

e ee

cee nee ree teceemenerenreeers

$12.49

$8.96]

10. 82
5. 88

8. 05
4, 84

|

Per cent.

23

1) )

|

26
18

|

9. 36 |
9. 62

7. 25
10.88
11. 90

Reduction.

1866.

1892.

[Inc.]

23
13
21

16,12

board in the
Two points are at once suggested by these figures—the higher cost of
several sections.
the
in
now
and
then
cost
in
es
differenc
the
and
period,
earlier
ily the cost of
Then wages were high, products correspondingly dear, and necessar
Coast, as
Pacific
the
on
satest
gr
was
e
allowanc
board
the
Then
board was greater.
which
States,
England
New
the
in
East of the mountains it is greatest
itis now.
dietary.
their
of
ials
substant
the
of
on
proporti
able
consider
a
bring from the West
on the prairies,
The Middle States, with more home production and less dependence
food, makes
cheap
with
West,
The
rate.
cheaper
t
afford farm board at a somewha
of products, the
s
cheapnes
to
on
proporti
in
quite
not
but
board,
for
charge
a lower
in the charge.
cost and inconvenience of domestic service being an important factor
of domestic
ion
eliminat
l
practica
a
to
due
y
partiall
is
South
the
in
cost
The lower
ng board
service,

the laborer

usually

the materials

taking

and

furnishi

otherwise

and bed.
cost, reveals
A glance at the above table of differences, showing reduction in board is evident.
cause
The
region,
n
Mountai
Rocky
the
in
one exception, an increase
mining development
This period of twenty-six years almost covers the sum total of
of wages, as well as
rate
the
ng
increasi
labor,
for
of that region, creating demand
region that has
only
the
it is the sole exception, as it is
the value of products.
of the lower
areas
the
of
some
except
time,
been settled and exploited within that
ural, and
agricult
ely
exclusiv
almost
are
which
,
Nebraska
and
Kansas
plains, as in
t as to
therefore suffering competition of other grain-growing regions.
the Mountain States is as follows:

The statemen

1892.

ddinrd s+ S2 sa aeteseenenr Enea esnhes
Wages without Wont .ocuctcaecasse wer sceeases su
are nna seers
eee ads arn she-Sh
Wages with WOM. «ccsccwacwees det claw En Heme beseey
SIG theese Pane T SE
sed Saves
Cost ok Wontds «tas Ac < sec eee «phone both. cae Sema te

$32. 16
21. 28
10. 88

1866.

$27. 23
17. 61
9, 62

eastward, in rank
This region stands next to the Pacific Coast, above all sections
tural States of
agricul
the
than
lower
slightly
stood
of wages rates, while in 1886 it
South.
the West, and next to the rate for mixed labor of the
WAGES

IN

THE

CENTRAL

BELT.

labor are well illustrated in
Average conditions of agriculture and wages of farm
belt of States on the parallel of 40°. The statement of

the record of the central

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MONEY

AND

PRICES

IN FOREIGN

COUNTRIES.

259

wages without board for nine investigations, covering the changes of a period
of a
quarter of a century, is as follows:
States.
Pennsylvania

)

a

|

.............

re

ewes cece: |

POW Wines 2s coeccebaccs
anes
WeDPABKA ..54.066.6casetsvc

In

1866, at the

close

labor comparatively
extreme

range

| 1890,

| 1888. | 1885.

| 1882.

$23.00

| $22.80

| $22.24

| $22. 88 | $19

| 22,63

EMQIGMA... s.c.sescepeacays |}

TUGNOIS. oe. 22s.

1892.

22,10}

22.75

| $22. 52

23.00]

22, 25

22, 50

23.20)

25. 41
25, 50

23.50!

25. 60
25, 59

25. 83
25. 00

24.25 | 23.25 |
26. 20
25. 75

22.21/|

22.20

of the war, agricultural

scarce,

of difference

and therefore

was

only $2.20,

dear,

| 1879,

|

|

|

92

| $25. 89

24.55 | 20, 72 |

|

238,14

923.91

|

20. 61 |

26.21
24, 45

|
|

22.09
23, 04

From

| 1866,

ete,

| $28. 68

|

24.05 | 26.35)

20.20

effort was

| 1875. | 1869.

|

|

24.20

|

25.20 |

27.32

|

24.35
24. 00

28.39
33,25

|

general

and

Pennsylvania

from $27.71 in Indiana

20,42

|
|

$29.9

28.41

27.76

28.51
28,34
38. 37

urgent, and

to Iowa the

to $29.91

in Pennsylvania.
Nebraska was exceptional, immigrants coming in so rapidly as to
raise
the price of products and labor, so much of both was required for the
initial work of
land breaking and home making.
All sought to be farm proprietors, and few were

willing to work for wages.
As settlement progressed, and conditions became more
uniform with other States, prices of labor declined, but not
in proportion to reduc-

tion in value of products, as the hired labor of this State is still small
in proporti

on
to that of farm owners.
Wages fell from $38.37 in 1866 to $33.25 in 1869, and to $24.
in 1875, when the average was less than any of the States named,
which then pre-

sented figures more uniform than at any other date of the series.

It will be seen that the decline in rate of wages was general, from
the period following the war to the monetary panic oceurring in 1873, and
that it continued in

slight further reduction to 1879,

gation

showing an

average

A sharp reaction soon followed, the next investi-

advance

of 15 per

cent.

Five

investigations

have followed since, revealing a remarkably steady rate of wages through this
central
belt.
Even the decline in prices of products did not reduce it, simply because
erence of the laborer for cultivating his own acres, and the inducem of the prefents which
lumbering, general manufacturing, or mining presented for profitable
occupation,
LOCAL

VARIATION

IN

WAGES.

Not only are striking differences shown to exist in groups
of States, and greater
still in individual State averages, but in every State there
is variation in its county
rates, due

sections,
which

to the same causes which operate to differentiate the wages of
geographical
One of these causes is density of population, as in the neighborhood
of cities,

results in high

rents and

dear food, and wages

corresponding.

In such vicinage demand for skilled labor in gardening and fruit growing
, as well as in general
farming, is stimulated by the necessity for large supplies and
range of prices which they command, producing a competition the relatively high
In a county or a portion of a State marked by high intelligence which raises wages.
tion of its people farm wages are high, because more in demand and general educafor a greater variety

of production, and

the service is more effective and more valuable.
In
distant from market, with scant railway facilities, and especially with other counties,
poor roads to
railway stations, demand for labor is less, and the products of labor
are
less
valuable,
As a natural result, in such locality there is less skill and
ambition among workers,
the more progressive will seek better conditions, and wages are consequ
ently low
because of less intrinsic value, of depreciation in
quality.
In mining districts any developmen which gives employment to
as indicated in the local data of these investigations, causes labor large numbers,
competition and
increased demand and price of products, raising the wages of farm
labor,
lishment of any productive industry is followed by this economic result, ‘The estabas shown
in these returns.
WHITE

AND

COLORED

LABOR,

The relative wages of labor of the white and colored races, respectively, can not

precisely given, as no separate returns were made, Only an average of all wages, be
by
the month and by the day, was sought.
A very large proportion of those working
for wages in agricultural operations in the Southern States may be assumed
to be of

the colored race, so that the wages of that section may, ina modified
sense, stand for
the rate for colored labor.
The reader will hold this fact in view in the comparison
presented,
:
Since the period of high wages in all sections the rate has been comparatively
uniform, with somewhat less fluctuation in the Southern States.
lor ten years, at

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AND

MONEY

260

COUNTRIES.

FOREIGN

IN

PRICES

least, the average of these States for labor, without board, has kept very close to 60
per cent of the rate prevailing in other sections, with a slight tendency to increase
In 1879, the year of lowest rate, it was still 60 per cent of the
of the percentage.
Prior to that date,
represents exclusively white labor.
practically
average, which
when wages were higher, there was less difference in the rates, representing virtually
white and colored labor. While the reduction was from $16.63 in 1866 to $12.65 in
1879, or 24 per cent in the one, it was from $29.41 in 1866 to $21.10 in 1879, or 28 per
cent in the other. Comparing the rates of wages at the beginning and end, respectively, of this period of twenty-six years, the decline is 11 per cent for Southern
The difference is mainly
wages and 20 per cent for the average of other sections.
The
Northern States,
the
in
period
early
the
of
wages
high
made by the excessively
following statement presents these averages:
Southern

nd
V

States.

Without}

pe

board.

With

States.

Without

board.

;

Other

“=

With

board.

board.

$14. 86

$10. 02

$23. 50

$15. 85

NSO accu wnceeavescsen Seb nuh ice kc wesw ececeamew Hasie.tie =a eee
Cimay buss vacuce se ieesetes
TORO. cae pee ae skesshcecewesceescedudus

14.77
14. 54

10. 10
9, 90

23. 01
23.10

15. 52
15. 59

ee
en oe eer rr Pere eo
ee
arr
Oo i
RaSh ae Sea ae Fenders
PRT ka os cco eaeke ae SLED ADE dig ded shame
UGTOs ices Danan Ss ns PAUEGME Gao Red SSN Ue Sdans Senne cyeewree Feats
EL Ss chdeacsawela ss o4 eda sds over nS 56sdS09US ee ses ned enum es
OCC
hrs Tre eT eee
ae a eee, ee ere
er
a

14.
12.
15,
16,
16.

BOD,

neta ccden i gud echoed

s pa cee Reena

anne seers sage nedesns |

WBBG i ecb kn tck le eoe eben ce memes cedacs siese We ogevdwseus es bonnes

9. 90

14, 27
67
65
28
49
63

|
|

9.
8.
9.
10,
10.

92
46
94
55
75

23. 07

16. 55

23. 80
20,35 |
24.81 |
28, 29
29. 41

15, 72
12.91
16, 23
18. 06
19. 11

In this table are presented rates of wages per month both without and with board.
While wages “ without board ” represent the entire cost of labor, wages “ with board”
As
only give the cost of service exclusive of the food and lodging of the laborer.
the “living ” of the white laborer costs more than that of the colored, the difference
is greater in the States representing almost exclusively white labor, between wages
with board and exclusive money rates. The average differences for the past ten
years are $7.75 and $4.65, representing the cost of hoarding or feeding the Jaborer.
The lower cost in the latter average is not entirely in the simpler and less varied
ration, but doubtless partially in the fact that the colored laborer usually cooks his
So far as white labor is included
own food, the material being furnished in bulk.
in these returns from Southern States, it tends to diminish the difference given above,

which would be greater stillif the returns were exclusively of wages of colored labor.
As it is, wages with board in the Southern States, as returned, are almost exactly
two-thirds as muchas the average of the other States, while wages ‘ without board”
are only four-tenths as much as for exclusively white labor.
It is a noteworthy fact that while the value of cotton has declined nearly 80 per
cent in twenty-six years, the wages of labor in the cotton region has daclined only
11 per cent, showing that cotton is no longer a dominating influence in the labor of
the South, and suggesting the activities in agricultural and manufacturing lines
which are destined to fructify and enrich that interesting portion of the country.

An objection may be made to these rates of wages, for the South, that contracts
This is
for service are generally on the share system, and not payable in money.

true of a large proportion of the labor employed, yet these rates are current everywhere and paid to a certain proportion of the laborers, and they vary locally with

the pressure of demand; while reasonably steady, the tendency is to advance, being
slightly higher at the beginning of the present year than in 1890, notwithstanding

the

low

price

of

cotton.

Yet, in cotton

picking, the

transient

harvest

service

of

Our Arkansas State agent reports that in
that region, there has been a reduction.
his State the prevailing rates of 65 to 80 cents per 100 pounds of seed cotton were
reduced last autumn to from 50 to 60 cents.
A separation of the labor of white and colored can not be made with close precision from these returns, yet

it will

be nearly approximate

to say that

wages of whites are now about $23.75 per month, or $16 with board;
wages of colored laborers average $14.25, or $9.75 with board.
FARMERS

AND

FARM

the

average

and that the

WAGES.

While farmers have suffered from low prices of certain products, they have been
It might be supposed that the depression in
unable to reduce the rates of wages.
agriculture, of which so much has been said and written, would be attended with a
decline in the rate of compensation paid for labor. This has not taken place. The
Many a farmer complains
Wages have not declined.
demand is well sustained.

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Federal Reserve Bank of St. Louis

4

\

°

MONEY
that

labor

costs

too

AND

PRICES

much,

that

IN

values

FOREIGN
of

COUNTRIES.

products

do

not

261

warrant

the

rates

demanded, and yet he must have it and promptly makes the engagement.
It is the
compulsion of competition, an indication of general employment and a fair degree
of prosperity.
The returns give a true explanation of the apparent anomaly of low prices and
high wages,
There isa difference in employers.
Some are progressive, increase the
fertility of their lands, use the best methods and implements, employ labor, pay

AVERAGE. WAGES OF FARM LABOR
1866.

1860

1875

1879

1882

1885

1888

en

So,

‘

—_——

Z

* Sten

al

wee

eae

1890

1892

es epee

ns

=

W.§chovd.

Others are less enterprising, diligent, or progressive,
good wages and make money.
and make small net profit or none at all. As margins of profit grow narrow, skill is
at a premium, wastes are ruinous, the skillful succeed, the careless go to the wall.
The returns are full of indications that the present is a crucial test of the individual
They teach the necessity of progress in agriculture, and especially a facility
farmer.
for prompt adaptation of current effort to changing conditions.

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THE

COURSE

OF

COUNTRIES.

FOREIGN

IN

PRICES

AND

MONEY

262

FARM

WAGES.

A careful analysis of all the data collected concerning farm wages from 1840 to
in
1865, in comparison with results of the more recent investigations, will show that

fifty years the compensation of farm labor has very nearly doubled.
The quotations which appear in subsequent pages, largely from private

are doubtless accurate.
more

to

efficiency,

to superior

relate

frequently

records,

They evidently include many grades of efficiency, though
the

better

of laborers, and

class

States,
therefore can not be taken as an average, nor should those of the Eastern
ly
abnormal
labor
farm
made
industries
of
range
wide
a
of
ent
developm
where early
all
Including
average.
general
the
on
high, be credited with too large an influence
avergeneral
the
make
to
fair
be
would
it
,
efficiency
of
degrees
and
grades of service
$12.50 without

age for labor of white men about $8.50 per month with board and
It is now about $15.85 with board and $23.50 without board.
board.

Mr. Mathew Carey, the economist, estimated the rate of wages over fifty years ago,
from his standpoint of observation in the Atlantic Slope, at $9 and board, which was
already
doubtless approximately correct for the region in which manufacturers had
are
to advance

begun

wages,

western

and

agricultural

more

if the

but

districts

close
included and all grades of labor are fairly represented, $8.50 would be a very
and reasonably accurate average.
Wagesadvancedslowly as population increased, manufacturing gradually extended,
and mining was initiated, and in 1860 a range 0 f $10 to $15

was common in the Kast,

was
with an average approximating $12, while in exclusively agricultural districts it rise
rapid
A
$11,
at
ately
approxim
stated
be
may
average
general
The
$9 to $10.
construcfollowed when three million soldiers of two armies were withdrawn from
beginning
the
to
us
brings
This
war.
of
fields
the
to
industries
al
tive and commerci
of thorough and general investigation, the results of which appear in these pages.
of
In comparison with other countries American farm labor stands first in rate
The present rate of $282 per annum for labor of the Caucasian race
compensation.
An average of
ean scarcely be approached by any country, unless by Australia.
have been
estimates
current
but
stated,
tively
authorita
he
not
can
countries
other
Holland,
$125;
France,
$150;
Britain,
Great
frequently quoted about as follows:
$100;

Germany,

$90;

The present rate can

India, $30.

Italy, $50;

Russia, $60;

only

of
be maintained by keeping up the fertility of the soil, utilizing the best results
practical
of
status
the
g
advancin
,
machinery
and
ts
implemen
in
invention and skill
seeking
agriculture, supplying all domestic demands for all required products, and
surplus.
foreign markets for the
WAGES

MONTH

PER

BY

YEAR

THE

SEASON.

OR

Wages without board.

States and Territories.
Maine.

| 1892.

1875.

1879.

|

| $25.00

$23.09

| $24. 64

New Hampshire....-.------ |

95.00 | 25.15 | 24.388 |

Massachusetts ..---------- |
Rhode Island...----------- |

99.70 |
29.00 |

New Jersey -.------------Pennsylvania -...--------- |

25.50
23.00

Maryland ....----------+-Virginia. ......--+-----+--North Carolina. -.-...------- |

17.50 | 17.67]
15.50 | 14.21}
13.30 | 12.83]

24. 67

|

24.80

|

30.00 |
29. 20 |

23.25

|

29.50}
27.75 |

| $24.75 | $18.25

22.80)

25.25 |

19.75)

23.00)

23.37

19.00

80.66 |
27.75 |

28.75 |
28.50 |

|

South

Carolinn.......-«--

Georgia .....------+-are---

.
0n cases:
Wop iA, 4.02 vases

Alabama ...-----+-----++++Mississippi--...------------ |

|
|

25.10 |
22.80]

23.33 |
22.24 |

23.60
22.52

|
|

24,25
22.88

18.48]
18.82)
13.41 |

18.20 |
13.95}
12,85 |

16.84]
18.90}
12.86}

18.75 | 17.35 | 18.00)
12.10}

12.25

18.67 | 19.35]

18.00]

42.50}

13.50 | 13.13 |
13.75 | 14.00]
45,40 | 15.88!

12.60|

13.59}
15.03]

WOwisiane. 2.5: «-«2=22-- | 16.25 | 15.98 | 15.87}
19.85 | 19.20]
GRAS cob lea a~arecaiasene | 18.75 | 18.40]
1834]
Arkansas ....------------- |
‘Tennessee. ..-------------- |

17.30]
14,50 | 14.23 | 14.00}

+e.
TR Gii bes stas sue eneen
iC eee

25.20)
24.00 | 24.80}
99.75 | 22.25 | 22.50]

West Virginia...---------Kentucky ...-------------- |
ces o 0-2 - |
ONiOtsess.s85s.0ca

(UNNGIG.

oss ecu nseoe-cesee

19.50 | 19.55]
17,50 | 16.85 |
99.63 | 22.10 |

18.74)
16.51)
22.21}

24.25 | 23.25 | 23.20}

18.33}

12.00

|

18.20}
12.10

|
|

a

$26.25 |

28.57 |

382.66

29.67)

82.40)

20.28)

29.57

20,22)
19.92]

380.71
25.89]

39.11
28.68

32. 27
29. 91

14.00]
11.00]
11.19]

20.02]
14,84]
13.46)

21.55
15.28
12.76

20. 36
14, 82
13. 46

12.84)

11.54

14.70

12. 00

17.00]

10. 25

20.33]

Digitized for FRASER
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Federal Reserve Bank of St. Louis

15.51

10.73 |

14.40]

15.50]

16.10|

18.00

18.00}
14.60!

18.15)
15.10]

18.20]
13.381!

18.60 |
16.40]

15.19
17.11!

13. 40
16.72

17.12]
12.73)

20.50]
15.20]

25.25)
16.81

22.88]
20.20]

28.22]
24.20]

17.80]

16.64]

16.05 | 18.20)
20.20]
18.87]
17.83]
13.88]

18.50]
18.75)

13.80]

16.40)
18.27]

18.40]
19.50|

21.37]
18.83]

20.50
19.00

24.21
19. 00

19.00}
16.80}
23,00 |

19.16)
18.20}
24.55]

20.75}
18.12]
24.05}

21.39
18,84
26.35

25. 35
2(), 23
28. 46

28.50]

28.91 | 20.61 | 25.20]

27.382)

28.54

24.00]
22.20)

25.76]
23.14]

16.98 |
15.17]
20.72]

24.35]

26.00 | 24.60}

24.98

12.86]

22.09]

Minnesota ...-------------

22.00|

34.25

12.47]

eS ccadbe cetrwscares<oas: | 26,20 | 25.41 | 25.60 | 25.83 | 26.21}

Wisconsin

82.84

27.14]

28.25 | 33.00|

25.50}

24.65 |

32. 74
38.94
34.40

21.07)

25.25 | 24.35 |

$27.00

85.95}
82.25 |

26.21]

.....-------+---

1866.

81.87]
80.00 |

25.00)
28.00]

27.40 | 27.67 | 27.90 | 23.29]
Connecticut...---------+-- | 27.38 | 27.00
20.61
24.00) 23.63)
Now York......-------+++- | 24.55 | 24.45 | 24.13)

Delaware. ......-..+-4+++--

1869.

|

+ .+4-- =. seuss naan | $24.50

Vormnoit ..css<<.-8-4-+3- |

1882.

1885.

1888.

1890.

|

23.54 |

25.75 | 25.50]

26.36]

24.55 | 26.16]

31.01]
25.42]
30.08

28.61

28.39 {

31.26
27.71

30, 84

831. 65

28.34

MONEY

AND

PRICES

IN

263

COUNTRIES.

FOREIGN

Wages without board—Continued.

States and

Territories.

Missouri

I CANGAB i cues ccew saws coeaeu

Nebraska
South Dakota
North Dakota
Montana

1392.

1890. | 1888. | 1885. | 1982.

|

30,00 | 2475 | 25.85)

>

i600) |, PRG | BOR
84,00. | 84.00.)

Colorado

New Mexico
Arizona
Utah
Nevada
Idaho
Washington
Oregon .
California
AVEPAGO

«ces... esse

1875.

$20.50 | $20.25 | $21.00 | $21.95 | $22.39 | $17.59 | $19.40
24.20 | 22.75 | 24.25 | 24.70 | 23.85 | 20.67 | 23.20
| 25.75 | 25.50
| 25.59)
25.00
| 24.45)
23.04
24.00
97

Wyoming

| 1879,

33.00 | 33.75
97.67 | 27.50
BE. 00 | BB) 00)
33.50 | 82.30]
B68 hE, O0
eee) | BGs,
| 87,60]
87.00
| 34.25 | 81.60]
36.50 | 35.50]
| iene 18. 33

87.00.)

25.55 oo
Tce

98.56

1809,

1866

$24.47 | $26.75
28.96 | 31.03
83.25)
38.37

82.50 .....--.

30. 20

asl ardewaplov oneg pbwhas yolvanaat aul caegie

.nsccs
ss} eesec5-- Sict

yah paste ed

| thes ts bc ane eats

| 36.00]
33.00 | 36.50/
35.00}
38.50 |.......
67. 50
| 28.75 | 28.76 |........ i
| 25.00
26.0) bees: acl eavieens.(paailcralacsaee eely-eeeneeletdgeal
33.50] 30.00 |........ 28.87 | 45. 50 | sabre | 44.71
|) BE RO iste s| ae seuru|naewsncaleonsnasdlsperawes|omnauten
BBW, eaten xaily acsemaalsian owns |ematiwais nase. litte tie
| 85.20 | 88,98 |... c0.leceescedleeesceee|oe ecnese|eesmmans
82.56)
34.00 | 33.50] 85.45 | 38.25 |........ | 35.76
88.08 | 38.75 | 38.25 | 41.00] 44.50]
46.38)
45.71
saan Cua 18. 94 BG)
25.92 | 26,87
|
!

}

Wages with board.
States and

Territories.

1992. | 1890.

$17.00 | $17.50
17.50 | 17.60}
17.45 | 17.85)
Massachusetts .......----18.00 | 18. 50 |
Rhode Island
17.75 | 18.00 |
Connecticut
17.50 | 17.83}
New York...............-16.50
16.65 |
New Jersey .........-.---16.75 | 16.00]
Pennsylvania
15.00
14.60 |
Delaware
12.00
11.15 |
11.33
11.25 |
9.67| 9.47]
8.78} 8.80)
South Carolina
| 840}
862]
Georgia
9.00|
837)
Florida
12.27]
12.59 |
9.17] 9.85)
| 10.46 | 10.50}
11.83 | 11.79!
BW os navcenssaeccssceas 13.00 | 13.30}
11.50 | 12.55 |
10.20 | 10.12
12.75 | 12.95 |
12.40 | 11.70)
15.60 | 15.10
16.00 | 16.75 |
15.00}
14.78]
16.50}
16.35 |
17.00 | 16.75 |
17.60 | 16.60]
17.75 | 17.00}
14.20} 14.00}
16.20} 15.05 |
16.80 | 16.60]

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-eoq

S660 |
$6. 09: ||"
22.00!
17.85 |
3.00 |
22.8 |

a ee

S60
ABW |
21.00]
27.88 |
GF 60 |
21.00 |
93,00) | 28) O0el
28,60°| 28.60 |
25.00 | 24.40}
22,00 |
| 28.00)
22.40 |
| 24.50
| 12.54 | 12.45 |

1888. |
|
|
$17. 20 |
17.00]
16.40]
18.00)
17.50
17.17)
16.30]
15.73]
14.50}
12.25)
11,84]
9.25]
9.00}
8.00!
8.81]
11.88 |
9.49]
10.09}
11.12]
12.60]
12.50]
10.00}
12.25]
11.33]
15.00]
17.00}
15.30]
16.00]
16,80]
17.68]
17.34]
14.20]
16.05]
17.18]

Se

1885.

|
|
|
|
|
|

1882. |
|
$16.00 $16.15 |
15.75
16.72]
16.20|
16,00]
17.85
18.25]
17.70]
17.00]
17.20}
17.37)
16.52|
15.386]
14.10 | 14.20)
14.12]
14.21]
12.63}
12.50]
11.50]
9.89)
9.84]
9.17]
891]
880]
825!
810!
873]
870]
11.87]
10.20)
9.10]
909}
10.00]
10.09)
11.26]
12.69]
18.72]
14.03]
12.25]
12.25]
9.74]
949]
12.40]
12.46)
11.69]
11.75]
15.50|
16.30]
16.14]
17.27]
15.30]
15.65]
16.60]
17.14]
16.78|
17.90]
16.75]
17.75)
17.00]
17,95)
14.50]
13.95]
16.00)
15.87)
16.50)
16.20 |

pr

1879.

1875.

1869. | 1866
Se Lge

$11.08
12.80]
11.50]
15.33 |
18,25]
14.28 |
13.19]
11.53 |
11.46)
9.50}
895]
7.66]
7.66]
666)
%.38|
878)
8.30]
9,28)
11.27]
11.49]
11.81)
8.69)
10.94]
10.00]
13.34]
14.64]
12.76]
13.01]
13.81 |
15.62]
13.90]
11.84]
13.28)
14.86]

$15.94 $16.50
18.25
22.16]
19.87
21.40]
20.25 | 22.16
19.00
20.00]
18.50
20.75
17.80
18.64}
16.78
19.02
16.10
18.05]
11.67
13,00}
11.42)
12.00]
9.21,
9.65
882
7.91
819
7.34]
8.79)
9.70]
10.7% | 10.91}
9.40] 10.52}
11.25)
11.21]
12.20]
12.62]
13.37]
18,21]
13.00]
16.60}
10.00) 11.00}
13.10/
13.87]
12.00}
12.57
16.33 | 16.74/|
18.46 | 20.03]
16.14}
17.03]
16.87]
17.69]
16.45 | 18.47}
16.36]
17.94/
16.11}
17.87]
18.15 | 16.38]
14.65 | 18.88]
14.75 | 19.18

16,57 | 20,50 |........

| $17.44
22,48
21.00
| 22.26
20.50
| 21.54
19,32
| 18.98
18.84
13.25
12.76
9.36
B. 15
7.66
9.67
12.12
9.80
11.58
12.42
12.72
415.80
12.58
16.47
| 13.65
18.96
20.48
18,72
18.72
19.87
21.10
18.87
18.08
19.81
| 24.64

20. 00

GBH ose cuenelecovnscaliencatndelewwnwavals
tesn/vald aerated
cannes oo beMOgeUN
BE. OO lade cag chlcesssvasl uesene-|enceswcnl
23.00! 21 25]
27.08! 20.00]
21.14 1.....-..
42, 12
14.25 weesan sat 16,60
18,95 | 27.50 |in.s.s. | 13.80)
UROO lncgeeasslsicrsoaslacdedensl. eaweemienen ss lamanees
26, 32
22.30 | 21.00 |........ | 20.50} 25.33 .....-[hese yen] seuew ec cewey alte
2 sas| tn anna \edaik
D7 0000|eek
26.25 |... le eat og | wevehade| Sie ousee]s aoamedal vues
ee Reet
26.25 |........ ee ene
25.00]
22, 53
24.75 | 28.86 | 25.67 ........
23.00 | 21.25]
20. 35
23.43 Bh 37 | 28.00 |” 28,69
| 25.00]
25.67
1234] 12.41 | 10.43 | 12.72 | 16.55) 17.45
12.36)
}

“3

264

MONEY

AND

PRICES

IN

FOREIGN

COUNTRIES.

These are the results of nine investigations, at different dates, from 1866 to 1892.
They are made by our county correspondents, and also during the past ten years by
the correspondents of our State agents, the two results revised and harmonized in
this office.
While changes occur from one date of investigation to another, they are
in accord with controlling conditions and circumstances, and are very slight in recent
years, in which the causes of change are only mildly operative.
Where changes
occur the causes are usually apparent.
DAY

WAGES

Wages
States and Territories.

|

| 1892.

Maine..........00..-200-+:

| 1890.

IN

HARVEST.

without board.

ian
| 1888.

$1.72 | $1.70)

|
1885. | 1882.

(

| 1879. | 1875.

$1.65 | $1.58 | $1.52)

New Hampshire.......---.
Vermont -.< 5 =. se -ncesan2sn
Massachusetts ...--..-.-+-

T68))~
1.70 |
two}

Ue 72 |
1.68;
2.80),

Connechieub. =... s0s.s5002
ING
W MOP K. a - siieanee
se yee

t, 76 |
1.80}

PENNSYLVANIA... ...6s-0-WMOlaWare <.:..0ses+0-0.250

$1.42]

$1.99)

1.75)

87
1.65
1.80

176)

1.65 |
1,68 |}
EO}

72
1.75
Ws 16

1.25 |
1.29 |
1.50}

1.70
1.80]

1.70
1.80

1. 65
2. 00

204)

1. 65
1.89

209)

1.60
1,53.

1 of
1.15 1%

1.55
1.20

1.51
1.40

1, 65
1.88

1.73
1. 60

INTRA - 352-282 a=--<
AVL
tarciae Sawn 2 eee a |

1. 34
1,28

1, 32
1. 26

1.46
1. 30

1.74
1, 33

North Carolina. ........... |
South Carolina.....-...%.. |

1.04
. 94

1.00
. 93

. 96
95

1.15
. 87

(6 (0) 0 ee
eer
BM OMe toes ae asa. oe nad

.96 |
1.06 |

1.02
1.04

.99
1. 04

1. 04
“90

PON RIMY swoon.
56-05 sa dese’

. 98

1. 02

OT

£99]

1.05

. 96

MISSISSIDpi.ccccce
stn aenice:

1.00

1.00

Ol

1.00;

1.238

1. 00

Rhode tsland....5-.-..---+

New Jersey ......------+--

172]
1.82)

1,85)

|

1.60)

1.88)

1866,

$217

$2.02

2,06)
2. 28 |
1.90}

2.37
2. 46 |
2,37

1. 98
2.82
2.41

2.06}
2.26

2.40]
2. 53

2. 43
2.41

1. 33
1.37 |

2. 01
1, 83

2. 23
1.87

2, 32
2.09

1.52
1, 27

1.43 |.
1.16}

18)
1,48

2.16
1.48

2.00
1.46

1. 20
1. 08

+991.
89 |

LAY
117

1.37
1.15

1.58
1. 25

1.10
1.12

98 |
1,02 |

1.29
1.00

1,24
1.25

1.48
1.12

1.40

1, 24

1.40

1,56

1.00)

|

1869,

180)

200}

|
|

1.55 |

2.56 |

|

2.63

|

2, 68

1. 27

1.30
41,52

1.54
1.58

|

1. 65

1.50
1.62
1. 55
1.79
2:05 |
2.50)
2.20}

1.67
2.10
1.78 |
1.83 |
2.15
2.76)
2.16}

2. 07
2.0L
1, 78
2.10
2. 20
+ 2,62
2.98

1,06 |
1,10}

1.08
1.20

92
1, 23

.95 |
1,32 |

ATKSNSAS -. 225.6.
e scene.
IRGNINGREOOs <cae-csaenecocns
Wiest Vireinia....s<. 2-2.
WSCMCUGICY <5 Sa. nd ben doneas
OOrectses
seh ncSax odds e
MACH SOM
cess stuns anes
MNCS). sate...
ees ewne'

1.05
1,18
1,25)
1,50}
1,55 |
1. 80
1.58

1, 25
1 ab}
1,30
1.47
1.50)
1,79
1.55 |

1.58}
1.64]

1.30
1. 20
1. 20
1. 35
1.06
1,30)
1,64)

1.60}
1.80]

1,30}
i. 2
|
Ls)
L. 5
1.75
1,90
1,85

1.34
1. 30
1.30
1, 54
1. 79
2.13
1,89

1.38
1.28
1. 26
1.49
to)
2. 02
1.68

Minnesota: ..2.....52-.<54.
WOWaiece
eens -Souges sees

2.15
1,05

1.95
aay al

9,20
1,81

2, 20
2.00

2.61 |
2.25 |

2.63
1.66

2. 82 |
2.57

2. 90
2. 85 |

2. 68
2. 38

RMSSOUN s.0ecsetec
ccoes cise
Ch
ING DRASIKR: 22.5. ooshncts4 5s

1. 40
1, 62
L 60

1.35
1.44}
1, 65 |

‘

e

1.438
1.60
1. 80

1. 62
i oY
1. 98

1. 59
1.70
1.95

|
|

1.47
1. 70
2.17

1.75
1. 86
2. 40

|

2. 30
2. 08
2.41

2.15
2.31
2. 65

Norte

canine

2, 25

2. 00

|

2.12

1.38

2. 65

rer

2. 37

lai

MOntANG ...-.5.-02c0
eee see

2.10

BOO

Il”

Colorado .........00.2-.--

1. 80

1.65 |

1.87 |

2.26

L. Sl

2.10}
na

VOTE IO s'0<506508
205

ze

2. 50

/SOhan ees

a

1.00

4,17

Ts ROY | sacsie eee

1. 50

Dee We
te
ot Waa ae ee a an! oedaendl Maree ee
1.72
1.75 |
2.00
1.82
2:20 | canteen:
3.42
Wh RO) etcr
s. <clllackdaren -Noaiutew cl seawaa nel eenssaen (peegarees
2:00 |. .<c-2.- | a ciem acta ates are lata nae Wises ome eRe ee
2.10

194]

2.00

1.95 |

jescees.

1.92}

2.15

202)

GG

2i1]........

ess tod |

3. 00

2.25

2.20)

2.30

2, 27

2. 50

2.82 |

2.56

2. 40

nO
oS

2, 25

0.0: .ev-cse2--

|

eae
2, 68

al bane so4 ole kan ate [eee lemeNe

Ne

1.65]

1. 66
1. 65

bo

Oaltfortila:

1.90}

i |

S)

2.10

a"

284)
245

oS

2.00;

|

220°)
2.40}

—

2, 20

I. St

|

=)

ae

2,05 |

|
)

taal s sllinds as as] anche

S

Washington: ..u..0s220.6-%

le coe

wo

1.16 |
1.70}
OOM
2.00)

=

175 |
1.80)
2.05
2.00

S

AT UON Gs oa pec = sadn
eene es
ORIG ie eee
eee
ee
NOVAGG ics epistles
e de.
(Gl Ce ee eee

col Week ow alls eee

eee

|
|

1,62"\211|

—
oo

-

Wak

PA

As

=

A, 35

ARO

1.75 |

1.91
250)

;

oS

Mexieo:......2...2-..

aces

_~

New

2,00}

|:

ba

Woyomiing/...-.scesa9=---

\

Te

1.80]
1.89]

———

Da kotaic <<<

2.10

a

South Dakota. ...2-..5.

1.62}
175|

1.03 |
1.30]

228

WLGUIGIANA(S
<a s2se assesses
MNGSGS...
5 52bssceuseeein02

ATER OI! cans.
sede secness
Wisconsin ...........---.-

1.10
1.39

237)

This table records the average wages paid per day for transient service in harvest.
The difference between the early and recent averages is much greater in harvest
wages than in the monthly wages by the year.
The decline to present level was not
reached until after

1885, whereas in the case of yearly wages

it was reached

about

ten yearsearlier.
The average decline in harvest wages from 1866 to 1892 was 41 per
cent, while in monthly wages it was 31 per cent.

Digitized for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MONEY

AND

PRICES

IN

FOREIGN

265

COUNTRIES.

Wages with board.
1885
BCA

States and Territories.

eee

New Hampshire
VOTAONE. 060 6.08 ssneceeee
Massachusetts

Rhode Island

ee

Connecticut .........06.s6<

<2... sccccesecess

RRR

DeIAWATOs

Re

New York
New Jersey
Pennsylvania ........ ween

L

Maryland
WAR GINS. sis ony bee sauce
ene |
North Carolina
South Carolina
Georgia
|
Florida
Alabama

Mississippi
Louisiana

WDORGS cise we sstwa was te eians

Nebraska
South

Dakota

North Dakota
OONPDOTY «cc cec cect ciceseWyoming
Colorado ..........--....--

New

Mexico

Arizona

Utah
TAQ». scnesvcveasccsecs
ase
Washington
Oregon
California

The difference

1. 70

eer
oe ere
er rerg yer
ee
ee

ea iis
cei adienes

PRGNGOB.<cceessccaawad
anna

| 1879

$1,19 | $122 |
1. 32
1.35
1.30
1.35
1.31
1.35
1,26
1. 30
1. 33
1.33
1. 54
1.47
1, 65
1.74
1. 20
1.30
1.52
1. 25
1.38
1.15
1.06
99
. 82
. 85
. 64
78
. 80
. 80
70
. 80
76
. 80
.79
95
75
.85
1.04
1.08
1. 03
1. 02
1. 04
1. 00
1. 03
1.00
Lay
1.18
1.40
1.41
1.57
1. 76
1.55
1. 58
1. 40
1. 54
1.57
2.10
1.89
2.16]
1.61
1.81
1. 30
1.23
1. 48
1,35
1. 55
1.57
1. 00
2,10 lv

$1.09
96
97
1.00
95
1.25
1.18
1.30
99
1.00
1.12
. 96
. 76
. 68
. 61
73
ue
. 85
iri
94
1.08
. 98
95
1.15
1, 37
1.55
1. 28
1.18
1.70
2.25
1. 57
1. 17
1, 32
1. 66
eeneee

1875.

| 1869. | 1866.

$1.49
1.