Takinff our own country alone into tke account, if prices of wheat
are raised or lowered from year to year as our cr©p is light or heavy,
we should liave had lower prices in 1891 when our wheat crop was



32



AGRICULTURAL DEPRESSION.
611.780,000 bushels than we had in 1892 when the crop was 515,949,000,
nearly a hundred millions less; and prices in 1893 ought to have been
higher with a total production of 396,000,000 bushels, while in fact the
average farm price was 53.8 cents a bushel. In fact, however, prices
were higher in 1891 than in 1892, and lower in 1893 than in either ot
those years. In 1884 we raised 512,765,000 bushels, and the average
price for that year was 65 cents; in 1891 the price was .30 per cAiit
higher with a crop 25 per cent larger and we had increased our popu-
lation at least 8,000,000 persons. In 1893 the price was still lower on
a reduced yield.
As applied to our own country the overproduction theory does not
hold good. Let us enlarge the view and take in the whole world. We
haTC not been able to procure world estimates further back than 1884.
For that length of time the figures are as follows :





Jhe world's production of wheat.
Tears.
Bushels.
Tears.
Brishels.
