---------------------+-----------+----------+--------- Dates. | Cost in | Price of | Cost in | currency. | gold. | gold. ---------------------+-----------+----------+--------- 1860, May 1 | $100.00 | $100.00 | $100.00 1865, November 1 | 174.77 | 145.87 | 119.81 1866, May 1 | 157.60 | 125.12 | 126.04 1866, November 1 | 170.31 | 146.25 | 117.82 1871, November 1 | 122.03 | 112.00 | 108.95 1872, May 1 | 137.13 | 112.50 | 121.81 1873, November 1 | 115.14 | 108.50 | 106.01 1874, May 1 | 122.77 | 112.87 | 108.77 1875, January 1 | 113.01 | 112.37 | 100.37 1876, October 1 | 97.30 | 110.00 | 88.45 1877, May 1 | 99.29 | 106.75 | 93.01 1878, May 1 | 82.09 | 100.37 | 81.81 1878, October 18 | 77.94 | 100.37 | 77.65 1879, November 1 | 93.48 | -- | -- 1880, January 1 | 103.42 | -- | -- 1881, January 1 | 95.98 | -- | -- 1882, May 16 | 106.59 | -- | -- 1883, March 13 | 97.82 | -- | -- 1883, November 1 | 88.71 | -- | -- 1884, January 1 | 88.37 | -- | -- 1884, November 21 | 78.47 | -- | -- 1885, January 1 | 79.66 | -- | -- 1885, May 9 | 80.22 | -- | -- 1885, August 22 | 74.56 | -- | -- 1885, November 1 | 75.35 | -- | -- 1885, Close | 78.53 | -- | -- ---------------------+-----------+----------+--------- It is not only clear from this comparison that the prices of 1885 have been the lowest in our history for twenty-five years, but that there has been a general tendency toward lower prices. From 1866 to 1871, and again from 1872 until 1885, prices fell quite steadily. Indeed, had not the short crop of 1881 caused a temporary advance in the spring of 1882, the range of January, 1880, would have been the highest of the later period, and it might have been said that the present era of declining prices had continued with little intermission for six years. None will fail to observe how swift and sharp the advances have been--about 12 per cent. from November, 1871, to May, 1872, and 25-1/2 per cent. from October, 1878, to January, 1880. But these spasmodic advances, by which the general tendency downward is interrupted, only serve to make it more clear that prices have been tending irresistibly toward a lower level than that of 1860, not only during the period of paper depreciation, but since gold has been the measure of value.