WHOLESALE COMMODITY PRICE MOVEMENTS 1801 TO DATE

75
150
2%

1926 AV.= 00

175
150
125

00

OL

9
~

“

1am,

8

50

Se em mee + xe = = —_—— re Jas
800 BIO 1820 1830 1840 850 1860 1870 1880 1890 1900 1910 1920 1930
CHART 21.—After the Napoleonic wars, 1814-1860, and after the Civil War, 1864-1896, dearth of
monetary metals and lack of credit machinery for control of the commodity price level resulted in long-~ontinued
 deflation of prices and “hard times.”