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.”