than the market price in open,
unrestrained competition of buyers and sellers.

_The market price._--In the discussion of value so far, the term market
price has been used because perfectly familiar to everyone. It is
necessary, however, to call attention to the fact that price always
indicates an estimate of value in units of current money. If that money
itself has a fluctuating value, the same article may have at different
times different prices with the same value, or the same price with
different values. Thus market prices in our country during and after the
civil war, in which a paper currency gave the unit of prices, cannot
safely be compared with each other, and can far less be compared with
prices upon a specie basis.

Even the reduction to a so-called gold basis may give misleading ideas in
regard to the market, since a new element of speculation in gold enters
into the calculation. In all the accompanying illustrations of fluctuating
prices, this particular abnormal condition has been carefully excluded.
Any fluctuations in the value of money metals, necessarily affecting the
relation of market price to market value, will be treated under standards
of price in Chapter X.

_Prices of farm products; the crop year._--The actual fluctuations of
market prices under the law of supply and demand can be most clearly seen
by a careful study in the same definite market during a period of years.
For illustration here the staple products of the farm have been chosen,
and the markets of Chicago and New York, as most truly representative,
have furnished the facts for study. These facts are presented to the eye
directly by a series of charts, each of which has been most carefully
prepared from official records, and gives within narrow limits a large
range of investigation. In every case involving annual crops, it seemed
necessary to rearrange statistics so as to cover the actual year affected
by the crop in question. September 1 was chosen as the beginning of each
year, because that date is nearest the time when the new crop of the
season appears in market and directly affects the price of such products
in store. All calculations upon live stock have been brought to the same
basis, for the reason that the supply of marketable stock is largely
dependent upon the supply of feed for stock. It seems very desirable that
all statistics in regard to markets and productive industry should be
brought to a uniform year. The year giv