The extension of the data in Table A-2, Col. 6, from I7(M) to the present permits us to compare sums in real terms with those from any later time over almost the entire history of the United States. 8. For a discussion of the subject, with examples, see Hoover, 'Index Numbers: Practical Apphczoas,' International Encyclopedia of the Social Sciences, td. Sills, vii, ICH. 321 TABLE A-I COMMODITY PRICES AND COMMODITY PRICE INDEX, PHILADELPHIA, I7OO-!72<) SHILLINGS PENNSYLVANIA CURRENCY Year Wheat (bus.) Flour (cwt.) Salt (bus.) Rum (gal.) Molasses (gal-) Total Total (Dollars) I 2 3 4

S 6 7 1700 17O! 1702 703 1704 '75 1706 1707 1708 1709 5.00 4-39 4.08 3-94 3-77 4.CH; 4.82 5-3' 3.85 20.67 21.83 19.56 15.88 14.79 4.83 17-94 19.50 ' 3 3 2.19 i-f>9 3-98 4.88 4.17 4.30 3-95 4.85 3-57 3.06 5-27 4.84 5-90 4-47 3-52 2.93 3.00 2.83 3.88 2-32 2.60 2.69 2.61 2.41 2.30 2.00 2.21 1.98 2.39 2.20 35-73 .7-'4 36.44 3I-72 28.72 27.83 29.64 32.42 34-65 24.73 $IO2.4'i 111.59 i"7-45 93.46 85.10 82.38 87.48 94-43 100.03 91-55 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 3-42 3-34 3-4' 4-4 4-03 2.74 2.52 2.71 2-33 3.22 11.86 II.31 11.94 16.3 2 17.01 10.40 7-59 8-39 11.31 11.31 3.14 3-74 5-45 3-33 3-7'> 2.92 2.41 2.66 2.60 2.58 2.26 3.36 4-23 3-34 3.48 2.68 3.00 3-04 2.94 3.46 2.23 2.32 2-34 2 3 1.78 1.62 1-53 33 1.62 1.51 22.91 24.07 27-37 29.78 30.06 20.36 17.05 18.13 20.80 22.08 79-45 83.22 94-35 101.53 100.83 69.41 56-75 59.81 69.92 72.47 1720 3.08 9-25 2-31 2.68 ' 34 18.66 59-77

NOTES AND soLBCF.s; The data in Cols. 1-3 were coLected and compiled by Anne Bezanson and her associates and published in :\rthur Harrison Cole, Wholesait Commodity Prices in the United States, ijmi-iS6i, 1 vols. {Camliridgc. Massachusetts: H a r v a rd University Press, l y j S ). ( i, i*-. See also, ibid., 1, K. T he data in C o l. 4 a nd C o l. 5 a re from John J. MeCusker, Rum and the American Revolution: Tbe Rum Trade and the Balance of Payments of the Thirteen Conf/nfnia/Co/on/e.fdPh.D. dissertation, University of Pittsburgh, ivyii) New York: Garland Publishing Inc., lySy), pp. I m/i. 1 ['14. .'\gain, they come mostly from Bezanson via Cole, ibid., 11,1 -('). All ligures are annual averages of the monthly data. Where there were fewer than twelve months available, means were first calculated for each of the quarters represented and then an annual average calculated from those means. The italicized figures are straight-line interpolations based on the neighboring data. All of these

s markup adjustment (see text). The figures In Col. 6 and Col. 7 are the totaU in Pennsylvania shillings and in dollars, rcspeerively. The dollar figures were calculated hy, first, reducing to sterling the totals in shillings Penn.sylvania currency' using the exchange rates in John J. Mcf-usker, Money and Exchange in Europe and America, 16110-1-7^: J-) Handbook (Chapel Hill. North Carolina: university of North Carolina Press, and London: The Macmillan Press Ltd., ly;**), pp. iH;j-H4; and tben by converting from sterling to dollars at the standard rate of 4s.fid. sterling per dollar ( 1 = $4.44). The sbarp change between 1 yofi and 1 ;<; reflects the legal revaluation of Pennsylvania c u r r e nt effective on .May 1 in the latter year, a revaluation reflected also in the exchange rate, and one that is therefore filtered out in both the dollar figiue and the index number. See McCusker, Money and Exchange, pp. 1757A. The index