ABSTRACT
TheendofWorldWarIwassucceededbyasharpbutfairly shortdepression.WhiletherestoftheUnitedStatesbeganto emergefromitintothehappydaysoftheboom,farmersfound thattherecoveryoffarmcommoditypricesand,toalesser extent,oftheirincomes,wasfaltering.Theyrememberedtheir goldenage,thefiveyearsbeforetheWar,andthecomparison disgruntledthem.Thepricesofindustrialproductshadregainedtheirprewarlevels,butthepricesofagriculturalproductshadnot.This,farmersconcluded,wasaninequitynotto beborne.Theterm"parity"wasinvented,andwithi t the remarkabledoctrinethatjusticerequiredthemaintenanceof parity,thatis,governmentmustkeeptherelationbetween pricesofgoodsfarmerssellandpricesofgoodstheybuyat thesamelevelasi t hadbeenbetween1909and1914.
