The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1854-06-16
WILL THE HIGH PRICES CONTINUE.

WILL liz IllOI1 fhlOES CON1INUE
The New York Tribune publishes an abl,
article upon the present singh prices" of pro
duee and every description of property, from
which we take the following extract:
A general appreciation of prices has been
in progress for some five or six years past
Although its more immediate and visible i'm.
pulse was the gold discoveries of California
and Australia, yet it has roots which reach
below these. For nearly forty years, the
civilized world has been substantially at peace
and intently pursuing the arts of peace, which
have consequently made great progress within
that period. The population of the civilized
world has largely increased, causing CORE
spending increase in the value of lands for
the greater the population to the square mile
of any district, the higher (other things being
equaD will be the price of lands within that
district. Industrial progress has increased
the efficiency of labor individually and in the
aggregate, so that the annual product of hui
man work throughout Christendom is at least
double that of 1914. Luxury and extrava.
gance have doubtless become more dffused
within these forty years; yet every year of
peace and prosperity sees some surplus of
earnings over spendings accumulated and
invested in buildings, canals, railroads, i'm
provement of lands, &c, so that the aggre-
gate value of property, the unconsumed pro-
duct of labor, is probably at least double this
day what it was on the lst of June, 1914
Hence confidence, credit, currency, have all
been expanded and dffused. Lands and
buildings afford perfect security for nearly
their present valuation whenever it is moral
ly certain that such valuation will not be di-
minished for years to come; hence loans or
mortgages on the personal obligation of
property are negotiated with facility,
and continued without reluctance or distrust.
Thus trade expands andis accelerated; money
becomes abundant; paper circuates freely,and
coin is rarely demanded or needed.
Will the present high prices continue?
In so far as they are based on the increas-
ed efficiency of human labor, they will, of
course. 1t is not likely that the implements
of industry will ever be ruder or less effec-
tive than they now are. On the contrary, it
is highly probable that Invention and I'm
provement will reitcrate their success, until
one mans labor will produce as much as that
of two now does, just as one mans now pro-
duces as much as that of two did some years
ago. On this hand, therefore, there is no
prospect of a general reduction of prices.
Nor do we think it probable that acollapse
will result from the exhaustion of the Gold
Mines. California may gradually cease to pro-
duce the shining dust;we hope for her sake that
she may. Australiamay follow though proba-
bly, at late PERIOD butthe impulse they have
given will not soon be arrested. Already
Southern Africa, the vast South American re-
gion forming the sources of the Andes, Cen
trail America, Northern Mexico, Oregon and
Washington Territories. and even good
portion of our Southern States, are haunted
and harrassed by gold-seekers. Most of the
individual hunters will probably be disap-
pointed; but some of them will open new
fields or increase the product of old ones; and
the general result of their operations will be
a large and steady increase of the Gold yield
for many years to come-probably for at
least n generation. And so long MS the ag.
gregate amount of the precious metals in cir
culaton or in bankers vaults is increasing,
the amount of Paper Currency in circulation
will tend to increase, and prices consequently
to rise still higher.