The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1865-11-29
Are Present High Prices likely to
be Maintained?


Food, clothing, rents, and labor arc
all 70 much higher now than they were
five years ago, and there is SO little pros
pect Of their return to anything like
the old standard, that there begins to be
suspicion that things have permanently
settled at higher prices, compared with
gold or currency, than formerly ruled.
When The war was raging, and when
gold WAS quoted at between 200 and a0O,
i. was held that the cessation Of the one
and the fall Of the other, would cause
such diminu,ion, in tho cost Of living
and labor us would bring it to something
like what it used to DO before the war.
But no such, result has been realized,
though we have had perfect peace for
over half year, and gold has fallen to
its present comparatively low rate.
There arc many causes, but each Of
them, it seems to US, inadequate, to which
this is attributed. The vastly greater
volume Of currency. now than formerly
is frequently assigned as the sole cause.
The high taxes levied by the govern
ment arc often put forth as the reason !;
but there is such disparity between the
tax in any given case and the rise in
price, a. in itself shows the insufficient
cy of the argument. Tho diminished
production Of tho country, consequent
upon the diversion from industrial to
warliEe pursuits, of such large proper
ton Of the ablc.bodicd population ortha
country-which latter has but recently
returned to productive labor-is set
down BY some as tho agency iu the ap.
probation of values. The gigantic ope.
rations Of combinations Of spectators in
tho chief necessities Of life. are looked
upon By not few as a sufficient eypla.
nation of the whole mattor. The poorer
classes think high prices arc owing to
the oxtor,iouatc demands made By deal.
ers in the way Of profits; and lesser
manufacturers tell their customers tina,
the unparalleled high wages Of operatives,
no less than the high prices of material,
accounts for the unaccounIablo cost Of
goods. Presently We get into a circle
where everybody is to blame and no..
body is ut fault where the original pro
Queer must have high prices to balance
the cost Of bis purchases the operative
must have high wages to balance the
expense Of his living, and the uanufAc.
turer must have high prices to meet the
cost of material and labor-whcre each
6nds.fault with the other, while in rcali
ty all arc working toward the same end,
and under o similar necessity.
We do not deny that sono of the
causes Of high prices spoken of-such as
the redundant currency, the taxation, di.
minished production, and Legitimate
speculation-haro had an influence in
this direction; aud -as some Of these
causes arc in process Of removal or mod.
iGcation, we may SEQ favorable action
within reasonable time. 49,
There is another influence more sub.
tile and more apt to be overlooked 10
popular discussion. but which is Of late
years assurcdly affecting values in this
country as we'll as the rest Of the world,
and which renders it unlikely that, oven
with tho enlargement Of tho sphere Of
machinery, prices will again settle down
to anything like the old standard. We
refer, to the effect that is being produced
by tho recently vastly increased, and
ever increasing volume Of precious
metals. The enormous aggregate Of
gold that has been, contributed by Cali.
fornia and Australia within the last six
teen years to the currency of the world
has necessarily caused. a change and q
diminution in its value compared With
all other values; and though. for time
lthis;Hss not apparent or vas obstructed