The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-11-20
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also much higher now than they ystt
five years ago, and thep isfso- iittls
prospect gSfh6lfl r6thfR TO any ything
like the old standard, that there begins
to DO a suspicion that things hayepsr-
,manently settled at higher prices, com-
pared with gold or currency, than f1rs
merly ruled. When the{wRr WhS, nj
gins, and when gold was quote ~ l,e-
tween 100 and sO0, It was held tthattlie
cessation Of the one 9rq the fitl'Of tlisq
other, would cause such Q diminutien
in the cost OF living and lqbor ~ would
bring It to something IKE what It used
10 be before the war; But NO HuplDife-
suit has been realized, though we have
ind perfect peace for over half a'yeAti
and gold has falleh 70 its present COM
paratiYely low rate. t,riii ~ y,1es 10. .iil.
Thorc are many causes, but each Of
them, Il it2sS6mst 70 US sinhded d1ete, 70
which this Is attn sVastlY
great III duiA or currency now Ian
'ioftHeflE n frequently dssigned Qa tl,e
sole clus Tho high tAxe7 5leyigt "
fha Royornu 81 at6 0llah put forth 1a
tho fQasOlt hIt there u. such a disparity
between tkeRnxi in anyigiv case and
the rise in price as in Itself shows the
nshfficicfi6y fthe argutnet, ~ Tho tlk;l
mihished prod uctlon Of tho country,
consequent upon.th dIyeraloR nom In
dustrial ito waFlllE pursuits; oflBuch =
large proportion Of the able
LIStn5 SSSah,n1y,Ihtintt ,hft fh6T " FSF,tITt !.
'ty=whfGh latter has but recently
returned To- productive labor-ls set
down by some as the agency In the ap-
preciaioG of Values9 2 lTlh9 gigantic ope'
rations of combinations of fIspe ecplators
In the Ohiefnacessitles Of life, are looked
'uponsbynot q fe%Iasa sufficient 'expla.
nation Of tic wh0 matt y The poorer
classes think high prices are owing TO
tho extortiOnate demands, made by
dealers In ewny Of profits and lesser
manufacturers teil their customers that
thounparalled high wages Of operatives,
no less than the high price OF matertalt
accountBC for the unaocountablel cost OF
goods, Presently we get INTO o circle
where everybody 70 blame, and no.
body Is at,faultLwhere the original pro-
ducer must have high prices TO balance
the cost OF his pltchases the operative
mist hRSe high wages TO- balance the
expense Of his living, and the manufae-
tllrer must have hi6 6Ipripes 70 meet the
cost of material and l1bor-wh each
finds fault with The other, while. in re-
alIty all are working toward the same
end, and under . similar necessity
We do not deny that some Of the
causes Of high prices sp6 ken of fTMsuch as
tho redundant currency ~ the ?taxaton,.
production; and Legitimate
sneculation-havel lladlanA Influence in
this direction; and as some. ofsthese
causssr arc in process Of removal or
we may see o favorable
action within reasonable time. SO 4
There Is Sanother influence more sub
lie and more apt to be overlooked In
ponuIar discussion, but which is Of
iate wears assurpdly affecting values In
this country rs well as the rest OF the
world and which renders 81 unlikely
lint. even with the enlargement Of the
sphere Of machinery, prices Will again
settle down 70 anything IKE the old
standard, We refer TO the effect thatis
being producsdby the recently vastly
Increased, and ever increasing volume
AZ precious metals. The enormous agt
Vregate Of gold that has been contribu-
Ia by California and Australia within
Inc last sixteen years to the currency OF
tho world has necessarily caused n
change and elimination In Its value as
comnarel with all other values aud
though for time this wls not appar+
ant OF was obstructed by counteraGting
tendencies, It has within the last few
wears become palpable and prominent
N every country of both continents.
There has been un enhancement Of
prices and OF living in France and in
England, not by any means approacl-
Ing that In this country during the last
few years, hut yet Of n magnitude with
ont parallel in any proportionhte peril
od or their past history. And each sue
cessiye advance has been followed, not
by n recession but by another advance,
until tho matter has become cause OF
profound apprehension In quarters that
iIre unfily6rably affected by It. ~
CheyaIIer treated the question eight
years ago In his work on tho Probable
Fall in Lte Value Of Cold, TINT Is TO say,
on the dIminutiOn Of the purchasing
power Of gold ns applied to material
and labor; md In the years that have
elapsed since he wrote, his theory has
had n practical development sufficient
to transfer 1t TO the realm OF the definite
and positive.