, 1877-01-29

was cqunl to tho decline In tho premium on
gold. Tho New York Public sl,ows In mn
elaborate table, in its issue Of Jan. IS, TINT
tho prices Of tho leading commodities con-
sumcd In this country fell tludng Inst year
about por cent. In tho aamo timo tho
premium on gold shrank from 113 10 log, or
nbont per cenL The coincidence Of tho :
per cont in tho two cases wifi 70 far to
strengthen those who believe the fluctuations
Of prices to bo mainly tho ctToct Of tho iluc-
tuntions In tho value of tho currency, This
la by no means mn invar;ablo law Of prices.
As tho l'ubtn has already shown, prices
haye not nj all followed The quotations in
tho Gold-Roon,, while, on tho conlrnry, tho
gold premium Is itself influenced tlirong',
tho exchanges by tho prices Of some leading
commodities Of export. But since, as prices
hnre fallen per cent, tho gold valuo of our
grconback dollar las risen from S0.ss5 to
fo.9i5 in gold, about per cent, it ia ovi-
dent tint on gold basis prices have boon
about stationary. The appreciation In the
vnlue OF tho money has offset tho dimf-
mutton in Tho amount received for nny givcu
quantity OF goosls. The table In tho I'n1lic
inclndcs tho chief commodities quoted In
market reports. It Is formed by Euppoaing
that Of eacll article mined tito entire snp-
ply during 1876, whether from domestic pro-
auction or importation, ,was bought Mt the Now
York wholesale rates Of Jan. I, 1877, md Jan.
/, 1876. 1t is believed TINT these figures,
though not statistical1y cxaot, approximate
80 nearly to tho actual supply as 10 show
very fairly tho relative effect Of oach chnngo
upon general prices Of tho different dates.
Tho list Of articles, ranging from ashes to
wool, includes dairy products, grain, cotton,
coal iron md lead, beef and pork, whisky,
tobacco, md ell tho commercial sthples in
brief. Tho cost Of tho entire supply Of thcae
articles for 1876, ut the prices ruling on jan.
l of that ycnr, would hive boon e3, 928, 70o,-
900. Tho sa,no quantities at tho prices Of
ono year later could havo been bought for n
total OF 80, ,ooo, Toe, 900. Tho decline, $2oC,
GOO, GOO, amounts to per cent. aud
this no doubt representa-, ~ nearly
rs item DO ascertaincd, tho sruo averaso de-
cline Of prices Of The articles named. Tho
list does not include fresh boof, and two
items Of great importance III wido view OF
tho movement Of rricca-ronts and tho
cost Of clothfng-asc left out because no
satisfactory figures could be obsainod. Thir-
| ty-six articles hte enumerated. or these,
twonty.four hnyo declined in price. The
| greatest ndyauce hns boon in tho caso Of pc.
| trolcuH, which has risen 1O7 per cont. Next
como hops, will. an increase Of 81 per cont
tuspentino, a7 per cent; sugar, IL per cent
mud wheat, Is per cent. Mono Of tho Other
advances havo been important. Thif
movement in tho pricoa Of 1876 has brought
many articles to n specie basls, II
tho prices In gold before the War may bs
taken to represent what specie prices wonlt
10 in 1877. Scientifically, Of course, thll
could not bo affirmed but still tho fact tim
salt and wheat are as low now in currency n.
In gold in 1860, mud TINT wheat. flour, corn
coru-moal, rye, oata, raisina, pig.iron, coal
tallow, md wool arc lower In currency TINT
they wero In gold In January, 1860, 1nny b.
confidently taken to Indicate that so much o
tho wind md water put into prices by til
imitation Of credit md currency during til
War Inns boon squeezed out,-that tho com
pleton Of tho process, mud tho return 10 sc
lidity In specie prices, would produce ves.
s.naIl disturbance OF values, aud probably nj
pressure on business interests. In fact, TIL
eject on business would 10 one OF great re
Lief and healthy stimulus.