The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-12-04
The Advance in Prices.

1uC 4NCm 4OlA xxCf utt3 III tJC NOuioS
of long and elaborate article upon Mr..
Sherman's references to the resumption
act, in which it emphasizes the objec-
tions to that bill already adverted to in the
Sun, and shows that resumption was
much less the result of Mr.. Sherman's
pet measure than of "a lucky concur
renee of favoring events" of which the
Secretary took "skilful advantage" goes
on to state that the country is again en-.
tering upon "a period of imitation. p
This is caused by redundancy of real
money, just as the speculative era anteri-
or to 1873 was the product of a redundant
cy of sham money, and the Herald claims
that the dangers now threatening US are
the products of the original defects of
the resumption act, Changers which
could not have existed if the resumption
law had provided for cancellation and
destruction of the legal tender notes" "
1t is very questionable if anything good
can come of the agitation of this matter
now, since Congress can hardly be ex-
pected to provide for the retirement of
the legal tender currency in the face of
an impending Presidential election.
But it is right that the people should
know that the dangers to which atten-
ton has been called are real and immi-
neut. The development of hot spirit
of speculation, where only healthy re-
vived state of business should have been
expected, is indicative of possible pro-
gress toward q point which would justly
excite apprehension. Much of the ad-
vance in prices so far has doubtless heen
simply a natural, albeit very sudden,
reaction from the depression which has
so long kept values below the margin of
profit. While things are in this condi-
necessarily have hard times, and every
sort of industry suffer. This is the case
in England now. Failures have been
increasing, wages have fallen nearly 25
per cent. at the same time that hours of
labor have been augmented; the cost of
food has advanced, foreign trade de-
creased, and very general state of suf.
fering is the consequence-justs such
condition of affairs, in other words, as
that from which this country is now
emerging, and a condition that Furnishes
most the man who lives by day wages.
1t is very encouraging, therefore, to
every sort of industry to be able to note
that prices in this country have advanced
sufficiently to attain the point where la.
Dor is rewarded, and mans energies and
business are no longer paralyzed by the
certainty that, do all he may he cannot
make aliving by it. But at the same time,
as soon as this advance in prices assumes
speculative character and outruns the
legitimate demands of trade there ia dan
ger ahead. 1t is not necessary to assume
that this condition of affairs has been
already reached; but, nevertheless, it is
we'll enough to be warned in time. A
comparative table before US, giving the
prices ofleading commodities on the 1st of
January and on the 18th of the present
month, shows an average advance of
about 80 per cent. along the whole
line.
Wheat has gone up from 81 90 to $1.4S,
corn from AZ cents to go, cotton from 9
ZIG to 1O5; sugars have advanced three
fourths of cent; cheese 81 cents; pig
iron has gone from S17.53 to $29.5O more
than 70 per cent. scrap iron S20.5O to
S35; tin plates from 1915 to s7.75; lead
from to ST cents and so on in full pro-
portion.
These advances should at least teach
people caution, since in some articles, as
all know, they do not represent so much
legitimate extension of business as specu-
lation. 1t is true that the revival of bus
mess found stocks of all kinds of mer-
chandise reduced very low, and all man
ufacturing enterprises sailing under bare
poles, and this has compelled an ad-
vance in prices which is doubtless legiti-
mate in great many particulars, as, for
instance, in the case of iron. But be-
hind all this is, in some instances, q spec
| ulative impelling force, resting upon the
plethora of money, and to be avoided
because dangerous in the extreme. Sud
den rises in prices always bring out la
tent supplies; they unduly stimulate pro-
duction and they check consumption. 1t
is these three conditions which lead to
gluts in the market.
The increase in prices also tends to
make this country the dumping ground OF
European products for which there is as
yet no adequate demand on that side OF
the ocean, and which oyerstocked manu-
facturers there will be glad to get rid of on
the very slightest margin of profit. All
these influences may operate to bring
about the reaction spoken of, unless
proper prudence be observed, and thus
avoid disastrously stagnating effect
upon all industries.-Baltimore Sun, Oct'