Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-11-04

The following thoughtful article from tho
Nineteenth Century WIN he found OF interest:
People of littlo education arc accounting for
low prices on the hypothesis OF general over
production, but SC is hardly necessary 10 point
out that whiic' over production In any particu.
lar trade H. frequent aud quickly adjusts iterlf,
general over production X Impossible. What
Is really taking place az present all tho world
over Is q rapid readjustnunt OF prices toward
the point from which thoy were violently DIS.
turbed by the Immense gold discoveries of ls4p
and the succeeding twenty years by the time
that THE rendIustmunt 10 complete, " it is MI
lowed 60 continue 40 long, every trader who
bought uything between tho wears 1855 and
1910. the years OF cheap gold, and who adopted
"A standard of living compatible With the profit
percentage OF those times, VIII lnd himself,
from no mistake OF Judgment 81 his own, ptoh-
ably ruined, but certainly the loser BY twenty
years of steady toll, Aud OF the possibility pl
hi. gold shrlnkage We have hepn repeatedly
warned both by geoloBiats and political econ
omisit, The position that when the produr'
ton 81 gold eNpands prices moHHnrod IN golt
win bc nigh, aud that when tho volume " golt
contracts prices WIN fHl--this statement hat
only to be cnunciatcd 10 be accepted ~ self
evident II Is not necessary 10 illustrate tn,
position farther than 10 Bay that, should ths
output of gold now diminishing "
steadily continue to decline until onl,
/ I'VE soyorogus remained TO be
measure OF value for mankind. tho fortunate
| possrssur nf one OF these could buy, II h,
pieasod, diamonds the size OF the kohinor fo
shirt bUttun4, so enormous undor such con
: ditlVns would be the pufchaso power OF gold.
I AhN u wa fpluUNft n lNDi' ht NV NIlNNH GO ~
hay with the prices oniainulE only Age Euntt
since, what do we iind; That piiGes have M
/ talon more than 70 per cent. Instead, then, o
/ nn impossible position ut general Oycrrfoduc
/ lion, we have To consider particular ~
/ stance of leAsened production, PricCa ~
! round are falling lower and rlli
/ lower because that circulating medium wllicl
( measures values has diininlHhod, II thu
/ world'g wheat harvest was a failure tie con
SINNER would expect TO pay famine price 70
bread. We arc all consumer, 80 10 speak, q
/ gold, aud we have In the measure OF the re-
/ fpoctlye commodities which we exchange iOl
! gold ~ give more corn, more cotton, more lnnd
] and more laboc for gold, because the gold mar
/ yest Is aud has been for many years failure
I fAa general range, therefore, Of price
4 and wages established during the year
Of cheap gold cannot be maintained !
we are to Ineasure prices by gold aud gold only
I In considering the effect OF gold ON prices II !
1 thus far necessary To be careful as 70 our con
| ulusiuus An abundant wheat harvest ~ lOl
! lowed at once by season Of low prices but
I single year OF Increased gold production w0nll
/ moi appreciaby affect prices, IL was not W
ten wears after Tie discoveries OF gold Ia Cali
! fornia and then OF the great gold lclds In Aus
! traia that such misses Of gold were accnlnul
/ ated rs derangcd prices and induced IN tn
/ Western world The fatal belief thai The Eoluin
OF gold alone would supply for the future
! staple standard Of value,
: just as prices went rapidly up, from lNV .
! 1874, on account uf the discoveries which com
rnenced IN 1919 and eliminated In 1861, 80 n
! decline In the output Of gold, which com
/ nenccd and has continued since 1868, has ont
/ ia the last five years brodRl Hbont
I collapse IN prices because not until abou
I 1850 had the great accunulationa OF tho Ineti
/ been absorbed into the arts, or been dissipaie
4 by friction.