New-York tribune., 1891-05-08
THE rNODIRY As TO PRICES.

The investigation upon which the Finance
Committee Of the Senate has entered is III many
RESPECTS one OF the most important ever undef-
taken. Recent experiences have repeatedly
taught that great changes in public opinion
and in the policy Of the Government are lable
at any time to occur, owing to decephons or
Observation-Disclosures regarding the course of prices
and Of wages. IL is needful to mention only
two Of these to show how widespread the con-
sequences Of misunderstanding may be. 1t is not
vet full year since prices OF many prouuc's III
this country were most rapidly and unwhole-
somely advanced, in the expectation eenefaIiy
entertained by producers, dealers and consum-
ers alike. that the approaching increased COIN
age of silver would result in general ana
nermanent advance in the level Of prices
Naturally holders of products wished to realize
tbe ant;cipated advance, and spectators desired
to take advantage of it, and consumers were
anxious to buy before it took place results
proved that the anticipations so generaiiy en-
tertained were to a remarkable extent ill-f0und-
ed The increase in circulation actually effect-
ed. through the purchase OF 4,50O,OO0 ounces
silver monthly and the issue OF Treasury notes
for the cost, was both short-ived and unlm-
portaiit. Ii is clear enough now, in the light
of late events, that there would have been no
general advance whatever as result OF that
measure. had not other circumstances offered
to lift prices Of farm products.
Again. in the fall of last year, when the
enactment Of a new Tariff bill was expected
and after it had gone into effect, great ad-
vance in prices Of nearly all products was gen
erally though most fooishly anticipated. IL
suited the temporary purpose of great political
Marty to represent that such an advance would
inevitably result from the changes IN tariff con-
templated, and when the new act had gone into
effect the most effective missionaries OF the
Democratic cause were those who went ND and
down warning people to buy goods without
the least delay, because everything was gong
I'D out of sight on account of the Mckinney
bill Investigations already made by IHE
'TR1HrrYE have suficed to show that, i'll this
market at least, no such resulthas occurred, nor
was there reason to anticipate any such result.
But had the people been able to measure the
course of prices moro understandingiy partisan
feeling or instrumentation would have been
comparatively powerless TO influence their
action.
1t is the object of the Senate Committee to
investigate the whole subject, not SO much with
reference to the temporary effect of this or that
measure as to aid in enlightening the public
mind regarding the course of prices and the
causes and limitations of change. For it is
well enough known to those who have given
study to the subject that legislation has far less
power to affect prices directly than most persons
imagine, and that the very act which is pop
ularly expected to enhance the price of par
ticuar product mere frequently causes its de-
cline. But in order to make the subject better
understood the collection of a body OF facts
was necessary, and to this task the committee
has set itself proposing to ascertain the exact
course Of prices without any partisan bias what
ever. or any regard to the effect which the ie-
suits asceItained may have upOn the course of
public opinion. To this end the committee has
arranged to have the quotations collected az
siyty-eight different points throughout the coun-
try. lby the trained agents of the Bureau OF
Labor Statistics, which has been conspicuous
under the management Of the Hon. Carroll ID
Wright for the fidelity and impartiality OF It's
reports. in the preparation OF the schedules
and the conduct of the work in other respects
II has sought the assistance OF experts repre-
senting opposing political opinions, so that 1t i
expected that the facts ascertained VIII com
mand the confidence of intelligent people OF al
shades of opinion
1t will be of inestimable value to have such &
body of information relating to the last two
wears. the period which the committee has de-
cided first to cover But it is thought probable
that the inquiry may broaden to an invest1ga
ton of prices reaching back for much Longer
period, so that it may be shown how the recent
course Of events compares with the fluctuations
experienced in former times. When these dat'
have been collected ard placed before the pub
lie so that every man can Judge for himself al
to their Importance and their meaning Their
will be infinitely less excuse than there ha
been hitherto for the widespread and often alb
surd misunderstanding in the popular mind Oh
| Eli.