People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-09-23
Prices-High or Low. Which Z


discussion presents a painful inferi-
ority and incoherence. In different
portions of his argument the disput-
ant Will adopt now one and then the
other of two antagonistic and mu-
tually destructive postulates of ele-
mentary doctrine. They proceed
very like the professor of astronomy
who, in expounding the planetary
motions, adopted both the geocentric
and heliocentric theory, according
to the varying whims of his auditors.
Observing how industrial progress
is essentially process of lessening
cost of production, the advocate will
justify his pet policy by the claim
that, under it, the consumer will be
able to buy more cheaply. Witness
ing, on the other hand, the distress,
hardship and cutlery at low and fall
ing prices, the same expounder
makes haste to explain how friendly
his policy is to good prices for the
producer.
Now, since the consumer cannot
buy low and the producer sell high
at the same time, we must take one
horn or the other of the dilemma
Economic discourse is but a vain
beating of the air until we come to a
definite and sound doctrine as to
which, high or low prices, is on the
whole benefcent. "Practicap" men
are too much dominated by the in
terests, mental habits and bases of
their special vocatlons to decide
wisely here. In current discussion
1T is almost universally assumed that
low and lowering prices are best, or
at least are inevitable.
The object of this paper is to show
the radical error of that assumption,
that the exact opposite is the true
doctrine and that " and falling
prices is an evil; and the test of
merit in any proposed policy, SO far
as it aims to affect prices, is that it
tends to restore and maintain good
prices, and that (aside from merely
local and special fluctuations from
purely temporary causes) the general
price range is directly amenable to
legislative control.
Against the absoluteness of my
proposition, that low prices is an
evil to be cured, it will be replied,
"What, shall we have no more in
ventions and Improvements; must
things be made only in the good old
way? Is it not in the line Of a genu-
inc industrial progress that products
shall become plenty and cheap? In
short, does not that progress precisely
consist in the increasing ease and
lessening outlay, with which the
things to satisfy the needs and
crafty the growing desires OF men,
can be obtsined?"
Now, in all this bristling array of
impeaching heterogeneous there is
no express issue taken with any
thesis. They all call attention to the
relation of the needy man on the one
side and the commodities he needs
on the other. But the reader is ex-
pected to interpret the desired cheap.
ness as a low price. The expecta-
ton will not be disappointed, for
unless somewhat advanced in this
learning he will be quite unable to
comprehend how thing may be
cheap unless it bears a low price.
Discourse upon value and value
change is vain till we are informed
what is intended by that word.
Value in what-in relation to what
and how is the change to be ex-
pressed? is the critical question.
Mans conquest over the elements
and forces Of nature is indeed a
proud thing. The soil, the rocks,
the forest, the sea or machine have
no dignity or right to remonsh ate
against being compelled to yield up
more and more of their stores for
less and less of human effort. Crit
cal thinking will seggregate out from
the gross and confused aggregate Of
relations the precise one under dis
cussion. When we speak of price
we have regard simply to the terms
upon which a consumer shall obtain
product which another man has
created.
1t is, indeed, good thing to make
two blades Of grass grow where only
one grew before. But if the eco
nomic conditions are such that the
second blade is by force, fraud or
''hnanciering" filched from him whose
skill and industry made it grow, then
higher questions than those pertain
ing to agriculture press for consider
alton. 1t is no longer question of
the efficiency of the energy and
agencies of production. 1t then be-
comes a matter of social justice, and
whether with increasing intelligence
the worker, such conditions remain
ing, will continue to grow the second
blade.
I know that it is often pretended
that it is Of no importance whether
the purchasing power of money be-
comes much or little, that money is
merely a E'scale of valuation" to ex-
press the bartering relations of COM
modities and that at bottom COM
1870, - b,,& I,or+ov F1I,o% 20 q rrr0cc