The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-27
THE APPRECIATION or GOLD.


rs and the Engineering and Mining Journal
:. for June 3, 1893. and We present this morn
II Ing condensed statement OF the argu-
. mcnts Of each The Century says that a
!. decline in prices Of staple articles began
about the time our law demonetlzing
r silver was passed in 1873. and that the
highest economical authorities argue that
= the prices Of 1885 and 1886. OF the great
commodities which the world buys and
sells at wholesale, compared with
those from 1866 to 1876 show decline Of
about 81 per cent. and that the average
decline since 1856 has been at least per
cent. e-.donal. This decline is attri-
buted. however, by economists to i'm
proved methods OF production and distri-
button. improvements in railway con-
struction and locomotive and steamship
navigation enable every country, instead
OF being confined TO its own resources, 10
draw on the supplies OF the whole world
for whatever IT wants. which prevents the
price Of bushel OF wheat being deter
| mined by the size Of the crop Of it's own
country. 1t goes into the worlds granary
and is determined by the quantity I'm |
that. with railway freights reduced from |
two cents or more mile in 1869 to little
over half cent in 1898.
IT, says the Century the appreciation
OF gold were the cause Of this decline.
the decline should be uniform, which is
not the case, as, while some prices were
falling, others were rising, the price OF
labor. which is more bought and sold
than any other commodity. having great
~ advanced in all departments depen-
dent on handicraft. given amount of
gold does not buy more. but less of such
labor than 1t formerly bought. II buys
no more OF horses and other domestic
animals, OF cigars, Of hand-woven lace.
OF cut glass Of pictures. OF diamonds. or
Of malt liquors: and IT pays no more Of ,
house rents. which depend largely upon
the price Of land. Retail prices also have
not fallen In proportion TO the decline In Z
wholesale prices The Century thinks {
that an appreciation OF gold, due TO b
scarcity, should have affected prices uni 4
formly all around. and 1t seems almost a
impossible to escape its inference. The Il
Century quotes from David A. Wells Il
Recent Economic Changes" p. 34-5. d.
where its view is presented with great Of
clearness and force. tc
The Engineering and Mining Journal II
gives the relative values and production
If gold and silver at various periods dur IA
ng the past four hundred years, and 70
hus that while the production OF silver
vas often many times the production of tn
old. yet the market values Of the me- ma
ais remained the same. ct does not. d;
owever, note the effect Of railways. NJ
eamships and telegraph in producing W
Ranges in market value corresponding to
Ranges in producton) de
The JOuranl thinks stability in value mi
etween the two metals could be main WI
aimed by an international agreement hl
establishing an international monetary va
caring house. without which. however,
thinks that the general characterization u
silver IS inevitable. which, It thinks. 'i'
ould bankrupt the nations that continue
use silver as a money metal.
There is much in the Journals article va
ON which we are forced to dissent. but o"e
is clear and fOrcible presentation the
the bi-metallic argument. sen
Dur own Government is securing what ing
~ prove very valuable facts for this Dec
icussion. Some two years back the ocr
nate authorized its Finance COMMITTEES Cha
investigate the effects Of the McKin- he
tariff act on wages and prices They and
We presented their investigation TO a blot
mt that sheds much light on prices for Of
past fifty years, and these show some TO
fous and interesting facts. They show due
Il the civil war did not raise prices a s.
actually depressed wages. in spite men
the withdrawal Of labor from the will
d and workshop to the army. Cur inin
cy prices rose from 1860 TO 1865 and
n fell TIL 1879 but the gold prices. DE
ich are stated in only five wear ne Unit
Is, were substantially the same I'm In q
A as In 1853. The five years after the falle
: showed an increase Of nearly IN nor cent.
t. and there was very small increase Az /
next five years. Since then nrioee cent:
e declined to a point below the level IN
1860. Food. lumber and building ma day
ais the chief products Of the soil. are the
to have increased since 1870 W. TALLY
TO have fallen off quarter. in gold. no
1862 to 1863, and in 1866 were only one
thirds of what they were in ls6O-a iar
ihcant evidence y, hon. a,,,...,..., II up
ency cripples the laborlng man first 10
all. Since 1865 wages seem to have lave
div risen ,,,,u a. 100, -. as Il
.r cent bi,.,,o. r.. ,eoo likes
Is our own opinion that all Of these The
issions overlook so far as the de- South
Us OF money are concerned, the most solve
rtant fact Of all, and that is the in that
NC VI steam ana electricity. These hundr
Hu'0A exchanges 10 be made these
business is all coming TO be done for -
methods OF exchange instead of si1a y
'''oN'S' WINCH Oh course. tinues
as the amount OF coin necessary for in tho
.hairs OF the world. What We need win !,
all that we need is legislation that ia
permit men TO use their property 10 o., g.,
est advantage as a basis OF credit ,,.s,.
business viii then take care OF itself.
The Government take its hands OFF The
leave business to itself and bust many
VIII find all that II needs with her 81
TO take care OF its wants nrinces