The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-05-28


That this evident concurrence in the fall
of prices OF commodities and silver has
been universal in the gold using countries.
appears from the testimony Of the best
statisticians In England and Germany.
Mr.. 6auerbeck' 3 calculations Of relative
prices for forty-6vs stapls articles in Eng
land were - follows: 1850. 100: lS7l-S. los:
1850 90; 1SSl-1 so; 1SS690.
Mr.. Sostbeer gives his calculation Of the
relative prices Of the various manufactured
articles In England. Is follows: lS47-5Q
100; ls7i-A lo6: lS76S0. liz: 1875. 103;
1850, Sd He has also calculated the
relative prices Of la different articles In
Hamburg. including al classes Of COM
modities. ~ follows: 1850. 100: 1S7tsS,
no: is76So. 100; lSSl-5. 81; lsS6-90 60
By those who deny that this universal
concurrence Of price movement II the
effect Of ons cause, the appreciation Of
gold. Il b alleged that prices Of al com.
modities have declined on account of the
introduction Of cheaper methods Of pro-
duction and better facilities for trans
portation. II would b remarkable II
these alleged Improvements had. during
the twenty years under review. operated
upon ell sorts Of commodities with such
uniform effect But there II SUFFICIENT
proof that during this psriod the cost Of
production has not on the average been
reduced to any sucA extent - would
bring about the actual conditions.
Mr.. Davis, the writer Of the San articles,
IN excellent authority, states in the arti-
Gle Of September 10. 1898, that white the
cost Of production cannot have lessened ~
much as 5 per csnk since 1876, prices Of
staple products Of the farm averaged 50
per cent greater during the I've years end
ing with 1875 than now" There IL no
reason to believe that . greater reduction
than this has taken place In the cost Of
manufactured articles on the average.
The cost of labor 10 the chief element in
the cost Of all products. and 1t viii be seen
later on that ~ regards wages no very
material reduction occurred between 1873
and 1898.
Your editorial Of the nth inst. quotes
Mr.. Marshall, in the sam, to the effect that
the decline in wheat 10 due TO increase of
production But the facts do not warrant
this assertion. II is true that the Ameri-
can crop has increased largely dur
ing this period and that the i'm
ports Of wheat from Russia, In
dia and the Argentine into Europe have
somewhat. though not largely, increased.
But no account seems to have been taken
by Mr.. Marshall Of tho growth Of popuia-
ton during this time. We have compiled
the following data on this subject from
the reports Of the United States treasury
department:
Crop wheat per
capita. bushels. IS so ST IS "a
Price per snshsl,. Ills 80 ~ "a II
silver par ounce. I.H LII i-ls % IA
Taking now periods Of ten and nine
years We have:
1851 1858 -
1890 sv psoauesiou per sspisa--.. e. 7s
Average price silver Per ounce lis 80
II IS evident from this calculation that
the price Of wheat has not fallen because
OF increased production. but In spite Of de-
creased production. In other words, the
price Of wheat, like that OF other commodi-
ties, has followed the movement Of silver.
That the price movement Of wheat dur
ing the period under consideration has not
been affected by the variation in volume
OF our exports 10 demonstrated by the fact
that the percentage OF the crops which has
been exported has been uniformly Der
cent during the years Is75-s4 and - per
cent during the years iSsSA
As has before been stated the imports
from other sources than this country into
the European markets have no. been
large enough 10 seriously affect By their
volume the prices Of our crops The 70
cens import of 40e0o. coo bushels from
insiia to which you refer il small item in
the worlds product OF 2,ooD oo. 90 bush
els. and - not much II any increase from
the quantity imported in the earlier PER-
sod, isSo TO lisa. when tho price VAS at the
highest average The imports from India
vary annually. and in the years 1881, lsss
aad isss amounted TO within . small frao-
ton 81 ElsNQ.0O each rear il j. not tn