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

AZ. NAY -. 1894.
volnms az thAss imports. bat ths gold
prics e the silver, which pays for The
wheat n Indsa, which our farmsrs ought
70 fear.
We misht add that these imports from
Russsa. India md the Areensins. havs, ~
In the eass az the American product not
inersased tina EnropsAn supply psr capita.
The crop&of Earops have not materially,
II af al, increased since 1ss4 white popuiar
ton has heen increasing
For these reasons the canss Of the concur
renee between the decline Of silver aad Of all
otker eommodisies must b sought else
where than in condolences resulting from
accident. the decreased cost Of production.
the decline Of wages, the increased supply,
or . Decreased demand. Il must 10 sought
in one and only one general eanse which
has governed and controlled the prices OF
Ill commodities Including silver.
Those who hsve most thoroughly in
vessigated the movement and its caunso
have for tbs most part eoncurrsd In de-
claring that the decline Of pr,css since
1878 must - ascribsd mainly, Il not
wholly, to the demonstration II silver.
involving the insudicisncy Of gold - the
basis Of exchange and measure Of values.
This belief i supported by the leading
economisss Of Europe and America and
seems 70 b constantly gaining sdhsrsnts.
There b secondary cause Of the fall OF
prices of the American staple products
wheat and cotton-grouing ont Of the fact
that the sitvsr rupse viii buy wheat or
cotton In India ~ Substantially the same
rate a. formerly. whereas the silver can b
bought in London 50 per osnk or more BE-
Low it, former price. The effect of this 10.
cautiously illustrated By she following COM
parison from q pamphlet by Ivan @.
Michsls. publishsd in Washington City In
1851:
The average export price Of American
wheat during 1855 was 81 csnts per
bushel; freight 20 Englsnd. sk cents per
bushels insurance. etc. 20 csnts par
buahel: total, $l00 psf bushel. The aver
49, price In London as this time W. $LosK
psr bushel.
The export price from India q - same
time was, in silver. 50 cents Per hnshel;
freight to England, 1l3< csnts Per bushel;
insurance. So cents per bushsl; total. $lis
Per bushsl.
The average price for Indian wheat at
this time Vas eeK csats, showing IN ap-
parent loss Of o01 cents per bushsl. Bat
this loss and fair margin Of profit Vas
recovered by the remittance Of council
bills on India at $50 par cent discount to
pay for the wheat
Interesting opinions upon this branch
Of the subject may b found In the report
OF the Brnsssls monetary conference last
gear and Of the royal commission In lSS&
No review Of this subject 10 complete
which fails 70 meet the statement put
forth BY some Of those who do not admit
that the movement Of all prices downward
since ISIS u due 70 the appreciation of
gold, 10 the effect that labor 10 the chief
commodity that most men have to cell, and
that II the appreciation Of gold were the
real cause Of the decline Of values II would
b seen In decline Of wages, the price Of
labor. II - claimed that labor has not de-
cltned. hence that the rise Of gold il not
the cause Of the decline In other thinxa
This objection fails bscauss founded IN
the 6rss place upon false premise. and,
second, because IL hes failed to consider
certain peculiar conditions which inter-
fare with the influence Of the rising value
Of gold. These modifying conditions grow
out Of the power Of labor organisations.
Ruk In npStn ~ Ah~~n SHx>d;fsav,a iii ~
fonnd thst Tia mis- If I.hor he. .nh.t.r.
tisllv d.cl,r.d .ircs fs7s IN .vwrsthr
with the fall Of silver and under the
pressure OF the rise Of gold.
During the thirteen years from 1850 to
anst,,s. ~ ths T,;t.d n+ssse-..S,..a -
gold basis-advancsd 90 pss cent Aftsr
1873 and down 70 1857 the rate Of wages
fs7S Ae.- iss7 49, s,av...sa ...;.
..,.ht,~ ~ .~...es.. :. 80 49,
80. n.t ,s.sr.I- 49, ~. -.
$500 :, . rcsrs =. No. sh.s - ,s-s
$50 .,.sh.h,r -. .r~.os.h.s a.
go. a. .ss,t;rs Mini T. sssn =
r. -. =. u,-sd sh.. -hsss a 4. 49,.
th.t -. ~ ec,,o-sa a.. ......, 81.
~ ~, 49,, .....,cas.;.. 4, ..Sr..h- -sss
o.. ~ a~.,;.. -. -. .-.r.~..~sss
q. ~ 49, .ss,,.s,.. - ~. Ss;,- ka..-. -
IN. Th. s-;Ssns. -, ~. ~ 49, -.
40 sh,. -sSr.ssc, ar-,r shs rS.ssa..
1891 ~ M. ir,r;,v hs. 80 -. -.
s--r...-s 49, - ~. h....A~. .ss
80. -. - r..c-.:a n. -. 80.
hsrd NOR ths DECENTRALIZATION a ss,.s.
49, 49,. 4, 1a7s ths-. -. . .ss,,.ss.-
- 49,. ~c,,, :, a. .src. ,afo .,rarrss.-.a
n .-.-.r. "a ali indn.t,;.. "a 49,
,.r.h. - an hor, -, Az ASs., rs7s "a
Sc-r - ,sao anr,re : rsrioa ~ ..v.n...a
vsar, the ~ntire avsrass rsduction ~ ~.