The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-24

| boouS uhu iHis-
cellaneous articles at 951. These results
of the investigation establish three facts
which have an important bearing upon
the present controversy. The first fact
established Is that the prices Of articles
OF food which are the products of the
farms, gardens, orchards, and dairies of
the country. were about per cent. higher
than they were In the year 1860, long before
the silver legislation now complained Of;
the second is that the fall In prices Of
these farm products since the year 1873
has been much less than the fall In the
prices Of the commodities the farmers
have to buy; and the third Is. that the
reductions In prices have not been, uniform,
either as to particular articles or groups
Of articles, and therefore cannot be at
tributed to one and the same cause-to
the appreciation of gold for instance.
The conclusion is inevitable that various
influences have operated to produce
these change in prices, some affecting one
group of articles and some another and
doubtless some affecting all, but to no one
influence can the whole result be attrib-
uted Cotton and wheat are the commodi-
ties most frequently referred to by those
who contend that the fall In prices Is
due to the appreciation of gold, but there
Is nothing whatever In the methods of
producing those articles, or in transport
Ing or selling them, or In the character of
the money received for them, which would
make the appreciation OF gold affect their
prices more than 1t would affect the prices
OF other commodities produced by our
people. In addition to the various causes
which have more or less affected the
prices of all articles. the prices OF these
two products have been seriously affected
bA tl,nt,,
tion since the year 1872, which was the last
crop year preceding the legislation i'm re-
gard to silver. The production of cotton
In this country in 1928 was 2,97i, ,351 bales
containing an average Of 439 pounds net
weight, while the production In 1894
was 7,oi9,Sl7 bales. containing an average
or 412 pounds net weight, or an increase of
nearly 200 per cent In this country alone,
besides the great increase that has taken
place in competing countries and I'm
ls9i-'5 the production here was much
larger. being nearly 100000 bales. Ac-
cording to the statistics of the agricul-
tural department, the production of wheat
In this country in 1872 was 2i9, ,997, 100
bushels, and in 1894, 4G0, 416 bushels, or
nearly twice as much, and there has also
been an enormous Increase OF production
In competing countries But, gentlemen
Notwithstanding the great increase in the
production of cotton and wheat, here and
IN other countries, and the consequent de-
cline in their prices, a given quantity of
either of them will now purchase in our
own markets and in the markets abroad
larger share of many other useful com
modities than it would have purchased in
1872 or 1873. SO that, In fact. as compared
with many other things, the values of
cotton and wheat have appreciated.
Wages Have Risen.
The one thing which has been less
affected by the changes in the relation be-
tween supply and demand, by improve
ments in the methods of production and
distribution and by the other influences
which produce fluctuations in prices of
commodities generally, is labor, and it Is
by far the most important single source
of income possessed by our people, a much
larger amount being expended every year
in the payment of wages than for any
other purpose. The cost of labor in the
manufacturing and mechanical r,i lstries
alone during the census year 1889 was
22S3,2l6,5 which was nearly two and
one-half times the value of all the wheat
and cotton produced in the country; and
If we add to this the amounts pail for
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In mercantile establishments, for domestic
service and for work on railways of all
kinds, on water craft, on streets ard
other Improvements in the cities, and in
the many other occupations which give
employment to our people, we should have
sum almost, If not quite, equal 20 the
value of all our agricultural products.
1t Is evident, therefore, that If the alleged
depreciation Of gold alone has caused n
reduction of prices, the wages of H. Dor
the greatest commodity in the market
should have fallen since 1873; but exactly
the reverse is true. The Investigations Of
this subject by the subcommittee covered
a period of fifty-two years and embrac ced
all the occupations In which our people
were engaged. and the fact, unanimously
found, was that, although eighteen years
had elapsed since the silver legisletion
the wages of labor were higher than in
1872 or 1873 Wages were found to be
nearly 6l per cent. higher han IN 1860
which was thirteen years before the silver
legislation, and more than 8 per cent
higher than In 1873, when that legislation
was adopted.
The argument that the reduction of
prices is due to the appreciation of gold
is necessarily based upon the further as
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to silver has produc,l scarcity Of re-
demption or metallic money in the world,
and that prices are liked and regulated
by the amount of such money in circuia-
ton, or available for circulation. Neither
of these assumptions is justified by the
facts. The most exh luS.i - efforts have
been made from time TO time by the trcas-
ury department, through th' director Of
the mint, by careful examinations of the
| monetary statistics of other countries,
by correspondence with gu: diplomatic
and consular represent i'ivcs abroad ami
with foreign financial authorities. and
otherwise, to ascertain the actual amount
of gold and silver used as money in the
world. and the result shows that there Is
now more gold and silver in the aggregate
and more OF each one of them. in use as
full legal-tender money than there ever
was at any other time In the history of the
world. The gold in use as money amounts
to So, ,965. 800 900, the full legal-tender silver
amounts to 50, 435, 800, coo, and the limited
legal-tender silver amounts to $69, 800, 900.
The policy of maintaining, or rather at
tempting to maintain, the so-called double
standard never succeeded in keeping so
large an amount of full legal-tender silver
In circulation In the world as there is at
this time. and one of the principal reasons
for this is that the effect of the policy
was to drive first the coins or one metal
and then the coins of the other INTO the
Golfers of the hoarders or into the melting
pots, because they were under-valued in
the coinage laws and would not remain
in use as money.
The Per Capita Argument.
attach very little Importance to the per
capita argument, because the amount of
currency required in a country depends
mainly upon the volume of business to be
transacted and the customs of the people
In conducting their exchanges, and not
at all upon the number of men, women,
and children residing In 1t, but, as there
are u great many who believe that the
circulation should be regulated by the
census returns, 1t may be worth while to
state that the production Of gold alone
in 1Sg0-and Il Is much larger noW-was