Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24

for each dollar when silver Is worth Co
ccnts an ounce. because he knows that
silver may rise to Gl or 90 cents per4
ounce before he can sell the product
abroad and BOT his money for It, and
no knows that II this happens tbs.
gold he receives abroad cannot be ex-'
changed for as many silver dollars as
he paid the producer here. lie will not
take all this risk upon himself, but win
compel the producer TO bear II by ro-
oolVlng less prica for his cotton or
wheat, und this argument applies with
equal force TO all other articles II Isl
impossible TO estimate accurately the
amount Of loss which this would las
nlct upon the American producers OF
eNpurtahle products. but II would un-
douhtcdly be very great, as the value
OF our exports OF domestic merchan-
lse iH nearly SS7O0OO,OOO per annum nndi
small percentage upon this large sum
would very materially affect the In
comes OF our producers.
1t In argued that tho existing stand
ard OF value ought TO be abandoned
because since 1878 prices Of comnodi-
ties have fallen, pnd viii continue toi
fall, II the standard In maintained.
80 that Il has been, and will continue
to be. more and more difficult each sue
ooedinR year to pay debtsi that this
fall In tho prices OF all commodities ID
attributable TO the'a appreciation OF gold.
and TINT tho appreciation In the prico
OF gold has been caused by tho alleged
decentralization of silver In Germany
IN 1871 and 1873. the omission OF the
standard silver dollar from tho coinage
| OF the United States In 1873. and tho
suspension of the coinage OF oliver by
France IN 1876. II Is truo that tho
prices OF many things have fallen
since 1873. but It II true, also, that the
prces OF many things had fallen long
before that date, The assertion that
thu fall IN prices since 1879 Is due to J
the appreciation OF gold alono Is based
upon the assumption that tho relations
between supply and demand have not;
changed that there has been no dim
mutton OF the cost OF production andl
distribution, that the facilities for eff
fectlnR financial exchanges have not.
been improved, and, In brief, that tho
world has made no progress In tho
conduct OF its industrial and commor-
cini operations for more than twenty
years, This assumption Is 30 incon-
sistcnt with well-known economic and
historical facts that It seems scarcely
worth while 10 give II serious {
consideration. Reductlona In the
PRICES OF commodities are generally
due to 10 many differcnt causes that -
IN scarcely ever possible to accertain
the extent OF their separate Influences. I
| preaume however, that even tho
most ardent advocate OF free coinage
would be willing TO admit that the In
yontlon and use of labor-saving ma (
chinery, lhe extension OF our railroad
gystomB. the Improvement OF our wa
ter-ways and the great reductions mi
the rates for carrying freight, the
employment of steamships, the use OF :
tho telegraph on land and under the
sea, the application of electricity In :
the production OF light, heat and power,
tho utilization Of by-p-oducts which
were formerly wasted, the introduce
tion OF moro economical methods In tho
processes OF production, the wonderful
advance made by our lnborerB In SKIN
and efficiency, the greatly roduced
rates OF interest paid for the use OF
capital and many other things which Z
II would require much time to onumer-
ate and explain. have affected prices
In some measure. at least. and yet
they ignore all these great Influences
in their argument upon the subject and
attribute the lowe. prices to single :
alleged and inadequate cause.-the APP
probation OF gold presume, ALSO
that our free coinage friends Will admit
that II the change in prices has been
caused entirely by the appreciation OF
gold. tho reduction would have Affected
all things alike, because II cannot be
denied that, in the absence Of other 2
influences, gold must bear the same
relation 20 the price OF one article that
IL benrH TO the price OF another. But
We do not ind thnt the prices OF all D
things have been reduced In the Same
proportion, nor do we ind that tho
prices of all things have In fact been /.
reduced. II would require far more 7
time than could be devoted 10 the sub (
1cct upon an occasion az this TO discuss
the subject OF prices in all it's details. T
nor In II necessary TO do 80 for the pur-
pose OF this argument, because very <
few Illustrations will serve TO nhow tho z
weakness of the contention that tho (
deciine Is due alone 10 the appreciation (
OF gold.
In 1891, 1899 and part OF 1893 hae
the honor 70 serve on sub-committeo
charged by the senate OF the unf.ed
Slater with the duty OF ascertainlnE
the course OF prices and wages OF Ia
Dor for as long u period as authentic
records would enable us 70 embrace
In our investigation. and. aftor a most
thorough and Impartial examipa alton OF
the subject, report was made vnioh
nils four large volumes and ernbDd'es
a mnss OF information upon these sub
1ects which cannot be found In any
other official form. As TO the course OF +
prices and wages the committee WIS
unanimous, though there vera diftcr-
encca OF opinion among the members
as to the causes that had from time
10 time produced the changes. The +