Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-07-05

omic and social phenomenon that has
been everywhere recognized. Its most
noteworthy popularity has been its
universally; affecting nations that have
been at war as well as those which have
maintained peace; those which have
a stable currency, based Oh gold. and
those which have an unstable currency
based on promises which have not been
kept.
1t is also universally admitted that the
years Immediately precedent to 1S73-i.
e. from 1869 to 1S72-constituted "A
period of most extraordinary and almost
universal imitation of prices, credits and
business.
The period Of economic disturbance
which commenced in 1873 appears to
have first manifested itself almost sim
ultaneously in Germany and the United
States in that year. =
In the United States the phenomena
antecedent to the crisis were enumerated
at the time to be. "a rise of prices,
great prosperity, large profits, high
wages and strikes for higher; larger i'm
portatiOns, a railway mania, expanded
credit, overtrading, overbuilding and
high.llving."
By many writer's on this subject, the
depression and disturbance of industry
which commenced in 1873, are regarded
as having terminated in lS7S-79; but all
are agreed that they recommended. with
somewhat modified conditions and even
with incl eased severity, in lSS2S3. A
full consideration of the larger evidence
which is now (lSS9) available would,
\ lAnrl -
there was really no termination of the
abnormal course of events, the marked
definite commencement of which is as
signed to 1873, but that what has been
regarded as "termination" was only an
"interruption," occasioned by extraor-
binary causes, varying locally, and by
no means universal.
Mr.. Wells also says that the period
since 1873 has shown remarkable de
cline in the prices of nearly all staple
commodities" Mr.. Wells throughout
his book lators to show that the demone-
tization of silver had nothing to do with
the conditions described; but he admits
that 'lising prices and great prosperity
were characteristic of the period pre-
ceding 1873, and that falling prices and
universal depression have characterized
all the years that have followed.
The next witness we shall present i:
the Hon. Daniel Manning, Mr.. Cleve
lands first secretary Of the treasury
In his report in 1856 he says "Begin
ming in 1873 and continuing through
minor fluctuations until now, there ha.
been demonstrated fall IN the prices O
the chief marketable commodities O.
mans use, more than countervailing
! the demonstrated rise of prices from
1918 to 1860, which followed the addi
tion of $1,000, 100000, to the world
previous stock of gold"
Mr.. Robert Giflen, the great Englisl
monometalst, is the next witness. Mr.
Giflen is known as the "militant mono
metalist" because of the savagery o
his attacks upon bimetallists and bimet
allism. In his volume of essays printed
in 1887 he discusses the question of trad
depression, and says: Before 1877
prices were rising, Notwithstanding tn
multiplication of commodities, and sine
that date the tendency has been to de
cline. The one thing which has changed
appears to be the supply of gold and tn
demands upon it,
The Royal British Commission on tn
Continued on TN page.