The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-05-06

s,,.r wears. a-r-ue which the world has
t.-csumahly boon growing as much as an
the former period IN, increase m the sup
uiv has only b-va about d per cent. bul
IN, price instead Of advancing - per cent
as II dId in the earlier period mas d'-
rliued over 80 per cent. AHd u IN" hShI'S
for this disastrous season % l15i-a1 were
,,nv- .t.4fr4aia th,y would show that the
price has declined. relatively 10 that OF
lS.qG. over % per cent. while the supply
eorutarcd 90 that OF lcs9dh VIII prove no
greater relatively than that OF lS'l-Oo TO
that 81 lSI1-N. In one case an advance
iu pric.. OF over 80 per cent ana in the
other "a decline of over 80 per cent, the
increased supply IN the latter period De
ins. less than that In the former.
Here is another phenomenon TO be ac-
r,ant,d for The solution IS not difficult.
I'm The earlier part OF the two periods re-
ferrsl 10 We have seen rapidly INCREASING
supplies Of cotton accompanied by almost
"a. T.,ui,llv increasing prices. and have ac-
counted for the phenomenon by reason OF
the Abnormal increase in the volume OF
the metallic legal tender money OF inc
world due TO the discovery OF the Oah-
foru.a and Australian mines. IN the iat-
ter Of the two periods We nave seen III
.reasing supplies OF cotton, but by no
means as rapidly increasing as In the
case OF the earlier period. Tor IA the
earlier the increase of 81 per cent TOOK
place i'm twelve years. while in the latter
ID took thi-ty-four years TO accomplish an
increase Of q per cent. The normal le-
ouirements of the WORLDS consumption
were probably the same IN both instances
while however, the prices of 1861 snow
"a decline. Of - per cent. as compared WIN
thoS. Of lSsa-el. and those Of lS9i& would
SHOW a decline OF over 80 per cent, Whle
those OF iSss.GJ showed a gain Of over ~
faf cent ON those Of lSit-iS. me SOLUTION
o. the latter problem is that the cont9ac-
zion .u tbe volume of the metallic l'sai
tender money of the world, as pro"bhs
.fout bv tine practical decentralization OF
silver througho the world, has produced
a decline in values generally IhereIoi Z,
II "A. could have judged the period OF
1890 10 ls.S-9i by the light OF the past
saw from what took place between
lSi1-iS and lSa6t, we might nave eNpeGteI
al least stable If not higher values haa
not the unfortunate legislation Of lS'5 IN
Europe. as well as in the United States
stricken down one Of the two great metal
lie moneys Of the world and thus contracted
the volume of money OF ultimate redemp-
ton. with the necessarily accompany 'hs
shrinkase i'm the general level OF values
"Bcncicent'' Fall of Prices.
81 have thus endeavored to establish the
proposition that the phenomenon oil au-
vancing prices in the earlier period III ING
face Of advancing supplies, was accounted
for by the fact OF the large additions 10
tn sipplv OF money Of ultimate redemp-
ton brought about by the discovery OF the
California and Australian mines, ana that
IN. phenomenon OF declining prices IN the
latter period. in the face Of no greater
relative supply than in the former. Is TO
be accounted for by the great contraction
ia the sunny Of money OF ultimate re-
Iemption rs brought about by the Wen
uiah universal dcmonc tiZat.On OF SILVER.
Having thus disposed, successfully, as 1
think. OF Mr.. Atk.nsOn's contention mat
causes other than the contraction OF the
volume Of the money OF ultimate redemp-
tion have brought about the decline m the
price Of cotton. / shall devote merely a
word TO what ne calls the beneficent fail
in values. 1 thiaE that the farmers and
the Dlanters of the south will hardly agree
with him ;S-t this fall is benehcent while
they look ON and see their farms anu
plantarjons sold out for the mortgage
that the larl has been carrying Tor many
Years ard which Il has been Impossible
TO lift with a steadily decreasing value
of rs p-oduct Had there been pari-passu
with he decline in the value of the output
of the land q corresponding decline in the
face value of the MORTGAGE, the behehcence
in the shr.nkage of the value OF the pro-
ducts Of the lanl might 3c more apparent
to the unfortuna;cs who years ago were
forced to cucumber their property, and
who are now being reduced 10 begSary or
to the condition of tenants instead OF
that of proprietors.
Colds Price Is Fiat.
"AIr., Atkinson contends that the question
before the country is whether the standard