The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-10-22

tables of the London Economist, and
the general fall in prices of twenty-six
of our chief imports, which show col
lectiveIy a fall of SO AZ per cent. for
the fiscal year 1895, as compared with
the year 1873.
\
Between 1850 and 1873 the labor
cost of production was falling faster
than since, but prices were not falling
they were rising-and the wage
Garner benefited from improved meth
DDS of production in higher wages.
Since 1873 prices have fallen almost
steadily, and the producer has reaped
less and less reward for his industry.
The only bright spots in our Industrial
history for the past twenty years have
been when prices were rising conse
quent upon temporary measures to en-
large the use of silver.
"Tne most palpable but far from the
most injurious effect of falling prices
consequent upon the appreciation of
gold has been to double the burden of
all debtors and levy a double tax on all
production. It forces every debtor to
pay more than he covenanted to pay,
not more dollars, but more property.
In 1873 the funded debt of the United
States amounted to ST. 20 482 $50, now
it amounts to $747. $50, 400, but the
same quantity of commodities which
it would take to cancel this apparently
much reduced debt at prices of our
principal exports for 1895 would have
paid off a debt of 81, 645. 438 49O in 1873.
Our interest and non interest bearing
debts amounted to some 50 O65 600, 900
in 1873, in 1895 to soma 81, $500 5000,
but it would take tie same sacrifice of
commodities to pay this debt to-day as
it would to have paid g 80, 600, 900 of
the debt in 1873. As with the United
States, 50 it is with our railroads and
other debtors"
These facts, rightly says the Atlanta
Constitution, cannot be successfully
controverted. The rise in gold has
caused lower prices, and lower prices
mean bankruptcy to debtors, ruin to
producers, idleness, lower wages and
distress among toilers. The American
says:
The silver using countries are placed
at a great advantage in competition
with US, for they have been working
on a stable standard and have had no
disturbance of the wages or prices.
With what we look upon as a fall in
silver, prices and wages have not ad-
vanced in silver using countries, while
with what they look upon as an appre-
citation of gold, prices and wages have
not fallen in gold using countries pro-
portionately. The difference between
this depreciation in silver and the fall
in u wages and prices is their profit
in selling to US. To meet this compe-
tition is impossible, for we are handi
capped with taxes and fixed charges,
payable in gold, and cannot reduce the
pay of our wage earne.s without re-
ducing our plane of civilization.
This leads to increased competition
for u markets from European manu-
facturers who, no longer able to dispose
Of their manufactured products to sill
yer using countries, seek an outlet in
the only remaining market-the United
States .-Richmond Star.
We will add that the present rise in
the price of cotton can be no consola
ton to the gold advocates, for other
things are not going up in proportion.
A six million bale crop with a ten mil
lion demand is responsible for the rise.
Under such conditions, with free coin
age, cotton would go to 20 cents.