Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-10-01
FALL OF PRICES.


greatest American authority on the
cause Of falling prices, has full page
article on this subject in the New York
Tribune Of September I. He finds that
there has been universal fall in prices,
averaging 80 or 40 per cent, since 1873,
but that it is only in this country that
The fall is attributed to the demoneti-
!; ion Of silver. Continuing, he says
in part;
Granting. as every intelligent person -
must, that the recent universal decline
in prices cannot be due to any local
agency, but must be attributed to some
universal influence, it Is claimed that
such an influence is to be found in an
appreciation in the value or purchasing
power Of gold, owing to Its limited and
insufficient supply, and also that this
decline in prices followed the so-called
demonstration Of silver In some coun-
tries, and the closing Of the minis In
other countries to its coinage.
The appreciation Of gold, helped BY
an alleged enforced scarcity Of silver
and decline in price seem, therefore,
to stand to each other in the relation Of
cause and effect, and the cause Of the
advocates Of silver has accordingly at
the outset much Of plausibility. But
plauslbility is not proof, nor assumption
truth, as is strikingly illustrated by the
claim Of Rev. Jasper, pastor OF the
First colored church in Richmond, Va,
that "the sun do move" and the earth
"do stand STILL" and who has more OF
seeming facts in support of his faith
than can be adduced by the advocates
Of the gold appreciation theory-for
cannot everybody with eyes see the sun
move up every morning in the east and
move down every evening In the west !
And II the earth moves 10 miles every
second, MS the astronomer bugs tell us,
would not every movable thing fly OF
its surface as mud does from n revolv-
ing carriage wheel? And us nothing
does fly off, is 1t not certain that the
earth stands still?
Investigation In the case OF Rev.
Jasper and the advocates OF the gold APP
probation theory will, however. lead to
different conclusions. IT Is to he noted,
in the first place, that the udvocates OF
the Inter theory, in stating what they
assert to be the truth. never express
themselves other than generally, in all
that has been written or spoken In sup
port of the gold theory on either side OF
the Atlantic.
No one has ever been able to name a
single commodity that has notably de-
cincd in price within the last 30 years
and satisfactorily proved, or even at
tempted to prove, that such decline was
due to the appreciation Of gold. And
the reason for such default Is that 1t
cannot be done.
On the other hand, not n single COM
modify that has notably declined in
prce within this time can be named In
respect to which clear, abundant and
speciic evidence cannot be a1duced In
proof that this decline has been due TO
, decreased cost Of production or distri-
, button or TO changes IN supply or de-
mand occasioned by wholly fortu'tous
: circumstances.
: Nobody, furthermore, has ever risen
to explain the motive which has I'M
PEELED the honest sellers OF merchsn-
disc all over the world during the last %
years to take lower prices for their
Foods In the face OF an unexampled
abundance of capital and remarkably
low rates OF interest. except for one Of
y both of two reasons-excess OF supply
or diminished demand. Has anyone
. ever attempted to explain how IT has
:, happened that during the recentperiot
= of the fall of prices the worlds stock o.
= money, and especially Of silver, has beef
., constantly increasing.
A Is 1t not plain that a phenomenal de
/. cline Of prices in two parts Of the WORT
it with entirely different monetary condl
d tions, must have had other causes than
II decentralization Of silver in the United
T. States, which took place, II II ever did
d a comparatively short time ago (repea
of the Sherman act in 1882 and wblcl
las not prevented nearly S0Ooooo'oo
of silver credit money from circulating
10 in the country at its full nominal value
- That the price of labor measured !
y gold has not declined, but increased j
y. " marked degree everywhere In the ely
~, ~ iIized world during the last Quarter OF
~ century, has been already commente
10 on; hence, II the purchasing power q
'. pold has increased during this period
~ yenamountof It would have purchase
NJ more labor and not less, or what
- the same thing, wages would have fallel
which they have not done
Measured by the price Of labor go
~ has unqucstionably deprecated, and r.
-, cent careful examinations Indicate TN
81 the ratio of its decline has been from II
ID in 1873 to SO in 1893. Measured also
"A. the decline in the rate OF interest G
Ia such established gold-paylng sec'rltl
no MS British consols, the ratio has bee
as from 100 in 1870 to Is in In 1896. Ci
,re anybody suggest better measure II
testing this issue?
Has any one ever endeoyored to
.ht plain how an appreciation OF gold h
an reduced the cost Of railroad and wat
zen transportation to the extent OF mo
Of than u per cent. within the lassso yea
nd although the wages of employees ha
ed, notably advanced during the sal