New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-13
POPULAR OBSERVATIONS.
BOTTOM PRICES.
FARM PRODUCTS DEPRESSED MORE THAN
MANUrA CTUREs-E OF THE
M'KINI.EY ACT AND THE DEMO
CRATIC POLICY CONTRASTED

FACTCRES-EFFECTS OF THE
M'KINIEY ACT AND THE DEMO
CRATIC POLICY CONTRASTED.
To the Editor OF The Tribune
Sir: In these days OF "a change II mas become d
tiresome thing repeat the announcement year ar
ter year and month after month that prices OF COM
modites are on the whole. the lowest ever known
This wear there have been two such interesting
points already, one occurred In February ana i
happened Just after II became known that con'oi-
nation OF silver Senators would defeat the Peho''S
Tarin bill Prices then fell for the first time 10 Il
pont almost IS per cent lower than that OF January
l. 1850 Some recovery followed. but April brought
n ain lower average more than s. per cent below
the level OF January l. 1864 The fall from February
81 to April was nearly per cent in eresdstuns ana
meats, and little per cent In clothing ana
materials for clothing.
Tn. wear ,Sso Is taken as a starting point because
its prices were as far as can now be DETERMINED
close to the average for the previous forty years
and because II was the last year Of uninterrupted
operation % the DemocrstS revenue tarin ana win
rcid prices Protective duties sfterward came o"'
for years the war restricted or concealed theW IN
Auence and after the war the effects or price-nsA-
ing In q depressed and nuctuatins paper currency
completely masked and IN part defeated th'> hnu-
snce OF protective duties until specie resumption IN
.s7a Hu, from that time the growth OF Industries
and the development OF transporting asenc'es mSue
rapid and remarkable changes There followed the
reduced tariff OF isS. under which that progress
was materially retarded. although something was
eth gained In many industries Democratic sue
cess In iss< though II no power TO change 'he
National polic> caused distrust and appre-
hension, and President Cleveland's wool message
opening direct warfare on vital parts OF the pro-
tective system. caused more As the president 'heh
mn, A. the problem With which the country had 10
do was that Of a dangerously large surplus revenue
.h,.sx =
certainly has been able 10 g-, rid OF surplus. Al
al events with the Mills Tariff bill pending IN july
1854 tho prices In this country dropped prScV's"N
20 the British level that Is. the dechhe IN COM
moditi.s generally from January. 1859. 10 July INN
was In Great Britain 81 q per cent. ana IN 'his
cNuntry si9S per cent. A rise here followed the
Democratic defeat In November. but other causes
brought about greater rise abroad. 50 'ha' q"
both sides OF the prices when President hai-
rison insurursted were about ~ per cent oeio"
the level OF iSS
STIMULUS OF THE MKiNLEY LAW
shor, crops caused further rise abroad III NV
Aut the Mckinley tariff went into ereci IN October
ps that year With American prices 1918 per cent De-
low those OF l~O The wonderful development "
industries which followed is remembered by all
The actual consumption Of pig iron rose IN l~- 10
ANs5ss tons OF cotton 10 2.'0eil bales OF WOOL 10
6Op0O0p pounds. and shipments from hos'oh o'
boot. and shoes rose 70 S,cs S cases. bank clear
W.
sN 900 90 In almost every branch these were the
highest records ever attained. With this expansion
of production prices were gradually reduced 10
ssSs per cent below 1860 on October l. l@2. British
prices being At the same time 2St per cent oeio"
iSp The decline was so distributed. and Was so
far the legitimate result Of healthy expansion. tha
the highest wages and the largest production ever
known were at that time realized. as well AS the
chezpening Of products 10 consumers. Then came.
An the very mex, month. the vote for "a change
DEMOCRATIC RESULTS.
II 10 not necessary say that the results during
Che last three and half years have been OF an
ocpcsits character. Low prices nave come not as
fruit of progress and prosperity. but as the result
Of disaster Much the lowest prices ever known
have come no, as a legitimate result OF vastly eN-
banding production sustained by vastly expanding
demand but as Consequence OF the greatest ce-
crease IN demand that has been witnessed since
statistical records Of modern fulness ana accuracy
were commenced. How great that sh-inkage may
have been in 1851. For example. when the outbreak
OF the Civil War suddenly cut OF large part OF the
consumers Of manufactured products. there are no
euffcent records show but since that time 'hsre
has certainly been no such violent disturoanc" A
has appeared within the last three years and IN the
a,sht OF such records "a do exist II seems highly
rren.bls that neither the civil War nor any oihe-
disturbance for more than my years. has ever pro-
duced 50 great change In the purchasing ana con-
Stunning power Of the people In consequence, al
though considerable part Of the working force mas
been idle much OF the time Tor three years. prices
nav. arorped far below all past records because the
,,rouction is nevertheless N excess OF The greatly
reduced demand to- American products
The articles quoted In the comparison OF prices
here mentioned include wheat -four and other ar'i-
ces An the breadstus class various kinds OF meats;
dairy and garden products with eggs. hay, vegets-
h,es apples and raisinss tobacco. hops malt
Nouors coffee. tea. salt and variety OF spices max
tns In all about forty quotations In the food classes
vranv quotations OF wool and ten OF woollen goods
c,t,on and eleven classes Of cotton goods ten quo
cations Of hides ten OF leather and twelve varieties
of boots and shoes. with carpets SIX and indA rao
A.r seventeen quotations OF iron and steel products.
coal petroleum and other metals; and N the mis-
~>llAneous class lumber brick. lime. glass. nerlp
ana ccrdaxe. paper. twelve kinds OF paints ana
6fty-nye Of chemicals. drugs and fertilizers, max
sn~ 10, quotations all the classes. and all OF these
are taken such quantities as closely 10 represent
she,r relative importance In the actual consumption
~ the Nation TIE cost OF the same quantities. and
qualities January l. 1850 and April I. 1895. was as
SrOs 10 ~ 81 showing fall Of 1913 per cent since
$50. against about $.a per cent m british prices
according 70 the tables Of The London Econo-
mist" Since last November. British prices have
declined ss per cent. but American As per cent
A SIGNIFICANT FALL IN PRICES.
m. decline since the Mckinley act went into
.6eot has been as follows: as per cent under tina,
act undisturbed. October l. 1897 and Hall per cent
aimee that date @5s per cent In all But TINS de-
elm IN all prices vas very uneausily shared by the
sefNer>nt classes Of products The following SHOWS
the ratio OF prices In the various classes IN OCTOBER
aea juss before election OF President Cleveland
ana April l. isss, TO the prices OF October l. isc.
vhen the Mckinley act wen, into eject.
fSf 2 of s.r t ssss A Fer s isss
Bresdsturs .............-...'.'.'- -. sSSs
~ products and v.s..SIes........ $50 I.S;
= Fsrrn proelcts above ......-.--..... $40 't~