The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1896-10-15

Recent Economic Changes, aud the
greatest American authority on the
2suse IF falling prices, has a full page
article Oh this subject in the New York
Tribune OF Sept. !. He finds that there
Ia. heon a universal fall in prices. aver
aging 80 or 40 per g since 1878, but
that it is only in this country that the
fall j. attributed TO the characterization
of silver. Continuing, he says in part:
Granting. as every Intelligent person
must, that the recent universal decline
il 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
Generalization Of silver in some coun-
tries. and the closing Of the minis IN
other countries TO it's coinage.
TIE appreciation Of gold, helped by
an alleged enforced scarcity of silver,
and a decline in price seem, therefore,
10 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 pl~ausibility. But
plausibility is not proof, nor assumption
truth, as is strikingly illustrated by the
claim Of the Rev. Jasper, pastor of the
First colored church in Richmond, Va,
that 1.-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 if the earth moves 10 miles every
second. as the astronomer bugs tell us,
would not every movable thing fly Off
its surface as mud does from Il revolv-
ing carriage wheel? And as nothing
does fly off, is it not certain that the
earth stands still?
Investigation in the case of the Rev.
Jasper and the advocates Of the gold APP
probation theory will. however, lead to
different conclusions. 1t is to be noted,
in the first place, that the advocates OF
the latter theory, in stating what they
assert to be the truth, never express
themselves other than generally, in all
hat 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-
clined 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 it
cannot be done.
On the other hand. not u single COM
modify that has notably declined in
price within this time can be named in
respect to which clear, abundant and
specific evidence cannot be adduced in
proof that this decline has been due to
decreased cost of production or distribu-
tion or to changes in supply and de-
mand occasioned by wholly fortuitous
circumstances.
Nobody, furthermore, has ever risen
TO explain the motive which has i'm
PEELED the honest sellers of merchandise
all over the world during the last 25
years TO take lower prices for their
goods in the face OF an unexampled
abundance of capital and remarkably
lew rates of interest. except for one or
both of two reaSonS-eXcGsS of supply
or diminished demand. Has any one
ever attempted TO explain how it has
happened that during the recent period
OF tine fall Of prices the worlds stock of
money. and especially of silver, has been
constantly increasing?
Is 1t nor plain that Il phenomenal de-
cline of prices Ill two parts Of the world.
with entirely different monetary cCndi
tions. must have had other causes than
characterization of silver III the United
States. which took place. if It ever did,
a comparatively short time ago (repeal
of tie Sherman act III 1899. and which
has not prevented yearly $500. 900, 900
OF silver credit money from circulating
III che the country at its tull nominal
v:luef
'IL.at the price Of labor measured IN
GoiI has not declined, bar increased ii
Il mar..c,! degree cvcryWhpre in The
civilized world during the last TA3rter
# Il century, has been already com
iuurjcd on: hence if the purchasing
rover Of gold has Increased during this
period n given amount Of il WoHld have
Purchased more labor ANA moi less. on.
what Is the same thing. vases would
have fallen, which they have not done.
Measured by the price of labor, gold
.aS Enthusiastically deprecated, and
recent careful examinations indicate
lat the ratio of its decline has been
from 100 in 1873 to SIS in 1893. Meas
llcd also by the decline in the rate of
interest on such established gold pay
i:S securities rs British conSOls, the
" lio has been from leo in 1870 to - in