The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-09-30
THE FAEL IN PRICES.
The St. Paul Globe saws:

The paper in question is too long
and exclusively written to admit Of
even summary here. BIT the value
OF the work which Mr.. wells has done
upon one or two points in particular
is so great that we wish to present
briefly his conclusions and his proofs.
The phenome nal fall of prices during
the last thirty years,is, as he says. the
bone OF contention over which parties
and theorists are now raging. The
advocates Of the free coinage of silver
charge it TO legislation in 1873. Now,
as Mr.. Wells very justly asserts, if
they cannot bring true and convinc-
ing proof that this act Of 1873 was the
cause Of the fall of prices. and if, on
the other hand, there is direct proof
that other causes were at work suffi.
cient to produce the effects noted,
then this one argument Of theirs is
disposed OF.
Wells notes first that the fall Of
prices has been world wide and not
national. II it were due properly to
the characterization" Of silver, then
we might expect it to affect those
countries in which that has taken
place to a more marked degree than
those in which the silver standard
still prevails. On the contrary, as
Mr.. Wells points out, all trade statis-
tics show that the Chinese and In
dian producer Of opium and wheat has
In all countries, gold standard and
silver standard alike, and among all
civilizations, high and low. the enor-
nous increase in the stress Of busi-
ness competition has brought prices
down to fraction of what they were
before.
This is the first proof. If, now, the
advocate on the other side asserts
that the fall in prices is universal be-
cause it is due to an appreciation in
the purchasing power OF gold, Mr..
Wells is ready with the reply, which
has been often made but never
answered, that the history of wages
refutes that proposition finally and
completely. Ii the appreciation of gold
is the cause Of the fall of prices, then
it must affect the prices of everything:
since it is in their common measure.
But he finds that, on the contrary.
wages have risen steadily and general
ly in all civilized countries since 1870,
more than ever before in the worlds
history. "The average rate OF wages
in the United States was highest in
1890, and the average rate today, in
this country, is higher than that of
any other" In,lnUoother country in
the world, observes Mr.. Wells, do the
people dream of such a thing as at
tributing the fall / in prices, which
they feel in common with us, to any,
thing in their monetary system. 1t is
only in the United States that this
particular delusion' pre- walls.
This is shallow reasoning Mr..
Wells admits that wages were niger
in 1890 than they are today. Does
not that show they iare on the down.
grade? /
II they are higher to-day in this
country than anywhere else that
proves nothing for they have always
been higher here; because this is a
new, and but partly developed coun-
try, with scant population compared
with geographical area. All the peo-
pie now living in the United States
could be put into the single state Of
Texas and the population be no more
dense than it is now in Massachu-
sets.
Wages have not fallen so fast here
as commodities because of the great
labor organizations; but even these
will have to give way il the swarms Of
unemployed continue to increase as
fast In the next five years as they
have in the last five.
England is the great market Of the