The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-05-27

nm n yorsrpn ~ I'm tru,H-h2vfhg n iv1y1r
Z probation OF the fact that this simple state
inent would be- sufficient 20 overturn their EN-
And now. Mr.. Chairman. having shown by
my colleague own figures that the fall In
lay SO much Is not the only one or even the
great one OF this century that IL did not be-
GIN In 1873, and hence IL not due Ia the cause
yer. )" having demonstrated In the past It's in
competency 10 affect prices teven II that had
been shown "a be desirablel, cannot reasonably
things having been proved Mr.. Chairman: our
side can fairly rest our case and demand the
Judgment OF all candid men
What Caused the Two Great Falls In
Average Prices.
Taking the century as the period for inves.
hgation, and reverting again 10 my chart
for the course of prices, let us try 20 discover
the reasons for those mighty changes In the
level of prices.
this century two periods OF very high prices
and two periods OF gradual fall In prices. Can
any principle or law he discovered In accord
ance with which these changes In price levels
took placer II so, 10 Is very pertinent 10 this
discussion.
Let us see N the two periods Of high prices
have anything In common. The nrst OF these
periods extended from 1850 TO 1874. with Its
highest point at lsUe. IL IL very important TO
remember that these were the years OF the
Napoleonic wars, which cost Europe much
in blood and TREASURE, II II noteworthy, also,
that the second period Of very high prices GOV.
ers the years Of great wars the Crimean In the
early hfties. our own mighty conflict in the
early Sixties followed In the later sixties by
the war between Prussia and Austria and In |
1870 by the Franco. Prussian war.
Now war In great destroyer OF property,
while at the same time 10 takes from the pro-
ductive industries vast numbers OF their best
workmen. ~ Is 2 time OF abnormal demand
coincident with abnormally restricted supply. |
hence n period marked by great wars Is always
period OF abnormally high prices.
legitimate effect on prices produced by long /
period Of peacef
Every person within the sound Of my voice |
men Of for bis oid 'ns
Mr., Chairman. what Is the rational basis OF /
such hopef In it's ultimate analysi II Is this:
Pertaining such hope shall produce more
than he consumes. This Ii the basis of increase |
In wealth, personal and national
Now price depends chiefly ON two things: I, |
the relation between demand and supply, and,
!, cost OF production. IL therefore follows that |
IN long period OF peace. when production
exceeds consumption and when the |
wit OF man Is free to exercise its ingenuity In |
tevising new and better methods OF produc |
lion. prices naturally fall. Thus II has been
the Napoleonic wars at the begin.
ling OF the century, and following the Franco |
russian war OF 1870, came long periods Of
'eace, accompanied by the usual fan in aver
II peace conditions are normal three Incl.
iental results should appear, and all Of them |
ave appeared:
]. There should be Improvement In the |
tandard OF living. This implies
y. That given amount of labor should bring |
anger returns in the comforts OF life, and
T. The demand for more and better things 70 |
nc should show itself In sustained prices for |
hose better foods whose production cannot be |
Increased indefinitely.
What soetbeer's Summary Shows.
Pushing this investigation a little further,
7 US ind out what articles have been most |
nected by the fall In prices.
The price tables OF DIR. Adolph Soetbeer, the |
reat German statistician, are Justly regarded |
J high authority. Let us see what they show |
hen considered. as he himself sums them up, |
groups The numbers In the following table /
e MS index numbers with ls47'50 prices as | /