New-York tribune., 1896-05-30

to repeat the false assertion that the prices OF
1879 were normal, and would have been man
tained but for silver demonetization
far more elaborate comparison made hve
vcurs ago by the Senate Finance Committee
with preat labor reached results little differ
cnt. but vet essentially the same. making the
average of prices 800 per cent higher than In
1860 A still more extended and thorough COM
parison. IN which the relative importance OF
articles is strictly regarded, makes the average
of prices May /, 1873, 2S.9S per cent higher than
Mt the same season in 1860. But the exact de-
tails are not essential Everybody who respects
fncts at oil has known for Il long time that the
prices of 1873 were unnaturally high, ana from
25 to 80 per cent higher than the average for
many years before the War, in spite OF all I'M
provements In manufacture and transportation
by which the cost Of products had been greatiy
reduced There is now abundant and conclusive
evidence that In cheapening of transportation
alone the value Of articles ut the principal mar
kets had been materially reduced by 1915 ana
vet selling prices had then been advanced
first because of the depreciation OF the paper
currency In which prices were then reckoned'
and. second because of the extraordinary spec
ulations In 1872 and 1873 which had greatly
inflated values. Nor was this imitation OF values
confined to this country. British records show
that prices there were also nearly ID per cent
higher than in 1860, Notwithstanding the cheap
ening Of production and transportation
No one can fail to recognize that reaction
must have cone after such imitation. whethcr
silver had been demonetized or not. Nor IL
there any sane man who does not know that the
fictitious prices made here in deprecated cur
rcncy must have passed away when thc cur
rcncy had been restored to Its nominal value Dy
specie redemption. Before that change came
In 1879 prices had already declined to poiht
about 20 per cent below the level OF 1SGO, which
difference was In great part due to the wonder
ful progress Of nineteen years In cheapehihg
OF production and transportation. To assert. III
the face OF such records, that the prices OF 1865
were normal and would have been mninfancd
but for cessation of silver coinage. Is one OF the
most impu1ent untruths ever uttered. ana yet
it is the very cornerstone on which all the pre-
tensions OF silver theorists have TO rest.
II IS m interesting fact that at this point the
silver theorist Is only repeating the claiIor oi
the fat.money fanatics who resisted specie re-
SUMPTION and pretended that the people were
somehow robbed by restoring the pledged an.
rightful value Of Government notes. The prom
isc to pay 81 was actually worth in 1913 mol
much above 50 cents. and the enemies OF :he
public faith and National honor insisted that 1t
was n wrong to have the pledge OF tn" Nation
redeemed Then, as now. they asserted that
the greatly inflated and largely fictitious prices
Of 1873, made in deprecated paper ought to
be maintained The silver men OF today are
only more cowardly successors and i'nitators
of the tat.moncy men and repudintors OF twen-
ty years ago even borrowing their most glar
Ing faisehoods. though no longer venturng
openly to propose q population Of the Nations
pledges.