The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-14

not due to any changes in monetary
systems or in the standing of the pre-
cious metals. Here Is his explana-
ton:
That man, within the last thirty or forty
years, has attained such greater control
over the forces Of nature, and has so COM
passed their USE that he has been able to do
far more work in given time. and produce
far more produce, measured by quantity in
ratio, to given amount of labor, than ever
before.
The increased efficacy of labor by
the invention of machinery and the
discovery of labor-saving processes Is
estimated at anywhere from 40 to 70
or so per cent. This has resulted In
an enormously greater addition to sup
ply than the increase of population has
made to demand. The inevitable con-
sequence is a fall of prices. Says Mr.
Wells: 1.-The average annual wheat
crop of the United States in the four
years 1912 was 244, 900 bushels
Since 1890, the average crop has been
about 570,00O,000 bushels The export
to over 56000,000 bushels in 1892 So
the Argentine, which less than ten
years ago was not heard of as a wheat
producer. exported 900 bushels in
1894. ''The increase in the average of
the annual cotton crop in the United
States in the years from '71-'72 to 49,
80 was more than 100 per cent" Hence
the decline from 40 to so per cent in
prices.
The same facts run all along the line.
Agricultural machinery has made the
labor of one man in the great wheat
fields of Dakota equal to 5000 bushels
of wheat" Excavating and blasting
machinery has displaced more than 80
per cent of labor formerly engaged in
that work. Improved devices have BAN
ished 80 per cent of the labor once
employed in the manufacturer of boots
and shoes. BY the devices in the most
approved cotton mills "the labor of
one man can fully clothe 1000 China
men," 1t is estimated that the dis
placement of labor in proportion to
production in the manufacture of wall
paper caused by the introduction of
improved machines is as 100 to 1.
These are facts within the reach Of
our knowledge and measurement. They
indicate an increase of production so
enormous as to account fully for the
decrease that has taken place in prices.
With this adequate explanation before
our eyes, what unheard-of folly it is
to hunt up an abstract theory about
coinage and currency to explain phe-
nomenon that explains itself.
One other point in Mr.. Wells adj
mirable paper deserves more than
usual attention. Admitting that the
present position Of silver, together
with the pother that has been raised
about it, constitutes a great obstacle
to business success, Mr.. Wells antici-
pated question as to what he would DO
about it. He answers that the rem
edy is exceedingly simple. Here is his
suggestion:
Let it be lawful for every one to bring any
amounts Of gold or silver to the minis. Let
them, after reimbursement of the slight ex-
pense of coming, be put in the form of exist
ing coin. Let each coin bear on its face the
government certificate. of its true weight and
hneness. Then each would circulate and be
payment when rendered in settlement of pur-
chases, debts and contracts at it's market
value. What more can be rightfully asked?
What would be the condition of the worlds
business If it were attempted to trasact it
on any other basis? II silver has been de-
monetiZed 1t will be remonetized and have
every privilege extended to it that has ever
been given to gold.
This is real free coinage with a ven
geance; and yet no sound money man
would raise his voice against it for
an instant. 1t banishes the question Of
ratios altogether. 1t ends all alleged
determinations between silver and
gold, and puts them on a footing of
absolute equality. Let each have free
access to the minis on the same terms.
and let all the bullion that is brought
be struck into coins at whatever ratio
you please. Then simply do away with
the legal tender infamy. Legal tender
acts are simply forms of authorized
AOOSNAJ' IL q OlI VI lIlOIlSy Is DIS ROOQ
as it's face it will pass without any
legal tender assistance. If it is not.
then to make it legal tender is an at
tempt to rob somebody. Let the gov
eminent fix a standard for deferred
payments, which shall not be a fixed
amount of any metal, but a price
measure composed of the average
prices of a large number Of commod-
tiles oyer a long period Of time. Then
let it circulate coins certified only as
to weight and f1neness, and let the
people settle for themselves as to their
value. If they are worth 100 cents
they will pass for it; and If they are
worth only so cents, they will pass for
that, and justice will be done. We
wish that every voter in the country
might read this admirable article of
Mr.. Wells, whose facts are both new
and valuable, and whose conclusions
seem to us to- be irresistible.
STRANGELY SENSITIVE.