The Providence news. (Providence [R.I.]) 1891-1906, 1896-09-29

The decline is nearly one-third from
the prices of 1860. Cotton being about
the same price, il is evident that the re-
duction falls entirely to tine share which
tho cost of manufacturing bears in the
price Of the finished product.
An exact statement of the amount Of
this item is to be obtained by deducting
the cost of the raw material from the
finished product. For the purpose Of
this demonstration l will take print
cloth and New York mills muslin. Print
cloth consumes the lower grade of cot
ton, New York mills muslin the higher
grade. l take the average of the former
at 10 cents and of the latter at ID cents.
Adding 20 per cent for waste, we have
IL cents and IA II cents respectively as
the cost Of the raw material in pound
Of finished cloth. Print cloth weighs
yards and New York mills muslin about
81 yards to the pound.
Allowing for the cost OF cotton at the
rates mentioned, we have the following
sums in the two periods:
1870. 1890.
Cents Cents.
Cost OF manufacturing one pound
of print cloth. ................... 25ss ll%
One pound of New York mills. 80. 361a %
One pound of prints with an ad-
dtional labor process). .......... 5412 B311
We have here reduction in the cost
of manufacture realized during these
30 years of 1411 cents in print cloth
and of like amount in New York mills
shirting and of q cents in prints,
which is equal to reduction Of 40 per
cent from the cost in 1860.
All this reduction and decline Of price
has happened in gold paying countries
under the dominion of the Shylocks and
the goldbugs of Wall street and Thread
needle street. On the other hand, cotton
held it's own in gold prices, although
silver was constantly falling and the
competition with the United States in
cotton raising had become keener, and
this competition entirely from countries
favored by the silver standard. The
ounce of silver by that time had fallen
Go about two-thirds its value from the
time the two metals parted company at
the old ratio of 16 to 1.
lntT8 uEc CtItdlu uldiuluCtuItIs Ii
Lancashire, and dare say the species
can be found in Massachusetts,, who
look with fear on the specter Of compe-
tition from the far east on account of
the decline in the value of silver. As
all these reductions here referred to are
traceable to period when competition
of the Hindoo had barely been looked
upon as anything worth considering,
we can dismiss this matter in toto from
consideration. IL there were any doubt
possible that, aside from the benign in
fuence of "a stable currency. anything
else but the rapid improvements in the
economy of production caused these
great reductions in the cost of manu-
faoture, besides enabling the mill own.
ers to frequently renew their mill out
ft, pay dividends and enlarge their
plant from earnings or from new cap
ital attracted by favorable outlook for
increased earnings, it would be the rise
in wages which has gone hand in hand
with this phenomenal decline in cost OF
production.
The average wages paid In Massachu'
setts, then as now the most advanced
manufacturing state of the Union, was.
in 1860, S2O3 per head Of all employed,
and, in 1890, $3.50 per head per annum,
according to the census, and was fully
as high In 1895 us in 1890.
That this rise in earnings was very
evenly shared in by all employees can
bo sosn from the rates Of the wagcbooks
of particular mills making statements
10 the finance committee Of the senate
for thcir report to the senate. AS rates
OF daily earnings give clearer impres.
sion OF the advance than statement Of
n general average, will give the daily
rates from Massachusetts, mills paid in.
80 49,