The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-05

influential religious journal published by
DR.. Lyman Abbott in New York, touch
ing the report of the Royal Agricultur-
al Commission. They give whitening re-
buke to all those who are saying to us.
in the midst of our agricultural depres-
sion, that all is well and the cause Of
silver is dead.
In its issue of September 4th, the
Outlook said:
1.-THE report Of the Royal Agricultural
Commission, whose inquiries have been
for some time concerned with the causes
of English agricultural depression, has
just been issued. 1t assigns three main
causes: the fall in prices, foreign CON-
petition, and the cost of production. The
report declares arabic land to have de-
clned more in value than grazing land,
and deals exclusively with the sta
tistics showing the decline in prices of
agricultural products. 1t finds ID that
during the last twenty years the price
of the three staple cereals has declined
more than 40 per cent; (2) that the
price of beef has fallen during the same
period form "a to 40 per cent, and that of
l..
1SS2-S4; 81 that wool prices have de-
clined more than so per cent. since
1SS2-S4; AZ that the chief articles OF
dairy produce-milk, butter, and cheese
have declined nearly 80 per cent; Is,
and that hop prices have come down to
an Improbable level The report notes
the suggestive fact that increases in the
imports of certain articles correspond
pretty nearly to the decline in their
price. 1t also finds that the burden of
depression falls more heavily ON the
landlord than on the tenant. The menu
bers of the Commission, while practi-
cally unanimous as to the cause of de-
cline, differed in regard to the remedy.
Ten of them deny that foreign competi-
ton is as much to blame as are great
monetary changes which were made in
certain European countries and in the
United States in 1873 and 1874"
The Outlook seems to have been i'm
pressed by these findings, and it returned
to the subject editorialy in its issue of
September 18th, saying:
'"The Bimetallist," of London, pub
fishes an abstract of the report of the
Royal Agricultural Commission, which
shows that this document is even more
distinctively triumph for bimetallism
than earlier accounts indicated. Ten
OF the fourteen Commissioners who sign
ed what is called the "main report" join
in supplementary report" declaring
that bimetallism is the one practical rem
edy for the depression OF agriculture All
the Commissioners had agreed that "the
chief cause of the existing depression is |
the progressive and serious decline in |
the prices of farm produce" The ten
Commissioners who sign the supple
mentary report take his proposition as |
the basis of their argument, and urge
that, since the fall in prices is due to the
appreciation Of gold, and the apprecia-
ton or gold is due to the decentralization |
OF silver, therefore the English Gov
eminent should combine with foreign
powers to effect the remonetization of |
silver. what Is even more to the salts
faction OF bimetallists is the fact that
Sir Robert Giffcn, the extreme mono- |
metallist upon the Commission, agrees
with his colleagues that the fall in
prices IS due to the appreciation Of /
gold. With regard to the contention
OF David A. Wells and many other
monometallists that the decline in the
price OF wheat from 1873 to 1896 has
been due to the increase in the supply. /
Mr.. Giffen recognizes the validity of the
official statistics, and says: Speaking
broadly, the figures clearly suggest that
the decline in wheat during the last
twenty years is not due to any great
growth Of production in excess of the
growth of the consuming population.
The facts are rather the other way: the
growth of the acreag e under wheat has
Jagged behind the growth of population"
He adds:
1t is a great misfortune. I con-
slider, that some monometallists re-
fusesto recognize the general fall of
prices in the last quarter of a cen
tury as being, in economic lam
guage, an appreciation of gold, and
as being explained by contraction Of
gold Gas compared with a previous
period Of expansion, which com
menced about the year 1873. The
facts are all beyond dispute. The
cruX of the question is, that where
as for twenty years before 1873.
owing tC the state of the gold sup
ply and demand, the progress of in
ventIon, cheapening of means of
communication, and the like influ-
ences were attended by no general
fall of prices, but prices rather adj :.
vanced, now, owing to the difference.
in the conditions of gold supply and I
demand, the progress Of invention.
cheapening Of means of commune L
cation, and the like influences. have
been accompanied by fall Of prices"
TO Mr.. Giffen, as to bimeta lists. II
is self-evident that If the supply oil
money had increased as rapidly after
1878, there would have been no fall in
prices. Mr. Giffen further admits thar
would result in a general rise
IN prices, but refuses to accept the be-
lief of his ten bimetallist colleagues
that this general rise in prices would help
&. - IA a.sss :.