The times., 1897-12-30

Sg4, second session, Fifty-second Con
gresS- tables showing the movement IN
u, ices in the United states. Prices have
in general further fallen since 1891.
Now, YOU may urge that this fal III
| prices and inctcased purchasing power of
| gold was due, not to an increa sing value u
gold, but to general improvement, AMI Il
general che8pening of production. But ad-
iatting il Was; did this make The rise :n'he
purchasing power OF gold right and just?
Clearly, Nith such rise the creditor classes
| with fixed incomes, classes that seek 10
| shift the uncertainties of business ipon
other shoulders, have had their incomes IN
! ceased. And suppose this increase las
| come from chpapening OF production, ani
| not rise iii gold, what have these cTeditc's
/ dclc to carr. il? Nothing, absolutely
| rot hing. lt Is the enterprise OF the en-
| pitSer. the Ingenuity Of the wage Gamer
| ii at has brought about the cheapenin;5 OF
production, and they, and they alone, are
| entitled to the benefits OF those efforts.
| However, IL is not alone to cheap paning
| "t the labor cost OF production, but also
| to an actual appreciation OF gold, that
| tn, fai; i'll prices since 1872 has been
| in great part due. And his appreciation
| ha'. grown out of the demonetization OF
| silver, which has increased the demands for
| gold This is a question that every producer
| can answer. Has the fan i'm prices cni-
| tailed nay earnings? If the fan in prices
| has been due only to general improved
nett uds OF production, a lessening IN The
| true cost OF production, he has suffered nc
! loss fIom such fall. Moreover, the fall n
| price. since s93, fan i'll prices common
| to al! gold using countries, a fall in prices
OF 70 per cent. has not grown out Of
| Improvement III machinery Sclusively; that
| the labor cost uf production has not been
| ms eased by -fifih Ia these past ?Jur
years and that, therefore, the cause of
| this fan in prices must tie in what II
not il dearer money, aud was due primarily
to ar appreciation in gold.
To one OF two circumstan ces, however
1 want TO direct your attention, for If you
| ponder over item with due weight you viii
not claim that movements in prices are
| solely due 10 inventions OF labor saving 'n4-
| chinery, economies in production, cheapeE-
| ing of the means of transport alton, ;nd
| that changes III tie value of money have
| nothing TO DO with the movements of
| prices. Changes in the value of money lave
| largely influenced the movements of prices
| during tic last half Can tury, and were great
| factors in the price movements during )ue
| long period During the quarter of a century
! folwing the gold discoveries in Califor lil
| tncrc was much progress in the line Of n
| ycntion. much introduction Of labor saving
| saving machinery, much cheapening in the
| labor cost Of production. This on yoM
| theory should lave caused steadily failing
| IriceS. But what happened2 The outpour-
| ings of gold from the Californian and Aus
| tra'ian gold fields cheapeaed gold cheaper.
| ed gold to greater degree than commudi-
| ties were cheapened, and the result WAS
| that prices We're in general 30 per cent
| higher at the end of this period than at the
| beginning. Then what happened? We,
| a:onG with many other nations, closed ur
| mintS to silver. We increased the demand
| 70. gold with the result that gold went un
| i'll ' alue and prices of commodities do W..
| YcG must abandon the advocacy of gold
| mono-metallisin, unless you can show that
| Tia decentralization of silver and the do Ib-
| linz Of the demand for gold resultant thee
| from has not caused gold to grow ,iearer
| and prices lower, TO the great injury lf II
| producers OF wealth.. You should at least
STOW that the perpetuation of the gold
| standard Will not Result in making money
| dearei and human flesh cheaper.
And now just one word as to TIE second