The times., 1897-05-02
tlon of History" page 25s. put this most

tion of History page 253. put this most
clearly lie said:
Three causes tend 10 depress
or raise prices; one in the course OF
economical history to raise them, two
others to depress them. The depressing
causes have never overtaken the exalt-
ing cause, except in some insignificant
cases, and every effort is made
to prevent so entire a change in the
relative values as such a result would
effect. II 1t did take place universally. it
is difficult to see how society would ac
commodate itself TO the obligations which
it has created, or suffered to be created,
in its behalf. 1t is a minor, but only
minor, matter that it would effect an en-
tire social revolution, because it would
seriously affect all who had depreciable
property: i. e., working capital and land,
and as inevitably better those who have
that property in which q fixed rate OF
interest is paid for advances. the fund
and debenture holder; /. e., the man to
whom the earnings OF the nation, and
the earnings of individual companies are
pledged, at given rate of interest.
''The three causes are IL the plenty
and scarcity Of gold and silver for the
last 300 years, the elevating cause Of
prices The two others are (2) the dinin-
islied cost of production; (3l the dimin-
ished cost of freight
Here is an opportunity for capitalists
and labor to unite to secure the stability
of prices and prevent the frequent de-
pressions in business that have inflicted
so great miseries ON the people every
few years by sustaining stable currency,
the total number OF whose units will bear
the same proportion to the business done
one year that they will bear another year;
the change in the general range Of prices
being sure Indication of the change in
the total number of units of money. With
out stability in the volume Of money there
can be no safe business, which will
necessarily cover a period Of years, either
the creditor or the debtor suffering rom
changes, and the laborer suffering most
of all for want OF employment
Custom goes d long way in controlling
the actions of men, and changes in the
conditions OF the people for the better
are often blndly resisted by honest but
prejudiced men. Prof. Rogers was prone
to say that 'The prejudice of ignorance
and the bigotry OF science were the great
est obstacles to the advancement OF the
race. II the effects of the past could
be effaced and society begin anew, no
doubt capitalists and laborers could easily
agree upon the division of their profits
so that the capitalist would receive a
fair profit and the iaborer a fair wage
But the start has been from condition
where the capitalist received all except
the cost OF bare living to the working
men. and naturally the former yields up
what has been his with reluctance. Had
the fact been reversed, the workers would
no doubt be fully as reluctant TO yield d;
just proportion to the capitalist. Prof.
Rogers says: In the absence of passion
and self-iIterest men are disposed to be
Just to each other In this contest both
passion and self-interest should be so con-
trolled that the golden rule, What
soever ye would that men should do unto
you, do ye even So unto them.'' would be
recognized by each class ia dealing with
the other.
Some faHacies must be gotten rid of le-
fore capitalists and workmen can settle
their differences satisfactorily. One of
these is that high wages are dear wages
More often high wages are the cheapest
wages, as Mr.. Brassey has demonstrated.
Another failacy is that high wages ac-
company high prices. For two hundred
years after the black death wages were
high and prices were low but when prices
rose in the middle of the sixteenth century
wages did not rise with Them, The