The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-02-02
SUMTER, S. c.. WEDNESDAY. FEBRUARY 2. 1898

IS79-lS95. WHAT'S true Of interest is
IN the long run true Of profits, since in
an economic sense they are one. How
is il. then, tha. prices have fallen. since
no sacri6ce has oeoessarily resulted to
any of the three factors in production :?
An illustration or two will be more
suggestive by way of answer than
q page of argument. A few weeks ago
manufacturers said to me:
ave have just DOW completed appli-
ances which will save by-product
worth to our establishment $4,000 q
year. For thirty years we have help
lessly witnessed waste until hundreds
.of thousands of dollars in value have
gone Into the river and been forever
lost. -
.sWell,n I said. ..be..er late than
never. That $40, 900 a year will make
a good addition TO your former annual
profits. !"
mo he answered, that's the
worst of it We can't keep it. Our
neighbors in the same line have put 10
the same appliances aud the whole saw
Ing comes right off the price Of our
goods Tie consumer gets it"
Neither rent, profits, nor wages we're
sffecsed. except that wages became
more effective as to the command of
soap, the commodity 10 question.
Thirty years ago the price Of refined
petroleum vas $13 SO per barrel. or 80
cents per gallon The price Of crude
oil vas S5 3S barrel, or IL 7-l0 cents
. gallon. The charge for converting
the crnde OIL into q proper illumioaut
for the poor mans cottage was, there
fore. So II barrel, or 10 8 10 cents
gallon. Lsst year the average price
of crude oil was 80 ceo,. barrel, and
refined So SO a barrel /; thus the price
Of transforming crude oil toto re6oed
sas rednced to 81 20 from So II, the
price OF thirty yearo ago. The only
one Of the three factors named as ele-
nents IN production which yielded q
penny to the great decline was land or
rent. since the raw petroleum declined.
Science discovered many things before
unareamed of in the raw prodncss.
There Was great saving to the humble
There was more work for labor There
Was equal or increased resard TO both
profits and wages
A multitude Of similar cases could
be quoted which all would recognize.
IL forty years steel has fallen to less
than one-ffth Of it's former price.
Transportation, the joint product Of
Eiand iaholeaad capital canttolled and
m.nagea by ability, bss fallen more
than one half. but if wages have been
sacrificed In these great economics it is
nowhsre discoverable
In the argumeas from the other side
there 10 not strict uniformity. Some
admit that the fall in price is partly due
to eeoocmizing processes, but maintain
that gold has advanced aud thus helped
the decline in prices The assertion
that gold has appreciated is difficult OF
proof, nor is it easy to refute the pro-
position. Dogmatic assertion is DOT
proof either for OF against that PROPOSE
ton If it te true that it has eppre-
| ciated and the higher value has been
msoifes.ed BY fall in the price of
things for which it is offered 10 ex-
| change. that fact could nos be cited as
prejudicsl to wages paid labor. since
the same wages paid in gold or its equi-
! valent were shns rendered the more
effective
It was in recognition Of this princi-
pie that Prof. Thorold Rogers, an
economist suspected OF bias by reason
Of his well-kaown leaniDgs toward
labor, declared that ..The hissory Of
England for six hundred years shows
that the wage Garner has Jared the best
when BY diminishing supply of metal.
lie money the prices Of things we're
tending downward"
! No, i. is not upon wages sha. the iD-
jurors effect of gold appreciation falls.
It is upon those who own the land, the
forest aud the mines. if upon auy, that
the injurious effect is visited.