The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-01
THE HIGHER PRICES.

Col Carroll ID. Wright. chief Of the
United States Bureau of Labor. has been
collecting statistics showing the rise in
prices in recent years. These statistics
cover a period from 1890 to 1901, and the
figures are based upon the average price
from 1890 to 1899. which is represented by
100. Times began to improve in 1880 after
the passage Of the Mckinley tariff law.
Colonel Wrights figures show that in 1891
the price of farm products was 121-5 com
pared with the average of 100 for the whole
period During 1901, when the cry about
high food began, the price of farm products
averaged 116.7. In the very bad times of
1896, when wheat and corn were not worth
hauling to market and everything the
farmer had to sell was cheap, the purchase
price was 7S.3 From 1873 to 1867 is a wide
range, but how many people who work for
wages and salaries would prefer to go back
TO the stagnant times of 1896, when no in
dustry thrived and would-be wage earners
were idle by hundreds of thousands? Pur-
suing Colonel Wrights figures further, it
appears that the prices of the articles of
food were 1871 above the average for the
years 1S9O-1Sg9, while the average during
1901 was only SO above the average of that
period. In 1896 as much food could be
bought for SIS. so as for $1O5.9O in 1901. Pass
ing on to clothing, one of the highly pro-
tected articles, the same quantity and quail
ity of clothes could have been purchased
for SOL in 1901 as could have been pur-
chased for S113.5O in 1890. In the years of
hard times the clothing which cost S1O1 last
year cost $91.1O. Fuel and lighting cost
more in 1890 than in 1901, but were lowest
in the memorable year 1886. when nothing
could restore the prices but the free and
unlimited coinage of silver at the ratio of
16 to lat least Mr.. Bryan and his follow
ers told us so. and others who did not quite
follow Mr.. Bryan declared that there could
be no advance in prices until the narrow
measure of values, the gold standard,
should be overthrow. Colonel Wright's
investigation covered 261 commodities.
which embrace all farm products, foods.
clothing, fuel metals. lumber, house-fur-
nishing goods, drugs and chemicals In the
whole range the articles which cost s112.9O
in 1890 cost 5000 in 1896 and s1OS.JO in 1901.
1t will be seen from the foregoing figures
that good times follow a general advance in
prices, including the wages of all kinds of
labor. general decline in prices is the
mark of a languishing trade. 1t points 10
Industrial stagnation-to seasons like 1895
and 1896. On the other hand, advancing
prices indicate an improved trade, a great
er demand and busy factories. There are
doubtless people who believe that very high
wages and active demand for merchandise
can accompany very low prices, but they
are not people who are highly gifted with
the power to reason. There are those, Also
who, when corn began to advance in 1897.
| declared that the farmer was getting ne in
crease upon the prices of his products
Now they are complaining of the high price
of food.
One thing should be noticed in connec-
ton with the advance in the price of farm
products and food-the average prices of
farm products and other articles of food
were higher during 1891 than they were in
1901. All over the country there was a
|
food suffered from the drought. The same
thing occurred in 1882. The prices of meat
| and bread advanced because of short corn
| and wheat crops. Everybody must remem-
Der that Indiana did not have much more
than half corn crop last year and that
the corn belt generally was from 30 to 40
per cent. short of an average crop. They
will also remember that the crop known as
garden truck was a general failure last
year. Few potatoes were raised. Prices
were high early in the season and have
continued so. With half a crop of corn and
nearly twice the average price of few
years ago, every article of food must be
higher than when corn is abundant The
packers combination may have taken ad-
vantage of the condition, but milk butter
and meat are naturally higher because of
the high price of corn. Even if the times
were dull prices would be higher when
| drought has cut the supply as it did last
year. The point is that the drought Of last
year. together with the greater demand of
good times. has caused the present high
prices for all sorts of vegetables as well As
the prices of meats.