Mountain Home maverick. [volume] (Mountain Home, Idaho) 1906-1911, 1906-08-09


following letter:
In your issue of June 50 there
is an admirable article on 1.-The
Empire and its Trade. . You point
ed out that the ex ports of the United
Kingdom had increased from the
sum of gao, 900, 900 in 1874 to
1901, OOO,0 600 in 1904, an increase
of 25 per cent You went on to
show that the growth of the exports
in the case of Germany and the
United States has been on a much
more splendid scale May L venture
to point out that in dealing with
the period under review any figures
based on the value of trade must be
very far from reliable? From 1874
to 1896 average prices fell in the
ratio of 100 to OF, SO that on the
scale of prices obtaining in 1874.
the volume of our exports must
have more than doubled to have at
tanned the aggregate of 1901, 900,
600 in 1896.
Mr.. Saucrbcck's '-index-num-
bers," which are published in the
Times city column during the first
week of each month, are becoming
OF unusual interest. Since 1896 the
depr eciation of gold in other words
the rise of priccs) is just what we
should expect in consequence of the
enormous yield of the worlds gold
mines. 1t is not too much to say
that never before has there been
such q continuous and rapid rise of
priccs-a rise of prices which could
only have originated in a metallic
initiation of the worlds currcncics.
The late Prof. Jcvons wrote In
ycstigations in Currency and FL
nance, page 1919, of the much less
rapid fall in the value of gold which
was caused by the gold discoveries
in California and Australia, tsTho
country may be said to be calmly
1ookinsg on while every contract,
including that of the national debt,
is being violated against the intcn-
tion of the contracting parties. -
Mr., Sauerbeck's index-number,
obtained by striking the average
price of forty-five leading commod-
years 1s65-1s77, 100; 1896, oil May
1905, II, In other words, the
amount of products which in 1896
would have purchased sixty-one
sovereigns would in 1906 purchase
SGVcIltV-ScNCI1
had the volume of our exports for
the past ten years failed 10 expand
at all, yet the sterling value of
these exports would have shown
an increase of over 25 per cent.
have not a statistical abstract at
hand, but if l could suppl ement my
letter with a footnote showing what
the exports of 1905 would be COM
=
tanning IL 1896 the statement would
be very illuminating
There is every reason to antici-
pate that prices during the next fif-
teen years will rise enormously
will revert to the priCe-1evels
(equals 1907 of the decade 1867
1877. This rise of prices will be
unfairly ascribed to the operations
of trusts and to the advance which
should equitabIy take place in rail-
way and steamship rates. The real
reason, however, Will be in the de-
probation of gold, by reason of it's
abundance. So recently as 1883 the
yield of the mines was only 4, Ola, :
5ss ouncse, while for 1905 it was
10, 211, 41e ounces
One word more. In your editorial
nOtcS OF TINS week you forecast that
Mr.. Bryan is likely to reach the
White House if, as you conjecture
he has ''recanted'' of his free ST.,
yer heresies- If MIR. Bryan in
1896 and bimetalists the world over
merely desired Initiation. - they
have since got initiation with a ven
geance, and inevitably a far vaster
initiation awaits us. IF, however,
we wanted steadier prices and fix
ity of exchange between the yellow
men with white money and white
men with yellow money, then we
have not got II, and we leave that
interesting namely, a scion
tific standard of value and ex-
change-to reward the iabors of a
wiser generation In the meantime
we must be content, as Jevons ex-
pressed IT, to calmly look on while
every contract, including that of the
national debt, is being violated. -
But to the silver mem of 1896
let me only point out that, Wolovv-
skis phrase, silver (the legal ten