The Yale expositor., 1906-10-26
INCOME AND EXPENSE
HAVE EARNINGS KEPT PACE WITH
COST OF LlVINGl

crease of S320,O31 ,274 In Savings
Deposits and by the Greater Pur-
chasing Power OF Wages.
! 1t Is upon such scare statements as
the following by the Kansas City
Times that tariff RIP ers largely rely
to breed discomfort and foment dis.
turbance:
| 1t Is said that government officials
pave been surprised TO discover, accord
| ing 10 statistics soon to be made public.
that the cost of living advanced greatly
| In 1906 without "A coTrespC ldng advance
In wages Why this surprise? Ii Is moth
ing new. In the present era Of material
prosperity the cost OF living has steadily
| advanced more than the volume Of fixed
| income-not so called wages merely. but
wages and salaries combined. And IL the
| truth could be stated I'm figures II would
be seen that in the present year prices
have continued to advance even above
| those of 1895 and again without corro-
spending increase in incomes. And why
be puzzled about the causes? They are
plain enough. Almost everything that en-
tiers into the cost of living is subject to
| trust manipulation OF some kind. The
| people pay tribute to criminal organiZa-
ton In the purchase OF nearly everything
| they eat, drink. wear or use I'm the build
| ing OF lufnlSnlnB OF tneT nOncS Inc
| cost OF living is not mystery.
The cost OF living has increased great
~ In the last five years all over the
civilized world. 1t Is an era of high
prices. For example, the work people
OF Great Britain and Germany are
obliged to pay more than ever before
for food supplies. Unfortunately, their
wages have not kept pace with the adj
vance in the cost OF subsistence. In
the United States, on the contrary.
wages have steadily advanced in the
past nine years OF Dingley tariff pro
lection and are still advancing. The
best possible proof that the larger
cost OF living does not lnjure American
wage earners Is to be found In the con-
slant increase I'm savings bank deposits.
This Is illustrated in n report for the
fiscal year 1906, just issued by Superln-
tendent Kilbnrn Of the banking depart
ment of the state of New York.
This report shows gains In two years
OF close to $190,0O0.OO0 In the savings
deposits of single state in spite of in
creased cost of living. If the wage
earners Of New York state were In 1906
able to Increase by $50, 164, 1880 their
savings over their deposits of 1905 IL
must be that they had something left TO
lay by after paying their living ex-
penses. The same condition obtains
throughout the country Everywhere
the savings deposits show large in
crease This does not indicate that the
wage earners OF the United States are
being impoverished by Increased cost
OF living. 1t proves exactly the re-
verse-that they are living better than
ever before and are getting richer all
tile time.
Recent figures contained in an official
report OF the bureau Of labor in Wash
ington fully confirm the contention that
the increase in wages has more than
kept pace with the increased cost Of
living. This report shows that In 1905
the average wages per hour In the prin-
elpal manufacturing and mechanical
industries of the country were 10 per
cent higher than In 1904. that the aver
age hours OF labor per week remained
the same rs I'm 1904 and that G.3 per
cent more persons were employed in
the establishments. AS there was no
reduction In the average hours OF labor
per week, the average weekly earnings
for each employee were 1.G per cent
higher than In 1904. As there was an
increase in the number Of employees
as well as in the weekly earnings. there
was an increase of s per cent in the
weekly earnings of all employees.
The figures of the bureau Of labor
relating to wages and the figures relat-
ing to the increase of deposits I'm saw
ings banks agree In showing that there
has been a steady gain in the net In
comes of American wage earners since
the era of low wages, low prices and
diminished employment ten years ago
In the period of Democratic tariff re-
vision. They show n larger purchasing
power and n vastly increased volume
OF wage earning In these times OF pro
lection prosperity, and they also show
a healthy increase In savings. In spite
OF the greater cost OF living there has
been an increase of $326.031.274 In the
total amount of deposits In savings
banks since 1908. In 1908 the total
savings deposits were $2,935, 204 ,S45
while at the close of 1905 the total had
increased to $3,261 ,236,119 The total
for 1906 will undoubtedly show a fur.
Their gain.
There Is no truth In the assertion
that the high cost of living has over
balanced the higher rate of wages.
Exactly the contrary Is true. Ameri-
can wage earners are laying up more
money and owning more homes than
ever before.