Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1917-10-03
In Classified Advertising, r: :;
PROF. IRVING FloFiER'S HITCHCOCK
LECTURES ON PRICE MOVEMENTS


with some breaks, back even 10 the eighth
century.
Thes .edict Of DiocleTon' in 30l A. n.
affords data for a still more ancient and
still rougier comparison. The prices
there mentioned of eleven kinds of foods
are found Thy Prof. Ferguson OF Bryn
Mawrl 10 be on the average 30 per cent
~ 90 per cent Of the prices in the u.lited
States ia 1912. la other words the index
lumber Of prices tor Rome IN 30l A. ID.
stood ut 90 or 90 a. compared with 100 in,
American today. But this does not imply
that the Roman people were better off. On
the contrary, from the same edict we find
that Roman wage were only s per cent
To 20 per cent of American wages in 1912.
That H. the Roman workmen got, say, 10
per cent OF the money wages OF the modern
American workman while he had To pay,
say, halt "a much a. the American for
food. Consequently Of We may trust 20
scanty %figuresl, )he enjoyed only enc
fifth a. much real income.
IL i an interesting fact, that, through
out the ages. while prices have sometimes
fallen. they have generally risen, although
a the Roman comparison shows, this
not necessarily. or even usually mean in
creasing hardship. Prices are now five to
ten times - high n q thousand wear. ago
in France and from four 10 six times a.
high a five hundred years ago.
And so we are not the only generation
to complain of the high cost of living. In
tl. ..t~ -. a.-l tl. .n.
plant that wheat cost from three 10 ten
times it average price during the three
preceding centuries and 'all things else.
whatever. su>ienanee for man. was like
wise raised without all conscience or rea-
SON." We are told thai ~25. two hundred
and sixty YEAR before l7n1 bought a-
much ~ >llU or ~l50 ai that date.
We MAY say. lay the way. that this great
upward movement of prices m the SIX
lcenih century followed the importation
into Europe ~ silver from the new world.
1883 I,oa.
But 81, have ~" really good measure oi
price movements before lss2. AT which
date Jcvon~' idrx number tor England be-
rin~. Between l7ep and 1909 hi index
number rose from 81 tu 1871. or practically
doubled in twenty wears.
Here again II J. significant thar. dur
my these twenty year~. there was y great
outpouring from All" mines. ~ gold and.
silver. especially silver. There were also
the \aroieonIc war~ and deprecated "a
per money.
ls0a- lS4a.
n...-. fNEn ..l I : IN -. en-
von>' index number tell from l6l ~ 81.
That i-. III these forty ycar- English
prices were reduced 10 les than half.
lS49-lS73.
Between 1919 and 1873 ialthoueh with
two Inierruption-l British prices rose. ac-
cordIng ~ >aurrzrck'~ well known index
number. from a a. Ill. A similar rise oc-
Cured in the other countrie~ for which we
have index numbers for that period. name
~: the Uni,ed STATES, France and Ger
many.
Whatever The cause ~ thi~ rise III
prices may nave been, the fact J. that Il
followed closely after the great outpouring
OF Californian and Australian gold and a
rapid development If banking.
lS13-lsg6.
Between 1873 and 1895 prices fell IN
countri's using the gold standard and rose
IN couontries using silver standard.
II Will b. remembered that. throughout
The world and particularly IN the United
States during this period. there was much
controversy over prices and gold. silver
and paper money. We had IN ihi> country
advocates Of the creenback standard. of
free silver, II International Limetalism,