Mohave County miner and our mineral wealth., 1919-03-22

\oShS ouI Dy U. D. DcpI. Ol LouoA|
 The Governors and Mayors in at tendance on the recent Washington conference appear to have been con- vinced, pretty generally, of two things: There is to be no immediate CT marked reduction in the price of building materials and labor wages, and 'an immediate resumption of building and construction activities throughout the country, more than any other one thing, is essential if business is to get back to the Gas usual" basis of peace, or the better than usuap' possibilities of the pres ent and future.
 Some went to the conference be- heving materially lower prices might be had if the Federal Government would "just do something. Others were convinced, that the situation would take care of itself if the Gov ernment would do nothing but keep it's hands off business and let the law of supply and demand run it's course. These latter were disposed to believe prices in the building and construc- industries were too high.
 Tor this reason statement by Prof. Irving Fisher of Yale Univer- sity, an acknowledged authority on price and market conditions, in which he says the United States has reach ysd a new price level and it is doubt ful if prices ever again will go back to the pre-war level, was read with interest. Prof. Fisher says that one certain way to bring about business stagnation is for everybody to wait for business to get better. Prof. Fisher sates it this way:
 "The fundamental practical ques- ton confronting business men is whether the general level of prices is going to fall. In my opinion, it is not going to fall much, if at all. We are on a permanently higher price level and the sooner the business men of the country take this view and adjust themselves to it, the sooner will they save themselves and the na- ton from the misfortune which will come, if we persist in our present false hope"
 This international authority on prices shows there have been times in history when new price levels were established. He says:
 "The general level of prices de- bends upon the volume and rapidity of turnover of the circulation med ium in relation to the business to be transacted thereby. If the numbe, of dollars circulated by cash and by check doubles, while the number of goods and services exchenged there by remain constant, prices will double.
 "The great price changes in his tory have come about in just this manner. The Price revolution, of the sixteenth century came upon Flu. rope as result of the great influx of gold and silver from the mines of the New World. Europe was flooded with new money. More counters were used than before in effectine exchanges, and prices became high. People talked then of temporary fin. flation," just as they talk of, it now But it was not temporary; it was g new price level. A similar increase in prices all over the world occurred between 1896 and 1914 following the discovery of the rich gold fields ot South Africa, Cripple Creek and Al aska, the invention of the cyanide porcess in mining, and the vast ex' tension of the use of bank credit"
 After analyzing our gold supply and credits and pointing out that prices in Europe are higher than 1T America, Prof. Fisher arrives at this conclusion:
 Business men should face ths fact. To talk reverently of 1913-14 prices is to speak dead language today. The buyers of the country since the armistice, have made an un exampled attack on prices through their waiting attitude, and yet price recessions have been insignificant The reason is that we, are on a nev high price level, which will be fount a stubborn reality. Business mel are going to find out that the cleve man is not the man who waits, bu the one who finds out the new pric facts, and acts accordingly"
 At the same time Prof Fisher conclusions were made known ther came from the Division of Publi' works and Construction DeYelopmen