286 Gold, Silver and the Coinage of the Silver Dollar. 



The advance in wages of labor, has been 50 per cent in Europe and 

 43 per cent in the United States since 1850. See lb. pp. 125, 128. 



" Agricultural wages have risen 90 per cent, while those of artisans 

 and mechanics only 50 per cent since 1850." Mulhall's Prices, p. 129. 



But this is sufficient on the wages of labor. Let us now consider 

 other causes producing decline in prices of commodities. 



" Whenever, without additional fatigue to the laborer, means are de- 

 vised to double the quantity of work he can perform, the ratio of his 

 daily gains is not reduced, although his product is sold at a lower 

 price." J. B. Say, Political Economy. Gregg & Elliot, Philadelphia, 

 1837, p. 303. 



" The tendency of all scientific discoveries and improvements is to 

 cheapness." Newmarch, as quoted by Mulhall, p. 135. 



" The industrial power of nations, between hand, horse and steam is 

 now 802 foot-tons per inhabitant, against 527 in 1850; and, conse- 

 quently, fiye men perform as much Avork as eight could thirty years 

 ago. This involves a saving of 40 per cent in labor since 1850, which 

 necessitates a fall of 13 per cent in price of commodities, unless coun- 

 teracted by other causes. 



" Steam and machinery powerfully aid each other in economizing 

 labor and in reducing prices to a lower level." MulhalFs Prices, p. 57. 



Railways have reduced land carriage, in Europe, to one-sixth the 

 previous charges, thus saving fifty shillings per ton. The saving is 

 equal to a reduction of 9 per cent in value or price (cost) of commod- 

 ities in general. 



Railway freight charges in Great Britain are 17 per cent over the aver- 

 age of the Continent, and more than double those of the United States. 



"The goods traffic of the world sums up four million tons daily, 

 carried 100 miles, against four hundred thousand tons in 1850. An 



" Telegraphs have exercised a lesser, but an unquestionable effect, 

 toward the fall in prices, in enabling merchants to work with less cap- 

 ital; to keep smaller stocks of commodities and to turn over their 

 money oftener." Mulhall's History of Prices, pp. 50, 51. 



Although the ratio of rural population has declined in both Europe 

 and America, the area under tillage has risen 50 per cent since 1850, 

 in consequence of machinery displacing hand labor, and the weight of 

 crops in proportion. A farm laborer in the United States raises as 

 much grain as four able-bodied French or Germans, or six Russians or 

 Spaniards. Mulhall's Prices, pp. 79 and 85. 



