The gold supply and prosperity . antity of goods as in 1884 or in 1859, muchless than from 1885 to 1901 and more than from 1864to 1884, omitting the exceptional year 1879. Measuredby wages the purchasing power of a dollar is now onlyhalf what it was in 1852 or 1853 and two-thirds whatit was in 1869. This means that nominal wages are now twicewhat they were in the fifties, and 50% higher than inthe years from 1866 to 1870. Measured by both pricesand wages the dollar will now purchase less than 70%of what it would in 1860 or 64, only four-fifths as muchas in 1869 or 1879 and only five-sixths as
The gold supply and prosperity . antity of goods as in 1884 or in 1859, muchless than from 1885 to 1901 and more than from 1864to 1884, omitting the exceptional year 1879. Measuredby wages the purchasing power of a dollar is now onlyhalf what it was in 1852 or 1853 and two-thirds whatit was in 1869. This means that nominal wages are now twicewhat they were in the fifties, and 50% higher than inthe years from 1866 to 1870. Measured by both pricesand wages the dollar will now purchase less than 70%of what it would in 1860 or 64, only four-fifths as muchas in 1869 or 1879 and only five-sixths as much as in1896. That is, measured by prices, gold has depre-ciated 30% since 1896, and, measured by both pricesand wages, gold has depreciated 16% since 1896. Itis evident, then, that the appreciating dollar whichcaused so much trouble in 1896, is a thing of the robber dollar of today is, according to Mr. Bryanstheories, stealthily extracting money from the pocketsof the rich creditors and giving it to the poor MAURICE L. MUHLEMAN Ex-Deputy Assistant Treasurer of the United States Gold Supply Not too Great By Maurice L. Muheeman DEFORE proceeding to the consideration of thequestion of the influence of the rapidly increasinggold supply, it is proper to say that the table sub-mitted, presenting the volume of monetary gold forthe purpose of comparison with the fluctuation ofprices, wages and interest rates, is unsatisfactory, forthe reason that it limits the statement of the supply ofmoney to gold, whereas silver, certainly for the periodprior to 1873, and in a diminishing degree only sincethat date, was endowed with full money functions;hence if the volume of money is an important factor,the deductions from the table will in all probability beerroneous. The same may be said respecting theomission to include paper representatives of money,the use of which unquestionably potentially influencesthe conditions that cause price fluctuations. Moreoverthe volume of gol
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