Depreciated Currency And Diminished Railway Rates An Inquiry Conducted By the R
Depreciated Currency And Diminished Railway Rates An Inquiry Conducted By the R
Edward G Ward
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T. Newcomb. "The distinction as applied in your queries is, as it seems to me, a misleading one. Rates are the prices charged to a unit (of weight and distance) of transporta- tion. The fallacy of your position lies in ignoring the distinction between 'real and nominal cost of transporta- 47 tion. ' The proper term, analogous to 'real and nominal wages' is 'real and nominal profits. ' "There is no reason why rates should bear a constant ratio to price. Rates of transportation have had a con- st...antly decreasing ratio to prices ever since the time of the Stuarts, when it cost more to transport goods from York to London than it does now to transport them from Minnesota to London. This fact is a great advantage to consumers and it is consistent with larger profits than in former years. " — ^L. W. Parish. "If society were static, the importance would be nil; for relative conditions would adjust themselves (t. E. , if money fell, wages and prices would go up, and vice versa) . But in shifting conditions, as to-day, the importance is considerable.
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