Cornell University Library HD 6978.U6 International inquiry into the causes of 3 1924 013 954 429 Congress, \d Session. HOUSE OF KEPRESENTATIVES. tiOl 11 Report No. 711. rERNATIONAL INQUIRY INTO THE CAUSES OF THE IIGH COST OF LIVING THROUGHOUT THE WORLD. 15, 1912. — Committed to the Committee of the Whole House on the state of the Union and ordered to be printed. Garner, from the Committee on Foreign Affairs, submitted the following EEPORT. [To accompany H. R. 21479.] fhe Committee on Foreign Affairs, to whom was referred the bill , R. 21479) appropriating money to enable the President to pro- ise and invite foreign Governments to participate in an international iference to promote an international inquiry into the causes of the ;h cost of living throughout the world, and to enable the United ites to participate in said conference, introduced by Mr. Sulzer, of bw York, having had the same under consideration, recommend jat the bill be passed without amendment. IThe world-wide advance in prices of the necessaries of life in recent jars increasing the cost of living is believed to be the cause of much [ the social discontent now prevailing in many of the leading coun- ts of the world and presents a problem calling for scientific lnvesti- [tion of facts by a body of trained experts. [The leading political economists, busmess men, commercial bodies, .d economic societies of Europe have already placed themselves on sord in favor of an international, commission to investigate the ^h cost of living, and a great many of them have expressed the Einion that the United States should take the lead in calling together Ich a commission. [There is no doubt but that a commission should be appointed of iprejudiced and impartial persons— experts, in fact — to investigate Lese economic conditions. The increasing cost of living is a matter { much public concern, and the facts in connection with the same jiould be carefully collated by the best experts in the world as a sis for future legislative action. 55 HIGH COST OF LIVING THROUGHOUT THE WOKLD. The following data are respectfully submitted in connection with this report as an evidence of the overwhelming sentiment in favor of this legislation: [H. H. 21479, Sixty-second Congress, second session.) A BILL Appropriating money to enable the President to propose and invite foreign Governments to participate in an international conference to promote an international inquiry into the causes of the high cost of living throughout the world, and to enable the United States to participate in said conference. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for the purpose of enabling the President to propose and to invite foreign Governments to participate in an international conference for the purpose of considering plans to be submitted to the various Governments for an international inquiry into the high cost of living, its extent, causes, effects, and possi- ble remedies, and to defray the expenses of preparation for and participation in such conference by the United States, the sum of twenty thousand dollars, or so much thereof as may be necessary, is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to be expended for such purpose under the direction of the President of the United States. Chicago, Indianapolis & Louisville Railway Co., Chicago, March SO, 1912. The Hon. William Sulzer, Chairman of the Committee on Foreign Affairs, House of Representatives, Washington, D. C. Dear Mr. Sulzer: Permit me to express an earnest hope that the bill may pass which you have introduced to- give effect to the President's recommendation that an international conference be convoked to make an inquiry into the cost of living. Everyone who has been faced with the responsibility of dealing at first hand with the problems affecting the wages of labor in the United States in recent years has been met with the argument of the increased cost of living. The endeavor to give con- scientious and sympathetic consideration to this argument in its broadest bearings — to determine how much of the indisputable increase in the current cost of living is due to an increase in the cost of necessities and how much to a national characteristic of extravagance and waste — is balked by the lack of comparable statistics of condi- tions in other industrial countries. Intelligent and systematic study which Will co- ordinate the material available for this inquiry can not fail to be practically valuable in the largest sense. Faithfully, yours, Fairfax Harrison. Grand Central Terminal, „ ,„ „ New York, March SO, 1912. Hon. William Sulzer, Chairman Committee on Foreign Afairs r House of Representatives, Washington, D. C. My dear Mr. Sulzer: I am greatly interested in seeing favorable action taken upon the bill introduced by you m the House of Representatives providing for an interna- tional conference to investigate the high cost of living. I think this is a matter deserving of the careful attention of Congress. There is no question as to the great increase in the cost of living, and there is, to my mind little doubt that this cost will continue to increase. It seems to me, therefore, that there is the greatest necessity for ascertaining accu- rately the reasons for such increase and the adoption of such measures as are possible to hold it within bounds. The amount contemplated to be appropriated by this measure is small and not to be compared, in my opinion, with the benefits that should accrue from an investiga- tion such as it will enable to be undertaken, and I shall be glad to have you present this letter to your committee when the bill comes up for consideration, and trust that favorable action may be taken upon it. Assuring you that I will appreciate anything you can do in the interest of the bill, and with kind regards, I am, Yours, very truly, W . 0- Brown. HIGH COST OP LIVING THROUGHOUT THE WORLD. 3 Cornell University, Ithaca, N. Y, April 24, 1912. Hon. William Stjlzer, House of Representatives, Washington, D. C. My Dear Mr. Sulzer: I am informed that the bill providing for an international commission on the cost of living has passed the Senate after a unanimous recommenda- tion by the Committee on Foreign Relations. I hope very much that this can now be taken up by the House of Representatives and passed soon. Fortunately the matter is one not at all in connection with partisan politics, but one for the good of the public at large, and I hope favorable action may be taken. Very sincerely yours, J. W. Jenks. New York, April 24, 1912. Hon. William Sulzer, Washington, D. C. My Dear Mr. Sulzer: I am glad that you are interested in the international inquiry on the cost of living, as I believe it would be a good thing for the country if we get at the real facts. I hope the bill will become a law. Very truly, yours, James Talcott, Banker and Commission Merchant. Harvard University, Cambridge, Mass., April 24, 1912. , My Dear Sir: I beg to express my interest in the bill now pending before the House of Representatives for an international commission on the cost of living. There is, of course, no partisan concern whatever in the measure. If passed, it ought to do some- thing toward solving the difficult questions that arise from the advance of prices. I am, with much respect, very truly, yours, F. W. Taussig. Hon. William Sulzer. • Reform Club, New York City, April 22, 1912. Hon. William Sulzer, Chairman Committee on Foreign Affairs, House of Representatives, Washington, D. C. My Dear Congressman: I write to urge upon you the very great importance, in my opinion, of the Crawford-Sulzer bill, now before your co mmi ttee, and of the neces- sity of passing it at the present session of the Congress. From what I have heard, some of the leading Democrats are not inclined to push this bill at the present time because of the fear that, if passed, the Republicans would attempt to use it to sidetrack the tariff and to put all of the blame for the present high cost of living on the increased gold supply. So far as I know, the Democrats present no other argument against the immediate passage of the bill for an international commission on the cost of living. As a Democrat of long standing, and one who has written much Democratic matter, including editing the Campaign Book of 1902, I wish to say that, in my opinion, the Democrats will make a great mistake if they fail to pass this bill promptly. The whole world is waiting and expecting that we will take the initiative in this matter. If we do not do so promptly, we will, as I believe, lose our opportunity. The course of events — rapidly rising prices all over the civilized world — will not wait long for us. Discontent is becoming so great and so aggressive that steps must soon be taken to discover its general cause and, if possible, to find a remedy. As editor of Moody's Magazine I, five or six years ago, predicted that, because of gold depreciation, prices would rise until the world would be forced to take action on this matter. I was, perhaps, the first to suggest an international conference on this sub- ject — the cause of rising and high prices. I have always claimed that our outrageously high protective tariff is responsible for the fact that the cost of living in this country is from 10 to 20 per cent higher than it is in England. I have always claimed, also, that the extremely rapid rise in the prices of manufactured products in this country, from 1897 to 1902, was due mainly to the new grip of the tariff and the tariff trusts upon us under the act of 1897. I have frequently called attention to the fact that the Republicans, led by Senators Lodge and Aldrich, have, since 1907, dated their price tables from 1900, since which time the prices of farm products have risen more than have the prices of manufactured products. If the Democrats will keep this one fact 4 HIGH COST OF LIVING THROUGHOUT THE WORLD. clearly in mind it will, as I believe, be impossible for the Republicans to longer fool the people as to where to place the blame for the excessively high cost of living in this country, as compared with many other countries and as compared with the cost of living previous, to 1897. . As an ardent tariff reformer of the free-trade variety, who would like to see duties reduced radically to-morrow morning and who would put no obstruction whatever in the way of immediate reform, I fail to see how an international commission on the cost of living would in the least interfere with tariff reduction. We may be sure that the wily Republicans will, in future as in the past, make as much capital as possible out of the increasing output and supply of gold and its effect upon prices . An international commission, even if it were organized before next November, could not possibly make any report or statement that would have weight in our presidential campaign. As a student of this question for 20 years, I am of the opinion that at least two years of col- lecting and collating prices would be necessary before any body of scientists would attempt to report on this (next to peace) most important international question. Moreover, I would expect the report of such a body to be the best free-trade document ever issued. While it would, as I believe, show that the one world-wide cause of rising prices is gold depreciation, it would certainly point out that tariff duties are the most important cause of local differences. Furthermore, it would demonstrate that, as a rule, the cost of living is high where import duties are high, and proportionately as they are high. It would further show that the prices of particular commodities in different countries depend largely upon the effective duties on these commodities. The data presented in such a report would be generally accepted as the most accurate* and reliable that was obtainable. The commission would be nonpartisan, so far aa any one country was concerned, and its conclusions would probably be generally accepted, at least as to facts. Its theories would be likely to receive a different recep- tion. I would, however, expect most important results to follow from its report — results without which the world will probably continue rapidly on its way to anarchy and chaos . It is time , and high time , that international action were taken as to the cause of the remarkable rise in prices that is now under way and that is such a disturbing factor in society and politics. Earnestly hoping that you will see the importance of this subject and do all that you can to hasten the calling of an international commission on the cost of living, I am, Very sincerely, yours, , Btkon W. Hour. American Economic Association, April 17, 1912. The Hon. William Sulzer, Chairman Committee on Foreign Affairs, Washington, D. C. Dear Sir: I wish to express the great interest which I know many economists feel in the bill for an international commission on the cost of living, which is now before your committee. I look upon this bill, of course, merely as a means of getting the scientific data to guide in solving a practical problem of immense importance to the mass of the people. There are many suggestions and speculations, and doubtless many approximately correct indications of the main influences that are at work in- creasing the cost of living; but such a thorough and international investigation as is contemplated in this bill is indispensable to a thorough and satisfactory answer to the question. I sincerely hope that the bill will be acted upon favorably in the House. I am, very respectfully, yours, Prank A. Fetter. Cornell University, Ithaca, N. Y., April 5, 1912. Hon. William Sulzer, Chairman Committee on Foreign Affairs, House of Representatives, Washington, D. C. Dear Sir: I write to request that you use your influence in favor of the passage of Senate bill 5735 providing for an invitation to foreign governments to participate in an international conference to inquire into the causes of the high cost of living and possible remedies therefor. The rise in the cost of living during the last decade and a half is a phenomenon almost world-wide in its scope, so that the problems of investigation and of solution are clearly international ones. According to the most reliable and latest index num- bers of prices available the general price level rose from 1896 to 1911 32 per cent in HIGH COST OF LIVING THROUGHOUT THE WORLD. 5 England, 40 per cent in France, 54 per cent in Germany, and 36 per cent in Can- ada; from 1896 to 1910 it increased 27 per cent in Belgium and 46 per cent in the United States; from 1896 to 1909 it rose 21 per cent in Italy; and from 1896 to 1908 it rose 37 per cent in India. The average rise for these eight countries from 1896 to the latest dates for which figures are available is approximately 33 per cent. In a period of rising prices wages normally lag behind prices, and such meager data concerning wages as we have point to such a situation in most countries during the period since 1896. It is certainly a serious fact that it is open to question whether in spite of the seeming prosperity of most of the period since 1896 the laboring classes are not worse off to-day than they were 15 years ago. During the period of the bimetal- lic controversy much was heard of the depressing influence upon trade of a declining price level; but one can imagine few things more depressing to the world's working classes, and more conducive of discontent and of the spirit of revolt against the existing order of things which we observe upon every side, than for them to be confronted with continually rising prices for nearly everything they buy, while their wages either remain constant or advance much less rapidly. Variations, moreover, in the general price level affect the rate of interest and also the real value of the principals of all debts expressed in terms of money — certainly a matter of great concern in our modern world where industry and commerce are con- ducted so largely upon credit, and where our educational and philanthropic enter- prises are supported so largely from the incomes from invested funds This fact taken in connection with the fact that a dollar in the United States to-day will buy on the average only approximately as many goods as 67 cents would in 1896, is a matter of great social significance. The importance of the problem, whether viewed from the economic, social, or polit- ical point of view, seems to me to be such as to clearly demand an international con- ference such as that proposed in Senate bill 5735, and I hope that you will see your way to support this measure. Very truly, yours, E. W. Kemmerer. The Delaware & Hudson Co., New York, April 6, 1912. Hon. William Sulzer, Washington, D. C. My Dear Sir: I understand there was recently introduced into Congress a bill to enable the President to propose and invite foreign governments to participate in an international conference to promote an international inquiry into the causes of the high cost of living throughout the world and to enable the United States to participate in said conference. I am heartily in favor of the passage of this bill and trust it will receive favorable consideration by Congress. Yours, very truly, L. P. Love. Lawyers Mortgage Co., New York, April S, 1912. Hon. William Sulzer, House of Representatives, Washington, D. C. Dear Sir: I write to strongly urge the passage of Senate bill No. 5735 following the President's recommendation for an international commission on the cost of living. The expense of such a commission is trifling and the humanitarian benefits conferred would unquestionably be of the greatest importance. Yours, very truly, Richard M. Hurd. The Merchants' Association op New York, March 20, 1912. Hon. William Sulzer, Chairman Committee on Foreign Affairs, House of Representatives, Washington, D. C. Dear Sir: Our executive committee, being of the belief that the high and increas- ing cost of living is an international problem of grave concern to the people of all commercial countries, after careful consideration approved your bill H. R. 21479, appropriating $20,000 to enable the President of the United States to create an inter- national commission on the cost o.f living, in which conference foreign governments shall be invited to participate, said commission to determine a scientific basis upon 6 HIGH COST OF LIVING THROUGHOUT THE WORLD. which all' governments may base legislation or other action designed to relieve present conditions. , , ... , _ „„„i„ We trust that the bill will be favorably reported by your committee at an early date and promptly thereafter be approved by Congress. Yours, very truly, ., v „„„ The Merchants' Association or New York, By S. C. Mead, Secretary. 2315 Massachusetts Avenue, Washington, April 5, 1912. " Hon. William Sulzeb, Chairman Committee on Foreign Affairs, House of Representatives, Washington. Dear Congressman Sulzer: As you are always responsive in matters of general public interest, irrespective of political bias, I do not hesitate to ask you to use your influence in behalf of the passage of Senate bill 5735. Yours, sincerely, John Hays Hammond. Department of State, Washington, March 14, 1912. Hon. William Sulzer, House of Representatives. Dear Mr. Sulzer: In connection with the bill which I see from the newspapers you introduced, or intend to introduce, to give effect to the President's recommenda- tion for an international commission to inquire into the high cost of living, I think you will find a good deal of interest in the data transmitted to Congress yesterday by the President in connection with his message on cooperation and the cost of living. Sincerely, yours, Charles M. Pepper. Commercial Travelers' National League, New York, N. Y, January 10, 1912. Hon. William Sulzer, Member of Congress, Washington, D. C. Esteemed Friend: I understand that a bill has been offered in Congress to qualify an international committee to investigate the causes of the high cost of living. There have been, as you know, a continual disposition to ignore the true cause by trumping up imaginary or contributing causes. A couple of years ago I wrote an article which appeared in many papers in regard to the increased production of gold from a United States viewpoint, showing that with the ratio of increased expenditure by Americans in foreign countries, many times the increased gold production, it would be difficult to perceive any effect upon commodity prices for home consumption through this gold increase. The question is a different proposition when discussed as an international matter. The Civic Federation in 1899 attempted to whitewash combinations, and I had con- siderable to do with the work to prevent this. Do all you can to prevent the international committee from being a packed 'jury. Honest and broad-minded men no one can object to, but those possible of influences from divers channels would only add to the disgrace of Federal evasion of the real issue. Yours, most sincerely, P. E. Dowe. New York, April IS, 1912. Hon. William Sulzer, House of Representatives, Washington, D. C. Dear Sir: I wish to register my urgent advocacy of the bill now pending which contemplates an international conference on the subject of the increased cost of living, which you introduced and had referred to your committee. The appropriation for the purpose is rather scant, particularly in view of the importance of the subject to our people; but it will do for the preparatory work. Very truly, M. L. Muhleman. HIGH COST OF LIVING THROUGHOUT THE WORLD. 7 Rhode Island Business Men's Association, Providence, R. I., March 20, 1912. Hon. William Sulzer, House of Representatives, Washington, D. C. Dear Sir: At a regular meeting of the Rhode Island Business Men's Association, held March 19, 1912, the following resolution was unanimously adopted: "Resolved, That the Rhode Island Business Men's Association hereby indorses the movement for the establishment of an international commission to investigate the cost of living, as recommended by President Taft, and as proposed in the bills therefor recently introduced in the Senate by Senator Crawford and in the House by Mr. Sulzer." Yours, very truly, James B. Littlefield, Secretary. Cornell University, Ithaca, N. Y., March SO, 1912. Hon. William Sulzer, Chairman Committee on Foreign Affairs, House of Representatives, Washington, D. C. Dear Sir: I have been for a long time interested in the subject of the high cost of living, having written several papers on the subject and assisted the Massachusetts commission in its special investigation. In Germany last summer I found the ques- tion even more vigorously discussed than in this country. Considering the world-wide range of this movement of priceB and the complexity of the subject, it seems to me of the very greatest importance to the welfare of all countries that a very careful, thorough, scientific study, international in its scope, be made of this question. To that end I trust you will see your way clear to support the bill now pending in Congress to enable the President to propose and invite for- eign governments to participate in an international conference to promote an inter- national inquiry into the causes of the high cost of living throughout the world and to enable the United States to participate in the said conference. I consider the movement of very great significance to the country. Very sincerely, yours, J. W. Jenks. Yale University, New Haven, Conn., March 29, 1912. Hon. William Sulzer, M. C, Washington, D. C. Dear Sir: The bill relating to an international commission on the cost of living, which has been referred to your committee, seems to me an exceedingly important measure. I am convinced that the changes in prices are at the bottom of a great deal of the social unrest of our times, though of course they do not explain it all, but they are the one element which is susceptible of exact measurement, and on this account it seems to me to be of the very greatest importance that an international commission of experts should be created to enlighten the world. Believe me, yours, very truly, Henry W. Farnam, Professor of Economics. Extracts prom Letters Indorsing the Plan for an International Commission on the Cost of Living. T. E. Burton, United States Senator: "I cordially approve the proposal to organize an international commission to con- sider the high cost of living. I trust that steps may be taken to provide for one." George E. Chamberlain, United States Senator: "The proposal to organize an international commission on the high cost of living appeals to me strongly as a step in the right direction." G. M. Hitchcock, United States Senator: "I advise you that I am in favor of an international inquiry as to the causes of the high cost of living, or, more properly, as to the causes of the almost continuous advance in prices." 8 HIGH COST OF LIVING THROUGHOUT THE WORLD. George P. McLean, United States Senator: "I hasten to say that I am heartily in accord with your proposal for an interna- tional commission to study the cost of living." Joseph F. Johnston, member of the committee on wages and prices, United btates Senate: . "I am satisfied that much good can be accomplished by the institution of the inter- national commission, in getting uniformity in the articles reported on, and instruc- tions as to the ascertaining of values, wholesale and retail, and I shall take an interest in this matter whenever it comes up for hearing." Robert L. Owen, United States Senator: "I thoroughly approve an international commission to ascertain the reason for the present high cost of living." Frank B. Brandegee, United States Senator: "So far as I can see now, I shall be very happy to cooperate in securing a non- partisan consideration of the proposed plan for an international commission on the cost of living when the matter comes to the Senate." James M. Curley, House of Representatives, Washington, D. C: "I am deeply sensible of the world-wide import or this proposed legislation and beg to assure you that you may rely upon my hearty support and the furthering of the interests of the measure with every consideration in my power." C. R. Davis, House of Representatives, Washington, D. C.: "I also believe that an international commission could secure a valuable body of facts, which, properly standardized and cooperated, would form the basis for arriving at conclusions as to remedies." William Kent, House of Representatives, Washington, D. C: "Nothing could be so useful as a careful unbiased investigation and an entirely courageous report of the causes." William B. McKinley, House of Representatives, Washington, D. C: "Personally, I am heartily in favor of the proposed international commission to investigate the high cost of living. This seems to me about the only way to solve this very irritating problem." William C. Redfield, House of Representatives, Washington, D. C: "In response to your favor of the second, let me say that I am entirely in accord with the movement to establish an international commission on the cost of living." Richard Bartholdt, House of Representatives, Washington, D. C: " I am in hearty accord with what you and others say on this subject and regard the bill you mention as a measure which should be favorably acted upon at the earliest possible time." John Q. Tilson, House of Representatives, Washington, D. C: "I am very glad to state that any movement looking toward a full and fair inves- tigation of the question of the cost of living would have my cordial support." Robert Luce, chairman recent Massachusetts Commission on Cost of Living; "If an international commission on the subject should do no more than produce an authoritative statement of the causes at work, it would have been well worth while. If, also, it could suggest remedial legislation, it might prove of the greatest benefit." Albion F. Bemis, member of Massachusetts Commission on Cost of Living: "I most heartily indorse the project of an international commission on the cost of living as a matter most vitally affecting- most of the peoples throughout the world." Roger W. Babson, president of Babson's Statistical Organization: "Not only will the investigating work of such a committee be invaluable; but, also, its educational results should be of exceeding benefit to the world." Samuel H. Barker, financial editor The North American, Philadelphia, Pa.: "I am in most hearty sympathy with your idea for an international commission to consider the coBt of living, which problem involves the all-important matter of a money system of scientific character." R. E. Ireton, editor of the Financial America, New York: "I am sincerely desirous of its success, and you may count on me to aid you in any way in my official capacity." Rollo Ogden, New York Evening Post, New York: "On the main question, reflection has but deepened my conviction that such a comprehensive and dispassionate international inquiry is much to be desired." Clinton B. Evans, editor the Economist, Chicago: "I do not know of any study which would promise greater benefit to mankind at this time than a thorough investigation of the cost of living by a commission com- posed of competent men, and I am greatly interested in what you say on the subject."^ HIGH COST OP LIVING THROUGHOUT THE WORLD. 9 W. C. Brown, president of the New York Central Lines, New York: " I beg to say that I am in hearty sympathy with the suggestion that an international commission be formed to take up the question of the already high and constantly increasing cost of living." Irving T. Bush, president of the Bush Terminal Co., New York: "A wide discussion of this question can not possibly do any harm, and it should be productive of much good." Howard Elliott, president of the Northern Pacific Railway Co., St. Paul: "I think a commission, such as suggested by you, ought to do much good in solving the question of living. In this modern complex period it seems to me we must throw all the light on the subject that we can." Marvin Hughitt, president of the Chicago & North Western Railway Co.: "I do not hesitate to express the opinion that a commission comprehensively organized to study the question might render a service of national advantage." L. F. Loree, president of the Delaware & Hudson Railway Co. : "I shall be glad to do anything I can in support of the movement in which you are engaged for an international commission on the cost of living." C. S. Mellen, president of the New York, New Haven & Hartford Railroad Co., New Haven: "I should be glad to have you count me as one favorable to an investigation of the high cost of living along the lines suggested by you in your memorandum for an international commission." Roberts Walker, the Chicago, Rock Island & Pacific Railway Co.: "I am strongly in favor of a movement for an international commission on the cost of living and truBt that such a commission, if created, will be facilitated in every way to do its work in the most complete and thorough manner possible." H. Walters, chairman Atlantic Coast Line, New York City: "I am in entire sympathy with the movement which you are trying to inaugurate, and which I think m your handB would bring good results." Daniel Willard, president of the Baltimore & Ohio Railroad Co.: "The subject is no doubt one of special interest at the present time, and I hope the" project may be carried out." Frank H. Dixon, chief statistician, Bureau of Railway Economics, Washington: "I am thoroughly in sympathy with your project and wish for it all success." Fred C. Croxton, statistician, Senate Commission on Wages and Prices, Washington: "I consider such comparisons absolutely necessary in order to reach any conclu- sions in regard to the causes of the world advance in prices, and I am certainly glad that you are taking up this matter." Maurice L. Muhleman, ex-deputy assistant of the United States Treasury, New York: "I am exceedingly gratified to find that your persistent work is at last bringing results, and hope mat the President will take favorable action at an early day upon the pending "proposition . ' ' Byron W. Holt, New York, broker: "A scientific investigation of the extent and cause of the increased ctist of living should be made at the earliest possible date." Howard S. Mott, New York Stock Exchange, New York: "I heartily indorse the movement and trust that your activities in this direction will bear fruit." T. H. Price, broker, New York: "I am in sympathy with any investigation that will definitely determine the cause of the increased cost of living." James B. Forgan, president of the First National Bank, Chicago: "I am heartily in accord with you and the others who are promoting this movement." C. T. Boynton, banker, Chicago, 111. : "I heartily favor the movement as outlined by you, and sincerely wish you success. Noproblem of economics is more important than this and none more far reaching.". George H. Norris, banker, Philadelphia: "It would seem that an international commission is the only body which could make the requisite investigation and afterwards speak with the requisite authority." Caldwell Hardy, president of the Norfolk National Bank, Norfolk, Va. : "If a commission to investigate the cost of living can accomplish any practical re- sults, and it is certainly worth the effort to try the experiment, it will be a great boon to everyone." Edward Hidden, vice president of the Commonwealth Trust Co., St. Louis: "I want to advise you how gratified I was at the dinner of the Round Table when, at the conclusion of your address, they so spontaneously and unanimously voted for an 10 HIGH COST OF LIVING THROUGHOUT THE WORLD. international commission to investigate and report on the extent and causes of the rise in the cost of living." John Perrin, chairman of the board, Fletcher American National Bank, Indianapolis, Ind. : "I heartily favor the international commission which you propose. Its investiga- tions could not fail to illuminate many causes, now imperfectly understood, affecting the cost of living." P. H. Goff, president of the Cleveland Trust Co., Cleveland: "The conditions being world-wide, it would seem not only proper but desirable that the study of causes and remedies be made by an international commission." Albert L. Ordean, president of the First National Bank, Duluth, Minn. : ' ' This is a matter which concerns every man, woman, and child in the United States, and the expense of such an undertaking should properly be provided for by the Government." E. F. Swinney, president of the First National Bank of Kansas City, Mo.: "I am in receipt of yours of January 18, and in reply will state that I am thoroughly in sympathy with the proposition referred to by you, and if I can be of any assistance in bringing about the results desired, I will be very glad to do so." Graham G. Lacy, vice president Tootle Lemon National Bank, St. Joseph, Mo.: "I am heartily in sympathy with the movement for an international commission on the cost of living." D. W. Twohy, president of the Old National Bank of Spokane, Spokane, Wash.: "This is a question which is so important to every community that it is perhaps need- less for me to say that I am very much interested in the movement and will be only tooglad to cooperate with you in any way possible." W. M. Ladd, president of the Ladd & Tilton Bank, Portland, Oreg. . " I believe the investigations made by the international commission on the cost of living, such as you plan, would prove of great value to humanity." F. B. Anderson, president of the Bank of California, San Francisco: "I am heartily in favor of legislation which will lead to an international commis- .sion on the cost of living." J. M. Elliott, president of the First National Bank of Los Angeles, Cal. : "It seems to me that Congress should undoubtedly take steps to look into the matter most carefully." Calvin Tomkins, commissioner of docks and ferries, New York: "I shall be glad to aid in any way possible the formation of such a commission." James Talcott, banker and commission merchant, New York: "I am in favor of the proposed commission on the cost of living, and hope the bill will speedily be passed by Congress." Cleveland H. Dodge, merchant, New York: "It is needless to say that I thoroughly agree with the sentiments which have been expressed by so many other men who are better posted than I am to speak about the vital question of the cost of living, and I sincerely approve of your plan to form an international commission to thoroughly investigate the whole subject." Henry Abrahams, member Massachusetts Commission on the Cost of Living, Boston, Mass.: "I heartily indorse the project of an international commission on the cost of living." John R. Commons, Industrial Commission of Wisconsin, Madison, Wis. : "I strongly indorse the plan of an international commission on the cost of living, and I certainly think that such a commission, if properly constituted and financed, will be of the greatest service both in the solution of the monetary questions and social and labor questions." ' M. S. Wifdman, the National Citizens' League, Chicago, 111. : "There ought to be such an inquiry and it ought to be international; and an inquiry of that type would more likely be free from political bias and result in information of true scientific value than if it were conducted by a local governmental body." Frank A. Fetter, president of the American Economic Association, Princeton: "It surely would be worth far more than any possible cost it would entail. I sin- cerely hope that the plan may be carried into execution." Frederick N. Judson, vice president of the American Economic Association, St. Louis, Mo.: "It seems to me that your proposal is an eminently wise one. The subject is one of grave interest, and, as is clearly pointed out, is necessarily international in its scope " Arthur T. Hadley, president of the Yale University, New Haven, Conn. : "I heartily approve of your plan for a commission on the cost of living." Henry W. Farnam, professor of economics, Yale University, New Haven, Conn.: "This is a Bubject of permanent interest, and international commissions are necessary if we are to distinguish the general from the local causes." HIGH COST OF LIVING THROUGHOUT THE WORLD*. 11 T. N. Carver, professor of economics, Cambridge, Mass.: "I am in hearty sympathy with the plan for an international commission on the cost of living." F. W. Taussig, professor of economics, Harvard University, Cambridge: "I shall be glad to cooperate in the movement for the creation of an international commission on the cost of living." H. Spencer Baldwin, professor of economics in Boston University, Boston: "It seems to me extremely important that the subject of the increase of the cost of living should be thrashed out by an international commission or conference at the earliest possible date." Edwin R. A. Seligman, professor of economics, Columbia University, New York: ' ' I shall be glad to join the movement and to support it in any way that I can . The importance of the problem must be patent to anyone who notices the world-wide unrest at the present time." John B. Clark, professor of political economy, Columbia University, New York: "It is. a pleasure to express my sense of the preeminent desirability of such an inter- national commission as the one which you are endeavoring to secure." E. W. Kemmerer, department of economics and finance, Cornell University, Ithaca: "I am heartily in sympathy with your proposal for an international conference on the cost of living." J. W. Jenks, professor of economics, Cornell University, New York: "I approve strongly of an international commission on the cost of living." S. N. Patten, professor of political economy, University of Pennsylvania: "It would bring to light a mass of facts that would throw much light on the diffi- culties of social progress and how to remove them." L. S. Rowe, president of the American Academy of Political and Social Science: "A commission such as you suggest will be able to throw light on so many vexed questions, both in the field of economics and politics, that it wiU return tenfold any , expenditure made for the conduct of such investigations." Jacob H. Hollander, professor of political economy, Johns Hopkins University, altimore: "The suggestion is admirable, and if realized would be of the greatest possible rvice both to students of economic relations and to publicists interested in the im- ovement of social conditions." T. K. Urdahl, professor of political economy, University, of Wisconsin, Madison: "I consider the movement you have launched one of the most important ones ever started in this country." J. T. Holdsworth, director, economic survey, University of Pittsburgh: "A careful scientific inquiry of the kind proposed, conducted simultaneously in different countries, will undoubtedly produce a body of reliable data which will put the discussion of the whole question upon a much more scientific basis." B. H. Meyer, professor of political economy, University of Wisconsin: "I trust the work will be undertaken." GREAT BRITAIN. Lord Leonard Courtney of Pen with, professor of political economy, Chelsea: "Referring to our conversation of last week, will you let me repeat an assurance of my sympathy with your desire to get established an international commission to inquire into the cost of living." Lord Thomas Brassey, author, Westminster, London: "I shall be happy to do anything I can to forward the scheme." F. Y. Edgeworth, professor of political economy, Oxford: "I should welcome any form of public action which would conduce to the com- pletion of your investigations. . An international conference might usefully take into consideration what remedies, if any, are available against the inconvenience of changes in the cost of living." Henry Higgs, economist, British treasury, London; "The study of these questions by an accredited body of international experts would, I am convinced, be a service of the first magnitude not only to science but to humanity." Ernest Aves, special expert on cost of living of British Board of Trade: "If it leads on to such a check on price-movements as we hope it will, I think, do more to steady, and perhaps to moralize industrial and commercial life than could be achieved by any other administrative step." R. H. Inglis Palgrave, banker and economist, Wrentham, Suffolk: "I shall have much pleasure in supporting your desire that an international com- mission should be formed to inquire into the cost of living in different countries." 12 HIGH COST OF LIVING THROUGHOUT THE WORLD. W. M. Acworth, railway authority, London: "Your proposal for an international commission to inquire into the decrease in the purchasing power of money, has my most cordial sympathy." Charles Booth, P. R. S., D. Sc, D. C. L., Whitwick: "The proposal you advocate of an expert international inquiry into changes in the purchasing power of money with their effect on the cost of living should be wel- comed by all." Sir Edward Brabrook, London: "It gives me great pleasure to add my concurrence to themany weighty expres- sions of interest in the movement for an international commission on the cost of living that you have received." F. w. Hirst, editor, London Economist, London: "I think the international commission you propose should be cordially supported, as it might produce results of the utmost value to civilization and international trade." George Paish, editor The Statist, London: "The rise in the cost of living is having important economic consequences and an inquiry of an international character for the purpose of discovering how far the ad- vance is likely to be permanent and how far temporary, the causes that have brought it about, and if the violence of the oscillations in prices can be diminished, would undoubtedly be of great value." John A. Hobson, economist, editor The Nation, Elmstead, Limpsfield: "You have my heartiest support in your endeavor to secure an international com- mission." Alfred Marshall, professor emeritus of economics, Cambridge University: "I desire to associate myself heartily with your appeal for national, and if possible international, inquiries into changes in the purchasing power of money, with special reference to the costs of living of various sections of the community in various coun- tries." A. C. Pigou, professor of economics, King's College, Cambridge: "I am in entire sympathy with your view as to the desirability of an international commission for investigating the variability of the purchasing power of money and possible methods of improving the currency in this respect." J. M. Keynes, King's College, Cambridge, editor Journal Royal Economic Society: "Your proposal for an international monetary commission is deserving, in my opinion, of the warmest support. The evolution of a scientific and economical form or currency has reached a stage at which the work of such a commission can prove very valuable." L. L. Price, Oriel College, Oxford: "I sincerely and confidently hope that your efforts to secure such a valuable, and indeed indispensable, inquiry may be successful." J. S. Nicholson, professor of economics at the University of Edinburgh: "In my opinion the object of the inquiry is of great practical importance at the present time." William Smart, professor of political economy, University of Glasgow: "All who agree with you as to the great practical — to say nothing of the theoretical — issues involved, will, I am sure, be pleased to follow in whatever way you indicate, and I shall, of course, do anything that is in my ability to help." C. F. Bastable, professor of political economy, University of Dublin: "I feel confident that you will get the practically unanimous support of European economists, and I sincerely trust that the governments of the leading countries will see the wisdom of adopting your plan." W. J. Ashley, professor of economics at the University of Birmingham: "I must confess that I have been brought over to your opinion by the spectacle of the labor troubles of the past summer." Edwin Cannan, professor of political economy, University of London: "I am heartily with you in your desire to have an international commission to con- sider the extent and cause of the rise in the cost of living." E. C. K. Gonner, University of Liverpool: "I am convinced that an inquiry by an international commission would be of defi- nite andpractical use. That the commission must be international I take for granted." S. J. Chapman, University of Manchester: "In my opinion an international commission to consider the question would be of immense service." C. S. Loch, former professor of economic science, King's College, London: "I think that the appointment of an international commission on the cost of living and on the economic .questions which those words imply, would be of great service. HIGH COST OP LIVING THROUGHOUT THE WORM). 13 B. Seebohm Rowntree, director in firm of Rowntree & Co., York: "There ia no doubt that the means you propose are the best that can be adopted to obtain substantially accurate and comparative figures, and if you are able to secure the appointment of such a commission, and if real control can be exercised over the investigators to insure the greatest possible degree of scientific accuracy, then the outcome should be in the highest degree useful." Sir Thomas Oliver, professor of physiology, Durham: "I think the international commission on the cost of living you propose a good one and the present occasion most opportune. The commission will have any support I can give it." A. W. Waterlow King, publisher, Westminster, London S. W. "The facts which such a commission would collect would be studied by officials and economists all the world over and would have a material bearing on legislative and official action in many countries of the world." T. A. Coghlan, agent general for New South Wales, London: "I am glad that the question of the appointment of an international commission on the cost of living has been taken up by you. Several States have appointed national committees to investigate the subject, but though such committees may do good work, the question can not be satisfactorily dealt with by them, as the change in the pur- chasing power of money and wages is world-wide and to be considered intelligibly a view of the whole civilized world must be taken." - GERMANY. Freiherr von Berlepsch, Staatsminister von Preussen, Klostergut Seebach: "Ihr Plan, durch eine internationale Commission zuverlassiges Material fiber die Kosten der Lebenshaltung, insbesondere der arbeitenden Klassen zu gewinnen, ist gewiss der bereitwilligsten Unterstiitzung wert." Prof. Dr. E. Francke, Bureau fur Sozialpolitik, Berlin: "Nicht nur vom Stande des Volkswirts, sondern auch als Sozialpolitiker halte ich eine solche Enquete fur notwendig. * * * So nfitzlich die Untersuchung der Verhaltnisse eines Landes sind, so unerlasslich ist es auch, die internationalen Zusam- menhange aufzudecken." Max Sering, Professor der Staatswissenschaften, Universitat Berlin: "Ich begriisse deshalb auf das Lebhaf teste den Plan einer internationalen Kom- mission fur die wissenschaftliche Untersuchung des Problems der Preisbildung und der Kaufkraft des Geldes und bin gern bereit, diesen Ihren Plan in jeder Weise zu fordern." A. von Gwinner, Director der Deutschen Bank in Berlin: "I am therefore in favor of measures to bring light into this problem and would welcome the appointment of an international commission on the cost of living, such as you propose." Dr. Gusfav von Schmoller, Professor der National-Oekonomie, Univ. Berlin: "Ich wunsche Ihnen alien Erfolg zu Ihren Bemuhungen. Die internationale Annaherung der Methoden der Untersuchungen von Preisen, Geld wert etc. ist sehr wertvoll." Franz Eulenburg, Professor fiir Nationalokonomie u. Statistik, Univ. Leipzig: "Der Gedanke einer 'internationalen Kommission ' zur Untersuchung der Lebens- kosten hat mein lebhaftestes Interesse und meine freudige Unterstiitzung." H. Schumacher, Professor f. National-Oekonomie, Universitat Bonn: "Eine umfassende Untersuchung der gegenwartigen Preissteigerung halte ich mit Ihnen fiir eine der dringendsten und dankbarsten Aufgaben der Wissenschaft vom Wirtschaftsleben." Dr. R. van der Borght, prasident des Kaiserlichen Statist. Amtes, Berlin: "Ihr Plan einer offiziellen Kommission zur Feststellung und Untersuchung der Lebensunterhaltskosten erscheint mir einer Forderung durchaus wert." Dr. L. Brentano, professor f. National-Oekonomie, Universitat Muenchen: "Ich begriisse mit Freuden Ihre Bemuhungen, in alien Landern der Welt zuver- lassige Untersuchungen fiber die Bewegung der Preise und Lohne in den letzten Dezennien hervorzurufen, und verspreche Ihnen, Sie soweit ich irgend kann unter- stiitzen zu wollen." Wilhelm Lexis, professor f. Finanzwissenschaft u. National-Oekonomie, Universi- tat Gottingen: "Ich stimme Ihrem Vorschlag entschieden zu. Ich wfirde es fiir sehr zweckmassig und forderlich fur die Wissenschaft halten, wenn eine internationale Kommission damit betraut wfirde, gleichmassige Normen fur die statistische Erhebung der Preise, 14 HIGH COST OF LIVING THROUGHOUT THE WOKLD. der Lohne, der HauBhaltsausgaben und der auf diese einwirkenden Faktoren auf- zustellen, fur deren regelmassige Durchfuhrung zu sorgen und etwa jahrlich em Internationales Tabellenwerk zu veroffentlichen." _ Dr. P. Mombert, professor f. National-Oekonomie, Universitat Freiburg 1. B.: "Ich begriisse Ihr Untemehmen auf das allerwarmste und hoffe, dass es Ihnen gelingt, Ihren Plan durchzufiihren." H. Herkner, professor f. National-Oekonomie (Technical High School), Berlin: "Die Verwirklichung Ihres Planes ware gewiss im Interesse von Wissenschaft und "Praxis sehr zu wiinschen." H. Lichtenfelt, physiologist and writer on workingmen's budgets: "An international commission to study the cost of living in times past and present has for the last two years been a frequent subject of discussion between Prof. Bauer and me." AUSTRIA. E. Boehm-Bawerk, professor of political economy in Vienna University and for- merly minister of finance of Austria-Hungary : "Ich habe mit grossem Interesse von dem Plane einer internationalen Commission fur das Studium der 'Cost of living' Kenntnis genommen, billige diesen Plan voll- kommen, und erwarte von seiner Aufsuhrung wichtige und segensreiche Ergebnisae fur eine Frage, die fur Theorie uncf Praxis gleich grosse Bedeutung besitzt." Richard Lieben, banker, Vienna: "Ich wiirde die Einsetzung einer internationalen Kommission, die sich diesen Aufgaben unterziehen wiirde, mit Freuden begrijssen." F. Wieser, professor of political economy, University of Vienna: "Ihren Vorschlag einer Internationalen Commission begriisse ich auf das warmste. Dass ich fiir die Sache das hochste Interesse habe; habe ich durch meine arbeiten gezeigt, und brauche ich nicht weiter zu begriinden, und dass eine international commission die geeignetste Instanz fiir die Durchfuhrung ist, ist durchaus meine Meinung." C. Morawitz, president of the Anglo-Austrian Bank, Vienna: "I heartily indorse the views expressed therein and do not doubt that the institu- tion will be established in a practical and useful way, especially if the United States Government will take the matter in hand." Dr. Rudolf Sieghart, governor of the Austrian Land-Mortgage-Bank, Vienna: "Us ware zweifellos zu begriissen, wenn die so wichtigen und fiir die gesamte Wirtschaftspolitik ausschlaggebenden Fragen der Verenderung in der Waufkraft der Geldeinheit und der Einkommen einer systematischen alle Kulturlander umfas- senden Prufung unterzogen wiirden." Paul Doumer, Senateur, ancien President de la Chambre des Deputes, Paris: "Le but que se propose cette commission, et qui se trouve expose 1 dans la note jointe a votre lettre, a toute Papprobation de Mr. le Senateur Doumer. II adhere done pleinement au projet." Pierre Baudin, Senateur, Paris: "Votre projet est tres interessant et je suis heureux de lui donner mon approbation." Raymond Poincare, Senateur, President du Conseil des Ministres, Paris: "Je m'empresse de vous adresser tres volontiers mon adhesion au projet que vous me soumettez tendant a la reunion d'une Commission Internationale du Cout de la Vie." Adolphe Landry, Depute, Paris: "Je trouve excellente votre idee d'une commission internationale qui aurait a 6tudier le probleme des variations dans le cout de la vie. Ce probleme est un des plus graves de l'heure pr&ente; et il est international doublement: d'une part en ce qu'il concerne toutes les nations; d'autre part, en ce qu'il ne peut guere etre resolu que par le moyen d'une entente entre les principaux Etats." Jean Javal, Deputi, Paris: "Le projet ue vous me communiquez me parait excellent a tous <§gards et aucune objection ne m'apparai a premiere vue." Paul Deschanel, Depute, ancien President de la Chambre, Paris: "Je donne avec plaisir mon adh&ion au projet d'une commission internationale du cout de la vie, tres heureux de pouvoir ainsi repondre a votre d6sir." Charles Benoist, depute, membre de l'Institut, Paris: "J'adhere tres volontiers au projet de Mr. le Professeur Irving Fisher tendant a la reunion d'une Commission Internationale du Cout de la Vie." HIGH COST OF LIVING THROUGHOUT THE WOELD. 15 Lucien March, directeur de la statistique generate de la France, Paris: "Les adhesions que vous avez deja recues de France temoignent de la sympathie que trouvera votre appel dans ce pays." Arthur Fontaine, directeur, ministere du travail et de la Prevoyance sociale, Paris: "Je donne tres volontiers mon adh&ion personnelle a ce projet fort important. Je suis persuade que, malgr6 les grandes difficultes d'une telle enqugte, un r&ultat utile pourrait etre obtenu." Jacques Bertillon, directeur de la statistique municipale de la Ville de Paris: "II va de soi que je m'interesse beaucoup a la recherche des causes de l'accroisse- ment actuel du cout de la vie. J'ai ecrit sur ce sujet plusieurs articles qui m'ont 6t6 demanded. " Georges Vilain, directeur du contr61e commerciale, etc., Paris: "Le probleme vaut d'etre examine et si vous aves besoin de mes faibles connais- sances, vous pouvez compter sur moi." Fernand Faure, directeur de la revue politique and parlementaire, ancien depute, Paris: "Comment n'£tre pas d'accord avecvous sur l'immense interSt a la fois pratique et scientifique qu'il y aurait a voir se constituer une Commission Internationale du Cout de la Vie, formee de delegues des gouvernements des principaux pays du monde?" Alfred Neymarck, directeur propri&aire Le Rentier, Paris: "A la soci<5t6 d'economie politique comme a la socigte' de statistique de Paris et a l'institut international de statistique cette question preoccupante est a l'ordre du jour et les economists et statisticiens de tous les pays ont raison de vouloir B'unir pour rechercher les causes et indiquer, si possible les remedes." Edmond Thery, r6dacteur en chef de l'Economiste Europeen, Paris: "J'approuve le projet de reunir une commission internationale du cout de la vie, car la hausse recente des prix, qui a atteint plus particulierement les classes labori- euses, s'en produite dans tous les pays du monde et dans des proportions presque identique." Yves Guyot, r^dacteur en chef, Paris: "An international committee alone could attain such a result." C. Colson, conseiller d'etat, membre de l'institut, Paris: "La question est tres interessante et je donne tres volontiers mon adhesion au projet." Ch. Legrand, president de la Chambre de Commerce de Paris, Paris: "J'ai l'honneur de vous informer qu'en raison de l'importance et de la gravite des problemes dont le dit projet se propose de rechercher les causes et los remedes, je lui donne tres volontiers une adhesion de principe." Georges Paulet, professeur de legislation ouvriere a l'Ecole des Sciences politiques, Paris: "Je m'ampresse de vous informer que j'adhere personnellement bien volontiers a cette tres interessante initiative." Alfred Picard, membre de l'Academie des Sciences, pr&ident de Section au Conseil d'Etat, Paris: "L'exacte connaissance de ces lois permettront sans doute aux diff brents Etats de prendre des mesures concerteea ou speciales, pour ameliorer les conditions de l'existence." P. Cauwes, professeur d'economie politique, University de Paris, Paris: "J'adhere sans reserve a l'id6e .de reumr les faits grace a toutes les resources que les services statistiques des differents pays pourraient fournir a la commission." Bertrand Nogaro, professeur d'economie politique a l'Universite' d,e Montpellier, Montpellier: "Je suis, en effet, d'avis, moi aussi, que le probleme est capital, que nos moyens statistiques et autres de l'^tudier sont actuellement insuffisants et enfin qu'il est urgent d'ameliorer nos moyens d'investigation sur ce point et de rechercher les remedes." Georges Renard, professeur au College de France, Paris: "Mon adhesion est done acquise au projet de commission que vous me soumettes." Charles Rist, professeur a l'Universite' de Montpellier, Montpellier: "Jamais peut-6tre l'opinion publique n'a 6t6 mieux pr6par6e qu'en ce moment a s'int^resser a une question aussi vitale." Raphael Georges Levy, professeur a l'Ecole des Sciences politiques, Paris: "J adhere tres volontiers a votre projet de commission internationale pour l'6tude de problemes relatif au cout de la vie." A. deFouville, secretaire perp6tuelde l'Academie des Sciences morales et politiques, Paris- 16 HIGH COST OF LIVING THROUGHOUT THE WORLD. "Je crois, moi aussi, que, pour lea society civilises, il n'y a guere aujourd'hui de probleme plus important que celui dont le Professeur Irving Fisher desire voir Conner I'etude a une commission Internationale." Paul Leroy-Beaulieu, professeur au College de France, Paris: _ "J'approuve bien volontiers ce projet, le sujet est de la plus haute importance et je croie qu'il y a beaucoup de malentendus ou d'erreurs repandus en ce qui le concerne. Ch. Gide, professeur a la faculte de droit de Paris, Paris: "Je ne doute pas que votre projet de creer une commission Internationale pour etudier la hausse des prix, ne trouve partout l'acceuil la plus sympathique non seule- ment aupres des economistes professionnels, mais aussi aupres des gouvernements, Deja le gouvernement francais a nomm6 une commission parlementaire pour s en occuper." * . Dausette, directeur de la Caisse Generate de Reports et de Depots, Paris: "Nous approuvons pleinement le but si louable poursuivi par la Commission Inter- nationale du Cout de la Vie." BELGIUM. Armand Julin, directeur a 1' office du travail, Bruxelles: "C'est bien volontiers que je me tiens a votre disposition si je puis vous 6tre de quelque utility dans la realisation de votre projet." E. Solvay, capitalist and founder of the Solvay Institute, Brussels: " J'adhere, avec une vive conviction d'utilit6, a votre projet de reunion internation- ale relative au 'Cout de la Vie,' Je le consid6re comme entieremente de circonstance." E. Waxweiler, professeur a l'Universite de Bruxelles, Bruxelles: "I entirely agree with your proposition, and I feel most happy to give you the com- plete and cordial support of the Solvay Institute of Sociology for everything that may help your movement." E. Mahaim, professeur a l'Universite de Liege, Cours de Statistique: "Personne, je pense, ne mettra en doute 1'utilite de la constitution d'une Commis- sion internationale ayant la mission que vous proposez." Lepreux, directeur de la Banque Nationale de Belgique, Bruxelles: "Je serais tout dispose a me joindre a vous et a vous mettre en rapport avec ceux de mes compatriotes qui, a, ma connaissance, ont, dans ce dernier temps, plus speciale- ment dings' leurs etudes de ce cote." H. La Fontaine, professor of International Law, Brussels: "C'est bien volontiers que je consens a vous apporter ma modeste collaboration pour, etudier les questions relatives au cout de la vie. Ce probleme est devenu poignant et il faut qu'une solution positive y soit donnee.'' Hector Denis, professeur a l'Universite de Bruxelles, Bruxelles: " J'ai hate de vous envoyer mon adhesion a votre projet d'instituer une Commission internationale chargee d'etudier d'une maniere permanente les variations du cout de la vie." Louis Varlez, secretaire general de 1' Association Internationale pour la Lutte contre le Chdmage: ' ' Le probleme tel que vous le posez me parait en eff et une des etudes les plus interea- santes qu'on puisse entreprendre au moment actuel. Elle ne me parait aussi pouvoi- Stre tente que par une commission internationale officielle, financierement et scien- tifiquement bien equipee." Ansiaux, professeur a l'Universite de Bruxelles, Bruxelles: "Ces opinions, toutefois, sont de nature a 6tre revisees a la suite de l'enqu§te de la commission internationale du cout de la vie, C'est vous dire que je m'interesserai vivement de ces travaux." ITALY. Luigi Luzzatti, formerly minister of State, Rome: "Very well; I agree with your project, and I am happy to join my name to yours. The actual situation is intolerable." Montemartini, director of labor of Italy, Rome: "Je serai heureux de vous aider pour ce qui concerne l'ltalie, a la formation de la commission internationale dont vous m'ecrivez et je me mets, des a present, a votre complete disposition." Signor Nitti, minister of agriculture, Rome. "Non bisogna certo dimenticare che si tratta di problema di natura internazionale, come l'osservatore piu superficiale puo scorgere anche dalla cronaca politica, quo- tidiana." HIGH COST OF LIVING THROUGHOUT THE WORLD. 17 Luigi Bodio, Senateur, professeur, president de l'lnstitut Internationale de Statis- tique, Rome: ' ' Je vous donne bien volontiers mon adhesion pour l'idee de provoquer la constitu- tion d'une commission Internationale d'enqu§te." Pietro Albertoni, professore Instituto di Fisiologia della R. Universita di Bologna: ' ' The proposal of an international commission to study the cost of living, of nutrition in its relations with prices and wages, and other conditions of life merits every con- sideration, and I fully agree with it." Luigi Einaudi, director "La Riforma Sociale," Torino: "The utility of such an international inquiry and discussion is self-evident." SWITZERLAND. Vilfredo Pareto, professor of economics, Lausanne: "J'approuve entierement le projet d'une enqueue internationale sur la hausse des prix, etje declare m'y associer." E. Milliet, professor at the university of Berne, Berne: "Ihr Plan zur Schaffung einer offiziellen internationalen Kommission zum Studium der Lebenskosten findet mit dem von Ihnen umschriebenen Programm meinen vollen Beifall und ich werde ihn, soweit es meine Krafte gestatten, gerne unterstutzen." Adrien Lachenal, former president of Swiss Confederation, member of Swiss Senate, Geneva: "Votre travail ' rencherissement de la vie' est extremement interessant et je salue votre oeuvre avec la plus vive sympathie." HOLLAND. G. M. Boissevain, member of the Central Commission of the Institute of Statistics of the Netherlands, Amsterdam: "I entirely agree with you that this is a subject of the very greatest importance actually, and of course if we are to come to reliable conclusions the work must be undertaken internationally." H. B. Greven, professor at the University Leiden, Leiden: "In my opinion such a commission could be very useful for gathering together all available information on the matter, and for judging in how far these facts can form a basis for international comparisons." C. A. Verryn Stuart, professor of political economy and statistics at the Univer- sity of Groningen, Groningen: . "I heartily agree with your proposal to form an international committee for the pur- pose of studying the recent variations in prices." DENMARK. Michael Koefoed, directeur, Bureau de Statistique de l'Etat, Copenhagen: "A mon avis la realisation de votre projet aura une grande importance th&jrique et pratique et servira a maintes occasions la soci6te\" Harald Westergaard, professor at the University of Copenhagen, Copenhagen: "I quite agree with you as to the desirability of an international commission on the cost of living with the aim of ascertaining the changes in the purchasing power of money and finding out— if possible— the causes of these changes." A. Vedel, inspecteur du travail, Copenhagen: _ "Cette affaire-ci ayant egard, en effet, a toutes les soci6t<§s civihsees, ll est a sup- poser que, justement dans le cas actuel, une commission internationale sera d'une grande importance." JAPAN. G. Sakatani, formerly finance minister of Japan, Tokio: "With deep interest and sympathy I approve of your idea of organizing an interna- tional commission on the cost of living, and sincerely hope that it may speedily be placed on working basis." G. Ogawa, professor of political economy at Kioto, Kioto: "Ich werde Sie sehr gern unterstutzen, so weit es mir moglich ist und wenn es sich auf Japan bezieht." CANADA. R. H. Coats, statistician, department of labor, Ottawa: _ "Such work could not but derive help both by way of inspiration and of practical suggestion from such a commission as you propose, and for this reason, apart from H. Rept. 711, 62-2 2 18 HIGH COST OF LIVING THROUGHOUT THE WOKLD. the broad and most important end in view, I hope very much that success will attend you." Sir B. E. Walker, Canadian Bank of Commerce, Toronto: "It can hardly be necessary to urge -the necessity of inquiry, in view 01 the wide social dissatisfaction arising from the increased cost of living and the peculiar unfair- ness of the bearing of the increase upon all classes with more or less fixed incomes. James Bonar, deputy master of the Canadian mint, Ottawa: "It seems to me that an international inquiry into any large subject of economic interest whatsoever can not fail to be fruitful, and that the present subject is pecul- iarly suitable, being an evident concern of all civilized nations." Charles M. Hays, president of the Grand Trunk Railway system, Montreal: "A discussion of the whole subject, the causes leading thereto, and possible means of relief, can not fail to be of value to the world at large." AUSTKALIA. Weedon, Government statistician, bureau of statistics, Brisbane, Queensland: "I consider that an international commission on the cost of living * * * may do much to pave the way for the establishment of some method for general relief of Buffering humanity." . G. H. Knibbs, statistician, Commonwealth bureau of census and statistics, Mel- bourne: "Your proposal for an international commission on the cost of living seems to me to be one in every way worthy of support." G. Findlay Shirras, finance department, Government of India, Calcutta: "I am in entire sympathy with your proposal for an international commission on the increased cost of living." TRANSVAAL (SOUTH AFRICA). R. A. Lehfeldt, professor of the South African School of Mines and Technology, Johannesburg: "It is a subject which has interested me a good deal and I should be glad to help in any way that I can." Resolutions Favoring an International Commission on the Cost of Living, philadelphia chamber op commerce. Whereas the high and increasing cost of living is bearing hard on the great mass of the people and causing social unrest the world over; and Whereas the general level of commodity prices has been moving upward in European countries as well as in the United States, the trend of prices being substantially on the same line in all countries; and Whereas in the United States the price level, as shown by Bradstreet's index number, rose more than 16 per cent from June 1, 1908, to December 1 last, and as shown by the Government's figure^ was nearly 47 per cent higher for 1910 than for 1897, so that it took $1,316 to buy in 1910 what $897 would have bought 13 years before; and Whereas a movement was begun last year by Prof. Irving Fisher, of Yale, starting from this country and extending to Germany, France, and England, looking to an inter- national commission on the cost of living; and Whereas this proposition wa3 discussed and approved at a meeting in Washington on December 29, 1911, of the American Economic Association, and Prof. Fisher requested to lay the matter before President Taft, which he did on January 4 of the present year; and Whereas it is reliably understood that President Taft is favorable to having the Govern- ment invite other nations to appoint representatives to an international commission to meet under the auspices of the United States, it being also understood that foreign Governments are ready to respond to such an invitation: Resolved, That the Chamber of Commerce of Philadelphia is heartily in favor of the proposition and respectfully but earnestly urges President Taft to move Congress to authorize him, making also the necessary appropriation, to invite foreign nations to join in an international commission to make an exhaustive study into the cost of HIGH COST OF LIVING THROUGHOUT THE WORLD. 19 living and interrelated economic factors, to the end that with "a comprehensive knowl- edge of the causes of rising prices a sound remedy can be proposed to the world and international relief be obtained thereby. (This resolution was unanimously passed by the Philadelphia Chamber of Commerce at its meeting on January 11, 1912.) NEW HAVEN CHAMBER OP COMMERCE. Whereas the present high cost of living is of deep concern to the people of the United States and of other countries; and WhereaB the recent investigations on the cost of living by the State of Massachusetts, the United States Senate, the Dominion of Canada, the British Board of Trade, the Government of France, and other States and bodies have convinced those con- ducting these investigations of the need of further inquiry, international in scope and uniform in method for all countries; and Whereas such an investigation is needed not only to ascertain the precise facts as to recent movements in prices and wages in various parts of the world, but also in order to base on those facts a conclusive study of causes and possible remedies; and Whereas many influential financiers, economists, and statesmen, as well as business and scientific organizations, both in this country and in Europe, have advocated an in- ternational commission on the cost of living: Therefore be it Resolved, That the New Haven Chamber of Commerce heartily indorses the pro- posal for an international commission on the cost of living and expresses the hope that initiative may be taken by the United States. (This resulution was unanimously passed by the New Haven Chamber of Commerce at its meeting on January 31, 1912.) BOSTON CHAMBER OP COMMERCE. Resolved, That the Boston Chamber of Commerce, believing that the high and in- creasing cost of living is an international problem of grave concern to the people of this and every other country actively engaged in commerce and industry, hereby approves and supports the proposal to bring about the creation of an international commission on the cost of living, which should determine a scientific basis upon which all Gov- ernments, as well as the several States of this country, may base legislation or other action designed to relieve this condition. (The above resolution was passed by the Boston Chamber of Commerce, February 8, 1912.) Memorandum as to the Proposal por an International Commission on the Cost op Living. With the support of leading economists, financiers, editors, and statesmen, a move- ment has been launched to secure the appointment of an official international com- mission on the cost of living. The object of the proposed commission is (1) to gather all available facts as to recent changes in wages, cost of living, and prices generally throughout the world and to make international comparisons; (2) to secure evidence as to the main causes of these changes and of international differences; (3) to discuss possible remedies. I. THE PACTS. The price statistics hitherto published are very limited in scope and are not fitted to indicate the price movements of the civilized world. Such index numbers of prices as have been published are usually confined to the wholesale prices, and in all cases cover only a small part of the field of general prices and wages even where the statistics are of the best, as in the United States, England, and Germany. Moreover, these index numbers are constructed by different methods in different places and in consequence are not mutually comparable. Thus a recent attempt of the English Board of Trade to compare its index numbers of prices for "foods and materials" with corresponding statistics eleswhere required a reclassification of the latter by which certain commodities were introduced, others omitted, and still others transferred from "foods" to "materials" and vice versa. 20 HIGH COST OF -LIVING THEOUGHOXTT THE WORLD. A complete study of the facts would afford a general view of the differences between different countries and times so far as concerns (a) the purchasing power of the dollar or other monetary unit; (6) the purchasing power of incomes, especially wages. These two sorts of purchasing power do not always change together. Thus, if all prices and wages rise equally, it is clear that the purchasing power of the monetary unit must fall, though the purchasing power of wages will have remained the same. But if the rise in the prices of goods for which wages are spent is greater than the rise in the wages themselves, it is clear that there has been not only a diminution in the purchasing power of the monetary unit, but also a diminution in the total purchasing power of the wages; that is, a diminution in "real wages." Both problems are of the greatest importance, and the prospect of adding to our knowledge as to either of them would be a sufficient justification for the creation of the proposed commission. It is believed that the commission can throw light on both problems, for the raw materials for constructing index numbers exists in pub- lished and manuscript documents in every commercial country and only require clerical work under intelligent direction in order to be wrought into index numbers of real value. n. THE CAUSES. Here, also, the commission will have two problems— (a) to explain the fall in the purchasing power of the monetary unit; (6) to explain the changes in the total pur- chasing power of incomes, especially wages. The first problem (a) is that of the rise of prices, and will fall chiefly into two parts— (1) a study of money, and (2) a study of goods. The former will include a study of the production of gold, the extension of credit through the use of checks, uncovered bank notes, modern methods of indorsement, underwriting, etc., and the velocity of circulation of money; the latter will include a study of the conditions of production, transportation, and the volume of trade in respect to agriculture, mining, and industrial products. The second problem (6) is that of the factors influencing the world's supply of food and other commodities which bear upon the great mass of consumers, as well as changes in standards of expenditure, concentration of population in cities, and all other factors which affect the people in their capacity as consumers. 111. THE REMEDIES. The commission will again be confronted with two problems — (a) the problem of pre- venting changes in the purchasing power of the monetary unit, as, for instance, through monetary or banking legislation, and (6) the problem of increasing or at any rate of preventing any decrease in the total purchasing power of wages, by combating mal- nutrition and the decay of industrial efficiency. Those chiefly interested in the project of a commission on the cost of living do not agree on any remedy or remedies. They are agreed merely on the importance of the questions involved. The commission would not, of course, be authorized to bind the various nations represented to the adoption of any plans that might be recommended. It would simply aim to express the best unbiased scientific conclusions which they may find from a completer study of facts than has hitherto been made. Should it happen that the commission reported favorably any plan requiring polit- ical cooperation, the way would then be open for the various nations to enter into diplomatic negotiations looking toward such cooperation, just as was the case when the "Latin Union" was formed to secure uniformity in currency or when various nations agreed to prohibit the poisonous match industry. FURTHER REMARKS. Why the commission should be international. — The commission should be international because the problems are necessarily international . Even the inflation of the currency of one country must spread its effect over all; for much local inflation, by expelling any exportable money, such as gold, leads to inflation abroad. We can not expect investigations by individual nations to be made by a sufficient number of nations or any one nation to make international comparisons for all. A few attempts at inter- national comparisons on the cost of living have been made (as by Carroll I) . Wright, when United States Labor Commissioner, and more recently by Dr. Shadwell in Eng- land, and by the British Board of Trade). But the results are meager and confined to a very few little countries. Moreover, these results are little heeded outside of the E articular nation making the investigation. It is almost as absurd for any one particu- ir locality or State, on the basis of its own experience, to discuss the world-wide rise HIGH COST OF LIVING THROUGHOUT THE WORLD. 21 in the cost of living as it would be for a village on the Bay of Fundy to discuss the rise of the tides. They experience this rise, but its causes lie far beyond their vision or control. Why the commission should be official. — The commission should be official in order to secure the requisite funds for so broad a study. No private person or institution can afford to make the necessary investigations in all the great countries of the world, just as no private person or institution can afford to make a census. It is true that our best statistics to-day are official statistics, and this will be increasingly true in the future. Another reason why the commission should be official is that an official com- mission has many times the influence of private persons or institutions. The work of the commission should be entrusted to a small staff of experts working in cooperation with the local statistical agencies of the various Governments repre- sented and acting on plans approved by the commission. As a possible result of the work of the commission there might be established one or more permanent bureaus to continue these studies, for the need of completer statistics of wages and prices is increasingly felt every year. The present a very opportune time to secure such a commission. — There is now a world- wide interest in the subject, not only in academic circles, but also among business men, bankers and railway men, public officials, members of Parliament, labor leaders, and the public press. During the last few years there, has been an enormous output of literature on the subject — in statistical works and journals, in popular magazines and newspapers, and in official reports. The Verein fur Sozialpolitik, in Berlin, is planning to make some studies of prices during the last 20 years. It has secured the cooperation of the German statistical office, which in turn is in correspondence with the statistical offices of other countries. The International Statistical Institute, con- sisting chiefly of the world's official statisticians, is also engaged in an international study of price movements. Several Governments, such as the United States through its Senate, the State of Massachusetts, the Dominion of Canada, and France, have made recent reports on this subject; others, such as the Government of India, are about to undertake similar studies. The deep public interest in the question of the cost of living is expressing itself also in many other ways, such as resentment against taxation, strikes, bread and meat riots, and other demonstrations of discontent, as well as in changes in political life, to which a great part of social unrest is due. It is therefore an urgent need to find a scientific basis for any reforms which State legislation may be asked to contemplate. In view of the colossal proportions of the problem and its significance to hundreds of millions of human beings and in view of the present world-wide interest in it and in view of the ominous prediction of many experts that the rise of prices is to continue in the future, it is submitted that to secure such a commission as is here proposed is worth the best efforts of all public-spirited citizens. Newspaper Comments in Regard to the Proposed International Commission on the Cost of Living. The Herald, Boston, Mass. : "About all that Congress would need to do would be to allow a few thousand dollars for legitimate expenses. This would be a small outlay compared with what has already been spent on the subject. It might yield large returns." The Globe, Boston, Mass. : "An international commission on the cost of living * * * would appear to be a sensible and logical thing, since the phenomenon of constantly increasing prices is world wide." The Evening Transcript, Boston, Mass. : "It is a comprehensive enterprise that is here suggested, but it seems to lie along practical lines and have for its object the alleviation of increasingly oppressive con- ditions for hundreds of millions of human beings. "The proposal of such a commission holds out promise of real progress toward the solution of a problem that will continue to vex the nations of the world until the Gov- ernments take united action in dealing with the situation." The Tribune, Providence, R. I.: "The present is a very opportune time to secure such a commission, for there is now a world-wide interest in the subject, not only in academic circles, but also among business men, bankers, railroad men, public officials, and labor leaders." The American, Waterbury, Conn. : "The utterance of the theories alone ought to be sufficient to justify the compara- tively slight cost." 22 HIGH COST OF LIVING THROUGHOUT THE WORLD. The New York Times, New York City: "It was the President's happy experience with his Railway Securities Commission which inspired him with a desire to appoint a cost-of-living commission, and the country as well as himself may be congratulated if the result shall be equally for- tunate." The Evening Post, New York City: "The mere ascertainment of the extent of the rise of prices which has taken place and its character will be an undertaking of prodigious difficulty and of very high importance." Second editorial: "It is indeed a measure upon which there seems to be no serious difference of opinion among those competent to speak on it. In the Frankfurter Zeitung of Feb- ruary 25 Herr Bernhard Dernburg, formerly colonial secretary and a man of high reputation in business and financial affairs, has a long article on the increased cost of living. In it he takes up the various causes which have been assigned — tariffs, heavy taxation, gold production, and so on — only to give his opinion that no one of them can be deemed adequate. But Herr Dernburg comes out strongly for an international inquiry, referring specifically to Prof. Fisher's plan, which, he says, meets with universal acceptance among experts. This German authority declares that it is beyond doubt that such an inquiry ought to be set on foot, holding that it is of special importance for the German Government." Moody's Magazine, New York City: "The first step toward a solution of the gold question appears to have already been taken in President Taft's recommendation for the cost of living commission." Financial American, New York City: "He has embarked on a highly useful and serviceable mission and we are pleased to announce is meeting with promises of support from men of light and leading, and as well is attracting to his purposeful undertaking the attention and favorable criti- cism of our representative and responsible press." Churchman, New York City: "Incidentally it might do much to promote international cooperation and peace." Democrat Chronicle, Rochester, N. Y.: "A study of these facts ought to throw some light on the shrinkage of the purchasing power of the dollar." Post Express, Rochester, N. Y.: "The United States might well take the first step." Times, Troy, N. Y.: "A world conference of the kind suggested by Prof. Fisher and those cooperating with him will mean an authoritative conclusion regarding some of the profoundest questions with which human intelligence has to deal." Evening News, Newark, N. J.: "Such a body, it is reasonable to hope, will be able to lay bare the real forces that are responsible for the high price level of the day." Sun, Baltimore, Md.: "Here is something in which every man, woman, and child in the whole civilized world is* interested." The Herald, Erie, Pa.: "The suggestion of President Taft in his late message that he be authorized by Congress to invite other nations to consider with the United States the perplexing problem of the high cost of living is to be commended." Telegraph, Harrisburg, Pa.: "President Taft's recommendation to Congress that the cost of living, be made the subject of an exhaustive and official investigation is in harmony with the wishes of the people." Gazette Times, Pittsburgh, Pa.: "There is no reason why the President's suggestion should not be put into effect." Dispatch, Erie, Pa.: "It would be a splendid chance for this country to take the first step in this very useful work." Dispatch, Columbus, Ohio: "The entire success of the inquiry may be doubted, but the thing at stake is so great that the experiment is worth making." The Tribune, Chicago, 111.: "We believe that it may result in important international cooperation. Take for example, the relation of the gold output to this problem. If the increase of gold is chiefly responsible for high prices, a plan of control may be devised. Certainly the conference will lay the foundation for useful cooperation in the future." HIGH COST OF LIVING THROUGHOUT THE WORLD. 23 Pantagraph, Bloomington, 111.: "These recommendations of President Taft impress us as eminently practical * * * May Congress heartily cooperate with President Taft in his efforts to secure information that will redound to the benefit of the whole people." Republican Register, Galesburg, 111.: "The ideaB of the President are thoughtful and well timed." Register-Leader, Des Moines, Iowa: "The appointment of an international commission made up, as it necessarily would be, of able men to consider world production and world prices could not but prove of great ultimate benefit. * * * Moreover, a new connecting link of the world's peace and industrial progress is forged every time a condition is clearly pointed out that binds one country to another in interest." Telegraph-Herald, Dubuque, Iowa: "A commission that should be fearless and comprehensive in the statement of causes of the increase in the cost of living would be able to furnish data invaluable in the drafting of legislation for the cure of the superficial causes, at least " The Duluth Herald, Duluth, Minn.: "It deserves the thoughtful consideration of all those who love their kind and wish humanity's lot to be improved." Pioneer Press, St. Paul, Minn.: "The proposed commission will have performed a world service." The Star, Kansas City, Mo.: "An international commission of economists, statesmen, merchants, and producers to consider this subject ought to result in the accumulation of facta which will bring enlightenment on the subject and possibly lead to some practical proposals for pro- ducing more stable conditions." The Bee, Omaha, Nebr.: "President Taft's message to Congress calling for an international inquiry to deter- mine the causes and remedies of the high cost of living ought to arouse immediate and most active interest in our own and foreign countries." Spokesman Review, Spokane, Wash.: "Congress should at once authorize the President to take such steps as he deems advisable." Ledger, Tacoma, Wash.: "The present is a most opportune time for such an investigation, and the United States will increase in prestige if it officially places iteelf in the front rank of the nations as the sponsor for Prof. Fisher's plan. Der Tag, Berlin: "So wird die von Taft geplante Weltenqulte, wenn sie zustande kommt, zweifellos den Volkswirten und vielleicht auch Parlamentariem beider Hemispharen zu wert- vollem Material verhelfen. Dass sie aber Entwicklungen, die in der Natur der Dinge liegen, nicht in ihr Gegenteil verkehren kann, liegt auf der Hand. Sie mag trotzdem willkommen zu heisBen sein, weil sie die Vertrautheit weiterer Kreise mit volkswirtschaftlichen Dingen erhohen und manchem der Schlagworte, um die heute der Kampf tobt, den Garaus machen wird. Auch das ware ein Verdienst von nicht , zu unterschatzender Bedeutung." Frankfurter Zeitung, Frankfurt on the Main: "Aber es ist zweifellos, dass diese Untersuchung angestellt werden muss und angestellt werden wird, und die Wichtigkeit dieser Fragen, auch besonders fur unsere deutsche Regierung und fur jeden deutschen Konsumenten ins Licht zu stellen, ist der Zweck dieser Zeilen. Erst wenn man genau wisse'n wird, was ist, wird man auch sagen konnen, was moglicherweise geschehen kann." Correspondenzblatt der Generalkommission der Gewerkschaften Deutschlands, Berlin: "Auch die gewerkschaftlichen und genossenschaftlichen Organisationen wurden einen solchen Fortschritt der amtlichen Statistik nur mit Freuden begriissen konnen." La Petite Republique, Paris (Feb. 10, 1912): "Nous devons nous feliciter de l'initiative du president Taft. L'oeuvre qu'elle inaugure est sans doute une oeuvre de longue haleme et herissee de difficultes, mais c'est une oeuvre necessaire. Dans le domaine social comme ailleurs, ce n'est guere que par l'6tude m6thodique et patiente de la reality qu'on peut arriver a des resultsts feconds, et faire que 1'humanite' devienne, dans une plus grande mesure, maitresse de ses destinees." La Petite Republique, Paris (Feb. 25, 1912): "Les travaux de cette commission auront une tres heureuse consequence s'ils reus- sissent a mettre en pleine lumiere les causes de l'encherissement. Ce n'est qu'autant 24 HIGH COST OP LIVING THROUGHOUT THE WORLD. qu'on se sera mis d'accord sur la veritable nature de ces causes qu'on pourra utilement aborder le c6te pratique du probleme." A Japanese correspondent writes: "President Taft's recommendation on the cost of living has been cabled here and favorably commented on by the press." An article of 37 pages, advocating the establishment of an international com m ission on the cost of living, by Prof. Stephen Bauer, of Basel, and Irving Fisher, has appeared in the Annalen fur Soziale Politik und Gesetzgebung, and in the Bulletin des Liguea sociales d'acheteurs. Another correspondent writes that the Corriere of Milan, Italy, has commended the plan for an international commission on the cost of living. Organizations. The New York Chamber of Commerce. The Massachusetts State Board of Trade. The Rhode Island Business Men's Association. The Retail Merchants' Association of Illinois (Belleville, 111.). The Merchants' Association of New York. The Boston Chamber of Commerce. The St. Louis Round Table. The Philadelphia Chamber of Commerce. The New Haven (Conn.) Chamber of Commerce. The Worcester (Mass.) Merchants' Association. The Kingston (N. Y.) Chamber of Commerce. The Wilmington (N. C.) Chamber of Commerce. The Verein fur Sozialpolitik in Berlin (Germany). List of Newspapers, Clippings prom Which Indicate that They Indorse the Plan for an International Commission on the Cost op Living. Evening Transcript, Boston, Mass. Globe, Boston, Mass. Herald, Boston, Mass. Post, Worcester, Mass. Tribune, Providence, R. I. American, Waterbury, Conn. The World, New York City. Evening Post, New York City. Times, New York City. Nation, New York City. Review, New York City. Financial American, New York City. Churchman, New York City. Express, Buffalo, N. Y. Post Express, Rochester, N. Y. Democrat-Chronicle, Rochester, N. Y. Herald-Dispatch, Utica, N. Y. Times, Troy, N. Y. North American, Philadelphia, Pa. Gazette-Times, Pittsburgh, Pa. Dispatch, Erie, Pa. Herald, Erie, Pa. Record, Wilkes-Barre, Pa. Telegraph, Harrisburg, Pa. Evening News, Newark, N. J. Hudson Observer, Hoboken, N. J. Sun, Baltimore, Md. Virginian, Richmond, Va. News, Savannah, Ga. Dispatch, Columbus, Ohio. News, Chicago, 111. The Tribune, Chicago, 111. Pantagraph, Bloomington, 111. Star-Courier, Kewanee, 111. Republican Register, Galesburg, 111. Wisconsin, Milwaukee, Wis. Pioneer Press, St. Paul, Minn. Duluth Herald, Duluth, Minn. Register-Leader, Des Moines, Iowa. Telegraph-Herald, Dubuque, Iowa. Star, Kansas City, Mo. Bee, Omaha, Nebr. Ledger, Tacoma, Wash. Spokesman Review, Spokane, Wash. Herald, Montreal, Canada. The Daily Mail, London. La Petite" Republique, Paris. Der Tag, Berlin. Frankfurter Zeitung, Frankfurt a. M. Correspondenzblatt der Generalkommis- sion der Gewerkschaften Deutschlands, Berlin. HIGH COST OF LIVING THROUGHOUT THE WORLD. 25 Favorable to the International Commission on the Cost op Living. united states. Charles P. Neill, Commissioner of Labor. Charles Nagel, Secretary of Commerce and Labor. Henry L. Stimson, Secretary of War. Hon. Franklin MacVeagh, Secretary of the Treasury. A. Piatt Andrew, Assistant Secretary of the Treasury. Mr. M. L. Muhleman, ex-deputy assistant of the United States Treasury Prof. Henry C. Emery, chairman Tariff Board. Mr. Gifford Pinchot, chairman of the Conservation Commission. Hon. Woodrow Wilson, governor of New Jersey. Hon. Henry C. Lodge, United States Senator. Hon. Reed Smoot, United States Senator. Hon. Coe I. Crawford, United States Senator. Hon. Robert L. Owen, United States Senator. Hon. T. E. Burton, United States Senator. Hon. George E. Chamberlain, United States Senator. Hon. Joseph F. Johnston, United States Senator. Hon. George P. McLean, United States Senator. Hon. C. R. Davis, United States Representative. Hon. John Q. Tilson, United States Representative. Hon. William Kent, United States Representative. Hon. Charles A. Towne, formerly United States Senator, New York lawyer. Prof. Prank H. Dixon, chief statistician, Bureau of Railway Economics. Mr. Logan McPherson, director, Bureau of Railway Economics. Mr. J. H. Parmelee, statistician, Bureau of Railway Economics. Mr. Walter E. Weyl, statistical expert, Bureau of Statistics, United States Treasurv. New York City. " Mr. Fred. C. Croxton, statistician, Senate Committee on Wages and Prices. Mr. Roger W. Babson, Babson's statistical organization. Mr. James H. Brookmire, president Brookmire Economic Chart Co., St. Louis. Hon. Loyed E. Chamberlain, judge Plymouth County (Mass.) probate court and court of insolvency. Mr. Robert S. Woodward, president Carnegie Institution, Washington. Mr. L. F. Loree, president Delaware & Hudson Railroad Co. Mr. Howard Elliott, president Northern Pacific Railroad Co. Mr. Frederic A. Delano, Wabash Railroad Co. Mr. C. S. Mellen, president New York, New Haven & Hartford Railroad Co. Mr. E. G. Buckland, vice president New York, New Haven & Hartford Railroad Co. Mr. W. W. Finley, president Southern Railway Co., Washington. Mr. Fairfax Harrison, president Indianapolis & Louisville Railroad Co., Chicago. Mr. J. J. Hill, chairman Great Northern Railway, St. Paul, Minn. Mr. Irving Bush, president Bush Terminal Railway. Mr. E. R. Ripley, president Atchison, Topeka & Santa Fe Railroad system. Mr. Marvin Hughitt, president Chicago & North Western Railway Co. Mr. Daniel Willard, president Baltimore & Ohio Railroad Co. Mr. W. C. Brown, president New York Central lines, New York City. Mr. Frank Trumbull, chairman of the. board, Chesapeake & Ohio Railway Co. Mr. Roberts Walker, general counsel, Chicago, Rock Island & Pacific Railway Co. Mr. H. Walters, chairman Atlantic Coast Line, New York City. Mr. Charles M. Hays, president Grand Trunk Railway system, Montreal Quebec. Mr. A. B. Hepburn, president New York Chamber of Commerce. Mr. Calvin Tomkins, commissioner of docks and Ferries, New York City. Mr. Robert Luce, chairman recent Massachusetts Commission on the Cost of Living. Mr. Albion F. Bemis, member recent Massachusetts Commission on the Cost of Living. Mr. Henry Abrahams, member recent Massachusetts Commission on the Cost of Living. Mr. Edward F. McSweeney, member recent Massachusetts Commission on the Cost of Living. Prof. H. Spencer Baldwin, member recent Massachusetts Commission on the Cost of Living, professor of economics, Boston University. Mr. John R. Commons, member of the State of Wisconsin Industrial Commission. Mr. Frederick N. Judson, vice president American Economic Association. Prof. Frank A. Fetter, president American Economic Association. Mr. Arthur T. Hadley, president Yale University. Prof. Henry W. Famam, professor of economics, Yale University. 26 HIGH COST OF LIVING THROUGHOUT THE WORLD. Prof. L. S. Rowe, president American Academy of Political and Social Science. Prof. T. N. Carver, secretary American Economic Association. Prof. F. W. Taussig, ex president American Economic Association, professor ot eco- nomics, Harvard. . Prof. J. B. Clark, professor economics, Columbia University, former president Ameri- can Economic Association. Prof. Edwin R. A. Seligman, professor of economics, Columbia University. Prof. Richard T. Ely, professor political economy, University of Wisconsin. Prof. Franklin H. Giddings, professor of sociology, Columbia University. Prof. Paul Reinsch, professor of politics, University of Wisconsin. Prof. T. K. Urdahl, professor of economics, University of Wisconsin. Prof. E. W. Kemmerer, professor of economics, Cornell University. Prof. Jeremiah W. Jenks, professor of economics, Cornell University. Prof. S. N. Patten, professor of economics, University of Pennsylvania, former presi- dent American Economic Association. Prof. Jacob H. Hollander, professor of economics, Johns Hopkins. Prof. B. H. Meyer, professor of political economy, University of Wisconsin. Prof. 0. M. W. Sprague, professor of economics, Harvard. Prof. J. Lawrence Laughlin, professor of economics, University of Chicago. Prof. John T. Holdsworth, dean University of Pittsburgh. Mr. Paul M. Warburg, Kuhn, Loeb & Co., New York City. Mr. Thomas Martindale, business man, Philadelphia. Mr. John Hays Hammond, expert metallurgist. Mr. 0. G. Villard, president New York Evening Post. Mr. Rollo Ogden, editor New York Evening Post. Dr. John Franklin Crowell, editor W 7 all Street Journal. Mr. Samuel H. Barker, financial editor North American, Philadelphia. Mr. E. H. Youngman, editor Bankers' Magazine, New York City. Mr. R. E. Ireton, editor of the Financial American. Mr. Clinton B. Evans, editor the Economist, Chicago. Mr. Theodore H. Price, New York broker, former editor Moody's Magazine. Mr. Samuel W. Boocock, New York broker. Mr. Howard S. Mott, New York broker. Mr. Richard M. Hurd, president Lawyers' Mortgage Co., New York City. Mr. F. A. Vanderlip, New York banker. Mr. James B. Forgan, president First National Bank, Chicago. Mr. E. F. Swinney, president First National Bank, Kansas City, Mo. Mr. D. W. Twohy, president Old National Bank, Spokane, Wash. Mr. F. H. Goff, president Cleveland Trust Co. Mr. George W. Norris, banker, Philadelphia. Mr. John Perrin, banker, Indianapolis. Mr. Edward Hidden, banker, St. Louis. Mr. F. B. Anderson, president Bank of California. Mr. W. M. Ladd, president Ladd & Tilton Bank, Portland, Oreg. Mr. Caldwell Hardy, president Norfolk National Bank, Norfolk, Va. Mr. Graham G. Lacy, vice president Tootle Lemon National Bank, St. Joseph, Mo. Mr. J. M. Elliott, president First National Bank of Los Angeles, Cal. Mr. C. T. Boynton, banker, Chicago, 111. Mr. Albert L. Ordean, president First National Bank, Duluth, Minn. Mr. Byron W. Holt, Wall Street broker, former editor Moody's Magazine. GKEAT BRITAIN. Lord Courtney of Pen with. Lord Thomas Brassey, author of "Works and Wages," etc. Mr. Henry Higgs, connected with His Majesty's treasury, former secretary Royal Economic Society . Mr. Ernest Aves, member council Royal Economic Society, expert on board of trade. Sir R. H. Inglis Palgrave, banker, Wrentham, Suffolk. Mr. W. M. Acworth, English railway authority. Right Hon. Charles Booth, former president Royal Statistical Society, philanthropist. Sir Edward Brabrook, director Society Arts, London. Mr. Francis W. Hirst, editor of the Economist, London. Mr. George Paish, editor of the Statist, London. Mr. John A. Hobson, editor of the Nation, London. Prof. Alfred Marshall, professor emeritus of economics, Cambridge University leading English-speaking economist of world. HIGH COST OF LIVING THROUGHOUT THE WORLD. 27 Prof. A. 0. Pigou, successor to Prof. Marshall as professor of economics, Cambridge University. ' & John M. Keynes, Kings College, editor of. the Economic Journal. Prof. Francis Y. Edgeworth, professor of political economy, University of Oxford editor of Economic Journal. ' Mr. L. L. Price, reader in economic history at Oxford, honorable secretary Royal Economic Society. ' Prof. J. S. Nicholson, professor of economics, University of Edinburgh. Prof. William Smart, professor of political economy, Glasgow. Prof. C. F. Bastable, professor of political economy, Dublin University. Prof. W. J. Ashley, professor of economics, Birmingham. Prof. Edward Cannon, lecturer London School of Economics. Prof. E. C. K. Gonner, professor of economic science, University of Liverpool. Prof. S. J. Chapman, professor of political economy, University of Manchester! Prof. C. S. Loch, former professor of economic science, Kings College, secretary council of London Charity Organization Society. Mr. B. Seebohm Rowntree, J. P. Rowntree & Co., The Homestead, York. Sir Thomas Oliver, professor of physiology, Durham. Mr. A. W. Waterlow King, publisher, London. PRANCE. Mr. Raymond Poincar6, senator, member of the French Academy, former minister of finance, president of the council of ministers, minister of foreign affairs, Paris. Mr. Paul Doumer, senator, former president of the Chamber of Deputies, former minister of finance, Paris. Mr. Pierre Baudin, senator, former minister of public works, Paris. Mr. Paul Strauss, senator, Paris. Mr. Jean Javal, deputy, Paris. Mr. Theodore Reinach, deputy, member of the Institute, Paris. Mr. Edouard Aynard, deputy, banker, regent of the French bank, Paris. Mr. Paul Deschanel, deputy, former president of the chamber, Paris. Mr. Paul Boncour, deputy, former minister of public works, Paris. Mr. Alhert Thomas, deputy, Paris. Mr. Jules Siegfried, deputy, Paris. Mr. Charles Benoist, deputy, member of the Institute, Paris. Mr. Jacques Bertillon, director of municipal statistics of the city of Paris, Paris. Mr. Georges Villain, director of commercial control of railways, department of public works, Paris. Mr. Alfred Picard, member of the Academy of Science, sectional president of the State council, former minister of the navy, Paris. Mr. Georges Paulet, state council, director of insurance, professor of labor legislation of the School of Political Science, Paris. Mr. Ch. Legrand, president of the Chamber of Commerce, Paris. Mr. P. Cauwes, professor of political economy, dean of the faculty of law, University of Paris, Paris. Mr. Georges Renard, professor of history of work, College de France, Paris. Mr. C. Colson, State council, chief inspector of bridges and roads, professor at the School of Political Science, Paris. Mr. F. Simiand, "Maltre de Conferences" at the Sorbonne, Paris. Mr. B. Nogaro, professor of political economy at the University of Montpellier, Montpellier. Mr. Fernand Faure, editor of the "Revue politique and parlementaire," former deputy former director in chief of the registry office, Paris. Mr. Alfred Neymarck, editor of "Le Rentier" (Journal Financier Politique), Paris. Mr. Edmond Thery, editor of "L'Economiste Europeen," Paris. Letters of indorsement: Lucien March, directeur de la Statistique de la France, ministere du travail et de la PreVoyance Sociale. Arthur Fontaine, directeur du travail, ministere du travail et de la Prevoyance Sociale. Adolphe Landry, directeur d'^tudes a l'Ecole des Hautes Etudes. A. de Foville, Secretaire perp^tuel de l'Ac&demie des Sciences morales et poli- tiques. Vicomte G. d'Avenal, Paris, France. Prof. Paul Leroy-Beaulieu, capitalist, leading economist of France. Yves Guyot, editor in chief Journal des Economistes. 28 HIGH COST OP LIVING THROUGHOUT THE WORLD. Letters of indorsement — Continued. . „ . Prof. Raphael Georges Levy, Professeur a l'Ecole des Sciences Politiques, .Fans. Prof. Charles Gide, professor of economics, University of Paris. Prof. Charles Rist, professor of economics, University of Montpellier. GERMANY. Letters of indorsement: Dr. R. van der Borght, president Imperial Statische office, Berlin. Freiherr von Berlepsch, staatsminister of Prussia. A. von Gwinner, direktor Deutsche Bank of Berlin. Dr. Gustav v. Schmoller, professor of economics, University of Berlin. Prof. Max Sering, professor of political science, University of Berlin. Prof. Dr. E. Francke, Bureau fur Socialpolitik, secretary Gesellschaft fur Soziale Reform. Prof. Dr. L. Brentano, professor political economics, University of Munich. Prof. H. Schumacher, professor of economics, University of Bonn. Prof. Franz Eulenburg, professor of economics, University of Leipzig. Mr. H. Lichtenfelt, physiologist, writer on workingmen's budgets. Prof. Wilhelm Lexis, professor of economics, University of Gottingen, Prussia. Prof. Paul Mombert, professor of economics, University of Freiburg, Baden. Prof. Heinrich Herkner, professor of economics, Technical High School, Berlin. AUSTRIA. Letters of indorsement: Dr. Robert Meyer, minister of finance, Austria. Prof. E. Bohm-Bawerk, professor of political economy, Vienna University, formerly minister of finance, Austria-Hungary. Prof. E. Philippovich, professor of political economy, Vienna University, mem- ber Austrian Parliament. Mr. G. Morawitz, president of the Anglo-Austrian Bank, Vienna. Mr. Rudolphe Sieghart, governor of the Austrian Land-Mortgage Bank, Vienna. Mr. Richard Lieben, banker, Vienna. Prof. F. Wieser, professor of political economy, University of Vienna. CANADA. Letters of indorsement: Mr. Charles H. Hays, president Grand Trunk Railway System, Montreal, Quebec. R. H. Coats, statistician, department of labor, Canada. JAPAN. Letters of indorsement: G. Sakatani, formerly finance minister of Japan. Prof. G. Owaga, professor of political economy, Kioto. SWITZERLAND. Letters of indorsement: Prof. Stephen Bauer, professor of economics, University of Basle. Prof. Vilfredo Pareto, professor of economics, University of Lausanne. Prof. E. Milliet, professor of economics, University of Berne. Prof. Eugene Borel, professor of economics, University of Geneva. ITALY. Letters of indorsement: Montemartini, director of labor, Rome. Luigi Luzzatti, minister of state, Rome. Nitti, minister of agriculture, Rome. BELGIUM. Letters of indorsement: Armand Julin, directeur a l'office du travail, Brussels. E. Solvay, capitalist and founder of Solvay Institute Brussels Pr instftute e WaXWeiler ' P rofessor > Brua sels University, director of the Solvay Prof. Hector Denis, professor of economics, Brussels. Prof. Henri La Fontaine, professor of economics, general secretary hn»»m nf Solvay Institute. J uulo <*< 1 01 HIGH COST OF LIVING THROUGHOUT THE WOULD. 29 Letters of indorsement — Continued. Mr. L. Varlcz, secretary general of the Association Internationale pour la Lutte contre le Chomage. Prof. E, Maheim, University of Liege, cours de statistique, Liege. HOLLAND. Letters of indorsement: Prof. C. A. Verrijn-Stuart, professor of political economy, University Groningen, president central commission of statistics in the Netherlands, Groningen. Mr. G. M. Boissevain, member of the central commission of statistics in the Netherlands, Amsterdam. Prof. H. B. Greven, professor of political economy, University of Leiden, Leiden. DENMARK. Letters of indorsement: Michael Koefoed, director of University of Copenhagen. Prof. Harald Westergaard, professor, University of Copenhagen. A. Vedel, inspecteur du travail, Copenhagen.