Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
History
Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
League of Nations; Treaty of Versailles (1919 June 28); World War, 1914-1918; World War, 1914-1918 -- Economic aspects; World War, 1914-1918 -- Finance
"The situation in New York City at the end of the year 1863 is
typical of the period. Eggs had then reached 25 cents per
dozen, from 15 cents in 1861; cheese, 18 cents from 8 cents;
potatoes, $2.25 from $1.50 per bushel, and for all the
necessities of life there was an advance ranging from 60 to 75
and in some cases even 100 per cent. Wages, on the other hand,
lagged behind; the blacksmith's increase was only from $1.75 to
$2 per day, that of common laborers from $1 to $1.25, that of
bricklayers from $1.25 to $2, and the average increase in all
the trades was about 25 per cent., or less than one-half the
increase of prices. The winter of 1863--64 and the ensuing
months were accordingly a time of unusual industrial unrest,
which increased in severity as the discrepancy between wages
and prices continued. The dollar was slowly but surely
diminishing in value, and labor engaged in a determined
struggle to force wages up, capital to keep them down. The
advantage lay with the employing classes, but labor in 1864
recovered much of the ground that had been lost in the two
previous years, and the war closed with wages much nearer
prices than a year earlier. It was generally agreed at the time
that prices during the entire war period advanced approximately
100 per cent. and wages from 50 to 60 per cent."
WHERE THE COST OF LIVES WEIGHED THE MOST
The rapid rise in the cost of living was much more severely felt by the
classes of the population dependent upon small or less rigid incomes. In
many industries wages increased faster than average living expenses.
Figures published by the New York Labor Bureau show that the sum
distributed in wages to industrial workers was substantially doubled in
the four years of warfare. Investigation conducted by the National
Industrial Board of Boston showed that there had been an increase of 50
to 55 per cent. in the budget of the average wage earner from July,
1914, to June, 1918.
"The increases for the different items are given as follows:
Food 62%
Rent 15%
Clothing 77%
Fuel and light 45%
Sundries 50%
Average increase (depending on apportionment
of these respective items in the
family budget) 50% to 55%
In explanation of these figures the report goes on to say:
Public-domain text, read in full here on John Shaqi.
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