[47] See Research Report No. 20, National Industrial Conference Board, "Wartime Changes in Prices." See also the controversy between the railways and railwaymen arising from the difference described by J. N. Stockett, Jr., "Arbitral Determination of Railway Wages," pages 107-8: "In determining the increase in railway wages for the purpose of ascertaining whether wages have kept pace with increasing prices the question arises as to whether wages mean earnings or rates. The railways maintain that the cost of living argument is fundamentally directed to the establishment of the proposition that earnings have not kept pace with the increase in the price of commodities, and therefore wages, in connection with the cost of living, means earnings. The employees, on the other hand, contend that the computation of the increase in wages should be based on the assumption that wages mean rates of pay, and that the high earnings which the railways show for the men are the result of excessive hours worked. They claim that it is not valid to assert that wages have kept pace with the increase in prices, if an employee must work continually over the time set for the minimum day in order to make his wages bear the increased price of commodities." [48] W. C. Mitchell, "Gold, Wages and Prices under the Greenback Standard," page 102. [49] For examples, see W. C. Mitchell, "Gold, Wages, and Prices under the Greenback Standard," pages 102-3. [50] See pages 92-3, this chapter. [51] See W. C. Mitchell, "Business Cycles," pages 438-44. [52] _Ibid._, page 558. [53] _Ibid._, pages 449-450. [54] See Laughlin, "Money and Prices," Chart III, page 86. [55] See W. C. Mitchell, "Business Cycles," page 58. [56] W. T. Layton, "Introduction to the Study of Prices," Appendix C, page 128. [57] "The Carpenters' and Joiners' Case," Vol. I, S. Australian Ind. reports, page 174. CHAPTER VI--WAGES AND PRICE MOVEMENTS (_Continued_) Section 1. The problems of wage settlement arising out of upward price movements two in number: (a) Should wages be increased during such periods? (b) If so, on what basis should increases be arranged? The doctrine of the maintenance of the standard of life analyzed.--Section 2. An alternative method of adjustment proposed, based on a new index number.--Section 3. Periods of falling prices also present two problems of wage settlement, similar in essentials to those presented by upward movement. These problems discussed. 1.--We can now proceed to the consideration of the problems of wage settlement which arise out of price movements. First, we will deal with the problems presented by upward price movements. Then subsequently we shall take those questions presented by price movements downward.