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272 long continued ever experienced; secondly, because the major part of the rise has been a war phenomenon; thirdly, because the use of index numbers by which the rise in prices is clearly exposed introduces a new, strong, and very persistent reminder of what has occurred; fourthly, because, whatever the reason, there is to-day, to start with, a more general and intelligent understanding of, and interest in, this matter than at any previous time; and fifthly, because at least one practical solution of the problem of stabilizing the price level, hitherto assumed to be insoluble, is now available.

2. The Present Plan Grew Out of the Price Movement Beginning in 1896

I wish now to recur to the influence on public opinion of the rise of prices preceding the war and concentrate attention on that part of this influence which led up to the proposals of this book.

The rise of prices which began in 1896 did not attract much attention for five or ten years. In fact, as has been noted, people continued to talk of prices as abnormally low. The failure of the public to appreciate the situation was illustrated by the lack of literature on the subject.

The list of publications on the high cost of living published in 1910 by the Library of Congress gives for the five-year period, 1896–1900, only 7 titles; while for the next five years, 1901–1905, the number was 36 and, for the next, 1906–1910, it was 121.

As usual, political interest lagged behind public interest. When the High Cost of Living did attract the attention of political leaders and parties it led first to official reports in France, 1900 and 1910; Austria, 1903; Germany, 1909; United States, 1910; Australia, 1911; Canada, 1911; Italy, 1911; Great Britain, 1911 and 1912; New Zealand, 1912; India, 1914.

Many other investigations were projected but never carried out, having been overshadowed by the war.