The most important factor allowing for the deflation of the late 19th century to support economic growth rather than hamper it was the ability for wages to be flexible *downwards*. Firms having the ability to pay their workers less for their labor allowed them to convert the pressures of falling prices for their goods into a shift in the *share of income* from wages to profits, meaning from workers to business owners. The primary enabler of this was massive population growth and immigration specifically which put pressure on wages to fall. This kept real wages from rising much at all during the period, even as price levels declined from tremendous output gains adding commodity supply to markets. Since profits were shielded more than they would under normal wage rigidities, and population growth underpinned demand, investment remained steady and capacity continued to grow. Wage flexibility downward was what enabled this cocktail of factors to be so successful. But it was not without strife, as those three decades at the end of the 19th century are popular for having high social unrest and very poor sentiment. All of this occurred during expanding base money stock and broad money supply, at times rapidly so. The money was not deflationary as is often asserted. The deflation was in the prices of commodities because of tremendous technological advancement on the back of strong population growth. A truly unique time in American history that I think more people should spend time studying, especially those in the sound money camp.(𝐓𝐗𝐌𝐂)