New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-13
THE EFFECT OF INITIATION.
AM ADDRESS BY ". n. oROsyENoR.

IA not fhe money lender who needs specie restora-
ration At the last meeting Of the NATIONAL Boafu Oh
Trade a shrewd banker said ~ rae, Let III not "aS'o
time Oh thus question Of currency Cspiisa cen oiihs
about specie payments whenever it pleases, by making
al, loans and contracts on gold basis Tie dd not SEQ
bow much he had confessed. Capital doea not please
FOR when money has no Axed purchasing pow cr the rch
have Golden opportmIties and the poor are Mt thcir
mercy Labor has TO pay the cnormous oost Oh eons"
ntiation The lender protect himself ~ charging
high rates of interest The DEALER cen project himself D!
high prices He takes q risk In buying every stock
To save himself from loss, through chanes III
the purchasing power of currency. he must charge
more than a natural profit. To cover that risx
alone n no more were ever charged, an enormous sum
must he paid by consumers In ten years since the war
there have been hut four months-one III thr1yih Wnc"
the price Of currency not varied ono per cent; only
one out OF forty periods OF nnety days IN wn'en mas
varied iess per cent? and only fonr scn peou
in which IL has varied three per cent or more INC
Ion ger stocks be held. tho greater the risk one
nor cant womb coyer it in wholesale trade Ifee
per cont would not it ia much retail busioss NO"
AS early as SCI dealers paid taxes on sales oil sliooo
100000 yearly That actual sales were inhch greater
then and have since been vastly increased, TRANSACTIONS
in Leading cities show But il only two per cent mas oee
charged for risk and sales OF only Sll'ooo'oco'oo
consumers paid since the war 81 NOR.
than the national debt, part OF the cost OF huc'u'
LABORERs' WAGES.
Many fanny thai much currency means high wages
They FORGET that inflated prices hurt more thah nha'eu
wages baip them In times OF auctuation vi an
things 90 up last aud least and fan hrst ana iowes'
Money can combine to resist increase 81 wages ''
can never combine resist increase Of prices Eapora'
renorts Of the Labor Bureau supply data
which prove that the cost Of living III lofo2 WAS iu,
81 per cent higher than in 1860. The census returns an"
ba rots of the Bureau of Statistics closely sustain
this estimate Not all of this increase was caused by the
currency hut Il large part doubtless was no" W"
average of wages paid in 1860 to al hands e'hposcd ia
manufactures 1888 "a in gold, but III lo'ooh
1877 50 in currency. The nominal increase In Wages
WAS 30 er centonly half the increase in prices TINS
great body ofkorkmen received wages which woao oo
only As mucb S23i at the prices OF looo wheh 'he
rccivej SoSQ eaob The average loss, then, was To'
zach s,me were indeed fortunate. Quentin oil
them being those employed in nine important Industries
gained 81 per cent in wages Their net loss wa' s''
But the remaining fOurfths gained only "a per cci''
while 81 per cent was lost. We have SooooVo "orAeIs
for wares in this country. Certainly lcss than half -
,bam goned as much from 1850 to 1870 M the
mru employed in manufactures II their average ioS7'
nv e,cess of advance in prices advance IN waSee
was "a each the oss the labor OF this country WAS
$40 900 900 yearly. Yet this was when manufactures
,rosu.red and wages were high. Workiuen oi te very
classes then best paid have since pecn most sofe
tried Not abundance scarcity, tiii UNCERTAINTY vi
currc,cv brings great loss labor. TO either guam
ttv of currency II of steady value. wages as vel rs
ui,es would finally adjust themselves. But Senator
seh.rz mentioned merchants in Now-York who had
CHANGED uces OF their goods six times III one week w
cover changes in the value Of currency DID wages ever
change az often Tell me when sudden speculation
ND the price OF four CLOTH coal do you not pay
more for what you buy but get no higher wagesf "hc
,e demon of disaster dopresses prices it also CLOSES
T.t. IA naH al If,Iu
ty Are the many who get no wages able to buy iood
for uotbiprl Even for those who have work, do not
WAGES AT such times fall than prices This IL true
Of wholesale prices-hOw much more or fct'ilf NO w
tho nearest store when tie ISarEet declines Goes not
tho se,cr charge the same price long he can But
when it rises he quick 20 mark up his goods No
wonder that the Embassy FROM Japan. which came to
s cn,utry hoping to open trade mutually Pre- hablc
TO us and 100000 OF people who need our roductS
fnpd that shilling would buy less hero than in any
other civilized land.
Ills l., thu market in which the farmer and labor"r
Inv Bat the one sells his wheat or com, pork or cotton
~ nri. fixed in cod AZ Liverpool The other sells HI
labor AZ prices fixed in the worlds lahornalhct l MS
wages ri Sc the labor OF other lands here to com
pets wib him. Paper promises. ana the gambling o
Wast and the SLOW response of retail prices to DOWN
yr changes Of the market have been robbng our labor
of lis earnings for years. Every year destroys yet
more Of the vitality of industry And yet We are iod
10 wait sill, longer. ultil the country grows up TO =
spece oasis! All. my friends enormous debts are grow
ng up vast accumulaIions OF wealth and concentrated
uo,ycr in the hand. Of few growing up abandon
n Of Industry for the ventures Of trade Is growing up
wholesale plumber of producers is growing up hui in ali
il. productive industry this country is growing down
II, power 10 meet it, debts is decreasing every year
,se those who doubt not 70 deny this until they have
ldod with care the stat sites of industry and trade To
DO nothing il I've rrined. We must enancipae labor
from this hide0us bondage to varying currency, or
universal bankruptcy near. To tn Republican party
which has destroyed crulor form OF slavery. let
white labor Also cnsayed by false money stretch forth
It's hands for freedom Not until We make gold the only
money whca the poor man need ever see or touch viii
Labor in this land be free indeed.
10 remain rs we are then, is impossible. The ship is
leaking and sinking. If we DO nothing, 90 down.
Three things proposed First, more currency essen
TALLY of the same kind imitation; second. less
renry. waiting for change of quantity alone work
change OF quality, conractiOn third. substitution Of
sound Contraction is pumping wafer out OF
the ship into the sea Inhtion is pumping water out of
the sea into the ship Substitution is getting into the
life-b0dt
A GOOD PLEDGE.
The Government and the Republican party stand
pledged by the legislation Of Last Winter reach specie
psynent by january. 1879 For at, thanks and honor.
do think the right road has yet been found but any
road will load 10 specie ment is infinitely prefer
able any that will not trust that one may be chosen
which will involve the least delay anil sacrifice
Speakn mot for party, may be allowed to suggest
that long delay will involve great certain loss. and
fearful risk. II raise the purchasing power of the
currency while its paying power. for many thousand
millions of outstanding debts contracted aud honor
ably TO ne paid in legal tenders remains unchanged
and absolute we must face years Of disastrous pre-
ducron and trade, against slowly falling markets;
constant struggles 10 check the fall Will
sharp hucations and the aggregate loss viii b, very
great But separate the currency from the vast bohy
of lcpalendcr Indebtedness, which holds II down. and
believe specie payment can be reached much more
quickly and surely, and with little loss Why not
law in principle 10 the Virginia act OF i7sI which
was held sound and equitable in decision by CieJus
tee Marshall provide FOR the adjustment Of all legal
tender debts to gold basis With such aet it would
ne possible 10 fund the legal tenders prior 1873
the relations Of tho banks To the basis. and To
bring INFO general the only measure OF value the
gold We have aud gold Bstes retleenSbe IN coin.