Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-10-09
Let WOrkingmen Consider.

Let WOrkingmen Consider.
The workingmen of the country can
not afford to allow themselves to be de-
ceivcd with reference to the currency
question. They, more than all others.
have an abiding interest in obtaining
dollar the par value Of which shall
be one hundred cents, standard value.
They are told, it is true, that Congress
possesses the power to issue paper mo.
ney, and decree that it shall pass cur
rent at it's face value. But laws inflic-
ting pains and penalties couldnot main
tain the Continental fiat money or
the French assignats OF their ace val.
ue. The fiat" money of bth coun-
tries, in spite of severe emctments,
sank in purchasing power unil it be-
came as worthless as Confederate scrip.
Even the present greenbacs which,
when issued, the GovernmenSolemnly
promised to redeem in coin, o depre-
clated that in 1864 their avenge pur.
chasing power was only 45.4 cents,
or 81. 76 cents less than theirface val.
ne.
If commercial law fixes the purcha-
sing power of currency at per cent
age less than its face value nc legisIa-
tive power can provide remey. The
users of that currency must submit.
although it leads to their impverish
ment and ruin. How was i during
the war period to which alluion has
deem made? In 1868 govern
mental examination was institted with
a view to determine in how fs the in-
dustrial classes had been ehcted by
agencies growing out of the CIVIL War.
The facts showed that while be aver
age price of living had been enhanced
to the extent of 90 per cent the in-
crease in wages to skilled lbor had
been 90 per cent, and so pc cent. to
uns killed labor, as compared 18th 1850
81 when paper was at Par With gold.
From this it is apparent that.he work
ing classes were at disadvantage.
An example or two will sufic to show
to what extent. The skilled mocha
mic who earned 5000 per week in
1S60-61 received his wages ii money
possessing a purchasing power of 100
cents to the dollar.
In 1864, with an advance of 60 per
cent, to his earnings, his weekly pay
amounted to sl4,40 in paper the pur-
chasing power of which vas only
equal to S6.5l, coin STANDARD, which
standard governed the whol cost of
his living. In the case of the unskill-
ed received $500 per week prior to
the war, an advance of so per cent,
on his weekly pay norainally gave him
5000, payable in the paper money of
the period. The average purchasing
!
power of his nine paper dollars in 1864
was simply S4,O7; thus he really OBJ
tanned for his labor 81 ,93 less per week
than in 186O-61.
These facts should have weight
with workingmen in determining their
course relative to the currency ques-
ton. They are facts taken from their
own personal experience, and 90 far to
make plain the cause of the embarrass-
ments from which they have suffered
during so many years. Investigation
proves that at any given time $780,
100000 will be found to be due to
laboring men and women in this coun.
try. The purchasing power of that
sum in paper amounts to $119,-
100000. Remand the currency back
to the position it occupied in 1864
and thepurchasing power will shrivel to
S54 1885, 900, that is to say, $4,000.
900 in paper which will now purchase
commodities to the extent of $780,
| 100000, under conditions which ex.
listed fourteen years ago, would pur'