The times. [volume] (Richmond, Va.) 1890-1903, 1891-01-17
SATURDAY. JANUARY II. 1891.
ONE THING ABOUT FREE sILvER.

The price Of an ounce Of silver, or 40
grains, Is now S1.O5. while the silver dollar,
which contains only 4l21I grains, is, Of
course, worth a dollar. II then, the Free
Silver Coinage bill which has just passed
the House becomes law, we shall see 4l2H
grains of silver bullion advanced from
about ninety cents 20 81, and the ounce OF
silver advanced fiom Sl.05 to about Sl.29.
These prices are based upon the relative
values Of gold and silver bullion, and 1t Is
evident that the largely artifcially increased
value Of silver will be a great gam TO the
silver mine owners, rs it will add about a
cents TO every ounce they produce. But the
great question that the average man Is con-
cerned in is: "will il not,be serious loss
10 the wage-workerY
Two things are as certain az that the day
follows the night, and they are, first, that
all the legislation in the world cannot regu-
late prices of the necessaries Of life; and,
second, that the value Of money is not
10 be computed in the number Of dollars and
cents possessed, but in the purchasing ca
pacity CT those dollars and cents. Hence
IL will follow, as the first consequence OF
the free coinage Of silver, and making the
4i2L grain dollar legal tender equal with
the gold dollar in the United States,
that prices will advance. The cheaper
silver dollar will as inevitably run
out the dearer gold coin as
currency, rs greenbacks, when they were
the deprecated legal tender currency OF the
country, ran out both silver and gold
money. Then we will have TO purchase
everything which comes from abroad in sill
yer with the gold value added; in other
words we will have to pay just as much
more for everything we buy, which comes
from foreign countries, than we do now, as
gold 10 intrlnsically more valuable than sill
yer. And while this will be the case In the
purchase Of all goods that come from
abroad, il Is quite certain that our protected
home manufacturers will take advantage of
the enhanced prices Of foreign goods TO pro-
portionally raise those Of their own produc
tion.
Thus we see that the effect Of giving to
4uls tpuuUV UtUhotu hNN aN>Nr
missed as a dollar in the world OF commerce
will be to enhance generally the necessares'
comforts and commodities Of life, but will
wages and salaries be advanced in
proportionY Unless all experiences Of
the past contradict themselves they
will not. Those who remember war
days in the South, when Confederate
money was the only currency, and when II
cost from $3.50 TO $500 for pair of boots, Ie-
collect that salaries remained very nearly
on q coin basis, and that army officers re-
ceiyed only about the same they would have
received in time of peace. while the whole
months pay of the private soldier
would barely suffice TO purchase single
orange. IL is not necessary, however
TO take 80 extraordinary and unusual an
example as the condition Of affairs in war
times 10 prove our proposition. Coming
down TO the years after the war. in the days
OF peace, when greenbacks were at a large
discount, we can nearly all remember how
the prices Of food, clothing, house
rent, and in fact. everything, were
nearly, If not fully, 90 per cent. higher than
they are to-day, while salaries were about
the same. Men who worked for wages then
received no appreciate difference in pay
from what they receive to-day.
1t may safely be asserted. therefore, that
salaries and wages will be the last TO be
advanced in accordance with the advance
In prices 70 be reasonably anticipated as
the result OF the unlimited coinage of the
4l2h silver dollar. This is subject which
vitality and Immediately concerns the inter-
ests of all workingmen, and one TO which
Congress should give careful consideration
before the Silver bill, new before that body,
10 sent to the President.