The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-05-18
What Free Coinage Does.

1892.
What Free Coinage Does.
Hon. Michael D. Harter, Of Ohio, in
the May ForuHl.]
By causing the withdrawal of gold
from general circulation "free coinage"
would contract the currency about 333
per cent, and be followed, of course,
by the cessation of many kinds of busi-
ness employing labor. and curtailing
all industrial enterprises, through
which very many men and women
would lose their customary employ
ment.
The result Of the increased compe-
tition for work would reduce the wages
paid to those who were fortunate
enough to retain employment.
The reduced wages would be paid in
money worth (market value) but sew
enty cents, instead of, as low, 100
cents.
The accumulated savings Of the work.
ing people, usually invested in savings
banks, building associations, life in
surance policies and in small loans,
would be cut down nearly one-third.
These evils open up long vista Of in
justice and OF suffering for the worthy
and comparatively helpless masses
which may well stagger the honest and
enthusiastic but mistaken advocate Of
fres coinage.
Now, who would be the real suffer-
ers?
l. The 4, ,25s, 1893 who OWL the 81, ,524,-
s44,5Os Of deposits in savings banks
Free coinage would cost them $751;
453,35l.
2. The principal creditors next and
of the government, too, are the s00,0oO
pensioners, whose s157, 900. 900 of pen
sions would be cut down S47, 600, 900 in
one year, or $47o, 100000 in ten years.
8. Then comethe great army of 5,O0O,-
900 policy holders in life insurance COM
panies, whose 81, 500, 900, 1000 in policies
would be cut down to $2.250, 600, 600.
4. After these the 100000 men and
women who have invested in building
and loan associations.
5. Then come the millions Of clergy
men, clerks, men in the army and
navy and civil service, and others who
work for salaries or fixed incomes, all of
whom, while nominally getting 100
cents, would actually get but 70 cents.
Free coinage would cost these classes
$l75, 900, 600 a year.
s. Last, but certainly not least, the
vast army of 1O,0S5, 1856 working men,
women and. children Gn 1sS0), all Of
whom would, to start with, suffer q
large reduction in wages, and then,
after getting lower nominal wages,
would find their dollar purchase but 70
cents worth Of goods, causing them a
loss amounting to the stupendous an
nual sum Of 81 ,210,6l4, 72o.
EX-SECRETARY vILASsAYs IT THREAT
EMS THE LAND WITH FINANCIAL
DISASTER.
1.-THE May Forum.1
The production and trade Of our peo-
pie extend to very many different arti-
cles and objects, to nearly every form,
indeed, whicn mans labor yields; the
volume of all is vast, exceeding accu-
rate statistical account, and the cur
rents of business are intertwined and
commingled beyond possibility Of clear
and satisfactory tracing oftheir mutual
relations, so that analysis and just Jap
portionment Of effects to each several
cause of all the causes that enter for
good OF ill into the common resultant
are unattainable.
The shadow Of apprehension is with
Us now, though that event never be-
fall. For while its exact influence and
injury may not be computed, it is GER
tain that the calamity of a currency
revolution has been during some
months brought so imminently to i'm
pend over the country that the menace
has started fear, alarmed business men
and more or less changed their conduct
in many transactions; setting them to
guard their property by unusual de-
vices and lessening their readiness
freely to invest money in any form,
either in loans or enterprises of busi-
ness. The haze in our atmosphere is
not. however, due altogether to the
prospect of free coinage. The coinage
law as it stands already is alone sufi-
cient to gather portentous clouds in the
financial sky. How long will it re-
quIre under present methods to secure
the volume and force Of silver adequate
10 displace gold?
That portentous event has already
made its debut, and in repetition OF
history.
The following are the famous lines OF
John Wesley, giving bis idea of how
to make truly successful life: