The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-09-15
SILVER AND THE WAGE WORKER.

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Andrew Carnegie in the current number
Of the NortA Americas Resiew discusses the
silver problem from the standpoint of the
wage Garner. and With admirable clearness
defines 10 the farmer, the mechanic. the
tradssman and al who are wage earneFs
the reason why disaster has come upon Us.
Up 70 1879 gold vas our only metallic cur
rency: silver vas used for small change
and was legal tender ia sums not exceed
ing S. In ISIS We passed the Band-Alli-
son act. repairing the government 10 buy
not less than s., o0), 90 worth per month OF
silver and 10 coin il into money, thus add
ing 20 our gold currency in silver, from
which before We were entirely free. Ever
since ISIS our government has been try
ing in vain TO give SILVER value ii did not
possess. In Europe men of learning and
keen powers of financial observation saw
that silver was being produced in larger
quantities and more cheaply than ever
owing to the discovery of new mines and
TO improved methods of mining and REIN
ing, and therefore silver was bound to fall
In value, so, one after the other, the gov
ernments of Europe stopped buying and
coming silver to Use for money. II Is
nearly fifteen years since all European
governments have ceased TO coin silver.
Our government alone, with the excep-
ton of Mexico. has persisted in buying
| silver and has issued notes for this silver
which IL has thus far redeemed in gold.
ff,tf In, ~fn ~ NJ
silver, every student in finance knew that
If the United States continued to buy
silver the time must come when it would
be impossible for the government TO re-
deem all its notes in gold. because the
country was losing its gold rapidly and
| adding every month 20 its notes.
Ii was only a question OF time when
prudent men. both at home and abroad,
would begin to secure themselves against
the possible failure OF our government to
pay its notes in gold, for if these were ever
paid in silver only this would mean a
probable loss of half their investment. So
investors at home and abroad began TO
make ali contracts in gold and TO exchange
bonds payable in lawful money for bonds
expressly payable in gold. Many foreign
investors decided to withdraw all their
money from our country. Foreign govern
ments were delighted at our absurd at
tempt to bolster up silver. and quietly be-
gan to drain Us OF our gold, leaving Us the
| silver.
We have exported in five years and five
months, from 1883 TO 1898, S32s. 900, 900 in
gold, and have received only Sis, coo. 900
In gold, and gold has been taken from US
faster and faster as We added to our stock
of silver, thus. IN 1890 we lost only $24, 900, :
ooo in 1891, s7e. ooo. 900; in 1892 $40, 0oO. oo0
and in five months of this year no less
than $63, 100000 have been taken from US.
Before We left the exclusive gold currency
we had in 1878 we had coined in six years
ending in 1873. 25i 10000 of dollars in
gold Since 1878 We have substituted for
our gold 354, 000, 600 of dollars of debased
deprecated silver
Taking all the silver bought by the gov
eminent at the market price today the
nation has lost more than $40 900, COO If
the government were to sell its silver il
would lose much more. All this money
has been drawn from the people TO be lost
in unwise speculation in metal which all
| other civilized governments had been wise
enough TO discard.
Our government has undertaken to nav
gold for all its notes issued for silver. these
notes increasing, say 100000 per month,
and our stock of gold decreasing this
year at the rate OF $l20o0,00o a MONTH
| The civilized world has abandoned silver
| the United States continues 10 buy il and
issue fiat notes transferable into gold; tho
! civilized world knows that we cannot long
| maintain the parity of gold and silver cur
| rency, and so IL refuses 20 invest in the
| United States or 10 buy American bonds
! or shares abroad.
| There is no mint in the world but that
| of Mexico which now coins silver as
money: no nation which is compelled to
| buy the metal and let it lie uncolned save
| the United States.
Mr.. Carnegie points out that the ques-
ton today with the financial man is.
how the government is TO pay in gold all
the notes il has issued. and is still issuing.
when il is losing It's gold so fast and every
/ month increasing its notes2 The govern.
Uent has today less than 500 o0o 0o1 in
gold. and is already pledged to pay in gold
notes 10 the amount of more than
$50 ,o0o.o 600. The financial! man every
where knows this. and sees that If one
man in eigh, asks for gold the
government stock will be exhausted.
Is is any wonder that sensible men have
lost confidence in the ability Of the gov.
ernmeat 20 maintain its declared policy
and, whenever confidence is lost. the vasl
structure OF business built upon credit,
which. as you have seen. embraces ninety
tive Per cent Of all business, falls 10 the
cronad and lies PROSTATE, as az present .
Mr.. Carnegie defines the bi-mettalist as
man who desires an international agree
ment Tor the ase Of silver as money upon ]
certain ratio 60 gold, 50 many ounces O
silver to Re taken hy all nations fog 81
onace of gold. Mr.. Carnegie SAYS:
The Grst step that can he taken in thi.
direction - 90 Snow ether nations that 3.
long as they refuse 10 co3B silver as money
the United States can and Ntli & GA. IL out
on this line With them That she can da
- is certain. because she IS producer oi
rold. which not one al these other nations
BE- and has also the power to Graw g0ld
ior her exports. The bj-metallist should
say - Great Britain. which has done most
t0 depreC;ate silver: You wIli not be per.
Inslted - succeed IN y0ar attempt to close
the ulnts % India against silver and y ace
49, Tan. IF - afrras