Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1893-08-18
COMM UNlCATED.
FREE COINAGE, SALARIES AND WAGES.

sage sent 10 JOuHreSS Oh ucsNdl ny
President Cleveland, he urges the in
auguration of the needful reforms in
our monetary system on behalf of the
wage Garner, THE frs to be injured
by a deprecated currency, and the
last to receive the benefit OF its cor
rectiou." 1t will be profitable to con-
slider this matter in its relation to the
wage-earner more at length and in
greater detail than need be or, in
deed. can be. done in such a state
paper rs the III essage referred to.
The evil consequences of a currency
which is subject TO great fluctuations
of value are so generally illustrated
and enforced b. the statement of
their effects upon those classes occu-
pving the relation Of debtor and cred
itor, that there is danger of losing
sight Of the equally extensive and
quite as disastrous effects which re-
suit from an unsound currency to all
those whose living is derived from
fixed payments, whether these take
the form Of annual salaries or daily,
weekly or monthly wages, and who
are doubtless in the majority in any
state. The prices OF the necessaries
.of life rise and fall in obedience to the
laws of supply and demand; but there
is usually no provision for adjusting
the salary or wages to correspond
with nuctuating prices; so that when
prices rise people with fixed incomes
must simply 90 without certain
amount of luxuries, or even-in some
cases-the necessaries of life. These
variations in the quality of their sub
sistence, or the goodness of their liv-
ing, are the result of natural laws
governing the production Of commod-
tiles and cannot, perhaps, be avoided
in the present state of society. But
when, in addition to the varia-
tons of price Of the commodities
themselves, they are subjected TO
the consequences of variations in
the value of that which they give
in exchange for commodities 1t
is obvious that they suffer an add
tioual and an unnecessary hardship
1t is perfectly probable that depre
citation of the currency, and conse
quent diminution of its purchasing
power, may come at the same timen as a
rise in the price Of goods, produced,
naturally, by an increased demand or
diminished supply, entirely independ-
eut of monetary matters; in which
case the man with fixed income must
submit to a double privation. 1t may
be. aud has been said, that such pri-
walton will be Offset by proportionate
appreciations Of the currency, in
creasing its purchasing power, which
sometimes occur; but this proposition,
while it seems plausible, may be
shown. with mathematical certainty,
to be false. Suppose two men, whose
necessary expenses are the same, one
Of whom has an annual income OF
81. 900 and the other Of 81, 100. Which
of these men can best stand II loss OF
500? Obviously the man who has
LOO, for the 81 900 which he has
left will purchase more of the neces-
saries and cOnveniences of life than
are within the reach Of his neighbor
whose loss has left him but 5000. This
is so plain that it is almost insulting
to state it to u man Of average intelll-
gence; but there follows from it this
important inference, which is not self
evident, namely, that the advantages
which man Of limited means can
reap from a gain Of 500, will not off
set the Inconvenience he must suffer
from a loss of the same sum. 1t is
only to state the same proposition in
different terms to say that the priva-
ton he must endure on account Of Il
elimination in the purchasing power
of his income will not be offset by a
proportionate increase in its purchas-
ing power hereafter. 1t follows that
the net result of nuctuating curren-
CIV to persons of fixed incomes is want
and privation in Il greater or less de-
gree, even though that currency may
be at a premium as often as it falls
below par.
Now comes the connection between
these propositions and the silver coin
age question Money is subject to the
same laws Of supply and demand as
govern all other commodities. What
ever may be the state Of trade in the
country, a definite quantity of money
is needed to carry it on; but the nee
essRry quantity Is not iiXed quaint
ty; it varies with the state Of trader
This is illustrated by the fact that in
this country money is in greatest de-
mand when the wheat crop is to be
marketed. \ consideration of this in
connection with other well known
facts will show that when the same
amount of money is continued in cir
cuation it is at times either in excess
OF the quantity needed, or is less than
the amount needed, and 1t may be
both alternately. When there is an
excess, and it cannot be applied to
other purposes than those of circula-
ton rs money, the purchasing power
of the whole will fall, when there is
deficiency which cannot DE made
good, the purchasing power of the
whole will rise. 1t follows that the
maintenance in circulation of fixed
amount of money will inevitably tend
to produce precisely the fluctuations
which were seen above to be so in
furious to people of limited incomes.
1t also follows that the most obvious
remedy is some means whereby money