The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-04
POwDERLY FOR SILVER. WHAT
FOLLY!

T. v. Powderly. who performs the role
Of the especial friend Of the laboring man.
was one of the vice-presidents Of the
Chicago free silver convention, and he
made a speech TO the body in which ne
declared that the working men of the
country were for free silver on We'd
nesday telegram of greeting was read
in the convention from the Knights Of
Labor of st. Louis, which stated that
Assembly 4 had adopted resolutions for
the free and unlimited coinage Of silver
at the ratio of sixteen to one, the silver
dollar coined under this ratio being worth
| forty cents less than the gold dollar coined
| under 1t.
| Thirty years ago goii coin was the
| every day. freely circulating money OF
the people of Mexico. But Mexico is a
silver producing country. and those inter-
| ested in silver mines secured the control
of the making Of Mexico's laws. Though
! silver was falling In value they forced
| Mexicos minis to stay open for the free
| coinage Of silver at the ratio between
the two metals that existed before silver
| began to decline in value, and they have
| kept the free coinage of silver up TO this
| day. There is absolutely no gold coin
In Mexico now, and all transactions are
based upon silver dollars worth eacn
| from thirty TO forty cents less than gold
dollars Bonds OF the Mexican Govern
ment. payable. principal and interest On
terest at per cent?, in gold coin are
offered in Europe without takers at fifty
eight cents on the dollar, though Mexico
has always faithfully paid the interest on
them in gold. per cent. bond OF
the United States would sell for
more than $50. Though Mexico pays
her interest in gold coin, Euro
peans say it is a simple impossib!ity
for her TO pay the principal In gold, ana
that If they buy them they would be CON-
PEELED 10 take debased silver dollars cor
the principal, and, after awhile, for the
interest also.
II We follow in Mexico's footsteps. how
can we hope to escape Mexlcos fate? AS
the deprecated silver dollar drove all
gold away from Mexico. so 1t must drive
all gold away from the United States.
We are far stronger than Mexico. and
can stave off the disaster much longer
than she can. but like causes always pro-
duce like effects, and it must come sooner
or later
We must. after awhile, come down to
the silver basis. when all payments win
be made with silver dollars, and when
there VIII be no gold dollars In the
country 10 exchange them for. Who will
be the first sufferers and the greatest
sufferers when that time comes? The
men who work for wages.
When the currency is deprecated every
thing except labor advances In value In
proportion to the depreciation. The la
borcr receives the same number OF dollars
FOR his work that he received when :he
currency was sound. but he finds every
thing that he buys enormously advanced
In price. Ii is the universal experience
of mankind In all cases when the currency
has been deprecated that all commodi-
ties rise in value at once. but that the
price OF labor remains nearly stationary
or moves very little and very slowly.
Every one who recolleots our experience
with Confederate money can attest 10
this Provisions and necessaries OF all
kinds followed the depreciation OF the
| money as the shadow follows the sub
stance. SO Of real estate and rents. But
labor moved very slowly, and in compari-
son with the rise in the price of what
the laborer had to buy the advance in
his wages was almost no advance at ali.
This Is and ewes has been the experience
OF the world. When, therefore. Mr. Pow
derby and Assembly No. cast their lot
In on the side OF cheap and deprecated
money they were taking steps TO destroy
| the laboring man.
| GRANT THE ELECTRIC ROADS RE-
1