Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04

That is, with gold at 200 per cent. pre-
MUM it required So in paper money to
buy 81 In gold, or 70 buy Ia bill OF ex-
change in London, or to pay tariff du-
ties and customs, or any other debt or
purchase that required td be paid In
gold. Mr.. President, il at any time
the price OF labor had advanced in pro-
portion to the depreciation OF the
money in which the labor was paid, and
the laborer had been accustomed to re-
should have received $3.50 in money
worth that much less in gold.
But, Mr.. President, that was not the
case then, aud think IL is rarely IL
ever the case that the price of labor
has advanced In any proper equivalent
TO the depreciation in the money In
which labor is paid. l have no statistics
at hand on this subject, but for the past
twenty-five years l have been intimate
ly associated with the employment Of
labor, and trusting TO my recollection
and experience, 1 will venture the as
sertion that the difference in the price
| of labor paid In the paper money of that
day, in my State, did not vary TO exceed
25 per cent. from what the laborer re-
! ceives for the same service under SINH
lar conditions to-day, Notwithstanding
the money in which he was paid then
was deprecated in its purchasing pow
err at least one-half from its purchasing
power on the gold standard OF to-day;
ana | have no doubt that such mining
and other industries In my State as
were in operation at that time, aud
have continued In operation to the
present day under practically the same
conditions, will, upon investigation,
show that I speak within limits.
AID, Mr.. President, l think that
labor OF all kinds is never benefited BY
a deprecated currency-no matter no
plentiful IL may be-for the reason that
many of the necessaries OF life come
through the Custom House, or for other
reasons must be paid for In gold, TO
which the premium is added. ana wages
do not increase In proportion.
Mr.. President, l have before me Q
practical illustration OF this fact-an
object lesson-Which is very striking ia
its caracter: Mexico is perhaps the most
important nation that is now upon a sill
yer basis. but its currency, as well as
the currency OF all the civilized nations
of the world, is measured by the gold
standard OF exchanges In all TRANSACT
tions outside of its own country, but al
home silver is the circulating money.
l have before me the report Of a sill
ver-mining company In Mexico, OF
which the capital was subscribed In the
United States. This report is OF the
highest authority. The distinguished
Junior Senator from Nevada Mr.. Stew
art happens TO be the president OF this
company. This report is dated on the
ninth day OF May, 1892, when the pre-
MUM on gold, measured by the rate Of
exchange charged in Mexico for drafts
on the United States or London, was
about forty per cent. 1t has since In
creased, IS | am informed, TO seventy
per cent, or more.
Now, Mr.. President, let US look into
the practical operations OF the invest
ment in q silver mine IN Mexico by
stock subscribed and paid for in the
United States money, and transmitted
to Mexico through the usual methods
OF bills of exchange. The balance
sheet OF the company shows that $685.
CAS- "A subscribed in. the United States
and transmitted to Mexico produced a
cash capital in Mexico Of S73, Gas. 81, In
Gliding the premium Of about 40 per
cent on money deposited 10 the United
States over the silver money OF Mexico. :
Ir.tLa-
mort m 10 the stockholders, Is q clear
and concise statement, In eleven lines
Of the printed report, that contains
more practical information upon the re-
sults TO labor OF a deprecated currency
than a volume Of theories.
The superintendent says, under the
head OF prospects"
The fall in the price Of silver and conse,
ouent rise In exchange has so tar Operhleu
greatly in our favor, as it has Increased our
working capital in Mexico TO a CONSIDER
able extent, and still continues 10 90 so;
With the exception OF articles imported
from foreign countries, prices OF Materials
IN Meyico are net affected by the value OF
silver. Neither Is the price OF labor. we
have. therefore, a permanent and clear al.
vantage over mines operated In the United
States. where all expenses must Dc palu lot
On :. gold basis, while the value OF their
nrod1ct decreases with the depreclaIion OIL
silver.
Mr.. President, I wish that every
workingman In the United States could
read this explanation Of a l~evel-headed
u~orKinpman Of great intelligence, Ol
the effects and results produced on
labor in a country Of deprecated money
Mark the clearness with which he ex-
presses his conclusions; first:
hat the fall In the prince Of silver, and
consequent rise in exchange, has so far OPP
era,ed greatly In our favor, as IL has In
creased our working capital In Mexico 10
| Considerable extent, and still continues 10
do so.
The reason ior this Is plain: the price
~ exchange is advancing Ia Mexico,
which means q decrease IN the value OF
| their silver currency. Second. he
states that
with the exception Of articles imported
| from foreign countries, prices OF mate
rails In Mexico are not aHected Dy zig
value Of silver. Neither Is the price oil
labor.
Now. Mr.. President, the decrease In
the value OF the money in which laoor
is paid in Mexico does not advance OF
the price Laid TO labor. II the lsooref
| received ST a day when the money In
which he was paid WAS worth q DOLLAR
when that money became worth only oV
cents upon the dollar be would receive
but 60 cents for his labor: and marx
further, now, the conditions OF labor 10
Mexico as contrasted with the condi-
tions OF labor 10 the United States 81
! clearly stated by this intelligent, prac'
teal man, who IS looking after the in'
terests of the American owners OF 'ns
Mexican mine. He states:
We have. therefore, permanent and cieal
advantage over mines operated 10 Ins
United States, where Gil expenses mus W
oajd s1r ar a gold basis. while the value q
tSeIr nroduct decreases with the depreciS