Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-04-03
A BAY STATE OPINION.
Congressman M'Call Interviewed on
Business and Finance.
Ne Makes Astonishing Statements Regarding
Price. Value and Labor.

Bay and Harvard college district in speak
ing of the seigniorasc bill. Those west
rrD mon talk as il we in New England
and Ney York had some direct interest in
reducing the volumc OF currency ana IN
dirctlv accuse US of contriving TO bringi:
about. They arc very careful, however, to
only state the argument to Il certain point
and then stop. They don't take into con
sideratien the fact that the creditors lose
aa enormous percentage of the principal
whenever the debtors are pinchcd. en-
myself u victim of the decline Of prices
and hard times in Kansas.
Labors Double GAIN"
1.-THE western argument. Mr. Mccall, Is
somewhat different in statement ihey
SAY that for various causes, possibly inven
ton. improved transportation and the
like. commodities have declined in value
from 80 70 40 per cent and farm products
50 per cent. and this in coin, in the Last
20 wears. Silver has also declined 10 or 90
per cent The decline being about the same,
WHY is not silver the best continuous meas
ure OF valUcst'
alt Is not fair or scientific TO use com
moditicS as the measure of values. The
true measure is labor, and wages have in
creased even in gold. so that, according to
their own showing, the laborer has rccciv-
I'd "A double advantage. He gets more
money for his wori, on the gold basis, and
each dollar of that money will buy moro
commodities. SO he has made a double
gain. while the creditor has maze only one
gain even if he has laadc that But l
think that you will find on examination
that what the creditor has gained or Is
supposed TO have gained in the purchasing
power of money he has lost and more than
lost in the dead loss of principal. Even If
il wcrc true that the creditor gained by
appreciation of money it would not be fair
for the debtor to pay i'll commodities at
the old price when the commodities cost
less labor.
"\ow take an instance: Suppose loaned
10 years ago the value of 1000 pairs of
shoes. \ machine has been invented by
which the shoes can be produced for one
half the labor. 1t certainly would not be
honest for the debtor to pay with half the
number of days work because il would re
quirc only that to make the shoes, He
certainly is not injured if he repays exact
~ the number of days work value which
he borrowed, even if the amount would
buy twice as many shoes. But as n mat
tcr of fact it doesn't The ROYALTY on ma
chimes goes for something, and the advan
tagcs of invention are cquali2cd through
all classes and q comparatively small part
Of the gains goes to the maker of shoes
Protection and Finance.
"Thc agricultural opponents deny your
statement that wages have increased. They
fbnt of rho In hprcrc nf ~
United States do not work for money
wages. They make product and sell it,
and the price of the product constitutes
their wages. Therefore all the agricutur-
al producers have had their wages rcduc-
cd about onc-half by the decline in their
products
81 do not question that thereis a tenn
porary decline in the agricultural interest
due as a matter of fact TO overproduction.
But it is only temporary. People will try
to get into that line of production which
pays the best. The result will be that the
increase in agricultural production will
stop, while the population will go OH in
crcasing. and before long the population
will outrul production, and farming will
again pay as well MS it ever did. 1t Ger
tainly win do so il the protective system
can be maintained and the existing finan-
cial situation let alone for awhile. But
here are the Democrats who want to take
down all the barriers and throw the man
ufacturing interests into q worse dcpres-
sion than the agricultural. Instead Of
helping he farmers, that would make their
condition worse
DOCS not Massachusetts, want free raw
Materials
"Thcrc is deal of foolishncsS talked on
that subject Massachusetts has neither
coal nor iron mines but she is not SO fool
ish as to think she can be helped by in
jIring her ncighbor states. She has no fool
ISL policy. She is willing to pay living
rates for coal, iron. wool and ell other so
called raw material. Massachusetts, how
ever. is too enlightened TO call anything
raw material which is the product of hui
man labor and skill. All she asks is a liy-
ing chance for herself. and she is morcs
than willing to give the same to Pennsyl-
wanna, West Virginia. etc. and even to
force it on Alabama. She is even willing
to subscribe money to educate the voters of
Alabama to vote,for their own interests as
no doubt you have seen in the correspond
encc Of Governor Jones and Senator
Ii oar
The Poor Creditor.
"What about the silver men ; statement
that the Sl2 900, 900, 600 which the world
nd Iau L..