Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-11-13
CHEAP MONEY CHEATS lAsoR
Experience of Thh and other Countries
with Deprecated Currency.

r.
with DEPRECATED Currency.
Undoubtedly thousands Of wago earn
ers believe that somehow they wo1d
be benefited BY cheap money. Tho most
modern form Of cheap money, as II ex-
lists IN their childish minds, is the 90
cent silver dollar. made Of this value by
coming it at q ratio Of lG 10 ! with
gold. Such ptrcons arc either incapable
Of reasoning or they have never really
applied their reasoning powers 20 this
question. Neither have they learned the
lessons of history in regard TO cheap
morey and wages. a pamphlet entitled
Equality Of Money and Wages" has
Just been published by the Reform club,
which is intended to teach the lessons
of history and to facilitate clear think
ing on this important question. Its au-
thor, Mr. Frank L. McVey, first demon
strates in tho simplest way that de-
preciating currency must injure the
wage Garner Here is the way he begins
his discussion:
1.-The operators in our mills and fac
tories, together with those engaged in
day Dor Of other kinds, constitute o
great creditor class They are creditors
in the eense that they advance labor. at
the end Of q day or q week the amount
due them for services performed is
greater than that owing TO any other
class But in the majority Of cases the
wage Garner is dependent upon his daily
l.
question with him is rs TO their imme-
diate purchasing power.
"What a laborer really works for are
the things which ho consumes. Every
thing that goes to mako goods cheaper
tends to increase the real rs compared
with the nominal wages Of the work
man, for be is then getting more goods
for the same money. On the other hand.
every tendency to make things dearer
tends 10 decrease in a corresponding de-
gree tho real wages Of the people.
wages arc high or low according 70 tho
abundance Of necessities. comforts or
luxuries obtainable for them. "
Mr.. McYcy proceeds carefully to in
quiTe into tic relations between money,
prices and wages. Here is another Of
his statements:
"Tho prices Of what wage eaTners
have 10 Luy respond far more promptly
TO changes in tho quality q money than
do wagcs-;he prices at which labor IS
sold. Hence Whenever money is getting
better, though nominal wages may tend
to decrease, wage oarners are constantly
getting more goods in exchange for tho
money they actually get for their labor,
and Whenever money is getting poorer,
though nominal wages may tend TO in
crease. wage Carners arc constantly get
ting less Of the necessaries and comforts
of l!fo in re. urn for the wages they re-
ceive Appreciation Of the dollar in
which wages are paid ard consequently
lower prices are therefore constantly and
certainly TO The advantage OF tho wage
Garner. Depreciation Of the dollar and
consequently higher prices are always
and certainly 10 his damage.
After reaching conclusions from theo-
retical 1eagouing be studies tho expe-
rience Of most Of the leading countries
Of The wcrld. lie finds that not only are
wages nearly always lower in silver
than in gold standard countries, but
that there is abundant reason Why such
should he the case. To cite enc instance
be shows by statistics and diagrams
that our wage earners during our civil
war suffered q great loss in wages due
TO the depreciation Of our currency. In
1865 a days labor purchased only four
fifihs as much rs il purchased IN 1860.
Wages had risen only about l8. while
prices had risen 90 Per cent since lSOl
This notwithstanding that the with
drawal Of one-fcurih Of our best work
ers to serve as soldiers greatly lessened
the competition among laborers and
that both before and since our greenback
imitation period both nominal and real
wages have been advancing from year
10 year.
Mr. McYey closes with the following
impartial statement.
"The only fair and Just currency to
all parties Is a stable one. Under such
currency the conditions of the future
are more easily ascerainable, legitimate
enterprise more confidently entered upon
and progress more sure Wage earners
have no right to agitate for an apprecia-
ti0n Of currency. Neither have they
epy reasJu TO submit to depreciation by
others "
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