The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-25


cd to make exchanges their only effort
was that they should get In exchange as
much honest toll as they gave.
Ny first criticism Of this whole busi-
ness Of Brother Harvey and all the silver
advocates Is this: They leave out or the
question the great human product OF
labor and the manner in which IL VIII
be affected by the legislation they pro-
pose Their whole plan seems to be 10
ef.able people who have run into dcDt 10
pay their debts without returning full
value for what they have received. and
now here do they take into account the
much larger army Of the buman family
who live week in and week out on their
daily earnings.
Further on he said: have never said
that the cheap price of silver was not
on account Of its oyer-producticn. / have
never intimated anything Of the kind.
and in order that you may understand
me and have it last over twenty-four
hours. / will ell you now. silver has be
come cheap In this world just precisely
the same as wheat and iron and zinc and
lead and other articles have been cheap
ened. just precisely for the same reason
Applause) / want 10 state this propo-
slucn. All Of these articles have been
cheapened by the natural laws which
govern the production Of every substance
known 10 the producers in the world.
W. ID. Wilcox, Of ChicagO-How about
gold? Mr.. HOrr-GOld the same. ! am
glad you asked me. That is a question
| Will answer right now. Gold has de-
dred years 30 per cent. 10 IS cheaper now
than IL was In 1873. All articles that can
be produced by invention are cheaper
than they were before the invention was
made. Every method which brings ma
chnery into play and puts less human
toll into the production OF any article
chcapens that article. The whole trend
OF civilization is to cheaper human pro-
duets. gold az well as silver and wheat.
a large number Of the articles to-day
produced in the world have not been de-
-.
of silver. but simply because the laws or
production have crowded down the price.
How do / know that gold Is cheaper
than IL was In 1873? / VIII tell you tad
dressing Mr.. WilcO,D Nov listen: You
are a younger man than ] am. YOU have
a respectable facet wish / could say as
much for the crazy man beside you. AS
20 the measure Of value by human toll.
The rate of wages, the amount Of gold
that man can get for a certain number
Of hours work. tells mo whether gold
mas decreased in price or not. I can get
to-day twice as much gold for days
work following the plough as ] ala in
1919. Tho people OF this country are paid
in gold for their work; so they We're IN
1890. Wages are 20 per cent higher paid
in gold for the SO me amount Of work
than in 1850 Has not gold deprecated.
then. when YOU measure Fl with the
great commodity OF human tOil2 What
I find fault with is that the silver men
invariably leave Out Of their calculation
this article of labor. and the arti-
Gle Of labor is the greatest article
known in the civilized world DO
YOU know how much would have %
be produced In this great nation OF ours
10 supply the necessities of life before
we accumulate property At all2 Before
there Is anything left OF accumulated
capital this nation alone has 10 be sup
piled with $l5.O0o.V0000 OF products. That
much has 20 be produced by the workers
Of this country 10 supply the c0nsumD-
ton OF the people. Consequently. the
question of how labor is paid IS a great
question IN this and otheHcountries.
This would be all thatNt is necessary
TO say Of the source Of moneys value but
for one fad of Mr. Horr's which po.sons
everything that he says and which crops
out all the way through the remarks we
have quoted. Like all Republicans he is
welded to the idea that it is the duty OF
Congress to enact laws to protect Amer-
can Workingmen against competition
with the workngmen Of other countries.
and be mixes that supposed duty with
the source Of the value of money metal.
But Congress has 10 sort Of right to pass
any such laws. and the source Of a money
metals value has no connection with
any such laws. The value Of a money
metal depends unon the desire men have
for the metal and the amount Of labor
mot labor protected" by statute laws,
buD. labor pure and simple that is neces-
sary to dig it from the earth, and refine
it and work it into the shape of coins
It's use. then. is TO compare the labor
involved in other products. and furnish
a basis upon which they may be exchang-
ed.
Ten dollars Of gold declare that as the
same amount Of labor IS involved in the
production of twelve bushels Of wheat
and fifteen bushels of corn as is involved
i'm the production of the ten dollars. the
,rree are Interchangeable the one for the
ether. The twelve bushels Of wheat ara
exchangeable for the fifteen bushels OF
corn, and both for the ten dollars. That
is the use OF the money metal. ami |
though the metal may be used 10 work |
the exchanges Of the commodities in the |
practical working of business scarcely |
any of the money metal is actually used. |
The basis being determined by the money |
metal, business is actually operated by |
exchanging commodity for commodity, |
the transactions taking the form % pur-
chases and sales for money that they /
may have the convenience of swaps |
through the onenclature OF money.
There is the whole mystery OF the whole
business.