The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-14
FOR MEN WHO RECEIVE WAGES AND
SALARIES

we closed our review yesterday -
what the free coinage Of silver would
cause with a statement that we would
to-day consider the way in which it would
affect men who live by wages.
We demonstrated yesterday in a way
that must satisfy all reasonable men
that for this Government alone to provide
for the free coinage Of silver dollars
worth much less than gold dollars must
produce a financial panic of gigafic pro-
portions. We shah assume that
every man who read our article Of yester-
day assents to this. and we shall there
fore assume that TO be conceded.
What happens To workingmen when
financial panic overtakes the country?
Let every one recall the events Of the
past two years. and answer that ques-
ton for himself Every man knows that
when the panic commenced i'm June. 1898.
all businesses were forging ahead, al
shops were full Of orders. and all the
workngmen Of the country were at work
at good wages. What happened as soon
as the panic came? Manufactures were
forced TO suspend business, many con-
Germs were ruined and forced to 90 out
Of business permanently. all were forced
10 contract their production. and hun
dreds Of thousands of laboring men were
turned loose upon society without work
and with no means for earning a llveli-
hood. DO the laboring men Of the coun-
try wish 10 bring on themselves a repeti-
ton Of the experience OF the last two
years? Business is now beginning to re-
viye and men are again beginning 10 get
work The Richmond Locomotive and
Machine Works. that were almost entire
ly without orders from the time they
completed the orders on hand, when the
panic commenced. are now working 500
men DO these men want to force this
concern TO suspend operations again and
again turn themselves out i'm The street
without employment? Yet that will be
the inevitable consequence Of bringing on
the country the financial panic that free
silver will cause. Free coinage will force
these works to suspend operations just
as they were forced to suspend them
after the panic Of 1898 And men who
work for salaries as contradistinguished
from wages. are In exactly the same
boat as workmen. Panic ends their en-
ployment as well as the employment Of
the wOrkingman.
And what will happen TO workingmen
and salaried men after we get over the
panic and business finally readiusts It.
seif?~
our whole money will be silver money.
"a II is In Mexico. The Mexicans have
long had the free coinage Of silver and
consequently they have no gold al all for
money. All their money is silver. ours
would be the same. because the silver
dollar would he worth much less than
the gold dollar. and the gold dollar would
not circulate on even terms with II. Our
money would therefore. be a dcbased
money.
What happens 10 wages and salaries
when this occurs? The world has nad
many experiences OF this sort. and the
consequences to wages and salaries Is
well known. Ii has invariably happened
in the history OF the world that when
the money OF country is debased every
thing rises promptly In price except wages
and salaries These are The last two
things to rise. and they never rise In
anything like due ratio to the rise of
what men who receive them have ~ pa.
for what they purchase. This Is so well
known to be a fact that II is accepted
as an axiom by all writers on political
economy.
few years back the Senate OF the
United States directed its Finance Com
miftee 10 make an inquiry into wages
and prices for the past nifty years. The
committee did this. and collected vast
mass OF testimony OF the utmost impor-
lance. which h% been published by the
Senate In four sood-slzed volumes. we
quote from Volume !. the committees
summary Of wages and prices In this
country since 1860. IL took 1860 as It's
starting point. and considered 100 as par
for that year. rises In wages or prices
goins abeyA 100 and faus In wages and