The state republican. (Jefferson City, Mo.) 1871-1896, 1895-05-30


the payment Of all the notes and
other securities they had discounted
for their customers and the contrac-
ton Of the currency would cause
an increased demand for cur
rency at the very time when It
could not be obtained, and thus
the difficulty Of the situation
would be increased by both causes.
The banks would either be compelled
to suspend payments themselves or
drive their customers, who are gen.
orally business men--the men who
give employment to labor in every
community-into bankruptcy at
once. Who would profit by this
condition OF affsirsf Nobody except
the holders Of gold and the czz
8fsiivsrI msnes, the hU46srs u fAliS
bullion, and the brokers and specu-
lators. Every man in debt would be
called upon to pay it promptly when
due; there would be no more extern
sion Of old debts, or any new credits
given, because no man could foretell
what the money would be worth at
any time In the future. In this
crash the laborer would be thrown
out Of employment by the failure or
suspension Of his employer, the far
mer would receive less real money
for his products, property would be
sold at low rates under judicial pro-
ceedings all over the country, credit
would be destroyed, and all indus
trial and commercial enterprises
won d stand still, awaiting the result
OF the new experiment with the
monetary system.
"But suppose the change is made,
and that the business affairs OF the
country have been finally adjusted
to the new standard, what will be the
effect on our dome site trade? The
prices Of all things will be nominally
increased--that is to say, 1t will re-
quire a greater number of dollars to
purchase a given amount Of any
commodity than it required before.
Many good people appear to think
that In some mysterious manner,
which no one has yet attempted to
explain, the government, by legisla-
ton or otherwise, can increase the
prices Of things they have to sell
without increasing the prices of the
things they have to buy. II there Is
any financial necromancy by which
this one -sided increase OF prices can
be accomplished, our free coinage
friends ought to explain 1t to the
people, =, The plain, every day com =
mon sense view of this subject is the
only correct one. II the farmer OF
planter receives a greater number OF
dollars for his crop Of cotton or
wheat, he will be compelled to pay a
correspondingly greater number OF
dollars for his agricultural imple-
ments, for his groceries, for his
clothing, and, in short, for every
thing he purchases.
"The great majority of our people
render service for wages in one
form or another and they are com
PEELED to purchase in the markets
everything they eat, drink or wear,
and in most cases they are compelled
to pay rent for the use OF home for
themselves and their families. Like
the farmers, they have no silver
bullion to carry to the Minis to lave
coined at the public expense; they
have nothing to dispose of but their
labor and their skill, and as a gener-
al rule all, or substantially all, the
wages they receive must be used in
procuring commodities for the per-
sonsl use Of themselves and those
dependent upon them. They can
not eat, drink, or wear the money
paid to them for their labor, and II
is valuable to them only because they
can exchange 1t for the necessaries
and comforts of life; and there never
was a time in the history OF the
world when the workingman's dollar
would buy as much of the necessaries
and comforts OF life as 1t will buy
now, and there never was time In
the history of the world when the
workingman received more good
dollars for the same amount of labor
than he receives now In this country.
Any policy. which reduces the value
of this dollar on the day 1t 10 earned
or on the day 1t is expended, by d.
minishing It's purchasing power In
the markets, has precisely the same
effect upon the holder as II the
amount paid for his labor was re-
duced.
"For more than a quarter Of q
century the working people of the
United States have struggled earn.
estly and persistently, through theii
labor organizations and otherwise, tc
increase their wages to point which
would enable them to live decently
and comfortably by expending theil
earnings for commodities at theil
present prices; and how long do you
think they would have to struggle In
the future to raise their wages to q
point which would enable them tc
purchase the same articles wher
their prices have been doubledH