The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-21


upon which the argument Is based is
Numerically opposed to the historical
and official fact. The only metallic or re-
demption money In use here at that time
was gold. which amounted to only 1885,
900 900. including what the government was
using, whereas we now have about $685.
100000 in gold. and 1897. .652. .s73 In full legal
tender silver besides about $1,000 900 in
subsidiary silver coin If, therefore, prices
have fallen since 1873. the decline has
taken place In spite of the fact that our
full legal-tender metallic money has been
increased until 1t now amounts to more
than seven times as much as 1t did at that
date. and consequently the alleged decline
in prices must be attributed to some other
cause than the decentralization of silver.
These facts prove not only that the de-.
monetization of silver did not reduce the
amount Of redemption money In this coun-
try, but they prove also that the funda-
mental proposition Of the advocates of
free coinage Is erroneous and that prices
are not fixed or regulated by the amount
of redemption money alone, for, II SO,
prices should have increased since 1873.
False Assumption of Facts.
Substantially, the whole argument for
free coinage. so far as II Is addressed to
the honest people of the country, Is based
upon this fimsy foundation, upon an er-
roneous principle and a false assumption
Of facts. That the amount Of money in
circulation, or available for circulation,
has more or less influence upon the prices
of commodities Is not disputed by any
body. but it is not the amount Of metallic
or redemption money alone that exerts
this influence. II all other conditions re-
main the same, II the relations between
supply and demand are unchanged, II the
cost of production. transportation, and
financial exchanges are stable an In
crease or decrease of the currency In cir
culation, or available for circulation, WILL
to a certain extent, Increase or decrease
prices, as the case may be; but by the
terms money" and currency" in this
connection, / mean every element that
enters into and Is utilized In the compli-
Gated processes Of buying and selling IN
the markets for products In the imercan-
tile exchanges, whether 1t be gold, silver
bank notes, United States notes, checks,
bills, or other forms of credit, written or
unwritten. Credit or confidence Is an ele-
ment of far greater Importance in fixing
or upholding prices than the mere amount
Of actual money in use, or available for
use; and, In fact, about 95 per cent. of
the entire business OF the country is
transacted without the actual use of
metallic money, or its paper representa-
tives; and as to metallic money ITSELF
whether in gold or silver, 1t is not used to
the extent of more than per cent. in our
business transactions. In view of these
facts. which are as well established as any
other facts relating to our commercial
and financial operations, how absurd 1t is
to contend that prices are fixed by the
amount of that particular kind of currency
which does not constitute more than one
hundredth part of the whole. In the
broadest and most comprehensive sense
the business capacity and personal integ-
rity of each individual constitute a part
or the effective currency Of the community
In which he lives, because these character
istics enable him to become purchaser
OF the commodities 1t has to sell, although,
at the time, he may have neither money
nor property. Credit is a purchasing
power. and the man who possesses it COM
petes In the markets with the men who
possess actual money, and contributes as
much as they to the maintenance of prices.
To assert that prices are fixed by the
amount of redemption money alone Is
equivalent to the assertion that il all the
silver dollars, subsidiary silver coin, sill
yer certificates. United States notes. treas
ury notes, national bank notes, and every
other form of credit were destroyed, leav-
Ing nothing but the gold, prices would re-
main the same as they now are-a PROPOSE
tion SO preposterous upon its face that I
presume no man with any regard for his
reputation would venture to make 1t ex-
cept in a disguised form.
The Case Of the Wage. Garner.
The great majority of our people render
service for wages in one form or another
and they are compelled to purchase in the
markets everything they eat, drink or
wear, and in most cases they are COM
PEELED 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 mints to be coined at the
public expense; they have nothing to dis
pose of but their labor and their skill.
and as general rule all, or substantially
all, the wages they receive must be used
in procuring commodities for the personal
use of themselves and those dependent
upon them. They cannot eat, drink, or
wear the money paid to them for their
labor, and it is valuable to them only be-
cause they can exchange 1t for the neces-
saries and comforts of life; and there
never was time in the history of the
world when the worklngman'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 is earned
or on the day 1t is expended, by diminish
ing Its purchasing power in the markets,
has precisely the same effect upon the
holder as IL the amount paid for his labor
were reduced. If, therefore, the favorite
argument of the advocates Of free coinage
that the free coinage of silver at The
ratio of 16 to 1 would double the prices Of
all products-is correct, the wages of the
laboring man would purchase under that
system only one-half what they purchase
now. This would undoubtedly be the case
unless wages should also be doubled,
which, according to the uniform expert
ence of the past, is most improbable
thing. For more than a quarter Of n CEN
tury the working people Of the United
States have struggled earnestly and per-
slstently. through their labor organiza-
tions and otherwise. to increase their
wages to a point which would enable them
to live decently and comfortably by ex-
pending their earnings for commodities at
their present prices, and how long do you
think they would have to struggle in the
future to raise their wages to point
which would enable them to purchase the
same articles when their prices have been
doubled? No man in this audience will
live to see such result accomplished, and
the laboring man who supports the free
coinage of deprecated silver dollars must
be content to live and support his family
upon what deprecated silver dollars will
buy. My position upon this subject is
that when the laborer receives a dollar on
account of his wages he has right to be
assured that 1t will purchase as much In
the market as any other mans dollar, or
II he desires to lay 1t up for use In a time
Of need he has a right to be assured that 1t
will be worth as much when he wants to
spend II as II was worth on the day he