The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-09-12

to circulate as money. That is the pre-
rogative of sovereignty-as much as it
is to coin money and regulate it's
value. When the government retains
the power of coming and issuing it is
exercised by the representatives of the
people for their welfare. When corpora-
tons exercise it they do not do it for
the public welfare, but for the profit
of their stockholders. Bank circula-
ton under existing law can not be eX-
banded and contracted at the pleasure
of the companies. 1t is limited in its
issue to certain per cent on the value
of the bonds deposited to secure it.
This limitation and restriction against
over issue secures stability of our cur
rency and preserves the standard of
value. If the amount of issue of cir
culating notes is to be determined by
corporate companies and they are per-
mitted to contract and expand the circu-
latiOn at their pleasure, they can put
up and pull down prices as often as
profit is to be made by such an exercise
of power. The people of the United
States have had experience enough,
and more than enough in the ruinous
mischiefs produced by paper money.
From 1860 to 1866 the eXigencies of
war required the government to issue
paper money to excess, and all prices
of property went up as the money went
down. To give to banks the same power
of issue would be to establish and keep
in time of peace the financial conditions
we had in the time of war. Every class
of people would be plundered except
spectators, and of all classes, those
who work for money wages would be
the greatest sufferers. Every man,
woman and child who is paid in money
for services receives the highest posi-
BILE remuneration when they are paid
with the best dollar that can be kept
in the circula ton. That is now the gold
dollar and the silver and paper dollar
that is invested with the functions of
the gold dollar and circulate on its
country are conducted on this basis
all fluctuations, speculations and
gambling are eliminated from business
and exchanges are made upon the prin-
cipe of equal value given for equal
value received Whenever this stand
ard is supplanted by deprecated
money, whether silver or paper, then
the prices of everything upon which the
wage Garner lives are controlled by spec
ulation and stock jobbing. A feverish
demand is made for all articles that
may be sold again. AS the money de-
preciates it decreases in value and the
price of commodities correspondingly
rises. But wages rise but little. They
keep at a point far below the prices of
the things which the laborer must buy.
There is no demand for his hire today
that he may be turned over to another
tomorrow at a higher price. Specula-
ton does not deal in labor; only in the
products of labor. Political economists
tell us that labor is the last to rise and
first to fall when prices are controlled
by deprecated money. Irredeemable
paper money is the worst of all circula-
ton, because when issued by corpora
tons it admits of greater elasticity, but
any money that is below the best and
highest standard is a money that cheats
the wage Garner at every turn. Let me
give an illustration. A few years ago
very extended investigation of this
subject was made by the finance COM
mittee of the senate. Prices and wages
were examined from 1910 to 1892. The
evidence demonstrated beyond all con-
troversy two facts: First-That wages
measured by the best dollar had been in
creasing all the time and are still in
creasing. Second-That prices meas
ured by the same standard were falling
during the whole 81 years. This is
very happy condition for the wage
Garner He is doubly benefited by the
standard of the gold dollar. He is bene-
Hleu by lue COuSJduI increase OF MS
daily wage and benefited again by
the constant decline in the prices of the
things which he must buy. From 1910
to 1899 the rate of wages increased "A
per cent. while the prices of the things
he had to buy We're constantly dechn-
ing. The investigation covered the
prices of 223 articles. which showed an
average reduction of % per cent. Many
of the articles, which were every day
necessaries of life declined much more
than that. Fuel fell 70 per cent; metals,
80; drugs and medicines, 80, and house
furnishing goods 40 per cent. This is
today the wage workers situation on a
gold standard. Let US compare
it with the paper standard.