The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-10-05
SILVER AND THE woRkINeMAN.
Free Coinage Would Be an Outrage ON
the Producing Glasses.


Free Coinage Would BE an Outrage ON
the Producing Glasses.
One of the most formidable argu-
ments used by the silver men Is that
the United States and all gold-standard
countries are at great disadvantage
in competition with silver-standard
countries. We call this argument
formidable because it is almost the
only one on that side that has the air
of being scientific, and because 1T gi-es
what appears broad basis for a policy
essentially narrow. We have from
time to time pointed out that at best
this assertion of the silver men was
too vague to be verified with certainty,
and that, even were it true, 1t had no
bearing on the currency policy OF the
United States, which has not sufficient
commerce with silver-standard coun-
tries to make their competition seri-
Gus element in deciding our course.
We are glad to see that in Rhodes
Journal of Banking Mr.. Worthington
c. Ford has taken up the general
question and treated it with his usual
| clearness and thoroughness. We shall
not undertake to offer even summary
| of his article, but there is one point
that he brings out with great definite
ness that every sensible American
should keep in mind--the atroclous
wrong done to the wage-earnlng
classes by deprecated standard such
| IS silver.
He SAYS: "The partisans Of silver as
sert that the fall in the market or
| commercial value of silver has resulted
as a bounty on exports, because 1t mas
enabled those countries using silver 70
produce more cheaply. This assertion
can be true only on one condition. that
the purchasing power OF silver has re-
NAMED unchanged in domestic mar
kets. If the domestic manufacturer
can hire la Dor or turn out his manu-
features for the same weight OF silver
in 1894 that he could in 1873, 1t would
stand to reason that his labor and
products are costing him now nifty
cents against a dollar in 1873. But
what does this mean except to assert
that the wage Garner has been prac
tically defrauded?'
He gives an account OF the develop
ment of the cotton-spinning industry
In japan, the main facts of which we
reproduce in tabular form:
Wages Wages
ProSues ,. rgn .i Ns@ . sen
1855. e7.7cs.s 4s so 3 III &
1892. .... s,476s68 ols7 ia g.
Here 1t will be seen that the tota
product has increased threefold il
three years, the cost of manufactur
has decreased by eighteen per cent.
and wages have remained almost sta
tionary The equivalent of the wage
above quoted in ''sen" is nine cent
. for men and fonr cents for women 10
a working day of eleven and hal
hours, including the time allowed TO
, meals. 1t is, of course, absurd to clair
that the reduction in the cost OF manu-
facturc or the increase In the produc
can be ascribed solely to the deprecia
ton of silver. But, whatever proper
ton was due to this source, the worf
ing people got no advantage from 4
Such depreciation would tend, on tn
other hand, to advance the prices ,
the necessaries of life. Mr. Ford cite
government tables of prices in Toki
which show the following changes i
the prices of food in sen:
Rice Whed'. 7t
1SSy. .....'.'ov " .. oo
1892 ...........-.........I.H OF 20
1t will be seen by this table that
DAYS wages in 1892 would buy only
little more than four-tifthsa as much rie
in Toxic in 1892 as in 1889. In oths
words, while the cost of manufactui
had fallen eighteen per cent, the co..
of rice had advanced eighteen per cen
and the wages had remained almost e.
actly the same. The unfortunate worl
man comes out worse in every way.
I. This would inevitably be the resu
!. in our own country of adopting tt
silver standard or in any way deprec
. ating or debasing the currency. III
silver men urge that silver is the ''pe
:, Piles money" and gold the rich man
. money. 1t is exactly the reverse. Ca
= italists can make profit from fuct
) ating and depreciating currency whit
: must bring loss and nothing but loss
the great body of the people.
Manufacturers in all industries CT
!, best serve their own interests by usiI
= their influence with their party to !
!, press the mischief of such legislato
:, during the coming year and a half.
"a n. Y. Times.
N COLORADO RECOVERING.
& Prosperity and Good Crops Deal Death
Craz