Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-05-21

now than it was then. 1t is not true
that our people owe any debts con-
tracted as far back as 1873. The fun
damental proposition Of the advocates
Of free coinage is that all values are
measured by the amount Of redemption
money in the country. and they pro
ceed to the conclusion that the de-
monetization of silver in 1S73~and the
establishment of the gold standard are
the causes Of the alleged decline in the
prices.
The assumption upon which the ar
gument is based is Numerically oP-
posed TO the historical and Official tacl.
The only metallic or redemption mon
ey in use here at that time was gold,
which amounted to only S135,OJO,OOO,
including what the government was
using. whereas we now have about
1928 .00O, GOO in gold, and 1887 G9z.6'5
in full legal tender silver, besides
about S77OOO.OO0 in subsidiary silver
coin. If. therefore. prices have fallen
since 1873. the decline has taken place
in spite of the fact that cur full leSal
tender metallic money
HAS BEEN INCREASED.
These facts prove that the fundamental
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. if so. prices should have increased
since 1878.
The great majority Of our people
render service for wages in one form
or another. Like the farmers, they
have no silver bullion TO carry to the
minis 20 be coined; nothing to sell buC
their labor and skill. and as general
rule substantially ell the wages they
receive must be used in procuring COM
modities for the personal use of them
selves and those dependent upon them.
The money paid to them is valuable
only because they can exchange it for
the comforts of life; and there never
was q time in the history OF the world
when the WOrhiugmaIs dollar would
buy as much as now. and there never
was time when the w0rkingmen re-
ceived more good dollars for the same
labor than now Any policy which re-
duces the value of the dollar by dimin- /.
ing its purchasing power has precisely I
the same effect upon the holder as If /
the pay for his labor were reduced. .
If the fayori.e argument of the adyo-
cate of free c0inage-that il would +
double the prices of all products-is /
correc-. wages would purchase under .
that system only one-half what they .
purchase now. unless wages should also
be doubled which, according to the I.
uniform experience of the past, is a /
most improbable thing The laboring
man who supports the free coinage OF
deprecated silver dollars must be con-
tent to support his family upon what
deprecated silver dollars Will buy. Ny
position is that when the laborer re-
ceives q dollar he has a right to be as
sured that it will purchase as much
as any other mans dollar, or if he de-
sires 10 lay it I'D for use in need, that
it viii be worth as much the day he
earned it.
To call a ten-cent piece a dollar and
declare il to be the standard Of value
would add nothing whatever TO its pur-
chasing power; it would still require
ten of them to purchase what real
dollar viii purchase now. The propO-
sitiOn of our free coinage friends is to
double prices nominally, but at the
same time 10 have them paid in money
lnUinsically worth only one-half as
much rs it was before the prices were /
doubled. and l confess my inability to
see how this