The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-24


was 1887 100 bushels. and In 1895. $50 2s7.-
4l6 bushels. or nearly twice as much. and
there has also been an enormous increase
Of production IN competing countries. But.
gentlemen. Notwithstanding the great IN
crease in the production OF cotton and
wheat. here and In other countries. and
the consequent decline in their prices a
given quantity OF either % them will now
purchase In our own markets and In the
markets abroad larger share OF many
other useful commodities than 90 would
have purchased In 1872 or 1873 so that In
fact, as compared with many other things
the values OF cotton and wheat have APP
The cost OF labor IN the manufacturing
aud mechanical industries alone during
the census year 1879 was S22S3, 2i6.529.
which was nearly two and one-haf times
the vallle OF all the wheat and cotton pro
duced in this country; and III we add 10
this the amounts paid for farm labor. for
clerical and other work I'm mercantile es-
adjustment. for domestic service and for
work on railways of all kinds on water
craft, on streets and other improvements
in the cities. and In the many other Occu-
patiOns which give employment 10 our
people. we would have a sum almost II
not quite, equal 10 the value Of an our az
ricultural products. IL is evident there
fore. that II the alleged depreciation Of
gold alone has caused a reduction of prices
the wages OF labor. the greatest commodity
in the market, should have fallen since
1873; but exactly the reverse IS true. The
Investigations OF this subject by the SUBJ
committee covered a period OF nfty-two
years ana embraced All the nrNunHtf0n1
In which our people We're engaged, and
the fact, unanimously found. was that al
though eighteen years had elapsed since
the silver legislation, the wages Of labor
We're higher than IN 1872 or 1873. Wages
We're found to be nearly 81 per cent. higher
than in 1860, which was thirteen years be-
fore the silver legislation, and more than
per cent higher than in 1873, when that
legislation was adopted.
The argument that the reduction of
prices is due TO the appreciation of gold,
is necessarily based upon the further as
sumptions that the legislation IN regard 10
silver has produced a scarcity of redemp-
ton or metallic money in the world and
that prices are fixed and regulated by
the amount OF such money In circulation,
or available for circula ton. Neither OF
these assumptions is justified by the facts.
The most exhaustive efforts have been
made from time to time hy the treasury
department, through the director of the
mint, by careful examinations of the
monetary statistics of other countries, by
correspondence with our diplomatic and
consular Representatives abroad and with
foreign financial authorities. and other
wise, 10 ascertain the actual amount of
gold and silver used as money I'm the
world, and the result shows that there Is
now more gold and silver in the aggregate,
and more of each one of them. IN use as
fun legal tender money than there ever
was at any other time in the history of
the world. The gold in use as money
amounts TO 1866 300 900. the full legal ten
der silver amounts TO 3,435S00,000 and the
S6l9. 10000. The policy of maintaining, or
rather attempting to maintain. the so
called double standard never succeeded IN
Keeping so large an amount OF fun legal
tender silver In circulation i'm the world
as there is at this time, ana one of the
principal reasons for this IS that the ef-
feet of the policy was to drive first the
coins of one metal and then the coins Of
the other into the Golfers Of the hoarders
or into the melting pOts because they
were under-Valued IN the coinage laws
and would not remain in "a
Official monetary statistics show that in
the gold standard countries of the world
the stocks of money are much larger per
capita than in the silver standard coun-
tries. Taking the LARGE gold standard
countries and the large silver standard
countries, II appears that in 1894 the stock
SO per capita, In the United Kingdom
nearly $50, and In Germany nearly $40,
in Russia and Finland 1892, and in China
1926. The gold standard countries use
larger amoupts Of sstlyer as money! but
s see r5 slsseg and. "a fnr s 200
sons / have already endeavored 10 explain
But. gentlemen, for the reasons already
stated, the commercial nations of the
world do not now require the same pro-
portion of metallic money I'm the transac-
ton of their business that they required A
few centuries ago, or even one century
and the use of paper in the form of notes.
checks, and bills has almost entirely dis
placed metallic money IN the daily BUSH
ness of the people, and as long as these
forms of credit are kept equal in value to
the metallic standard, the effect upon the
prices of commodities is precisely the
same as if the whole volume of circulation
consisted OF standard coin, for as long
as equality in their value can be main
tanned, the paper representatives of the
dollar perform exactly the same office
in the exchange of commodities that gold
dollars themselves would perform; but If
this equality is destroyed the paper is dis
20 hos 81 t..
ed, and the people have no longer a stable
measure of value. e
one of the most effective arguments
made by the advocates Of free coinage
in some parts of the country at least Is
that the people are in debt and that ii is
the duty of the government TO relieve
them by such legislation as will enable
them to procure cheap money for the pur-
pose of discharging their obligations and
in support of this argument the most ex-
aggeTated statements are made as to the
depressed and suffering condition of our
farmers, wage earners, and other produc-
ing classes. This argument comedies that
under the proposed system of free coin
age at the ratio of l6 to l all the various
kinds of currency in use by the people,
including the silver dollar itself, would be
worth less than it is now, for, of course
If this is not to be the result money would
be no cheaper than it is now. TO
assert that the people are in
have traded with each other on credit.
that one part of our fellow-citizens, rely
ing upon the integrity and financial stand
ing Of their neighbors and acquaintance.
have lent them money on time and sold
property to them without demanding i'm
mediate payment in cash, and that in this
way they have enabled many people to
carry on useful business and live in COM
Portable homes who otherwise could not
have done so. If ii is crime to lend
money to a man who wants to borrow it.
or to sell property on credit to man who
wants to purchase 1t, and has no ready
money to pay for 1t, let the perpetrators
be properly punished, but let us not involve
the whole country in confusion and disas-
ter and immediate the innocent and guilty
alike in order to punish the real Offend
ers. If our people are in debt they owe
each other, and, consequently, about as
many would be actually injured as would
be apparently benefited by scaling the OBJ
legations down to a silver standard The
Indebtedness of the farmers, mechanics
and other laborlng classes Of our people.
although large in the aggregate, is quite
small in comparison with the whole in
debtedness Of the great railroad and man
ufacturing corporations, the national and
state banks. savings institutions, trust
companies, insurance companies. building
associations, and other Organizations en-
gagged in financial and commercial enter
prises. These various organizations are
indebted to the people to the extent Of
many billions of dollars, and while II is
true that many Of the people are also in
debted to them, their debtors and credit