The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-16

conditions? "A. Not ii the least.
q Why not? A. Because If the nominal
price OF grain were to rise through inffa-
ton Of the currency, the price Of every
thing else would rise also, and the farmer
would be relatively no better off than he
was before.
a Dc the free-coinage advocates use
In their speeches these statistical facts
which we have examined? A. They do
| rot.
O.. Can the subject be understood with
cut examining them? A. It cannot; the
/ whole question rests on these facts re-
gardSng money and production.
not use these facts and fgures2 A. Be-
cause the facts and figures are against
G. is there any dispute over the truth
Of the figures quoted in these answers?
A. They are u~ndisputed, even by free
coinage men. They are taken from the
reports Of the United States Treasury. Of
Tie Department Of Agriculture, Of the
Director of the United States Mint, OF
the United States Bureau of Statistics,
and Of the British Board of Trade; all Of
them, in their respective spheres, the
highest known authorities.
FREE COINAGE AND WAGES.
q What have we proved by examining
the statistics of money supply and pro-
duction2 Al. Three facts: a That the
money supply of this country and of the
world at large is not contracting, but in
creasing rapidly; 90 that the low price
of farm products is caused by increased
production, not by contraction of the cur
| rency; and 81 that the farmer's condition
would not be at all improved by free
coinage of silver.
@. Do not many of our fellow citizens,
however, believe that free coinage will
make them prosperous2 A They do.
@. Why not try the experiment. then.
the experiment would involve general ruin
and distress.
Q. Would the rich suffer most from such
an experiment? A. They would suffer
least of all.
q. Who would chiefly sufrer7 A.. All
wage earners, ell employees at fixed sals-
holders of life Insurance policies. all vete-
rams receiving government pensions, and
finally all purchasers of food, clothing,
and other necessaries Of life.
@. Why would free coinage harm the
wage earners? A. Because their income
would remain unchanged. or would change
but slightly. while their living expenses
would increase enormously.
@. Why would their expenses increase
under free coinage? A. Because of the
violent, general and permanent rise of
prices.
O. Would such a rise In prices be in
evitable? A. 1t would necessarily follow
the lowering of the money standard.
O. Would everything which a wage
Garner buys advance in price2 A. Every
thing; there could be no exception.
@. But would not wages and salaries
advance eo-rrespondingly? A All of the
worlds experience in currency imitation
RkVS0S mat l&itJ U0AAI nus
Q. Has this country had any experience
in the results of such currency expert
ments? A It has.
@. When? a. Between 1860 and 1866.
when the gold standard was abandoned
and the currency inflated with paper
money.
q. Did prices in that period rise faster
than incomes? A. Very much faster.
Q. Civ the figures. A. Between 1860
and 1865 the imitation OF the currency
caused an increase, in the average price
of all articles in this country, OF 116 per
cent.
Q What was the increase in wages2
A. During the same period wages in
creased on the average 4s per cent. against
the increase of LIZ per cent. in prices.
@. What did this mean? A. 1t meant
that the cost of living increased nearly
three imes as fast as wages and salaries.
q Where are these figures obtained
A. From an expert investigation made in
1891, by order Of the United States Senate.
This Investigation covered actual market
prices of all articles for a series OF years,
and actual wages in all employmenfs.
It's report is standard authority.
@. Is the United States Senate's report
our only witness to the high prices Of
1866? A. Its figures are confirmed by the
newspapers of the period, which may be
consulted at any large public library.
@. Give some of the actual prices. A.
A barrel of hour in 1860 cost SS-25. in 1865
4 esn desi Il $50 isso. in n i RsSh i cost CO Oa s Cents sas' In IN
1860 O pound of coffee cost 1l1z cents, In
1854 It cost 43 cents. A. Brussels carpet
cost $40 per yard in 1850, in 1864 the cost
in 1850, in 1855 it cost SO. These are only
wholesale prices; retail prices rose even
faster.
8. Give some actual comparisons of
| wages. A. Day-Iaborers' wages in the
| mechanical trades of cities rose. on the
average, only from 81 a day in 1850 to
$50 in 1866. Average eornpositers'
wages rose only from S1.66 TO $3.50.
| Locomotive engineers in the East aver
| aged S2.S0 a day In 1860. $3.50 in 1855.
@. What was the result, with such
people as these, Of the abandonment Of
| as they had lived before, and in many
cases suffering and want.
@. What other classes Of people suf-
| clerks, bookkeepers. teachers, clergymen,
store statesmen, railway employees. Few
of such salaries increased as much as 80
per cent, but the cost of living doubled.
O. Who else experienced hardship?
A. All families living on an insurance
fund left at the death of a husband or
father. All people drawing interest on
savings bank deposits. All government
did not increase at all, but prices of what
they had to buy went up 116 per cent.
@. Would the experience of ali such
people be the same under free silver
coinage? A. There could be no other
| result.
Q. Might not wages and salaries rise
u faster HOW, QitQtI cQIEtfICy IludLiOl GI1dtI
they did after 1850? A They could not
q. why? A. Because in those years
the army enlistment of laborers and sala-
ried employees had made the home
demand for labor a~bnornlally active.
@. What, then, do the free coinage
leaders ask of the wage Garner, the sala-
ried man, and the savings bank depositor?
A. His vote to increase the cost of living.
@. Is this a reasonable request? a.
As reasonable as if they asked him to vote
for lower wages
ARE LOWER PRICES AN EvILg
@. Has the decline in prices during this
generation been a misfortune to the Amer
lean peopie2 A. 1t has not.
@ Why not? A. Because people
whose earnings are small can now enjoy
comforts such as never before in the his
tory of the world were within their reach
@. But have not wages fallen since
1872. along with prices? A.. They nave
not: in the great majority of cases they
are higher.
Q. How Is it possible that producers
and manufacturers should pay higher
wages, when prices of their products have
declined2 A. Prices declined because Of
great improvements and economies in
production; the laborer's share was there
fore increased.
Q. Is this true with grain production7
A. Even with grain.
@ has been the chief result of
the decline In the price Of grain? A.
pfartu ~ fnod With IN roach - ex-arufod~