The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-04-16

when the wages of labor, paid IN TINS
denreciated coin, are reduced 10 our
standard OF value, they appear 50 in
significant that it is difficult to under
stand how the people who receive the
miserable pittance can live and main-
tain their families. The average daily
earnings Of a brick-layer amount TO
33 cents: blacksmithS, carpenters, and
c&binet-na<ers receive so cents; com
positols in printing offices, ~ CENTS
pressmpn. % cents; rOofers 20 cents;
stone-eutters. SO cents; ordinary tall
crs. 2S cents; weayers, 10 cents, and
in all the long list OF occupations and
wages no laborer, however skilled, can
he found who receives more than 49,
cents per day, except porcelain artists
in the great city of Yokohama, who
Get ~ cents. Factory laborers even in
that city where most of the great IN
dustries are carried on by American or
European capitalists, receive n cents
per day, and in other parts of the
country they receive less.
"0ur neigbboring Republic OF
Mexico. with a constitutional govern
ntent similar to our own, with an area
of 100000 square miles and a popula
ton Of only about 100000, with al
most marvellous natural resources
awaiting development, and Offering
most inviting field for the Investment
of capital and the employment OF labor,
has the silver standard of value, gold
not being in use, and If cheap money
is a blessing to the laboring man he
ought to be prosperous and happy in
that country The Mexican dollar con-
tains 377.17 grains Of pure silver, or
nearly grains more than is contained
in our dollar, and yet, not being sus-
tanned by a monetary system which
keeps it att a parity with gold, it is
worth only about 80 cents in our
money. Wages are paid i'm silver and
are very low in comparison with the
wages paid in this country for the
same services, in many instances not
being half SO much, while the prices OF
commodities generally are much high
er than they are here. The prices of
imported articles especially are ex-
brilliantly high in Mexico, because
they have to be paid for abroad in gold,
and the depreciation Of their money
lis so great that III requires nearly
two dollars in silver to pay one in
gold Although our own silver dollar
contains less fine silver than the Next
can dollar, one of ours is nearly equal
in exchangeable value to two of theirs.
because here the coinage is limited and
the Government issues the coins on its
own account and has pledged its faith
ard credit TO keep them as good as
gold, pledge that has been faithfully
Lept up to This time, notwithstanding
the complaints and denunciations Of
our free coinage opponents. Under
this policy the dollar paid TO the labor
ing man for his wages is just as good
and Will purchase just as much in the
markets as the dollar paid to the bond
holder, or to any other class Of credi-
tors: but If we are to have free and
unlimited coinage Of legal tender silver
for the benefit of the owners Of the
bullion, the Government and the people
al large would have no interest what
ever iii the coins, and III would be gross
HI unjust to require the Government
I'd keep them equal In exchangeable
value to gold. The dollars, as rapidly
as coined, would be delivered to the
owners of the bullion free Of charge,
aud the Government would have no
legal or moral right to tax all the peo-
ple OF the country in order to procure
gold with which to redeem these pri-
vate coins.
He said that the solution Of this
question affects not only the character
and amount and purchasing power Of
the future earnings of the American
Iaborer, but that the safety and value
Of d very considerable part Of MS past
earnings are also involved. The thrifty
and provident worItingman, anticipat-
ing a time when he may be disabled or
deprived Of employment, has endeaVof-
ed to save something out Of his earn
ings. III order to provide for the COM
fort Of his wife and children ir the fI-
tire, and has laid ii away at home, or
deposited 1t in bank or building assoc
citation. or invested it in q life insurance
pglicy, or loaned ii to some friend in
r@hom he has confidence. He is not a
debtor. but a creditor. and the corpora
ti0ns and individuals having the cds-
toby Of his earnings are indebted to
him, and ought TO pay what they owe
him lit inst as good money as he put
into their hands. But that if free and
unlimited coinage of silver at the ratio
Of Is to is established in this country,
livery large part of the money deposit
Ell in these various kinds Of savings in
stitutions will not even be paid in de-
preciated silver, but will be wholly lost,
because such a reckless monetary sys-
tenn would precipitate a money panic,
which very few, if any, Of the deposito-
ries could survive.
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