The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1896-08-08

Knights of the Grip. Again, those in
clined to obey orders will meet men that
are better informed on the economic
topics Of the day than are they or their
principals.
SILVER HISTORY.
Stockton Independent: c. S. Thomas,
in the Arena" for August, replying to
an earlier contributor, says: When
silver was demonetized in 1873 the sill
yer dollar was worth 1O3 cents in gold"
This error is widespread and often re-
peated. The price of an ounce of gold
in 1873, according to McCarty's Stat
istician,' was 81. 29S. AS there is not an
ounce Of silver in a dollar that coin
could not be worth 81 o.. At the pres
ent coinage value of silver (Which is
not the commercial value), 81 1923, the
value Of the silver in a dollar according
TO the same author is just 81. 1t follows
naturally that when the ounce of gold
was worth only $1.29S, or less than
three cents more than the silver in the
dollar, that the commercial value in
the dollar was only a triffe over it's face
value. The commercial value of an
ounce of silver remained above 81 until
the alleged Decentralization Act was
passed in 1873 it was therefore more
than twelve years in depressing the
price below dollar, if it had that eff
feet. 1t is questionable, however, if it
had depressing effect on the price of
silver. In 1878 the Bland Act was
passed. It required the purchase of
silver to the amount of not less than
2,OOO,00O ounces nor more than 4,000,-
600 ounces per month by the Govern
ment During that year the price in
London fell to 400 pence, or about 90
cents, and the higest price it attained
during that year was 55.25d. The av-
erage during the year in American
money was S1.152. In 1892 the Sher-
man Act became law. 1t required the
Government to buy 100000 ounces per
month, which was done during three
years The average market price of
silver during 1890 was $104633, and,
Notwithstanding these heavy pur-
chases, the price fell to $0.7S031 in 1898,
when the law was repealed. During the
period between 1887. the first of the
Bland Act, and the passage of the Sher-
man Act, silver fell in the average
price for the year from $1.152 to
S1.04633 in 1890, going meanwhile as
low as $09357S in 1889.
CHEAP MONEY VICTIMS.
San Jose Mercury: In case the Pop
ocratic free trade party succeeds in
again deluding the people, and main
tains it's present ascendency by means
Of the free silver issue, who will be the
chief sufferers from deprecated cur
rency?
A few figures have been prepared by
the Philadelphia Times The work.
ingmen Of this country now receive an
nually from it's various industries ST.
IL, 100000 in wages. They are paid in
gold or its equivalent, and each dollar,
whether gold, silver or paper, is of equal
purchasing power. But the adoption of
the silver standard, under the plan pro-
posed by the POpocratic party, would
reduce the value of the money now paid
for wages So, 800 100000 each year
There are in this country 100000
wage earners who have deposited of
their savings in the savings banks over
81, 500, 900, 900 in dollars worth 100 cents
in gold. The adoption of the silver
standard would reduce these deposits Of
wage earners nearly or quite one-half,
making an absolute and immediate loss
in the savings of labor of 5000, 200, 900.
The wage earners, as home builders
IN the various building associations of
the country, have accumulated savings
to the extent of $500, 900 600, by which
most of them expect sooner or later to
become owners Of their homes The
adoption Of the silver standard would
reduce the value of the savings of the
wage-earning home-builders from
5000, 0O0,0 900 to about S25O,OOO,O 900.
The holders of policies in life insurance
companies in the United States num-
Der 100000 people, and they are in
sured in the aggregate sum of $4,000
OOO,OOO. At least one-third of this
vast insurance is held by men of mod
crate means, and very largely wage
earners. The adoption of the silver
standard would make the amount of life
insurance paid to the 5000, 600 people
who hold policies not over 81, 900. OO0,-
GOO in actual value, being a loss of Sc
OO0,O00,0OO to the policy holders, a ma
jority of whom are dependent upon
their daily labor.
There are in the United States $4,000
pensioners made I'm IF tha 1,ataro,s ~