Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-05-14
SILVER AND WAGES.
Speech of Secretary Carlisle
at Chicago.
he Addresses a Mass Meeting of Work.
ingmen on the Currency Question.

Makes 1t Clear That Cheap Money Always
Was and Always viii BE the Wage
Farmers Enemy-Free Coinage Means
Silver Monometallism and Reduced Pur-
chasing Power of wages-Such Has Been
the Experience With Deprecated Silver
In Chile, Japan and Mexico and with
Our DEPRECATED Currency-would Rob
Workingmen of Billions of Dollars De-
posted In Savings Banks and Building
and Loan Associations and Invested In
1nsnrance Policies.
MIR. PRESIDENT n GENTLEMEN-I am nc,S
THIS evening in response to u communication
received several months ago from a number Of
gentlemen connected with various labor or
CARNATIONS of this city inviting me to address
them and their fellow workingmen upon the
currency and financial questions, which were
then and are still agitating the minds Of our
people in all parts of the country. When that
communication reached me, it was not in my
power TO designate a time when my official
duties would permit me to come here, but I
promised TO hold the matter under considera-
tion and come whenever it might be possible
TO do so, and / now congratulate myself upon
my good fortune in having at last found an
opportunity 10 meet this great ~assemblage of
laboring people and to discuss in their pres
ence what | consider one of the most impor-
tant economic questions that can possibly en-
gage the attention Of wage earners in this or
any other country.
The Wage Farmers Interest In Good Money.
Whether the general business of the people
shall be transacted with good money or bad
money, whether the wages Of labor shall be
paid in a sound and stable currency, with full
purchasing power in the markets where they
are exchanged for the pocCssaries Of life, or in
a deprecated and huctuating currency, hav-
ing nc fixed value and therefore bearing no
permanent relation to the current prices Of
commodities, are questions which affect the
comfort and happiness Of every home and the
peace and prosperity of every community.
While all are deeply interested in the settle
ment of these questions 1t Is unfortunately the
case that all will not be equally affected by an
erroneous decision upon them. The wealthy
man, the man who has accumulated property
or hoardeu money, is always exempt from
many Of the most serious consequences Of a
financial or industrial disturbance. He has
both means and credit, and, while he may be
subjected TO much loss and inconvenience,
neither ne nor his family will be punched by
hunger or compelled TO go without raiment or
shelter.
1t is the poor man and the man of moderate
lAl1h W ~ A"D NV bNS W AolAANC
enough to accumulate property or money, but
who depends upon his wages or upon the prod
ucts of his own labor for the means of sup
porting himself ard his family-that always
feels the first and most disastrous effects of a
business or industrial depression, no matter
whether it results from a deprecated and fuc-
tuating currency or from other causes. Such
a man has nothing to dispose of but his labor
and nothing with which to support himself or
his family but his wages or the proceeds of
his own labor, and any policy that even tenn
porarily suspends or obstructs the industrial
progress of the country by diminishing the
demand for the products Of labor, or by inn
pairing the capacity or disposition Of capital
to employ labor, must be injurious to his in
| terests and infiict more or less suffering upon
all who are dependent upon him. Labor can
not be boarded the idle day is gone forever;
lost wages are never reimbursed, and there
fore steady employment and good pay in good
money are essential to the comfort and happi-
ness OF the American laborer ard his wife and
children, and he will be unfaithful to himself
and to them If he does not insist upon the
abortion and maintenance Of such u policy as
will most certainly preserve the value and sta
bility of all our currency and promote the
regular and profitable conduct of all our in
sdustrial enterprises. He cannot prosper when
the, country is in distress, when its industries
are FRUSTRATED, it paralyzed, its
credit broken down or its social order dis
turbed, nor can he prosper when the huctua-
tons of the currency are such that he cannot
certainly know the value of the dollar In
| which his wages are paid or estimate in adj
vance the cost of the necessaries of life.
Whether we shall or shall not have a long
period of financial, commercial and industrial
disturbance in this country, and whether la
Dor Shall be deprived of permanent employ
ment or be partially employed and made
quately paid, are questions directly and Deces-
sarily involved in the demand now seriously
made by many Of our fellow citizens that the
United States, without the cooperation OF any
other government in the world, and in oppo-
sition to the established policy of every
other great civilized and commercial nation,
shall authorize the free and unlimited coinage
of full legal tender silver at the rate of 10 10 i,
notwithstanding the true market ratio be-
tween the two metals IS about ~ to |, or. IN
other words, that the United States alone shall
declare by law that 10 ounces of silver are
equal in value to / ounce OF gold, when it Is
an ~indisputable fact everywhere recognised
that in all the markets of the world, in silver
standard countries as well as in gold standard
countries, 10 ounces of silver are worth only
abu1t one-half as much as ] ounce of gold
and will purchase only about one-half as much
tf the neceSsaries OF life.
what Free Coinage Really Means.
The naked proposition ia that the United
Isl autAAA @OAAi, ct NAS pun 49,
exclusive benefit of the individuals and cor
porations owning the bullion. all the silver
that may be presented at the mints into dol.
lars containing BIZ grains of pure silver, or
4l2B grains of standard silver. worth intrin-
sically about 81 or 81 cents, deliver the coins
to the depositors of the bullion aad compel all
the other people in the country to receive
these coius at a valuation of 100 cents each in
the payment of debts due them for property
sold, for labor and service of all kinds, for
pensions 20 soldiers and sailors and their wild
ows and children, for losses sustained under
policies issued by life and other insurance
companies, for deposits in savings banks. trust
companies, building associations and other In
stitutions, for debts due to widows and orphans
by guardians, executors and administrators OF
Accidents, estates and other trustees, for sala-
ries of all civil. military and naval officials
and the compensation Of private soldiers and
sea.nen, and, in short, tor every KIND OF oblt
cation recognized by the laws OF the land, ex
cept orly in cases where the prudept capitalist
has taken the precaution in advance 80 con-
trac, for payment OF debts due bin In gold or
iis equivalent.