The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-08-18
WILL HURT FIRST
THE WORK|NGMAN,
Free Coinage of Silver
Means a Big Cut
in Wages.
A PARITY IS IMPOSSIBLE
Interview With Colonel Bendel,
Head of the Winemakers'
Corporation
HE KNOWS BY EXPERIENCE.
Recalls the Flood of Silver in 1901,
When Gold Stood at Big
Premium.
HE KNOWS BY EXPERIENCE.

Colonel H. Bendel, president of the
Wine-m akers Corporation and of the San
Francisco Fruit Exchange, has very pro-
nounced views on the money question and
in opposition to free coinage. In an inter-
view yesterday he said:
"Since the Wilson tariff bill went into
effect the balance of trade has been largely
against u.s. hundreds of millions of dollars
being drained from this country in conse-
quence. For instance, all the tin plate
factories of the United States cannot sup
ply one-tenth of the quantity needed, and
nine-tenths must be imported from Eng
land. The canning business in which
am interested requires annually tin
plate amounting to about 10000 pounds
sterling, or nearly 100000 in United
States gold coin. Ii l should offer to pay
this amount in silver, the English sellers
would simply answer, "There is more
silver in a Mexican dollar than in an
American dollar, and as the Mexican dol
lar in your country is worth only So cents
in gold, why should we accept yours for
100 cents? You must either pay 500, 600
in gold or its equivalent in silver, which
would amount to $3.50. 600.
''This proves to my mind conclusively
that with an unlimited coinage of silver it
would be an impossibility to keep gold
and silver in this country at par, as it
would compel people who have payments
to make in Europe to buy gold at pre-
MUM, and gradually all the gold would
be sent out of this country.
Another article that would be seriously
affected in my line of business is sugar, of
which at least rs per cent is imported
from foreign countries, and for the quanti-
ties which we use in our factories we
would be compelled to pay about $50, 600
more in silver than we would be able to
purchase the same quantity in gold for.
This $40, 900 excess l should be obliged to
pay for tin and sugar would naturally
come out of the pockets of the consumer.
Next to the consumer the laboring classes
would be seriously affected. Our payroll
is sometimes as high as $1,000 per day.
which, if paid in silver, would be reduced
to $780, which l would consider very I'M
fortunate, as no country is or can be pros
porous where labor is cheap, and when the
wages paid for labor do not keep pace with
the depreciation of silver this assertion
can be easily proven.
"In 1876 or 1877 we experienced on small
scale what is now proposed to be done on
a larger basis. We had an overproduc-
ton of silver on this coast and conse-
auently silver dollar was worth only 80
cents in gold on this market. The bust
ness in which was engaged at that time
made less gross profit than the discount
on silver amounted to, and as there was
practically no gold left in circulation
among the consumers was compelled to
deal mostly on silver basis with my GUS
toners, as a great many retail grocers in
this City will recollect. Very few, how
ever, preferred to deal with me on a gold
basis. For instance, / would sell coffee to
party on a gold basis at Is cents per
pound and 20 cents Per pound for silver.
and SO difference of 10 per cent was made
for all merchandise sold.
"All wages, however. of the laboring
classes at that time of course were paid in
silver, and so the poor laboring man had
to pay fox all the necessities of life 10 per
cent more than few months before, when
he was paid in gold. So the laborer, in
fact, who at that time earned So per day in
silver actually only earned 81 20. OF
course if he had received his wages in gold
he could have bought for So 70 in gold
just as much as for So in silver; and this
will prove that if we come to silver
basis the laboring classes will be COM
PEELED to pay about twice as much for the