The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1896-08-04

terests of Their depositors are concerned,
in The event Of the adoption of the free
silver coinage policy.-&. Louis Globe Dem.
How under free coinage are wages, sal
aries and the pay of laborers to be in
creased in the absence of any law requir-
ing such increase? Must not advances in
wages depend upon the voluntary action
of employersP And if no such advance is
made, will not the wage-earner be the
worse off for any increase that may occur
in the price of his supplies IN Y. World.
There are in round numbers 100000
of wage-earners in the country who have
deposited OF their savings in the savings
banks of the country over 81 .SO0,000.000'
This is the sayings of the wage-earners
of the country, and it has been deposited
in dollars worth 100 cents in gold.
The adoption of the silver standard
would reduce these deposits of the savings
of wage -earners nearly or quite one-half,
making an absolute and immediate loss
in the savings of labor of 5000, 900, 900.
The delegates to the Building and Loan
Convention who have been talking upon
the political issue have got the full meas
ure of the proposition to debase the
money of the country by the free and un-
| limited coinage of silver at the ratio Of Is
to /. They realize that it would scale
down the more than $500, 100000 of assets
of these associations by nearly one-half.
and that the confscation would not hurt
single millionaire The millions of in
yestors in the building and loan associa-
tions are the working people, and free coin
age means the scaling down of their small
savings without benefit to anybody but
dishonest debtors, gambling spectators
and silver producers. -PhiIa. Times.
The experience of the world is uniform
In teaching that when money has cheap
ened in value, the wages of labor have
not advanced in proportion.
In 1865. when the country was regarded
as prosperous after the close of the war,
although the nominal wages had been in
creased over the wages paid in 1860, the
actual purchasing value of the wages of
labor in 1866 was but GA per cent. of the
purchasing value of the wages of the same
| class in 1850.
In 1879 when we had resumed specie
payments and regained the gold standard,
the wages paid to labor purchased 46 per
cent. more than the wages earned In 1880.
l-Pbila. Times, Dem.
1t is a significant fact that in the list of
ten items constituting the mineral pro-
ducts of the United States for 1895. silver
represents less than one-eighteenth of the
total value. The output of copper was
worth more than that of silver, and the
coal and iron products we're respectively
three times as valuable But nobody is
clamonng for the purchase of these other
minerals by the Government at an ex-
orbitant price for the benefit OF the mine
owners.
Just where the farmers of New Jersey
stand on the currency question will net
be fully known until they vote. The Eliz-
abeth Journal says John S. Gibson, of
Newark, who has often been heard from
the platform in this city, has lately been
going around among the farmers in North
Jersey to see how they felt on the free
silver question. He says: They are by
no means carried away on free silver
wave or a wave of free silver emotional
insanity. On the contrary, most Of them
are opposed to cheap money and favor q
safe currency. believing that the farmer
must eventually become chief among suf
ferers from a debased currency. They
realize that even an attempt to depre-
ciate the currency must result In the
speedy foreclosure of mortgages and re-
fusal of continued loans There may be
few farmers who want change and
who think anything better than present
conditions; but the great body of farm
ers have too much sound sense to hold
such opinions"
The following is from Bishop Newmsn's
sermon at Asbury Park;
THE Cross of Jesus Christ was designed
to be the symbol of the atonement, and
was never intended to be the emblem
of political party, to be used to teach
anarchistic doctrines. The crown of
thorns was for the Saviour's brow and
not for those who would overthrow the
best government on earth.
81 predict that the man who dares
to blaspheme the sacred cross will
find written on the wall of his chamber
some night the words, "Mene, meme, tekel 1,
upharsin-thou are weighed In the bal
ance and found wanting" and no man
who has been educated to respect his coun-
try and its financial credit with sister
nations will betray his country for thirty
pieces of silver.
"Moral corruption always precedes gov
ernmental ruin. This holds true with
the Greeks and the Romans, and Amer
lea with all its glory will prove no excep-
ton to the rule. The hope of America is
not in its army, it's navy, its administra-
ton or its public schools, but in private
virtue and public morality. The question
for us to decide is whether we have the
power to reverse the verdicts of history"
1t is the theory of the free sllverltes
that this government could by coming all
the silver of the country and the world,
double it's value and maintain it at actual
par value with gold on the basis of 16 to /.
This is simply an absurdity. If the GOV
eminent we're to attempt to do SO it would
exhaust its credit. and our money would
depreciate even below the present actual
value Of silver. With only 5000, 600, 600
of silver money in this country, our credit
is strained to the uttermost to maintain
the sound standard, and any step beyond
our present obligations to silver would
absolutely destroy the credit of the Re-
public.
Increasing money beyond the legiti-
mate wants of industry and trade always
produces imitation, to be followed by re-
action and panic.
We have had bimetalism in this coun-
try from the time the government was
founded until now, and to-day we have
nearly as much silver money as we have
of gold. The only trouble is that the sill
yer theorists want to force the country
into silver recommendation, which would
reduce the value of our money one-half,