, 1896-10-16
HASGOLD APPRECIATED


THE proposition respecting the de-
pendence of general prices upon the
quantity Of money in circulation must.
for the present, be understood as ap-
plying to a state of things in which
money. that is gold or silver. Is the ex-
elusive instrument OF exchange and &C.
tually passes frum hand to hand at ev-
cry purchase. credit In any of its shapes
being unknown. When credit comes
into play az a mean Of purchase. dis
tinct from money in hand. the connec-
ton between prices and the amount OF
circulating medium Is much less direct
and intimate, and such connection as
does exist, no longer admits Of so sim
pie a mode OF expression.
Under this system. the commodities
whose value Is expressed in terms OF
the standard Of value r exchanged
for other commodities whose values are
also expressed In the same terms. while
actual money, apart from its use as a
common denominator Of value. does
no enter into the transaction. AS this
great medium Of exchange increases
the need OF coin decreases.
LABOR THE TRUE MEASURE OF
VALUE.
But there is one more test OF the &C
tual value Of the gold, a test which
does not depend upon theories Or tedt-
GUS inquiry as to quantities Of money
or methods Of business transaction.
This test is a simple one, but the most
important, the most accurate and far
reaching of all those which have been
applied.
This most important Of all tests is,
the amount Of gold which a given guam
tity Of labor will buy.
The real standard Of value in the
world is labor. 1t Is this which pro-
duces all commodities. the necessities
as we'll as the comforts and luxuries
Of life. The food We eat the clothes
we wear, the houses in which we live.
the necessities which a half century
ago were considered Injuries, r all
the result Of labor and the money which
Is paid for them measures the hours
of labor which produces them. Labor
is, then, the real standard by which to
measure gold. II a day or an hour Of
labor will buy less gold today than 1t
did so years ago., then it may be prop
erly said that gold has appreciated"
II 1t will buy more gold today than 1t
did so years ago, then gold has depre-
ciated. and If each grain Of gold which
an hour Of labor buys will also pur-
chase more OF manufactured commodi-
ties than it did so years ago, then the
ltborer has again multiplied the value
of his time and skill.
Let us see about that. A committee
Of the United States senate, known as
the Aldrich committee, made q thor
ough investigation q few years ago in
to the question Of wages and prices,
and ~ sr a long and thorough research
made u report, the accuracy Of which
is rveryvher accepted. That investi-
gasol Shaved that a days labor in
Aearly all the trades would. in 1890,
buy about double the aanount Of gold
that 1t did so years earlier, and do It
with less hours Of work in q day. For
instance, plasterers who. In the good
old free silver days Of 1910. got $3.50
per day were paid $3.50 In 1890; black
smiths who received $3.50 per day in
1910, got 50 In 1890; painters whose wa
ges In 1910 were SLIPS in 1890 were paid
$3.50; wheelwrights who earned SLIPS
In 1910 got $3.50 in 1890: engineers who
received $3.50 per day IN 1910 YER paid
$4.25 In 1890. and 80 on. Taking II rep
resentative classes of workmen, engag-
ed in the particular industries. as a
basis, It was found that the average
rate OF wages advanced from $3.50 per
day in 1910 to $2.37 in 1890, or that an
hour Of labor would earn nearly twice
much gold in 1890 as 1t did in 1910.
GOLD HAS DEPRECATED.
How then can 1t be asserted that gold
has "aprpeciated?" 1t has deprecated.
and that highest and noblest Of all
standards, human labor, will today buy
more of 1t than it did 50. years ago.
while the deprecated gold thus pur-
chased can in turn be exchanged for
more Of other commodities which have
still further deprecated by the improv-
cd methods Of production, manufacture
and transportation which the ingenu-
ity OF the. human mind have produced
in the wonderful age in which we are
living.
Many lives Of usefulness have been
cut short by neglect to break up Al
ordinary cold. Pneumonia, bronchitis
and even consumption can be averted
by the prompt use Of One Minute Cough
Cure. Chas. N. Settels.
Mrs. L. r. Patton, Rockford, Ill.,,
writes: From personal experience !
can recommend Do Wits earsaparilla.
. cure from impure blood and general
dsbiltty." Chas. N. 6sttsae.
Dewitt's Witch Hazel sslve i an an
tissptc, soothing and healing applica-
tioa for burns. scalds, cats. bruises,
etc, and cures piles like magic. Il In
stantly stops pain. ChaA N. Setstls.
HHLMf HM.