San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-05-28

20 years after the country had de
scended to a silver basis, the same la
borers received for the same worl
25.95 pesos, but the value of the pesc
was less than IS cents, and consequent.
ly their wages amounted to only 1854
in our money, or just about one-hal!
of what they had received 20 years be-
fore.
Our minister to Chill, after a very
careful examination of the entire stu
alton in that country, says: at may be
taken for granted that in Chill, as in all
other countries which have like finan-
cial experience, the consequences of
cheap money have weighed most heav-
lily upon the classes that are least able
10 support the burden" The evils of
silver monometallism and deprecated
currency finally become intolerable in
that country, and, although it produces
considerable silver and very little gold,
it has recently adopted the gold stand
ard of value.
sour neighboring republic of Mexico
has the silver standard of value, gold
not being in use, and if cheap money is
a blessingto the laboring man he ought
-obe prosperous and happy in that coun-
try. The Mexican dollar contains 377.17
grains of pure silver, or nearly six grains
more than is contained in our dollar,
and yet, not being sustained by none
tary system which keeps it at parity
with gold, it is worth only about IS
cents in our money. Wages are paid in
silver and are very low in comparison
with the wages paid in this country for
the same services, in many instances not
being half as much, while the prices Of
commodities generally are much higher
than they are here.
The prices of imported articles espe-
cially are exorbitantly high in Mexico.
because they have to be paid for abroad
in gold, and the depreciation of their
money is so great that it requires nearly
So in silver to pay 81 in gold. Although
our own silver dollar contains less fine
silver than the Mexican dollar, one of
ours is nearly equal in exchangeable
value to two of theirs, because here the
coinage is limited, and the government
issues the coin on its own account and
has pledged its faith and credit to keep
them as goodas gold, pledge that has
been faithfully kept up to this time,
notwithstanding the complaints and de-
nunciations of our free-trade oppo-
nents.
IF we are to have free and unlimited
coinage of legal tender silver for the
benefit of the owners of the bullion,
the value of our dollar would be no
greater than the intrinsic or commercial
value of the silver contained in il, and
its purchasing power in the markets
would be diminished about one-half,
but the wages of labor would remain
for long time at least, substantially at
the present rates, or, If they should be
increased on account of the
depreciation of the currency, experience
in the past shows that they would not
increase in proportion to the increase in
che prices of commodities. Rises in the
rates of wages take place very slowly,
while the prices of commodities move
rapidly, at some periods changing sew
eral times in the course of single day,
and these movements are always moro
frequent and more harmful when the
currency is in an unsettled condition.
"If the solution of this question affect
ed only the character and amount and
purchasing power of the future earnings
of the American laborer, it would still
be a subject of the gravest importance
to him, but its Importance is greatly
increased by The fact that the safety
and value of very considerable part Of
his past earnings are also involved. The
thrifty and provident workingman is
not debtor, but a creditor, and the
corporations and individuals having the
custody of his earnings are indebted to
him and ought to pay what they owe
him in just as good money as he put
into their hands.
THE banks, trust companies, build
ing associations and other similar in
stitutions owe the people of the United
States to-day $685., ,521 for money
actually deposited, a sum nearly eight
times greater than the total capital of
all the national banks in the country,
while the life insurance policies held by
the people in the various kinds of cor
porations and associations and in force
to-day amount to S10,203, s04,357, a
larger sum than has been actually in
vested in all our railroads. In view of
these facts, which cannot be success
fully disputed, l submit that you ought
seriously to consider all the conse-
quences to yourselves and your fellow
citizens before you agree to the free
and unlimited coinage of legal tender
silver at ratio of 16 to in order that
these great corporations and associa-
tions may have the privilege of dis
charging their debts to the people by