Semi=weekly graphic., 1896-05-02

blacksmith, carpenter, fireman AID
an ordinary 1aborer received together fer
day work rs = pesos q ZIG. 81 inour
money. IN 1855 tie same persons re- /
ceivcd fer the samc work 2034 pesos;
but, owing to the depreciation Of the
currency, this was equal to only Sl093
in our money, and III 1895, 20 years aft
or the country had descended to Il silver
basis, the same laborers received for tho
same work 20. 90 pesos, but the value OF
the peso was less than 85 cents, and con-
seeuently their wages amounted to only
S. 81 in our money, or just about one
half Of what they had received 20 years
before.
Our minister to Chile, after a very
careful examination of the entire situa
ton in That country, says, 1T may DO
taken for granted that IN Chile, rs in all
other countries which have n like fHan-
cial experience, tho consequences Of
cheap money have weighed most heavily
upon the classes that arc least able to
support the burden - The evils of silver
recommendation and deprecated cur
rency finally became intolerable III that
country, and it has recently adopted the
gold standard of value
Mexico IA an Instance.
Our neighboring republic of Mexico
has the silver standard Of va1ue, gold
not being in use, and if cheap money is
blessing to the laboring man he ought
to be prosperous and happy in that coun-
try. The Mexican dollar contains ST.. II
grains of pure silver, or nearly six grains
moro 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 55
cents in our money. Wages are paid in
silver and are very low in comparison
with the wages paid In this country for
tho same services, in many instances not
being half as much, while tho prices Of
commodities generally are much higher
than they arc here.
The prices Of imported articles espe-
cially are cxorbitantly 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
81 in silver topay 81 i'll 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 good as gold pledge that has
been faithfully kept up to this time,
notwithstanding tho complaints and de-
nunciations of our free coinage oppo-
nents
If we are to have free and unlimit-
ed coinage of legal tender silver fer the
benefit of tho owners of the bullion,
tho value Of our dollar would be no
greater than the intrinsic or commercial
value Of the silver contained i'll it, and
its purchasing power in the markets
would 10 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
nominally increased on account of the
depreciation Of the currency, experience
i'll the past shows that they would not
increase in proportion to the increase in
the 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 i'll the course Of a single day,
and these movements are always more
/ frequent and more harmful when the
currency is in an unsettled condition.
why savings Would BO Lost.
If the solution Of this question affect
| ed only the character and amount and
purchasing power of tho future earnings
Of the American iaborer, it would still
be 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 n 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, building
associations and other similar institu-
! lions owe the people Of the United
States today So. 363. 1873, 521 for money
actually deposited, a sum nearly eight
times greater than the total capital of
all the national banks i'll the country
while the life insurance policies held by
the people in the various kinds of cor
porations and associations and in force
today amount to $40, 203, 8O4, 357, a sum
larger than has been actually invested
! in all our railroads In view Ct these
facts, which cannot be successfully dis
puted, submit that you ought serious
| iy to consider all the consequences to
yourselves and your fellow citizens be-
fore you agree to the free and unlimited
coinage of legal tender silver at ratio
of 1G to l in order that these great cor
porations and associations may have the
privilege of discharging their debts to
the people by paying 81 or so cents on
the dollar. for that is exactly what it
means Every dollar the people put into
these banks and trust companies and
other institutions and every dollar they
paid for insurance was worth 100 cents
and would procure 100 cents WORTH of
commodities in the market when they
earned it and when they invested it,
and they have an nquestionable right
to demand that 1t shall be refunded to
them in dollars worth 100 cents every
where
The greatest crime short of abso-