Evening star., 1896-08-07
CONSEQUENCES OF FREE COINAGE.
John De Witt Warner Tells of the
General Results.

General Results.
Suppose our free-silver friends had their
way? What would be the result? Every
man to whom a dollar is now due would
be compelled to accept half of what there
is today coming to him. Is there any
way to keep that from collidins With the
Ten Commandments? know they talk a
great deal about the man who contracted
debt twenty years ago and now fiEds that
1t takes more wheat cotton to pay it.
The question IS. What he agreed to
do? and whether. just because he finds
IT hard to keep his agreement. he shall be
allowed TO break it? The great bulk OF
all the credits IN rhis country today are
Eot those that date twenty. ten or five
years back. but are in the main current
accounts between man and man of transac-
tions during the last year or two. Even
II it were Iair TO interfrre hy law to ad
just the hardship of single debtor in his
relations with his creditors of twenty
years standing. is 1t fair TO permit by
law twenty debtors on last years transac-
tiOns TO sWIndlr tNeut-- creditors in order
that one debtor may be coddled?
Rates of Interest.
Eusness activity depends in large meas
upon low rate of interest. which is
the most conclusive proof of plenty of
money 10 ne loareu- How are We 10 have
interest cheap ami money abundant? Sup
pose there We're 4 lot OF men who :,dvo-
Gated the passage of Il law that after You
had loaned out MONEY On gold values,
would force you to accept silver values in
retCrE-would you he =: z hurry to loan
mo-ey? Would you not rather keep it
locked up or else loan it only at high in
tC-CSt and for short ;ermS? And then, if
ta.s agitation stopped and every one be-
came satisfied that there would he in
teriercnce with the standard of values,
would not You he prompt 10 offer your
funds at interest. however low. rather
than let 1t remain IDLE?
In those parts of the country where the
people believe our currency is safe and no
Change in its standard IS likely to take
place, plenty of money can be had at and
per cent, while in those parts in which
the people are confident that free coinage
legislation VIII be mad. and that loan
m2Gc for any long ;ne ahead may be re-
paid IN deprecated silver. there is scarcely
a place wnere you CaI borrow money on
very long time at all. except on gold con-
tracts. or even on short tine, at less rates
than d or = per cent.
Free silver would net add dollar to ths
real wealth of he west or south But the
apprehension of It has kept from those
sections the millions upon millions of capi-
tai that, had they been Invested there,
might nave made such prosperity as the
world has not seen since the sun shcne
upon Eden.
DepreciatinE Wages.
To the precise extent by which free COIN
age permits the depreciation of the cur
tent it efIectually reduces them although
they may still remain nominally at the same
amount II the workingmen of this coun-
try are being prepared for such a change
there is one consolation; they have the
votes, and the matter is in their hands
II they do not believe in thus sacrificing
themselves In behalf of those who are
seeking d new way 10 pay old debts they
can keep any such scheme from being sue
cessful-
Who Would Make.
II we went TO a silver basis, as We should
do if We had free coinage, the men who
would profit are bankers, who own the
gold. which they would hoard and would
be permitted to pay th=.r depositors in de-
preclated silver. 1t woulI lie their Geposi-
tors who, having deposited money as good
as gold, would be fUrcel TO accept derreci-
ated silver instead The Insurance, com
pdh4es would profit, whose thousands of
mlhohs OF Investments are 50 largely in
mort by their terms made payable
IN gold The widow and orphan would suf-
Ter by having their policies paid in silver
whose purchasing .'-ic- would only one
haH as much as the gold that they would
otherwise receive. The capt. llist EMPLOYER
win MS investments IN Lands, In factories
aHd every class of wealth. would see it
double In price Upon his lands almost at
once His employe would he paid the same
wages he now receives il a currency wbic h
& woIld & Buy only half as much. until. after
SS-4S nav PdSScu III the SLOW rcad1USt
OF wages. he might nave secured some
what more of his rights
Appreciation OF Gold and Wure.
In this connection there is one point
wish somewhat TO dwell upon Supposing
that gold has appreciated. what is the er-
feet OF this upon our wage earners. the
majority OF our voters? Look at whole
sale prices Of goods and food. You will
md that they change daily and sometimes
repeatedly within the day. Retail prices
change pretty often, in 81 me things every
month or so. and in some things every
week or TWO Now take wages You know
that changes are comparatively rare gem
orally not more than once or twice a year
and often only once in two or three years
What does that mean? 1t means that the
price OF labor Is more conservative than
are the prices Of goods that labor buys
hence. that If our currency is appreciating
80 as TO make dollar buy more goods
there will be weeks, months, perhaps years,
during which. while wages have not chang
ed. man will be able to buy more with
them. In other words, the appreciation of
gold, so long as wages are paid on gold
standard. means that every laborer gets
more and more for the came amount of