St. Paul daily globe., 1896-04-16

abroad in gold, and the depreciation Of their
money is so great that it requires nearly 50
In silver to pay one in gold. Although our
own silver dollar contains less fine silver
than the Mexican dollar, one of ours is near
ly equal in exchangeable value to two of
theirs, because here the coinage is limited
and the government issues the coins on it's
own account, and has pledged it's faith and
credit to keep them as good as gold, a
pledge that has been faithfully kept up to
this time, notwithstanding the complaints
and denunciations of our free coinage oppo-
nents. Under this policy the dollar paid to
the laboring man for wages is just as good
and will purchase just much in the mar
kets as the dollar paid to the bondholders
or to any other class of creditors; but if we
are to have free and unlimited coinage Of
legal tender silver for the benefit of owners
pie at large would have no interest what
ever in the coins, and it would be grossly
unjust to require the government to keep
them equal in exchangeable value to gold. The
dollars as rapidly as coined would be de-
livered to the owners of the bullion free of
charge, and the government would have no
legal or moral right to tax all the people
of the country in order to procure gold with
which to redeem these private coins. The
value Of our gold dollar would, therefore,
be no greater than the intrinsic or COM
mercial value of the silver contained in it,
and it's 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
count of the depreciation of the currency,
experience in the past shows that they would
not increase in proportion to the increase in
the prices Of commodities.
INTEREST OF LABOR.
"You have doubtless observed recently what
appears to be quite formidable demonstra-
tion in favor Of the free coinage Of silver by
certain large manufacturing interests in the
eastern part of the country, upon the ground
that If we continue to maintain our present
standard of value the silver standard coun-
tries, especially India, China and Japan, will
of the world. Reduced to its simplest form,
the proposition Of these gentlemen is that
the manufacturers of certain kinds of goods
in this country cannot continue to pay their
laborers high wages in gold, or its equivalent,
and compete successfully in the markets
abroad with the manufacturers Of similar
goods in silver standard countries, who pay
their laborers low wages in deprecated sill
ver and, therefore, they insist that a none
tary system shall be adopted here which will
give them the advantage of paying for their
labor in deprecated silver. If the interests
of labor are to be left entirely out Of con-
sideration, and if it were not reasonably GER
tain that sudden revolution in our monetary
system would at once arrest the progress of
all our industries and produce almost uni
versal bankruptcy this scheme to make the
employer very rich and the laborer very poor
might be worthy Of serious consideration. 1t
i but tas BRpS he gs gss Bod di d e5@poSsTa 5 Ssnns
vast majority of the men who have embarked
their capital in industrial enterprises and are
relying for success upon their skill and ener-
gy the prosecution of their business BY do not
thrown, because they know that the estab
lishment of silver monometallism would n be
ruinous to them and to all who are depend
ent upon them for employment. or for the
supply of commodities at reasonable prices.
f'If the solution of this. question affected
only the character and amount and pur-
chasing power of the future earnings of the
American laborer it would still be sub
iect of the gravest Importance to him; but
its Importance is greatly increased by the
fact that the safety and value of very con-
siderable part of his past earnings are also
involved. The banks, trust companies build
ing associations and other similar institu-
tions, owe the people of the United States
today $3.50. .1Ss,521 for money actually de-
posted, a sum nearly eight times greater
than the total capital Of all the ,,d natona
ance policies held by the people in the vari-
GUS kinds of corporations and assScatons $50 tat on
a larger sum than has been actually invest
ed in all our railroads, and about fifteen