Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-04-16

m deprecated paper dollars worth 40
cents cncn, had advanced % 1-2 per
cent, but tho prices OF the necesaaries
OF life had advanced 90 Ia per cent; In
1856 wagea PAID In paper currency worth
81 cents on the dollar had advanced y
per cent above the rates previously paid
IN gold, OF Its equivalent, but the prices
of commodities had advanced nearly
III per cent--thnt Is 10 shy. had more
than doubled; and In 1865 wages paid In
q eurr' rcy worth n cents on the dollar
had advanced a fraction more than %
per cent from the previous rates In gold,
or It's equivalent. but the prices OF com
moditics had advanced 80 per cent The
rise In the rates OF wages never corrc-
sporded with the rise In the prices 81
other things until the year 1863. four
years after the close Of the war, when
the value or our currency was II cents
on tho dollar, and II was quite certain
that no further depreciation would oc-
cur In 1850 this country was on gold
basis and had been on that basis for
many years. under the operation OF the
acts OF 1884 and 1857. Wages were then
paid In gold. or its equivalent. and by
reducing the wages peid I'm depreci-
nted currency TO n gold basis. and COM
nariug them with the rates paid in gold
In 1850, we shall have another demon-
stration OF the injurious effects OF cheap
money on the interests OF the lnborer.
On this basis the laborer received 76
cents and mills In 1865 instead OF the
gold dolinr he received In 1860; in 1854
he received so cents and mills instead
or a gold dollar. and IN 1865 he received
GO cents and 2 mills instead OF a gold
dollar In other words the wages OF
labor. measured By gold as they were
in 1860. when we had q sound currency,
had fallen about "a per cent in 1853,
moro than 10 per cent In 1864. and nearly
A per cent In 1865 when we had de-
preciated currency; and gentlemen. the
force OF this Illustration Is greatly aug
mented by the facts that these reduce
,ions In the rates OF wages occurred at
n time when several hundred thousand
lahorers had been Withdrawn from the
field OF competition. when the govern
ment was engaged in the prosecution OF
a great war, and was cNpending money
lnvlshly for all Kinda OF supplies FOR the
army and navy, and when the prices OF
all the products Of labor had largely In
creased. Surely II there ever can be a
time when an abundance Of cheap mon
cy win increase the wages and improve
the condition OF laborlng men. these
results ought 10 have been accomplished
under the combination OF favorable cir
cumstnnces existing, especially In the
great centers OF industry. from 1861 to
1866, and yet there has been no other
period In our history when the rates OF
WAGES fell 20 rapidly or 80 low.
The recent experience OF the Republic
of Chill furnishes another impressive
warning 70 the wage-earner against
the evils OF deprecated currency.
That country had for a long time the
so-called double standard OF value,
with coinage OF legal tender gold and
silver at the ratio OF 1859 to /. but as
this was considerable under valuation
OF silver, the coins OF that metal went
out OF circulation and gold constituted
the medium Of exchange and actual
standard Of value until about the be-
ginning OF the year 1876; but as soon
as the commercial value OF silver fell
below the ratio OF 1888 to aa COM
pared with gold, all the gold went out
OF circulation and the country had Sill
yer monometalllsm. In 1875 before this
change took place, the peso. or dollar
OF Chill. was worth about IS liz cents
In our money but In 1885. ten years
after gold went out and silver came in,
the peso was worth less than 80 cents
| In our money. Silver continued to de-
preciate, and. besides, large amounts
OF paper currency We're issued by the
government and the banks. and In 1896,
twenty years after the change from the
gold basis TO the silver basis, the peso
was worth only about 81 i-s cents in
our money. Lot Us zoe, now, what Of
feet this cheap money. or In other
words, this system OF silver mono
meinlllsm which you are asked to adopt
here had upon the wages OF labor in
that country. Our minister AT Santlngo
has very recently made an Official In
vestlgation and report upon this CUB
| tect, which has not yet been pub
| lished from which II appears that In
/ the northern part OF Chill, whore la
/ Dor has always been in greater do
mand than elsewhere, on account OF tho
great nitrate nelds located IN that
section OF the country. very little
change took place even In the nominal
rates OF wages, Notwithstanding the
great fall In the value OF the cur
rency, that IN. lnborers continued TO
receive In deprecated money about the
same amount they received before In
good money, In 1915. when the peso
was worth s. l-2 cents. mechanic. a
boiler mnkcr. n blacksmith, n carpcn-
tor. fireman and nm ordinary labor
or received together Tor a DAYS work
IS IL pesos, or SiG37 IN our money:
| IN 1855 the same person received FOR
the same work 20 "a pesoa. but owing
TO the depreciation OF the currency,
this was equal 10 only 5000 In our
money; and In 1885, twenty years after
the country had descended TO n silver
basis, the same iahorers received for
the same work 1906 pcaos, but tho
value OF the pesoB was less than "a
cents and consequently their wages
amounted 10 only 1884 In our money.
or Just about one-half OF what they had
received twenty years before. In The
central mart OF tho country the result
was substantially the same. though
not ouite 50 injurloua 10 the laborer.
In 1875 days wages for I'VE mon, n
mnron. a carpenter, gas litter, a
painter and an ordinary lnborer,
amounted altogether 10 s645 In our
money. hut In 1885 the wages OF the
same man were 1858. and In 1895 si.al
IN tho southern part or the republic
there was some increase In tho nominal
amount OF wages paid between 1915
nni 1889. on account of tho fact that
a line ~ railway was than helne con-
strlletcd through that REGION by foreien
capitni. but since tho latter date tho
general averagH rate of wages has re-
rpinec srNstontiallv Tho earne a.
though paid IN constantly dcpreci-
ntinR currency Our minister To Chill.
after very careful examination OF the
entire situation IN that country. SAYS.
ut may be taken for granted that
Chill. MS in all other countries which
have Had a like financial experience,
tho conaeduences OF cheap money have
Weighed most heavily upon the classes
that are least able 20 support the bur-
den" The evils Of silver monometali-
ism and deprecated currency finally
became intolerahle IN that country
and. although n produces considerable
silver and very little gold, II has re-
Gently adopted the gold standard OF