The times. (Owosso, Mich.) 1882-1897, 1896-10-02

| In depreciated money about the same amount
they received before In good money. In 1875,
| when the peso was worth $50 cents, me-
chanic, boiler maker, blacksmith, a car
, penter, a fireman and an ordinary laborer re-
| ceived together for days work 1879 pesos. OF
SIG. 35 In our money in 1885 the same persons
received for the same work 20a4 pesos, but ow
ing TO the depreciation Of the currency this
was equal to only $l093 In our money, and In
1895. ~ years after the country had descended
to a silver basis the same laborers received for
the same work 1896 pesos but the value of the
peso was less than 85 cents. and consequently
their wages amounted to only $50 In our mon
ey, or Just about one-half of what they had re-
ceived 20 years before. In the central part of
the country the result was substantially the
same. though not quite so injurious to the la
borer. In 1875 days wages for five men-a
mason, a carpenter. q gasfitter. painter and
an ordinary laborer-ainounted altogether to
SO. 10 in our money. but In 1885 the wages of
the same men were $3.50. and In 1906 $780, In
the southern part Of the republic there was
some increase In the nominal amount Of wages
paid between 1875 and 1889 on account of the
fact that line of railway was then being con-
structed through that region by foreign capt.
tai. but since the latter date the general aver
age rate Of wages has remained substantially
the same although paid in a constantly depre-
ciating currency.
Our minister to Chile, after a very careful
examination Of the entire situation In that
country. says:
"It may be taken for granted that in Chile,
as In all other countries which have had like
financial experience. the consequences Of cheap
money have weighed most heavily upon the
classes that are least able to support the bur-
den."
The evils of silver recommendation and q de-
preciated currency finally became intolerable
In that country, and. although 1t produces
considerable silver and very little gold, it has
recently adopted the gold standard of value.
Japan's Experience.
In nearly every country in the world having
the gold standard Of value the wages of labor
have increased materially during the last rs
years, and at the same time the purchasing
power Of the money In which wages are paid
has increased also. while in the countries hav-
ing the silver standard OF value wages have
been actually reduced by the depreciation Of
the currency to such an extent that the labor
er Is In q much worse condition than he was
at the beginning Of that period. Japan, by
far the most progressive and prosperous coun-
try in the east coins both gold and silver at
the ratio Of 10. ll8 to !, q ratio which greatly
overvalues silver. and, as the government does
not maintain the parity Of the two metals, the
currency ts on deprecated silver basis.
Wages are paid In silver. Of course, because
the laboring men and women always get the
cheapest money in circulation, and they gen.
orally pay the highest prices for the articles
they buy, for the reason that their purchases
are usually made In small quantities ut time.
The Japanese silver yen Is worth q little less
than 80 cents in our money. and when the
wages Of labor, paid In this deprecated coin,
are reduced to our standard of value, they ap.
pear 30 insignificant that 1t is difficult to I'M
derstand how the people who receive the mis-.
cradle pittance can live and maintain their
families. The average daily earnings Of q
bricklayer amount to SO cents; blacksmiths, .
carpenters and cabinet makers receive 30
Il . M
pressmen, ~ cents: roofers, 20 cents stonecut-
tiers, 80 cents; ordinary tailors Is cents weav
ers. Is cents. And in all the long list Of occu-
pations and wages no laborer. however skill
ed, can be found who receives more than 40
cents per day, except porcelain artists In the
great city of Yokohama, who get ~ cents. Fac
tory laborers even In that city, where most Of
the great industries are carried on by Ameri
can or European capitalists, receive 81 cents
per day, and in other parts of the country
they receive less.
Mexico's Experience.
Our neighboring republic Of Mexico, with
constitutional government very similar to our
own, with an area of 767 600 square miles and
population of only about II, 000, 000 with al.
most marvellous natural resources awaiting
development and offering most inviting field
for the Investment of capital and the employ
ment Of labor, has the silver standard Of
value. gold not being in use. And IL cheap
money Is q blessing to the -laboring man, he
ought to be prosperous and happy in that
country. The Mexican dollar contains 377.17
grains Of pure silver, or nearly o grains more
than Is contained in our dollar, and yet, not
being sustained by q monetary system which
keeps 1t at parity with gold, 1t Is worth only
about 80 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 gen.
orally are much higher than they are here.
The prices Of imported articles especially are
exorbitantly high in Mexico, because they
have to be paid for abroad in gold, and the de-
probation of their money Is SO great that IL
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 linn
tied and the government issues the coins 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 the complaints and denuncia-
tions Of our free coinage opponents. Under
our policy the dollar paid to the laboring man
for his wages Is just as good and will purchase
Just as much in the markets as the dollar paid
to the bondholders or to any other class of |
creditors, but IL we are to have free and I'M
limited coinage Of legal tender silver for the |
benefit of the owners of the bullion the gov. |
ernmeut anu bne people NJ large WOulu nave i
no interest whatever in the coins. and II would l
be grossly unjust to require the government |
to keep them equal in exchangeable value to
gold. The dollars, rapidly as coined, would
BIO delivered 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 dollar would, therefore, be no
greater than the intrinsic or commercial value
OF the silver contained In It, and its purchase
ing power In the markets would be diminished
about one-half, but the wages of labor would /
remain, for q long time at least, substantially |
at the present rates, or, II they should be NOM
inally 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 the prices Of commodities. |
Rises in the rates of wages take place very |
slowly. while the prices OF commodities move l
rapidly, at some periods changing several |
times In the course Of a single day. And these
are always more frequent and
more harmful when the currency Is In an un.
settled condition.
Attitude of Manufacturers.
You have doubtless observed recently what i
appears to be quite a formidable demonstra-
ton In favor OF the FREQ coinage OF silver by Il
certain large manufacturing interests In the L
eastern part of the country, upon the ground II
that II we continue TO maintain our present Il
standard of value the silver standard coun-
\ "A oayociallv India China md Jauan xyii II