The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-04-18

dent IN the monetary history OF the world.
Many Years Required for Read ustnaent.
After struggling for more than a quar-
Ter OF century. through labor Organism
wages which would make the proceeds Of a
days work equal the cost OF a days sub
fa ss9Ses for the w " * and n.
free coinage 70 join them In destroying
one-half the purchasing power or the
money ~ sse Xes as p "a 1e
nominal amount OF your wages hereafter;
that r., 70 struggle FOR another quarter OF
century. or perhaps longer. 20 raise your
point which Will enable YOU to purchase
with thcm an much OF the necessaries or
NE as You can purchase now: and u, after
years or cQhtention. priyafion and Indus
trial DISORDER, you should az last succeed
In 80 adjusting wages that you would pro-
cure at the higher prices Of commodities
existing prices, what would you have
gained Dy the change from the old TO the
A history OF wages In this country "A
given 70 show that cheap money does not
increase wages. but does Increase the price
OF commodities.
American Workmen Deserve Good Money.
You have doubtless observed recently
what appears 10 be quite formidable
denomination In favor OF the free coinage
or silver by certain large manufacturing
interests ,,l, IN the eastern part OF the country
maintain our present standard OF value
the silver standard countries. especially
India, China and Japan, VIII soon be able
World Rsdues SdT % s ' smpss lor% 81 IKE tSSs
proposition or these gentlemen is that the
manufacturers OF certain kinds OF goods In
laborers high wages In gold or IT'S equiva-
lent ana compete successfully In the
markets abroad with the manufacturers
tries, who pay their laborers low wages In
deprecated silver, and. therefore. they In
sist that, monetary system shall be
advantage OF paying for their labor IN de-
free coinage OF legal tender silver the
paid In silver dollars worth about half as
much az gold dollars, but the product OF
labor. which would belong to the employer.
abroad and that the gold thus obtained
would be exchanged for silver az about the
rate OF one dollar In gold for two dollars
on. the employer getting gold OF full value
and the laborer getting deprecated silver,
which, In the opinion OF these gentlemen,
would be = most happy solution OF this
WorfxinEmen tho Creditor Class.
n the solution OF THIS question affected
only the character and amount and pur-
chasing power OF the future earnings OF
subject OF the gravest Importance 70 him:
but It's Importance Is greatly increased by
the fact that tho safety and value of
ings are also Involved.
According TO the latest reports the saw
ngs banks ans. u your I, 9 W. state hold ST.
age OF 500 for each deposition, and IN TIE
whole country they hold III .sl0,5e7 600 for
s,sI3Slg people or an average OF ss7l for
panios and private banks hold 81, $40 $50, 900
for about $4,000 people. and national
TANKS poIn 30 s6 aor .szs,v aeposo
to their credit. Besides these institutions
there are, 5000 building and loan associa-
! .Soo. 900 sharehoidors' male and female
who have paid dues In good money,
amounting 10 more than $500. 900. 900.
taken out IRE insurance oq polc gepe wh;es
are now IN force, amounting 20 81, o02, $751;
1923. and have paid the premiums on them
mutual BENEFIT and asseasrnent and COOP
erafive and fraternal companies and as
sociatlons have 100000 members, who have
contributed large part OF their earnings
TO the funde held 20 reimburse losses sns-
tanned by sickness or death The oblgsl-
tions OF these companies and associations
10 their members amount to 5.lS4, $40 l38:
and the Industrial companies In he United
States have membership OF 69l9, SOS, with
insurance amounting 10 SSl6.650.6 SIS In adj
dion 20 all the foregoing, and Il is con-
stantly increasing.
Debts should ise Paid In io0-Cent Dollars.
The banks. trust companies. building as
sociations and other similar institutions
owe the people OF the United States to-day
s., 1868, 1S3 52i for money actually deposited,
sum nearly eight tiInes greater than the
total capital OF the national banks In the
country; while the life insurance policies
held by the people In the various Kinds OF
corporations and associations and I'm fo4ce
to-day as.ot:s.t &c so eea9 sn4 81 larger
sum than has been actually INVESTED In all
than the capital OF all tho national BANKS
In view OF these facts, which cannot be
snce,essfns!ly disputed. ga, ! submit that you
quences 10 yourselves and your fellow
citizens before you agree TO the free aud
rae of sxteen % 10 One n oser az
these great corporations and associations
may have tho privilege or discharging
cents on the dollar. for that Is exactly what
IL means.
Deprecated Currency WIN Bring Disaster
But II free and unlimited coinage OF
legal tender silver at the ratio OF sixteen 70
one IS established In this country. a very
large part or the money deposited In these
various kinds OF savings institutions will
not even be repaid IN deprecated silver,
but Will be wholly lost, because such q
reckless monetary system would precipi-
tate financial panic, which very few, II
any, Of the repositories could survive.
doubt ~ there IL single financial inst.
tuition in the country that could sustain
the pressure that would be Immediately
made upon 4 by Us depositors and other
creditors. when it became apparent shas
our standard OF value waa 20 be lowered
and our currency deprecated by free coin
age. fts I
sound and stable Money the Safeguard.
Less than three years ago you saw our
financial, commercial and Industrial az
fairs violently disturbed by the fear that
the government would not be able to main
tain gold payments, and that our currency
would descend 10 a silver basis. You saw
the. operations OF Industry interrupted.
banks falling, great commercial houses
unable TO meet their obligations, credit
seriously impaired, mills ana factories
out OF employment, and "A state OF panic
and business disorder prevailing IN every
part OF the country. II mere doubt az
70 the kird OF money we intended to use
produced these distressing results what
think you would be the probable conse.
Quencea Of deliberate determination
upon the part part Of our people 70 adopt silver