The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-16

sources awaiting development, and offering
most inviting field for the investment of
the silver standard of value, gold not being
in use. and IL cheap money is blessing
to the laboring man he ought 10 be pros
porous and happy IN that country. The
Mexican dollar contains Bill grains OF pure
silver, or nearly six grains more than Is
contained in our dollar, and yet, not being
it at parity with gold. it is worth only
about So cents in our money. Wages are
paid in silver. and are very low IN COM
try for the same services. In many in
stances not being half as much, while the
bisher 81 fban fhev are bere The prices of
imported articles especially are exorbitant-
ly high In Mexico, because they have 10 be
paid for abroad In gold. and the depreciation
or their money Is so great that IL requires
nearly - in silver to pay 81 in gold.
WHY OUR DOLLARS ARE AT PAR.
Although our own silver dollar contains
less fine silver than the Mexican dollar,
one of ours is nearly equal in exchangeabie
value to two of theirs, because here the
coinage is limited and the government is
sues the coins on its own account and has
pledged its faith and credit 10 keep them
as good as gold, a pledge that has been
faithfully kept up to this time, notwith-
standing the complaints and denunc.ations OF
cur free coinage opponents Under this
policy the dollar paid to the laboring man
for his wages Is Just good and Will pur-
chase just as much in the markets 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 the owners
of the bullion, the government and the peO-
pie at large would have no interest what
ever in the coins. and 1t would be grossly
unjust to require the government TO keep
them equal In exchangeabie value TO gold.
delivered to the owners OF the bullion free
of charge, and the government would have
of the country in order to procure gold
with which to redeem these private coins.
Toe. value Of our dollar would: therefore.
fmercial value of the silver contained in it,
and it's purchasing power in the markets
would be diminished about one-ha.f; but
the wages OF labor would remain, for a
ent rates, or IL they should be nominaLy in
creased on account Of the depreciation OF the
currency, experience In the past shows that AZ
the increase In the prices OF commodities.
Rises In the rates of wages take place very
ran;diy at nne some periods Changing several
times In the course Of single day. and
these movements are always more frequent
and more harmful when the currency Is
in an unsettled condition.
lyon have doubtless observed recently
what apears to be quite a formidable demon
stration In favor Of the free coinage OF silver
the Fnstern part Of the country, upon the
ground that II we continue TO maintain our
present standard OF value the silver stand 10,
Japan will soon be able TO underse.l them
in the markets of the world Reduced to its
simpiest form. the proposition OF these gen
temen Is that the manufacturers, OF, certain
kinds of goods in this country cannot con-
tinue TO pay their laborers high wages In
gold, or its equivalent. and compete sue
@anufacturers of similar goods in silver
standard countries, who pay their laporers
low wages in deprecated silver. and. there
| shall be adopted here which will give them
| the advantage OF paying for their labor in
deprecated silver.
ONE THEORY OF sILvERITES.
1.-The theory is that with free coinage OF
| legal tender silver the wages Of labor in this
country would be paid in silver dollars
worth about half as much as gold dollars
| but the products Of labor, which would be-
| long to the employer. would be sold for gold
| in the markets abroad, and that the gold
| thus obtained could be exchanged for silver
| at about the rate of one dollar in gold fol
! two dollars in silver: and thus the process
would go on, the employer getting gold OF
| full value and the laborer getting depreciat-
ed silver. which, in the opinion Of these gen,
| this question. If the interests OF labor are
/ to be left entirely out of consideration and
il 1t were not reasonably certain that SUD.
| would at once arrest the progress OF all oui
| industries and produce almost universal
| pioyer very rich and the iaborer very poor
| might be worthy OF serious consideration
| but the American laborer has a right to de
as the employer receives for his products
| in any part Of the wor.0. and when ne sur
renders this right he is doomed to the same
/ fate that has already overtaken MS Drotners
| in the silver standard countries. 1t Is but
simple justice to say. IN THIS connection
| majority Of the men who have embarked
their capital in Industrial enterprisses and are
| relying for success upon their skill and en-
ergy In the prosecution OF their business
/ do not want the present standard of value
| overthrown because they know that the es
| adjustment of silver monometalhsm would
snous to them s os No al mso are
the supply of commodities at reasonable
| prices.
only the character and amount and purchas
| ing power of the future earnings OF thu
| American laborer. it would still be a subjec
| of the gravest Importance to him; but IT.
| Importance is greatly increased by the fac
| that the safety and value of a very consider
| able part of his past earnings are also In
volved. The thrifty and proyident working
| disabled or deprived of employment has en-
deavored to save something out of his earn
| ings, in order to provide for the comfor
/ has laid 1t away at home. or deposited 1t II
a bank or building association or invested !
in q life insurance policy. or loaned 1t Z
some friend In whom he mas confidence ~
| is not a debtor but creditor. ard the cor
! OF his earnings are indebted to him, an
ought to pay what they owe him In jus
| as good money he put into their hands
SAVINGS OF THE TOILERS.
According to the latest reports. the saw
| ings banks in your own State hold s24. 1851, 41
on deposit for $500 people. or an average O
$257 for each depositor. and in the whol
country they hold 81, So, So, 900 for 4,Sz5,51
people. or an average of $S71 for each de
positor. State banks, trust companies an
private banks hold 81, $40, 600 for about J.
100000 people. and national banks hold 81
70l. eo3.521 for 1,92s,34O depositors. of whor
1.74.O0O have less than 900 to their credi
Besides these institutions there are 6,0t
building and loan associations In the Unite
States. having about 100000 shareholder
male and female. who have paid dues
good money amounting to more than 500
| 100000. There are nearly 700 OF these assc
| Citations in the State of Illinois Alone. and 1
these institutions many laborers, mer
women and even children, have deposite
every dollar they could spare, often denyin
themselves some Of the comforts OF life, i
order to lay up something for time Q
More than 100000 of our people hav
taken out life insurance policies, which ar
now in force. amounting 10 y, 2Oz, So, 323. an
have paid the premiums on them year afte
year in good money, while the mutual benef
nd orcff i've and n,