The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-23

arranged for n Joint discussion OF the
issues raised by the proposal to have
free coinage Of silver. at Belvldcre Han.
IN the city Of Richmond. and they IN
yited Mr.. William l.. Royal and Mr.. g
V. Meredith to speak against free coin
age. and Hon. Joseph w. Bailey. mem
her OF the House OF Representatives,
from Texas. 10 speak in behalf OF free
coinage Tho discussion took place on
the evening OF May H. 1896 before a
large audicnoe We print below the
speech delivered by Mr.. Royal. Mr.
Royal said:
Fellow Citizcns.-The way 20 eXpound a
difficult and complicated subject is. in
my opinion. 10 explain us elementary
propositions. We will never understand
a. in its complex forms unless We first
analyze It's elements and understand
them. and I shall. therefore, mako no
apology for taking up the s'leh'e Oh
money and beginning with II at the be-
ginning.
LABOR THE BASIS OF VALUE.
Everything valuable i'm this Lire. except
what God has given AS i'm a created FORM
rcsts upon labor. Labor Is at the bottom OF
everything VIC create that We prize. This
proposition applies 10 money As much as
10 all other things. Therefore. when
men come TO you and tell you they can
make money by putting stamp upon
paper. or turn nfty cents worth OF silver
into a dollar 10y stamping q rs dollar
they tell Won they can perform impossI-
bilitics The value 81 everything. then
depends upon the labor necessary TO pro-
duce a. and this universal rule applies
70 money as much as 10 houses or boots
or coats
II is true that things may cost n great
deal Of labor and still be without pracii-
cal value. n all Of us here tonight
should turn into carving Chinese gods
the gods would cost a great deal OF labor
and yet would SO worth nothing. because
there would be no people here who wantd
Chinese rods. That would he a case OF
labor unwiselv expended. But n labor Ia
wisely cNpended-that IS. with reference
TO the things that men want-these things
will be valuable according 10 the labor
spcnt upon them And this brings for
ward an idea that must be considered
along with the other-that the need and
demand for a thing qualities the return
which labor will receive for its cXpendi-
lures upon any subject. IL the demand
or need IS slack. labor must relinquish
II the demand be good. then labor re-
ceives fun recognition for all OF its
claims Though labor then may be
forced 10 rclinquish a part of lis claims
I'm the valuation Of a thing because the
demand for that thing is slack. yet ! lay
81 down as a. fundamental proposition
that cannot be aainsad. that the value OF
oil things that we create has its start
I'm the labor required 10 create them. Let
me Illustrate this A shoemaker makes
a pair Of shoes by one days labor. When
he comes TO set price upon them he
first values the material I'm them-that IS.
he takes what that material cost him as
the basis Of his valuation Of the shoes
Uo then adds 10 this the wages Of q.
shoemaker for one dav. If the demand
for shoes is good. he will get his price
for them: but If the demand for shoes is
slack he will be compelled 10 abate
part Of his wages and take what he can
get But this foundation fact is 10 be
noted here II the demand Is so slack
that ne cannot get a price for shoes that
gives him what he thinks proper return
for his labor. he will STOP shoemaking
and 90 at some other business. This
proves that labor must be rewarded in
the price Of all things that We create.
and II justifios us. thsl efOre, I'm saying
that labor lies at the basis OF the value
OF all things That We produce. lr gold
and silver lay scattered over the face OF
the earth. and could be picked mp as wa
pick up wild flowers. we should care no
more for them than we care for wild
flowers. and they would be without any OF
what we call value.
DOUBLE AS MUCH LABOR TO DIG
GOLD As SILVER DOLLARS.
Let me now advance one step. Our
gold dollar contains 2322 grains Of pure
gold and our silver dollar contains 81 IA
grains OF pure silver. one hundred years
ago-ycs thirty years ago-it took more
labor TO dig 81 IA grains of silver out or
the earth than n took 10 dig 1922 grains
of gold out Of the earth. Both metals
being I'm great demand the consequence
was that up to thirty years ago and less
the silver in a silver dollar was worth
moro than the gold In gold dollar. But
in the past twenty years silver orc has
been discovered IN quantities never
dreamed Of by our ancestors ana means
for taking H. out OF the earth and separ-
ating the silver from the drcsS have been
discovered that makes a condition OF
things IN which II takes only half as
much labor 10 get out 81 Ia grains OF sill
yer Uhe amount IN silver dollar as II
takes TO get out 1892 grains or gold Ohe
amount OF gold I'm a gold dollar. II /
am asked how I know II takes double as
much labor 10 dig % % grains OF gold
out Of the ground as II takes TO DIG
ella grains OF silver I answer that
the table OF the productions of the Amcri-
can silver mines for the past Twenty-Five
years which | shall exhibit further on
proves n 10 a demonstration. During the
fiscal year 1894 the highest the silver in
n silver dollar was worth was 50 cents.
and II went as low as a. cents. tho aver
age price for the year being 40 cents. end
vet the American silver mines yielded
during that wear as much as $4,000 600.
(See report % the Director Of the Mint
for 1895. p. le) This great production OF
silver when the silver I'm a dollar was
worth only about 50 cents proves 10
demonstration that II takes very little. II
any. more than half the labor TO dig
s7i IA grains OF silver out OF the ground
than It takes TO dig out 1872 grains Of
gold.
One man digs roli and gets 2322 grains
o, II as the result OF a days labor. An
other digs silver by his side and gets
81 IA grains OF u AZ the result Of n days
labor They 80 together 10 the nearest
market and the gold digger gets two
bushels of wheat for his 1922 grains or
gold. while the silver digger gets only one
bushel for his 81 IA grains OF silver. In
that case the silver digger will quit dig
ging silver and dig gold. This leads me
TO say II IS true and universal rule That
labor OF a certain class must produce IN
its employment what approxm2tes the
value OF the product OF labor OF that
same class elsewhere. or II viii quit its