The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-19

per E instead Of 100 per cent. Prices,
however, fell to 6.9. This was undoubt-
edly due to the shock the various indus
But they were not long IN recovering.
With the beginning Of 1862 our currency
became materially and Increasingly de-
prec'ated. In 1852 prices passed those of
lobV ana reach an average of 102.8. The
purchasing power of wages in 1861 was 1N5
per cent. of that of 1850. but in 1852. when
the legal tender money began to get in
rs WORK the average purchasing power
was 1908. That is. although the wage
Garner was getting much higher nominal
wages, he had actually been locked one
twentieth Of the RACES he had received
one year before. For 1863 the correspond
ing figures were 1888 per cent. for Wages.
and l22.1 per cent. for prices. This gives
a purchasing power of 97.3 per cent. The
wage earners nominal wages were higher
than ever, but he was actually making
less than in 1860. In 1854 the figures were
l34 per cent, 149 per cent, 1877 per cent.
and for 1865, 1856 per cent. 1870. z per cent.
n.s per cent In other words, the result
was just what, as explained above. might
have been expected. Depreciation in our
currency standard has caused a rise in
both prices and wages; but prices had
risen so much faster than wages that
the wage Garner had been forced TO work
for less and less every year, until in 1866
he was working for less than four-ffths
Of what he had received in 1866.
Meantime, the contractor. speculater and
gambler were reaping the benefits sup
posed TO be inherent in such a money. Al
few Of the manufacturers were growing
rich, and, as there seemed to be plenty
OF money and apparent high wages, the
idea that the North was growing rich
came quite naturally. In reality the ap-
parent prosperity was in large measure
simply a display, in lavish use, OF a part
of the Tar greater sums we were then
borrowing and ever since have been pay
ing, and the diversion to SNOWY expendi-
ture, on the part Of the wealthy few. of
a pirifully great and Increasing propor-
ton Of what ought to have been the
savings of the poor. The fellows on ton
made all the show. and did most Of the
talking. while the wage-earners labored
on. hoping for better things.
From 1865 on we had. generally speaking.
continuous, though Irregular Appreciation
of our currency standard. frsf bv the
approach toward resumption Of specie
payments which took place In 1879: and
then by the increase since then in the
purchasing power of gold. which has heen
our standard since 1873. What was the re-
suit to the Wage-earner?
Using the same normal, that of 1860, the
figures for 1870 were 1911 per cent, 1904
per cent. and 1881 per cent: that is.
though his nominal wages had not risen
since 1865 he could buy with them five
eighths more than then and even one
quarter more than in 1860. In 1880 the
figures were 143 per cent, 1924 per cent.
eA1 . tAiO16A HdSCS Ida
fallen in nominal amount one-ninth be-
low those paid in 1875, their purchasing
power was greater than ever and A per
cent. greater than in 1860. n in 1890
the hgures Were nominal wages. 1853. 2
per cent. OF those paid in 1860; prices 1871
per cent. of those current in 1860: the
purchasing power of the wages actually
received IN 1890 being thus t~hree-quarters
more than those actually received in 1860.
The table shows the figures for each
year; and 1t only remains to cali the at
tention Of the wage-earners to what they
already know better than any one else
the fact that If they take the daily wages
they are now receiving, they can buy
more at the low prices now prevailing
than at any previous time. In this ceun-
Try, since 1856, the wage-earner has re-
the whole, steadily appreciated in value.
so that the purchasing power of his wages
has nearly doubled, while interest on capt.
tai averages scarcely half what it was.
with such a history and such an ex-
perience before him. he must be a foolish
man indeed who desires to lower the
quality OF U money. 1t is not meant to
suggest that the wage-earner should be
even a greater share of what in co-opera-
ton with capital, he produces. He has as
good a right TO plan and combine toward
that end as has the capitalist to increase
his profits. 1t is under an approaching
currency that so much has been accom-
plished. Does he want to change this ex-
pertinent for the one which Immediately
preceded it-during which after the four
years 1928, under a depreciating cur
rency, he found himself, though with
nominally high wages, working for only
three-fourths the power to purchase that
he had previously had?
The history of finance in the United
States for the last t~hirty-fve years gives
ore side of possible changes in quality
the detriment to wage-earners of 6epre-
ciating money and the advantage that has
come to wage-earners from appreciation
of our currency standard. 1t IS now pro-
posed by an organized party and an ire
.sponsible following to bring about free
coinage of silver. and thus allow the
country to experience a deprecated stand
ard-that of silver. 1t is proper, there
fore, that attention be directed to those
which have tried that expert
ment and are at present using silver as
a basis for their currency. What is the
condition of their wage-earners? Are they
better off than those of gold-standard
countries? Have they been helped by the
depreciation their currency has suffered?
What has been the actual experience
of Japan, China, India and Mexico?