St. Paul daily globe., 1896-04-16
time increasing the prices of the commodi-
ties for which his wages are eXpended?

tlme increasing the prices of the commodi-
ties for which his wages are expended?
AFTER struggling for more than a quar-
ter or century, through labor organizations
and otherwise, to secure a rate Of wages
which would make the proceeds of a days
work equal to the cost of a days subsist-
ence for the workingman and his family
you are asked by the advocates of free coin
age to join them in destroying one-half the
purchasing power Of the money in which you
are paid and impose upon yourselves the
task of doubling the nominal amount of your
wages hereafter; that is, to struggle for an
other quarter of a century or perhaps long
er, to raise your wages in deprecated cur
rency to a point which will enable you to
purchase with them as much of the neces-
sarles OF life as you can purchase now; and,
II, after years of contention, privation, and
industrial disorder, you should at last sue
ceed in so adjusting wages that they would
procure at the higher prices of commodities
Just Wnat they will procure now at the eX-
1st1ng prices, what would you have gained
by the change from the old to the new con-
dltions? 1t is the universal rule that the
rates of wages do not increase in proper
ton to the depreciation in the value of the
money in which they are paid, and that
when the currency is deprecated the rates
increase in the prices of the commodities
the laborer is compelled to purchase.
On the Sd Of March, 1893, a subcommit-
tee of the committee of finance in the United
States senate made g. report on the course
OF prices and wages in this country for a
PERIOD OF fifty years, embracing the prices
COnSumDtiOn
common use among the people and the rates
OF wages In almost every industry carried on
during that time, and, in order that YOU
may learn from this official and impartial in
Vesugat1on what effect a deprecated cur
rency has on wages and prices, I will briefly
state some Of the most material facts and
conclusions embodied in that document. The
subcommittee consisted Of five senators. rep
resent1ng both political parties and both
sides Of the currency question, and the in
vestigation, which lasted nearly two years.
was was; most thoroughly and impartially made,
with no purpose in view except to ascertain
and report the actual facts; and, so far as
1t relates to questions Of fact the report was
unanimous.
ated paper, were less than per cent higher
in paper than when paid in gold, but the
prices of the 223 articles used by the la
borers and other people in the maintenance Of
their families were nearly Is per cent higher
than they were when paid in gold; in 1863
the wages of labor paid in deprecated paper
worth about So cents on the dollar, were 101h
per cent higher than when paid in gold, but
the prices Of the articles the laborer had to
buy with his wages were nearly 49 per cent
higher; in 1864 the wages of labor paid in
deprecated paper dollars worth 49 cents each,
had advanced 251R per cent, but the prices of
the necessartes Of life had advanced 901a per
cent; in 1865 wages paid in paper currency
worth 63 cents on the dollar had advanced
43 per cent above the rates previously paid
in gold or it's equivalent, but the prices Of
commodities had advanced nearly 1T per cent
that Is to say, had more than doubled; and
in 1866 wages paid in currency worth II
cents on the dollar had advanced a fraction
more than 81 per cent from the previous
rates in gold, or it's equivalent, but the prices
of commodities had advanced 80 per cent. In
1860 this country was on gold basis and
had been on that basis for many years under
the operation of the acts of 1884 and 1897
Wages were then paid in gold or its equival-
ent, and by reducing the wages paid in a de-
preciated currency to gold basis, and COM
pairing them with the rates in gold in 1861 we
shall have another demonstration of the in
furious effects Of cheap money on the inter
ests of the laborer On this basis the labor
er received 76 cents and mills in 1863, in
stead of the gold dollar he received in 1S60
in 1864 he received so cents and mills in
stead Of gold dollar, and in 1866 he received
66 cents and mills instead of gold dollar.
In other words, the wages of labor, measured
by gold as they were in 1850 when we had
sound currency. had fallen about "a per cent
in 1868, more than 10 per cent in 1864, and
nearly "A per cent in 1866, when we had de-
preciated currency; and the force Of this IL
lustration is greatly augmented by the facts
that these reductions In the rates Of wages
occurred at time when several hundred
thousand laborers had been withdrawn from
the field of competition, when the govern
ment was engaged in the prosecution Of a
great war and was expending money lavishly
for all kinds of supplies for the army and
navy, and when the prices Of all the products
of labor had largely increased. Surely, If
there ever can be time when an abundance
of cheap money will increase the wages and
improve the condition of laboring men. these
results ought to have been accomplished
under the combination of favorable circum-
stances existing, especially in the great cen
ters of industry, from 1861 to 1865, and yet
there has been no other period in our history
when the rates Of wages fell so rapidly or
so low.
"Our neighboring republic of Mexico. with
| a constitutional government very similar to
our own, has the silver standard of value,
| gold not being in use, and If cheap money is
blessing to the laboring man he ought to
be prosperous and happy in that country.
The Mexican dollar contains 37717 grains of
pure silver, nearly six more grains than
is contained in our dollar. and yet, not be
| ing sustained by monetary system which
keeps it at a parity with gold, 1t is worth
only about SO cents in our money. Wages
are paid in silver, and are very low in COM
parison with the wages paid in this country
for the same services. in many instances
not being half as much, while the prices OF
commodities generally are much higher than
they are here. The prices of imported ar
ticles especially are exorbitantly high In
Mexico, becaase they have to be paid for