St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-02
SILVER DOLLAR A CHEAP ONE.
1t Is Not the Money for the LabOring
Man.

1t Is Not the Money for the LabOring
Man.
To the Editor of the Globe
During the past few weeks l have received
several letters favoring free silver and ask
ing my views on that question. A few of
these letters are from people outside Of Min
nesota. but most of them are from residents
OF our own state. Most of the writer's
know personally and esteem highly They
are men of high ideals, honest hearts and
noble impulses. These letters should be an
swered. To reply to each separately would
require more time that l can possibly spare.
l hope. therefore, Mr. Editor that YOU will
allow me to use little space in which to
show
WHY 1 OPPOSE FREE COINAGE AT 16
The strong point of the silver men is that
they want dollar of less purchasing power
"a dollar that will cost less to get in ex-
change for products-a dollar that will cause
a general rise in prices.
The free coinage Of silver at 16 to /, they
claim, will do this l believe the claim is
correct. l have no doubt that prices would
rise. Most products would be quoted at
is the case in all those countries that have
free coinage at 151A 16 to l, and l see no
reason why it would not be the case here.
The old ratio between gold and silver has
probably gone never more to return. Stats
tics of gold and silver production since 1852
tell us the reason why. Examine carefully
the following figures from the report Of the
director of the United States mint:
1852 to 1S72-21 Years
Average annual gold product Of the world,
sis, 600, 900.
Average annual silver product of the world,
SAT 900, 900.
1873 to 1S93-21 Years
Average annual gold product of the world,
500 900, coo.
Average annual silver product of the world,
1921 900, goo.
Notice this first period of twenty-one years,
when the annual product of silver was only
SAT, 900, 900, while the annual product OF gold
was $119 900, 000 This is the time when only
sixteen ounces of silver were required to ex-
change in the markets for one ounce Of gold.
Would you expect the same market ratio TO
prevail when the annual product Of gold had
fallen off ten millions a year for twenty-one
years, and the annual product OF silver had
increased to more than two and half times
its amount in the former period Of twenty-one
years? Remember that this enormous increase
in the worlds annual silver product has been
brought about by the discovery Of new mines
richer and more easily worked than any before
known, by the invention Of improved ma
chinery, and by the application of better
methods. All these things have made it pos
sible to produce silver with much less labor
than formerly. Consequently its value, COM
pared with gold has changed, just as we
would expect so that now it requires about
thirty-one or thirty-two ounces of silver to
exchange in the market for an ounce of gold
We may be pretty sure that the silver mine
owners are not selling their product below
cost. If they were they would stop producing
and the annual product of silver would fall off !;
but the annual product of silver has not fallen
off, except very slightly in 1894, while 1895
shows an increase.
Cheap silver has, therefore probably come
to stay unless the mines give out. Even
very great increase in the demand for silver
would not necessarily increase the price. If
the demand could readily be supplied, no in
CT ease of price would follow.
I, therefore, agree with the silver men that
g. ,rfryO dol
lar of less purchasing power. prices would
double, but values would remain the same.
The farmer would get dollar bushel for
his wheat instead of fifty cents, but he would
pay twice as much for his plow his harrow,
his clothes, his groceries and everything else
he had to buy. His wheat would exchange
for no more of other things than now.
Yes prices would double; but
HOW ABOUT WAGES?
For, until wages, and salaries, and all regu-
lar fees had doubled the mass of the work
ers would be much worse off than now All
ploy OF corporations, working in factory or
mine, or in any way dependent on regular
wages, would, of course, get the same num-
Der of dollars each week they now get
but each dollar would only buy half as
much.
The only way the workers could become
as well off as they are now would be to de-
mand and secure double their present num-
L
would take to do this?
AS the workers are the chief purchasers of
all sorts of products, how would merchants
manufacturers and other business men fare?
From what source would come the great pros
perity that silver men expect: That all
things would finally adjust themselves to the
new measure of values Is probably true; but
1t is equally true that products controlled
by trusts are the first to rise and the wages
of labor last. And more than this, wages
never rise to the full extent of the rise in
prices
Certainly, then, the wage Garner the sal
aried man, and all business men who depend
on them for the sale Of their goods, have moth
ing to gain and everything to lose by the sue
cess OF the free coinage movement.
SAVINGS BANK DEPOSIToRS.
All the millions of deposits in savings and
other banks have been put in there in
dollars OF the present value. Suppose the
Tree coinage movement successful and Won
go to draw your money what do Won get .
The same number of dollars that YOU nut
in, but each dollar will only buy half as
much.
If you have bought stock in building and
loan association, or purchased an endow-
ment policy, you will fare the same as the
bank deposition. Your stock or your policy
will bring you the same number of dollars
that you expected but each dollar will buy
half as much.
INSURANCE.
You take out a life insurance policy for a
thousand or more You pay your premiums
regularly, and finally die. Free coinage
comes in. How fare your wife and chill
dren? They get the number of dollars pro-
vided in the policy, but each dollar will
purchase for them only half as much of
the necessaries and comforts of life With
fire insurance it would be the same. After
having paid your premium, free coinage car
ries the day. Your building burns. Your in
surance is paid, but what do you get? You
count your dollars. The number is correct;
but they are only half enough to rebuild
your house.
TRUST FUNDS.
Widows, orphans and others whose funds
"a certain definite number of dollars-are
held by trustees to be paid over as need
may require, would find themselves half as
well off as they had supposed. OF course
they will get the same number of dollars,
but each dollar will go only half as far in