The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-07-29

| eQHClUleUls III INC Chst VI ln6 RTteu-
back the shortage was about 100 cents
on the dollar; in the case of silver,
about 80 cents on the dollar. That
both would act in the same way, though
with q difference in degree, may be as
sumed. Now let us see what happened
under greenbacks. 1t has lately been
figured out that between 1860 and 1865
the average price of commodities in
creased 116 per cent in consequence of
the greenback issue, but wages in
creased during that time only 43 per
cent One does not have to be very
old in order to recall the misery of
those days. Furthermore, we have
the evidence of silver countries Qndia,
for instance,) that an increase in wages
is attended by an equal, if not greater,
increase in prices.
DECREASED COMFORTS OF LIFE.
Every working man in the United
States, every savings bank depositor,
every person in receipt of pension,
every beneficiary of life insurance
policy-in fact every person to whom
another owes a dollar, may expect to
find the purchasing power of his money
enormously decreased. No one prob
ably thinks that he enjoys enough of
the comforts of life at the present time,
but with free silver every one will en-
Joy much less than now falls to his share.
A BACKWARD STEP.
Free coinage of silver on the part of
the United States would be the most
extraordinary instance of backward
step in modern history. The freer use
of gold, to the exclusion of silver, is
comparable to any of the great steps
forward in human progress, upon which
we are so prone to pride ourselves.
Nothing is more foolish than the cry
for the dollar of the fathers" AS
well might we cry for the tallow candle,
the stage-coach and the hand loom of
the fathers. All these have fallen into
disuse because superior facilities have
taken their place.
1t is exactly so with the money of the
world. AS nations have increased in
material prosperity, as the standard of
living has become elevated, the silver
basis has no longer furnished adequate
facilities and has been discarded.
THE MONEY OF POOR PEOPLE.
Silver is pre-eminently the money of
poor people. In countries where wages
amount to only few cents a day, as in
India, China and Japan, and where the
great majority of business transactions
are in amounts which we should con-
slider almost infnilesimal, and where,
too, trade is done practically on a cash
basis, silver plays very important and
necessary part. Itis noteworthy, how
ever, that as soon as nation begins to
emerge from a condition OF semi
civilization, and to take its place among
the great nations of the earth. ii begins
to consider the advantages of the gold
standard. There is no doubt that
Japan regards a change to the gold
basis as among The possibilities of the
near future.
THE HARDSHIP TO INDIA.
The hardship of the silver standard
to country containing large number
of intelligent and fairly prosperous per-
sons may be noted in the case of India.
A great many persons reside in that
country who have occasion to fire.
quently remit money to England. We
refer to European business men there
resident, to army officials, to govern
ment civil officials, and, by no means
the least, the government itself. No
one who has made practice of read
ing the Calcutta and other Indian news
papers can be in ignorance Of the COM
| plants which have been raised in con-
sequence of the violent fluctuations in
the value of the rupee. AS showing
the disturbance TO Indian finances,
from the depreciation of silver, let us
quote the following from well-known
writer on the monetary systems of the
world: "The steady depreciation of
silver in the markets of the world
caused material disturbance in the In.
dian exchanges with other countries;
the Indebtedness of India TO Great
Britain on railways and public improve
ments, besides its share of the expense
of the government in London, required
the annual remittance of oyer GIG ,500,-
900 (S92,500,000) to the home govern
ment. These payments had TO be
made in gold or it's equivalent, and
since the receipts were, of course, in
silver, the additional cost was increased
with every decrease in the market price
of the white metal necessarily the
burdens of the people were largely aug
mented. The council of the govern
ment of India therefore recommended
the appointment of a commission on
the currency, and upon the recon-
mendation of this body the minis of In
dia were on June 26, 1898, closed to
silver, with the avowed purpose of
eventually establishing the single gold
standard"
NOTEWORTHY FAILURE.
The closing of the Indian minis
afforded an opportunity to study the
power Of government over the value of
money. The government of India was
in the hsbit of selling bills on London,
known as India Council bills, which
were sold in the Indian markets, to
parties desiring to remit to Europe, at
about the ruling rate for silver. The
theoretic par of exchange between
England and India is 244 pence, but
the actual rate had fallen to II pence
or more than so per cent. The closing
| OF the mint was aCCOmDanied nv an a :