Morris tribune., 1896-05-20

WHICH you are asked TO aQOp6 mere, lhu
upon tho wages of labor in that country.
In 1875, when the peso was worth 881s
cents, a mechanic, boiler maker, a
blacksmith, carpenter, a fireman and
an ordinary laborer received together for
a day S work 1873 pesos, or SIG, 81 in our
money In 1885 the same persons re-
| ceived for the same work 20A pesos
but, owing to the depreciation of the
currency, this was equal to only SO. 9S
in our money, and in 1895, 30 years aft
er the country had descended to silver
basis, the same laborers received for the
same work IS. 90 pesos, but the value of
the peso was less than So cents, and con-
sequently their wages amounted to only
SIS. "a in our money, or just about one
half Of what they had received 90 years
before.
Our minister to. Chile, after very
careful examination Of the entire situa-
ton in that country, says, ''It may be
taken for granted that in Chile. as in all
other countries which have like finan-
cial experience, the consequences Of
cheap money have weighed most heavily
upon the classes that are least able to
support the burden. - The evils of silver
monometallism and deprecated cur
rency finally became intolerable in that
country, and it has recently adopted the
gold standard of value,
Mexico as an Instance.
Our neighboring republic of Mexico
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 coun-
try. The Mexican dollar contains 377.17
grains of pure silver, or nearly six grains
more than is contained in our dollar,
and yet, not being sustained by none
tary system which keeps it at parity
with gold, it is worth only about 55
cents in our money. Wages are paid in
silver and are very low in comparison
with the wages paid in this country for
the same services, in many instances not
being half as much, while the prices OF
commodities gsnerally are much higher
than they are here.
The prices of imported articles espe
cially are exorbitantly high in Mexico,
because they have to be paid for abroad
in gold, and the depreciation of their
money is SO great that it requires nearly
So in silver to pay 81 in gold. Although
our own silver dollar contains less fine
silver than the Mexican dollar, one Of
ours is nearly equal in exchangeable
value to two of theirs, because here the
coinage is limited, and the government 4
issues the coin on it's own account and
has pledged it's faith and credit to keep
them as good as gold, a pledge that has
been faithfully kept up to this time,
the complaints and de-
nunciations of our free coinage oppo-
nents.
If we are to have free and unlimit-
ed coinage Of legal tender silver for the
benefit of the owners of the bullion,
the value of our dollar would be no
greater than the intrinsic or commercial
value Of the silver contained in it, and
it's purchasing power in the markets
would be diminished about one-half
but the wages of labor would remain
for long time at least, substantially at
the present rates, or, if they should be
nominally increased On account of the
depreciation cf the currency, experience
in the past shows that they would not
increase in proportion to the increase in |
The prices Of commodities. Rises in the
rates of wages take place very slowly, |
while the prices Of commodities move
'apidly, at some periods changing sew
9ral times in the course Of single day,
md these movements are always more
frequent and more harmful when the
currency is in an unsettled condition.
Why Savings Would Be Lost.
If the solution Of this question affect |
I'd only the character and amount and !
purchasing power of the future earnings
If the American laborer, it would still |
% subject Of the gravest Importance
% him, but its Importance is greatly
by the fact that the safety
md value Of very considerable part of
lis past earnings are also involved. The
thrifty and provident workingman is
lot debtor, but creditor, and the
and individuals having the
VI LIS dI0 1uOOUG0u W
lin and ought to pay what they owe
lin in just as good money as he put
nto their hands.
The banks, trust companies, building
associations and other similar institu-
lions owe the people of the United
States today SIS, 353, 1873, sci for money
actually deposited, a sum nearly eight
lines greater than the total capital of
Ill the national banks in the country,
while the life insurance policies held by
he people in the various kinds of cor
>orations and associations and in force
oday amount to $40, 203, 8O4, 357, sum
anger than has been actually invested
u all our railroads. In view Of these
acts, which cannot be successfully dis
'uted, I submit that you ought serious
y to consider all the consequences to
yourselves and your fellow citizens be-
ore you agree to the free and unlimited
coinage OF legal tender silver at a ratio
# 16 to l in order that these great Ger
,oratDns and associations may have the
privilege Of dsscharging their debts to
he people by paying 81 or SO cents on
he dollar. for that is exactly what it
means. Every dollar the people put into