The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-05-20

upon the wages OF laDCr III tuat |ouheAJ.
In1S75, when the peso was worth oS7a
cents, a mechanic, boiler maker,
blacksmith, q carpenter, a fireman and
an ordinary laborer received together for
q days work 1875 pesos or S16.37 in our
money. In 1855 the same persons re-
ceivcd for the same work 20A pesos;
but, owing to the depreciation Of the
currency, this was equal to only $40. 81
in our money, and i'll 1895, 20 years aft
er the country had descended to silver
basis, the same laborers received for the
same work 25. 90 pesos, but the value OF
the pcso was less than 30 cents, and con-
sequently their wages amounted to only
IS. 81 in our money, or just about one
half Of what they had received 20 years
before.
Our minister to Chile, after n very
careful examination of the entire sltua-
ton in that country, says, ut may be
taken fer granted that in Chile, as i'll all
other countries which have like tinan-
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
monometallisln and deprecated cur
rency finally became intolerable in that
country, and it has recently adopted the
gold standard of value.
Mexico as TN Instance.
Our neighboring republic Of Mexico
has the silver standard Of value, geld
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 n parity
with gold, it is worth only about %
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 generally are much higher
than they sre here.
The prices Of imported articles espe-
cially are exorbitantly high i'll Mexico,
because they have to be paid for abroad
in gold, and tho depreciation Of their
money is SO great that it requires nearly
50 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
issues the coin On its own account and
has pledged its faith and credit to keep
them as good as gold, pledge that has
been faithfully kept up to this time,
notwithstanding the complaints ard de
nunciaticns Of our free coinage oppo-
nents.
If we are to have free and unlimit-
cd coinage Of legal tender silver for the
benefit CT the owners Of the bullion,
the value Ct our dollar would DO no
greater than the intrinsic or commercial
value Of the silver contained i'll it, and
its purchasing power i'll the markets
would lie diminished about one-half,
but the wages CT labor would remain,
fer long time at least, substantially at
the present rates, or, if they should be
nominally increased on account OF the
derrcciation of the currency, experience
in the past shows that they would not
increase in proportion to the increase III
the prices Of commodities. Rises in the
rates of wages take place very slowly,
while the prices CT commodities move
rapidly, at some periods changing sew
eral times in the course Of single day,
and 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 CT this question affect.
ed only TIE character and amount and
purchasing power Ct the future earnings
CT the A,.cr:cG,n iab>rer, it would still
be subject Of the gravest Importance
to him, but IT'S Importance is greatly
increased by the fact that the safety
ard value Ct very considerable part Of
his past earnings are also involved. The
thrifty and prevalent workingman ii
not q debtor, but creditor, and thu
corporations and individuals having thu
custody Of his earnings are indebted tx
him and ought to pay what they owl
him in just as good money as he pu
into their hands.
The banks trust companies, building
associations and other similar institu
lions owe the people Of the Unite'
States today s., 1858, 1873, 521 for none.
actually deposited, sum nearly eigh
times greater than tho total capital Q
all the national banks in the country
s while the life insurance policies held b.
the people in the various kinds Of col
porations and associations and in fore
u today amount to $40, 203, 804, 1857, a sur
larger than has been actually investe
in all our railroads. In view Of thes
u facts, which cannot be successfully dir
7 puted, I submit that you ought serious
u ly to consider all the consequences
y yourselves aud your fellow citizens bt
, fore you agree to the free and unlimite
j. coinage Of legal tender silver at rati
s of l6 to in order that these great CO..
}! porations and associations may have tt
Il privilege of discharging their debts
u the people by paying 81 or So cents
!. the dollar, for that is exactly what
q means Every dollar the people put int
q these banks and trust companies al
IL other institutions and every dollar the
. paid for insurance was worth 100 cen
IS and would procure 100 cents worth
commodities in the market when the
earned it and when they invested i
&c and they have al unquestionable rigl