St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-02
AGAINST THE POOR MAN


AGAINST THE POOR MAN.
In this mornings paper appears a
communication from Mr. c. J. Buell. on
the silver question, answering inquiries
that have been made of him by Demo-
Gratis who are doubtful Of the right
position on the free coinage movement
1t deals with the practical issues in
volved in an earnest, straightforward
manner, that ought to carry convic-
ton with it. We do not see how any
one can find way of escape from
the conclusions that he reaches. In
one particular the Globe does not
agree with him entirely. We doubt
much that the adoption of free coin
age would double prices. 1t might raise
them to some extent; but it's opera
ton in this direction has been greatly
exaggerated by those who think that
currency volume determines prices.
Still, 1t would, in all probability, raise
them to a considerable extent; not
because it would make more money"
but because those who were obliged
to accept deprecated coins would de-
mand more of them in order to make
themselves safe on the transaction
However this may be- the argument is
not affected For, if prices would not
be- raised to the extent supposed, then
the object Of those who urge free coin
age would be defeated. If they were
raised, then Mr.. Buell. decribes quite
accurately what would happen. The
consequences would be all in favor of
capital, all against the poor man.
We call attention again, because no
one has ever attempted to meet the
argument or explain the fact, to the
rate of wages in all countries where
the silver standard prevails No mat
ter what else may be true of them,
whether business there be brisk or
slack whether industries are prosper
Gus or PROSTATE, there is one invari-
able condition. They are the true
'pauper labor" countries. India, China.
Japan, every country which has the
silver standard and free coinage, pays
to the laboring people wage on which
no American workingman could keep
from starvation. Is not this warning
enough? For the memorable rule Of
experience is that wages are the last
commodity to rise, the first to fall,
in any change of conditions or dis
turbance of prices. How any farmer
or mechanic, with the ia cts in the sill
yer standard countries before his eyes.
can give his approval to the free coin
age proposition remains an impenetra-
BILE mystery.
AS to the other effects, they are set
forth fairly and truly by Mr.. Buell..
The debts which are owed to the peo-
pie by the great corporations Of the
country could be paid at a discount.
The banks have millions of gold in
their reserves. They could sell every
dollar of it at premium Of from so
to 100 per cent, buy silver with the
proceeds, and pay that to their de-
positors, who must accept any legal
tender offered to them. A report a
week ago showed that the savings
banks Of New York state alone owe to
their depositors $691, 100000 Think Of
the enormous loss to these poor peo-
pie, and the profit to the banks, by
free silver. The same is true of all
other bank deposits and of the debts
owed by railroad and other corpora
lions which are not payable expressly
n Tn
would make billions of dollars by free
coinage. Capital will take care of
itself
But the debts of the people, on the
contrary, are gold debts Nearly ev-
cry farm mortgage, as Mr.. Buell. states,
is now made payable in gold. No leg
islation can affect this, because con-
gross may not impair the obligation of
a contract. If free coinage were i'm
minent, every debt owed by poor
man to a corporation would, before
1t could be renewed, be made payable
in gold; every debt owed by cor
poration to poor man would remain
payable in silver. Is this to the peo-
PIE Interest! we nave seen many
schemes for mulcting the helpless
worker for the benefit Of the rich and
powerful; but never has there been
one which promised, as this does, to
give a profit of thousands of millions
to capital by taking it from labor, at
the same time that it establishes here,
sooner or later, the unbearable wage
rate of the silver standard nations.
These are not abstract congratulations,
they are facts of common knowledge,
supported by unquestioned statistics.
Has the poor man ever had worse
enemy than those who, though sincere
in their mistaken position, commend
to him financial operation that would
be the most colossal calamity that
ever fell upon labor in the history of
the world?
MONTANA AND ALABAMA.