Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-01

democratic nStional committee was reject
"a ny .ne convention. and has no place In
inc omclal platform. In the certified copy
OF PLATFORM after the sentence I'VE favor
such iegisiation as will prevent for the
iutuIe me demonstration of any kind of
regal tender money by private contract"
appears the clause, but il shall be care
1uily provided by law at the same time
tnat any change In the monetary standard
should not apply to existing contracts"
This latter clause. according to Senator
Jones, was not adopted. 1t was offered as
an amendment by Senator Hill.
All amendments to the platform proposed
by Senator Hill were rejected
FREE COINAGE CATECHISM.
The Gold Standard Argument for
Wage-Earners.
From the New York Evening Post
O. What do the free coinage leaders espe-
cially charge against the gold standard?
A. They declare that it has helped the rich
and has caused distress and loss 10 every
body else
-. Is this statement true? A. 1t is not
Q. Suppose the gold standard mad worked
injury TO every one except the rich: how
should We know the fact? A People with
small incomes would have been growing
steadily poorer since the gold standard
was adopted.
Y. Have such people been growing poor
v.
since this country returned to the gold
standard in 1879, has increased in an un
precedented degree
.. What proof have you OF this? A. The
increase in savings banks deposits
u BY whom are such deposits madep A
They consist almost entirely of the surplus
income Of tradesmen, wage earners and
small producers.
q. What are the figures of these ,iep1s-
it's A. In 1879 the total savings bank de-
posts in the United States were s>,2 iti,-
~; In 1885 they were $l,s44.;57, 1.,s; in
crease, sl,0Il So. $40. or l2g per cent
-. what is your authority for these fig
ures? A. The official statements of the
savings banks. of the United States govern
n1ent published in the reports of the con-
troler OF the currency.
q What do the figures show? s They
show that during the seventeen years since
TINS countrys return to the single gold
standard. the savings OF its poorer people
nave been a thousand million dollars larger
than they were IN any preceding period.
q. Are the savings bank deposits our only
proof that the people have prospered under
The gold standard? A. The building and
loan associations another striking
proof
=. Who are The depositors with building
and loan associations? A. Chiefly wage
earners, tradesmen and people with small
salaries.
Q. What do the reports of these associa-
"A.
| posts with such associations were COM
| paratively insignificant. In 1S,2 the returns
| of the United States department Of labor
showed The aggregate to he Sa1"oo@
Today the to- al of these deposits in this
country is estimated at 1:fI,pnapD
.. How do all these figures compare
with savings bank deposits and with build
ing and lean association accounts in coun-
tries now on silver standard? A. Such
countries have neither savings banks nor
building and loan associations.
O. Why A. Presumably because the
| wase-earners in those countries have no
| sarIngs to deposit.
@ How do you explain enormous an
increase in the savil rs of our people? a.
" ages have increased since the return
TO the gold standard. Great improve
n.ents and extension Of production have
lowered prices and reduced the cost Of Inv
Ing. This has necessarily Increased the
peoples savings.
g What is your authority for stating
that wages have increased since our ador,-
tion Of the gold standard? A The highes:
known authority, the United States Senate
report Of 1882, already referred to in this
catechism.
Q. How much does this report show
average wages 10 have increased since,
the resumption of specie payments? A
l y TO the latest date covered by th.. re-
port they had increased ae2-4 per cent.
much larger.
q. Then the average wage-earner's in
come has Incl eased under the gold stand
dlo "hlle LNlhS expenses have decreased
Tor everybody" A. Such are the facts
.. Would this advantage continue nm
der free silver coinage? A. 1t could not
We have already shown that wages would
not increase spontaneously. if at all while
| rapidly.
@ Do the free coinage leaders admit
this certain rise in prices? A. They do:
.heS aecii re that all prices are ROW too
low, and that free coinage will raise them
u But DO not these people claim that
hlgh prices for food. clothing and house
hold necessaries will cause general CON
tentment and prosperity? A. They do
@ How can we be sure that they are
rot right? A. Read up the record of years
when currency initiation had caused high
prices IN this country. LOOK into the
condition of other countries where prices
now are high under silver standard
q; When were prices and living expenses
highest IN this country? A. In 1861 and
1866.
G. What did the Americ an people of that
time mink of the high prices? a. They
complained bitterly
=. Where can We find any record of sucl,
complaint. A. &c to a public library and
read the newspapers of those years
.. Give some illustrations. A. In 1856,
the New York papers seriously advised peo-
pie to stop eating meat in order to check
the high prices Letters from readers pub
ished IN these papers complained that
milk, butter, coal and ice were almost be
yond the poor mans reach. One letter in
the New York Times of June -, 1861 de-
serves to be quoted. 'All last winter the
writer says, Il could hardly afford to buy
any meat. The little bits of beef and NUT
| ton that we poor people buy cost much
| that my wife gays ii is like eating money
| You can readily consult all these published
| letters.
Q. Would people object to high prices
| now much they did then? A. Every
| head of a family and every housekeeper is
competent to answer this question.
| -. If prices advanced Under free coinage.
would not the employer of labor be able
pay very much higher wages? 4. His
living expenses would increase fast
| his income his business would be thrown
| into confusion, and all his profits would be
come a matter of specula ton.
Q. Was this his experience when prices
| rose before 1865? A 1t was empha tically
his experience.
Q. But surely, If the money supply in
| creased, the wage Garner would get his
i share? A. He could get no more than his
| employer paid him.
@. But might not his employer advance