Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-05
Prices, Wages and Free Silver.

The organizations representing wage
/ workers have answered this question
by arraying themselves on the side Of
( the free coinage OF silver and rising
I prices. The representatives Of organ
| lied capital have answered it by array
/ ing themselves on the side of the gold
/ standard and falling prices. Are both
/ of these classes mistaken about their
/ interests, CT have both judged rightly?
Both classes have judged rightly. The
! entire product of industry under any
system is divided between labor and
capital, A policy that enforces falling
/ prices enables the lender of capital TO
/ demand a continually increasing share
OF the product. II meanst therefore,
that labor receives a continually de-
( creasing share The restoration OF nor
nal prices on the other hand, means
that the lenders of capital will merely
receive back the property that they lent.
It means. therefore, that an increasing
share will remain for those engaged IN
/ the labor Of production.
This, however, is not all. Not only
do steadily falling prices mean that "a
Dor receives a lessened share Of what
is produced, but il means that less is
| produced. Old enterprises curtail pro-
| ductiOn and new enterprises are not es-
| ta0ished. Money lying idle gains in
value, While money invested is. partly
lost. Falling prices mean the stagna-
ton of industry and enormous losses
10 labor through the want of employ
ment.
The free coinage of silver, on the 9th
er hand, means for the wage earners of
this generation what the gold discover
/ les meant for the wage earners 4 gener-
alton ago. With steadily rising prices
came increased activity in business and
enormous development of new indus
tries. full employment, and a rise in
wages, which, according to the mono
metallist, Cairnes, made the wage earn
ers the chief benefciaries Of the increase
in the currency. To-day the rising
prices from the increase in the curren-
cy wilLhave the same effect. When the
price Of goods begins to rise. the danger
or bankruptcy from falling prices ends.
the whole labor of our people will again
be employed, and labOrers will not on
" receive an increased share of the
wealth produced but the amount Of this
wealth will be still further increased.
30 much Tor the reason why organiz-
ed labor is right in believing that its
Interests VIII be promoted by the free
colnaSe of silver and rising prices, and
that It's interests have been sacrificed
by the gold standard and falling prices.
\ word now as to the facts of exper-
}snc7. The representatives of the Re-
form Club claims That the gold standard
has been accompanied by a rise in wages.
Between 1870 and 1891, he SAYS, the
wages of labor, according TO the Sen
are report, rose 104 per cent Bstween
1873 and 1891 wages rose Il per cent.
Suppose tbs statement be admitted
What does p prove? Between 1910 and
1873 the world had the free coinage of
7 both gold and silver. Only since 1873
has the world had the gold standard.
If. then. wages rose 104 per csnc.. be-
tween 1910 and 1891. and but II per
cent. between 1873 and 1891. then wages
rose 90 per cent. during the period of
free coinage, and only II per cent. dur
ing the period Of the gold standard
But this statement Of the faces Is not
an accurate enc. The Senate report in
question shows that the wages have
fallen since 1878 in nearly all industries
for which more than one or two firms
Submitted reports. 1t was the repor, CT
one dry goods store that it had advanced
wages nearly so per cent, and the COM
mittee's assumption that all the clerks
in the country had received the same ad-
vance led to the error cited by the Re
form Clubs representative. Though
the cOmmttcee wished to chow advancing
wages. and probably selected the most
favorable establishments possible, the
returns Tor the industries really inves-
tig1rad showed the average daily wages
for the two years 10 be as follows, in
..nlH II rn.r cont less for 1SI3.