, 1896-10-10

IN iap,i ny men and women L.w-ys SGT lie
c~hrsI'st Il0-sy Ii circulation, and they gen,
"ral'J g, The highest ri,rs for the articles
they buy. ar the reason that their purchases
or" Usually =. de in small quaint ties at a time.
The JAPANESE r.."er SCn Is worth u littl" les
than 80 cents IN , . InuneN, Gn' WI toe
wages Of labor, laid Ill 'I,r."ciatcu coin.
are r,uur"d to our ,ndarl u ,.. tE.cy ap.
pear SO insisuit- ant ta.t 1t is difficult un.
ders,und how the people who receive the mis-,
cradle Iittancc can live and In"inlain their
families. TIL average daily earnings Of u
bricklaycr amount 20 % cents. blackSmith..
carpenters ana cabinet makers r,C,ivu ~
cents: composlturS in printing Offices, ~ cents.
prcssmen. 70 cents: %rout"r7, - cents; stunrcut-
tiers, ID cents: ordinary ]tailurs, = cents rav.
ers, ID cents. And III all tho long list of ocru
patiors md VI sss no lllurur, however skill
ed, can lie found who receives more than 40
cents per day, except porcelain artists IN the
great city of Yokohama, who got ,2""nt-. Fac
tory laGorcrs even in that city, where most Of
the great industries are carried On 10y Amrri,
can or European ca capitalists, receive q cents
per day, and in other parts of tho country
they receive less.
Mcxico's Experience.
Our ~ncighbo-ing republic of Mexico, with "A
constitutional government very similar to our
own, with an area Of 20. co squnr" miles and
/ u lDluI.illbn bI Only uDDut ls.tiJ,JUN, with al
most marvellous natural Resources awaiting
development and offering n most inviting field
for the investment Of capital and the rnploy.
mcnt of labor. has the silver standard Of
value, gold not being in use. And if cheap
money is II blessing to the laboring man, he
ought to bc prosperous and happy i'll that
country. Tho Mexican dollar contains 3,s.l7
grains of pure silver. or nearly q grains more
than is contained in our dollar, and yet, not
being sustained by a monetary system which
keeps it at II parity with gold, 1T is worth only
about 81 cents in our money. Wages are paid
in silver and are very low in comparison with
tho wages paid in this country for the same
services, in many instances not being half us
much, while the prices of commodities gen.
orally arc much higher than they are here.
The prices of imported articles especially arc
exorbitantly high in Mexico. because they
have to be paid for abroad in gold, and the de.
| probation of their money is So great that it
requires nearly So in silver tc pay 81 in gold.
Although our own silver dpllAT contains less
fine silver than the Mexican Collar, one of
ours is nearly oqual. in rXchangcablc value To
two of theirs, because here the coinage is lin.
tied and the government issues the coins ON
its own account and has pledged its faith and
credit to keep them as good rs gold, n pledge
that has been faithfully kept up 10 this time
Notwithstanding the complaints and dcnuneia'
tions of our free coinng" opponents. Under
our policy the dollar paid to the laboring man
for his wages is just Us good and will purchase
just as much in the markets as the dollar paid
to the bondhuldcrs or to amy other class of
creditors, but If we are to have free and un.
limited coinage Of legal tender silver for the
benefit of the owners Of the bullion the gov
eminent and tho people at large would have
no interest whatever in the coins, and it would
be grossly unjust to require the government
to keep them equal iii cNciangcablc value to
gold. The dollars, rs RAPIDLY as coined. would
be delivered to the owner, of the bullion free
of charge, and the government would have no
legal or moral right to tax all tho people of
the country in order to procure gold with
which to redeem these private coins. The
value Of our dollar would, therefore,, be no
greater than the intrinsic or commercial value
of the silver contained in 1t, and its purchas-
ing power in the markets would be diminished
about one-halt, hut the wages of labor would
remain, for u long time at least, substantially
at the present rates, or, If they should be nom.
inally increased ON account of the depreciation
of tine 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
rapidly, at some periods changing several
times in the course of a single day. And these
movements are always more frcqucnt and
more harmful when the currency is i'll an un
settled condition.
Attitude of Manufacturers.
You have doubtless observed recently what
appears to be quite II formidable dumonstrn.
| ton in favor OF the free coinage of silver by
certain large manufacturing interests in the
eastern part of the country, upon the ground
that If we continue to maintain our present
standard of value the silver standard coun.
soon be able to undcrscll them in tho markets
of the world. Reduced to its simplest form.
the proposition of these gentlemen is that the
manufacturers of certain kinds OF goods III
this country cannot continue to pay their Ii.
borors high wages in gold or its equivalent
and compete successfully in the markets
abroad with the manufacturers of similar
goods in silver stand3iTu countries, who pay
their laborCrs low wages in deprecated silver,
and therefore they insist That a monetary sys,
them the advantage of paying for their labor
in deprecated silver. Tic theory is that, with
free coinage of legal tender silver, tho wages
of labor in this country would be paid in sill.
yer dollars worth about half as much as gold
dollars, but the, products of labor. which
for gold in the markets abroad, and that the
gold thus obtained could be exchanged for sill
yer at about the rate OF 81 in gold for 81 in I'll
employer getting gold Of full value and the
lnborer getting deprecated silver, which, in
the opinion of these gentlemen. would be u
most happy solution OF this question.
II the interests of labor are to Ir left entire.
ly out Of consideration, and if it were not rca-
sonably certain that II sudden revolution i'll
our monetary, system would at once arrest the
progress of all our industries and produce al.
most universal bankruptcy, this scheme to
make the employer very rich and the laborcr
very poor might be worthy Of serious consid-
Grafton, but tho American lahorcr has n right
to demand pay for his work in as good money
as the employer receives for his products in
any part of the world, and when he surrender
this right he is doomed To the same fate that
has already overtaken his brothers in the sill
yer standard countries.
1t Is but simple justice to say in this con
nection that tho great body OF employers, n
vast majority of the men who have embarked
their capital in industrial enterprises and are
relying for success upon their skill and energy
in the prosecution of their business, do not
want the present standard # value over
thrown. because they know th"s tho establish
ment OF silver monometallism would be rain.
GUS to- them and to all who are dependent
upon them for employment or for the supply
OF commodities at reasonable prices.
Investments of Labor.
II the solution of this question affected only
the character and amount and purchasing
power Of the future earnings Of the American
est Importance to him, but its Importance il
greatly increased by the fact that the safety
and value OF IL very considerable part Of his
past earnings are also involved. The thrifty
and provident workingman, anticipating .
time when he may be disabled or deprived OF
employment. has endcavored to save some.
thing out of his earnings i'll order to provide
for the comfort of his wife and children in the
future and has laid 1t away ut home. or de
posted 1t in a bank or building association. or
Invested it in u life insurance policy, or loaned
u to some friend in whom he has confidence.
He Is not a debtor, but q creditor, and the
corporations and individuals having the Gus
tody Of his earnings are indebted to him and
ought to pay what they owe him in Just AS
good money as he put into their hands.
Savings Banks and Building and Loan As
sociations.
According to the latest reports. the savings
banks in your own state hold $2l.351, 4UO on
deposit for S.S2 people, or an average of $25'
for each depositor. and in the whole country
they hold $l.sl0, 597 .OOO for 4,s.5, $40 people, or