The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-29
The u. S. Govt Reports
show Royal Baking Powder
superior to all others.
riONEY AND WAGES.
Information Demanded by Olney
Keeps Coming In.

Information Demanded by Olney
Keeps Coming In.
WASHINGTON, Oct. 2S.-Reports
on money and wages from United
States diplomatic and consular Of
ficials abroad continue to pour into
the department of state in response
to Secretary Olney's July circular, de-
manding to know the experience of
foreign nations with the currency
problem.
Minister Thompson, in a dispatch
from Rio, says: There has been no
material change in the monetary sys-
tenn of Brazil recently, although every
effort is being made to again reach
metallic basis. The recent change in
the FORM of government and the I'M
fortunate disturbances that followed
have, no doubt, contributed in de-
gree toward the unsatisfactory condi-
ton of the national finance. There
can be no doubt that within the past
seven years, or since the proclamation
of the republic, manufacturing as
well as agriculture has made enormous
strides This can only be attributed
to the development of new and Won
dertuiy ricn country. 1t is attribu-
ted by many, among whom is the
president of the republic, to autonomy
granted the states under the federal
constitution. This appears to be an I'M
reasonable solution, and no one for a.
moment would assign to it the in
creased but deprecated volume Of
currency.
Minister Thompson finds it impos-
sible to answer the questions of the
department relating to wages and
prices, as no statistics are available.
In general. however" he concludes,
IT may state that the value of labor,
as expressed in milreis, is being adj
vanced, as the milreis depreciates in
value, although the cost of necessities,
especially such as are imported. must
necessarily advance with every fall in
its exchange value 1t is not unusual,
/ understand, to find labor receiving
now the same wages. that were paid
when the milreis were quoted at IL and
IA pence, which today has dropped to
3 pence. Brazil has adopted the gold
standard but paper alone is in cir
culation."
H Clay Armstrong, jr., in charge of
the United States legation in Spain,
makes a voluminous reply. He says
that the bimetallic system prevails in
theory, the Bank of Spain-which is
a copy of the Bank of France-holding
one-half of it's cash reserve for the
payment of it's notes in gold and the
other half in silver, yet of gold in ac-
tual circulation there is none, The
per capita circulation is s23.75, OF
which $11.32 is based on metallic coin
age. Mr. Armstrong says:
Here, in other words, the fact
has been demonstrated that as in the
physical world two bodies cannot &C.
cupy the same space in the same time
so In the monetary world the two
metals cannot cover the same conn
mercial field at the same time. both
filing the place of basis of value
AS to the effect on industries OF
the Spanish financial condition, the re-
port says that there has been no ma
terial decrease in wages. though there
has been a diminution in the purchas-
ing power Of days wage of u to Il
per cent.
Agricultural 1aborers receive from 81
to 40 cents q day, and feed them
selves. Skilled laborers have had Their
wages increased slightly.