The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-05
ward n. Tricky was unanimously
chosen as candidate for representative to
the Legislature.
FREE COINAGE cATEcHisM.
The Gold Standard Argument for Wage
Farmers.

(Erom the New York Evening Post } .
@. What do the frse coinage leaders
charge against the gold stand
ard? A. They declare that it has helped
the rich and has caused distress and loss
to everybody else.
@. Is this statement true? A. 1t is
not.
@. Suppose the gold standard had
worked injury to every one except the
rich; how should wo know the fact? A.
People with small incomes would have
been growing steadily poorer since the
gold standard was adopted.
@. Have such people been growing
poorer2 A. On the contrary, their pros
perity, since this country returned to the
gold standard, in 1872 has increased in
an unprecedented degree.
@. What proof have you Of this2 A.
The increase in savings banks deposits
@. By whom are such deposits madeP
A. They consist almost entirely or the
surplus income of tradesmen. wage earn
ers and small producers.
@. What are the figures of these depos-
its? A. In 1879 the total savings bank
deposits in the United States were $500,
400, 29S; in 1896 they were 81, s44, 1857, 7S9
increase, s1.O41. 1857, 500. or 1879 per cent.
@. What is your authority for these
fguresp A. The official statements of
the savings banks, of the United States
government, published in the reports of
the controller of the currency.
@. What do the figures show? A.
They show that during the seventeen
years since this country,s return TO the
aingle gold standard, the savings of it's
poorer people have been q thousand mil
lion dollars larger than they were in any
preceding period.
@. Are the savings bank deposits our
only proof thet the people have prospered
under the geld standard9 A. The build
ing and loan associations are another
striking ploof.
@. Who are the deposltors with build
ing anu loan associations? A. Chiefly
wage eaTners, tradesmen and people with
small salaries.
@. What do the reports of these asso-
Citations showa A. Twelve years ago the
deposits with such associations were COM
paratively insignificant In 1892 the re-
turns of the United State department of
labor showed the aggregate to be $500. 900.
900. Today the total of these deposits In
this country is estimated at $3.50, 600, 900.
@. How do all these figures compare
with savings bank deposits and with
building and loan association accounts in
countries now on silver standard A.
Such countries have neither savings
banks nor building and loan associations.
@. Why? A. Presumably because the
wage-earnefs in those countries have no
savings to depsoit
@. How do you explain SO enormous
an increase in the savings of our people?
A. Wages have increased since the re-
turn to the gold standard Great improve
ments and extension of production have
lowered prices and reduced the cost of
living. This has necessarily increased the
peoples savings.
@. What Is your authority for stating
that wages have increased since our adop-
tioE of the gold standard? A. The
highest known authority, the United
States Senate report of 1892, already re-
ferred to in this oateohism.
@. How much does this report show
average wages to have increased since
the resumption of specie payments? A.
Up to the latest datB covered by the re-
port they had increased 20 "a per cent.
In many industries the increase had been
much larger.
Q. Then the average wage-earner's in
come has increased under the gold stand
ard, while living expenses have decreased
for every body? A. Such are the faots.
O. Would this advantage continue IN
der froe silver coinage? A. 1t could not.
We have already shown. that wages would
not increase spontaneously, if at all,
while prices for neoessarieA of life would
rise rapidly.
@. DO the free coinage leaders admit
~ 4ni. ~ H. ~ A.
they declare that all prices are now too
low. and that free coinage will raise
them.
@. But do not these people claim that
high prices for food, clothing and house.
hold necessaries will cause general con-
tentmeat and prosperity? A. They do.
Q. How can we be sure that they are
not right A. Read up the record of
years when currency imitation had caused
high prices in this country Look into
the condition Of Sother countries. where
prices now are high under silver stand
ard.
@. When were prices and living ex-
penses highest In this country? A. In
1865 and 1866.
@. What did the American people of
that time think of the high prices? A.
They complained bitterly.
@. Who're can we find any record of
such complaint. A. Go to public
library and read the newspapers of those
years.
@. Give some illustrations. A. In
1865 the New York papers seriously ad-
vised people to stop eating meat in order
to check the high prices. Letters from
readers published in these papers COM
planned that milk, butter, coal and ice
were almost beyond tho poor mans reach.
One letter, in the New York Times of
June 20, 1866, deserves to be quoted.
"All last winter" the writer says, ~
could hardly afford to buy any meat
The little bits of beef and mutton that
we poor people buy cost SO much that my
wife says it is like eating money" You
oan readily consult ell these published
letters.
@. Would people object to high prices
now as much as they did then? A.
Every head of a family and every house
keeper is competent to answer this ques-
tion.
NO. If prices advanced under free coin
age, would not the employer of labor be
able to pay very much higher wagesP A.
His own living expenses would Increase
as fast as his income, his business would
be thrown into confusion and all his
profits would become matter of spec II.