The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-10
He May Profit at Labor's
Expense.
A SELFISH PROPOSITION.
Farm Products Fall When La
Dor Is Poor.

low the Free Coinage of silver-The
Sufferers From II.
The frightful destruction Of values
which the silver basis would cause in
all property which bears fixed rate of
interest or dividend would reduce many
thousands Of the people to comparative
poverty. The moderate savings of the
industrial classes, accumulated through
years Of honest toll, the humble inner
itance Of women and children, policies
of life insurance maintained with diff
Guilty through years to protect their
families In case Of death of the wage
Garner, swept away to the extent Of at
least one-half in value and productive
ness--this is the result and these are
the consequences to which "free silver
would lead as surely as the sale Of
gold dollar at SO cents would lead to
loss Of AZ cents.
This would be the first phase Of the
calamity which would overtake this
country upon the adoption Of the free
coinage of silver at 16 TO ]. 1t would
have similar effect on the value of all
property producing fixed rate Of in
terest not payable in gold and embrace
in its devouring jaws policies Of life,
fire and marine insurance, mortgages
and the interest payable on them, rents
during existing leases, all stocks which
could not increase dividends by higher
rates Of interest or higher rates Of trans
portation.
All securities payable, principal and
interest, in gold, including railroad,
real estate and other mortgages. If the
stipulated payments can be maintained.
would be exempt from the deprecia-
tion. But who is sanguine enough to be-
lieve that the profit earning capacity Of
the corporations or individuals who
have given such promises could be in-
creased enough to enable them to pay
even so per cent premium on gold?
Let US take railway companies to IL
lustrate the point.
An estimate of $3.50, 900, 900 interest,
payable annually in gold, cannot bs
considered excessive.
At a premium Of 90 per cent on gold,
this annual burden would be increased
to 1916, 900, 600.
If this great additional burden placed
upon railway companies is not an alarm
ing threat against nearly 1000, 900 of
employees, and involving the mainte-
nance of from 5000, 600 to 1900, 900
people, if we include families dependent
upon these employees, we fail to COM
prehend what seems to be q very simple
proposition.
Perhaps the most deluded Of the ad-
vocates of free silver are the farmers Of
the great west and the cotton planters
of the south. The theory in each case,
as nearly as we can understand ii, Is
that an advance in the market value Of
their products would follow the adop-
tion Of the free and unlimited coinage
of silver. as proposed-that is, we are
led to suppose that the silver price
would correspond with the premium on
gold. Thus. il gold sold at premium
Of 80 per cent, the price Of a bushel Of
wheat in silver would be 75 cents in
stead Of 30 cents in gold, and a pound
of cotton valued in silver would advance
from cents per pound to 1915 cents,
or from 8 cents to 10 cents, and so on.
But, il such an advance takes place, it
should be followed by corresponding
advance in the cost Of everything the
farmer or the planter buys, and in the
cost of labor, in which case the pur-
chasing power of 75 cents per bushel in
silver for wheat or the 1015 cents per
pound for cotton is no greater in silver
than the former price in gold. Where,
then, is the advantage?
All, but labor will not advanced We
shall pay no more for farmhands or for
laborers on the plantations than before
is the reply, and this is true so far as
the farmer or the planter can control
the situation. We are, therefore, led to
the conclusion that the farmers either
expect to make profit out of underpaid
labor or that they are greatly deceived
in supposing they can get better results
from 10 cents in deprecated silver than
from 90 cents in gold, although the
purchasing power may be the same. Ii
is not to be supposed that the farmer
means to make his profit at the expense
of the farm laborer, but this is precise
ly the way ne must calculate his profit
if he expects to get an advantage by
selling wheat on silver valuation.
This will not bo palatable to the farm
hand, but he will not for some time.
perhaps, discover that lie is a victim to
the free silver cause, for which, posi-
bly,, he will vote.
But, admitting that the farmer is
right in supposing that wages will not
advance in the ratio Of the rise in gold,
there can be no greater delusion than
the expectation OF the farmer or pro-
ducer that wheat can be maintained in
its market value when all other inter
ests are suffering. The widespread loss
and trouble to which we have already
referred will force economies in every
direction, and the additional cost Of
living will be offset by diminished con.
sumption. If wheat advances 90 or 100
per cent, while the consumers at home
find their wages stationary and employ
ment ovprvxyhpre less actiye. they will