Omaha daily bee., 1896-08-18
w1scs Under FREE SILVER.

WAGES UNDER FREE SILVER.
In his speech at Columbus, o., last
Saturday. senator Sherman said in ref
crcnce to the effect that the free coin
age of silver would have upon the pur-
chasing power of wages: with free
coinage Of silver every workingman can
and ought to demand enough silver for
his daily wages to be equal to the pur-
chasing power of his present wages in
gold. Tho struggle between working
man and employer will then commence
and no one knows better than the work
ingman how difficult it is to get an adj
vance of pay. We have strikes and
strife enough now, when the working
man gets his pay in gold coin or its
equivalent, but what will he the condi-
ton when he is paid in cheaper money
of the same nominal amount but OF
less purchasing power?' Here are sug-
gestions for intelligent workinsmen to
seriously think about.
Undoubtedly when wage earnerS
found. as they would do long before
actual free coinage could be in
hugurntcd. that the purchasing
power of their earnings had de-
creased. they would demand an
increase Of pay, But what sound reason
is there TO believe that they would get
it? In the first place it is important
to consider what the conditions would
he. The success of the free silver
party would be followed ut once by
general financial disturbance and busi-
ness paralysis. No well informed man
doubts this. Mr. Bryan himself has
admitted that panic would probably en-
size from the free coinage of silver.
This state of affairs would enormously
augment the army of the unemployed,
so that for every man now seeking
work there would be half dozen or
more. Manifestly 1t would be utterly
useless for workingmen to attempt to
secure an advance of wages under such
circumstances. And this condition
would be long continued, because the
work of readiustmcnt would necessarily
90 on slowly. He knows nothing or
the laws of finance or trade who sup
could make the transition from Il none
tary standard that has prevailed for
more than sixty years to a new stand
ard The capital and industries OF the
country, thrown into disorder and con
fusion by the certainty that the country
was to be brought to Il silver basis,
would make slow and hesitating prog
ress in adjusting themselves to the
change 1t would be an essentially
revolutionary transition, to be accom-
plished with great care and caution.
In the meanwhile labor would be the
greatest sufferer. Hundreds of thou
sands now employed would be thrown
out of work and all who were so for
tunate as to retain employment would
find that their wages had shrunk nearly
one-half in purchasing power. When
the reimbursement was finally accom-
pished after perhaps years of privation
by the great body of wage earners,
what then? Possibly their demand for
better pay would receive attention, but
all experience proves that they could
IieNci SNtulV tNtN ub'' vi ""s,N' go
great as the increase in the price of
| what they have to buy under the opera
ton of n policy of currency debasement.
American workingmen have had this
demonstrated within the lifetime
of many of them as wage
workers. During the paper money
period the wages of labor rose
slowly, while the price of all COM
modities advanced rapidly. and the
former never overlook the latter. 1t
should be remembered, also, that dur
ing several years of this period hundreds
OF thousands of men were Withdrawn
from competition in the labor market
to do military service. This expert
ence ought to be sufficient to teach the
men of labor that their interests and
welfare cannot be promoted by cheap
money, whether it be of silver or paper.
Whatever other class may be benefited
| by debasing the currency, the wage
| earning class certainly cannot. Free
silver means currency debasement and
| is therefore hostile to the interest and
| prosperity of all who depend upon their
| labor for livelihood.