The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-12
FREE COINAGE CATECHIsM.
Questions and Answers That May
he Understood by All.
From the New York Post.

From the New York Post.
O. What have we proved. by examining
the statistics Of money supply and pro-
ducton? A. Three facts; % That the
money supply Of this country and of the
world at large is not contracting, but in
creasing rapidly; 81 that the low price of
farm products is caused by increased pro
ducton, not by contraction of the curren-
cy; and 90 that the farmers condition
would not be al all improved by free coin
age Of silver.
O. DO not many of our feTow-citizens,
| however, believe that free coinage will
make them prosperous? A. They do.
O. Why not try the experiment, then,
and satisfy these people? A. Because the
experiment would involve general ruin and
| distress
@. Would the rich suffer most from such
an experiment? a. They would suffer
least of all.
Q. Who would chiefly suffer? A. All
Wage-earners, all employees at fixed sala-
ries, all depositors in savings banks, all
holders of life insurance Nlicies, all veter-
ans receiving governmelS pensions, and
finally all purchasers of food, clothing,
and other necessaries of life.
q. Why would free coinage harm the
wage-earners2 A. Because their income
would remain unchanged, or would change
but slightly, while their living expenses
would increase enormously.
Q. Why would their expenses increase
under free coinage? A. Because of the vlo-
lent, general and permanent rise OF prices.
Q. Would such a rise in prices be in
evitable? A. 1t would necessarily follow
the lowering of the money standard.
Q. Would everything which a wage
Garner buys advance in price? A. Every
thing; there could be no exception.
q. But would not wages and salaries
advance correspondingly? A. All of the
worlds experience in currency initiation
proves that they would not
- Tp- D. IN f4. a aaawr
in the results of such currency expert
ments? A. 1t has.
Q. When? a. Between 1860 and 1865. when
the gold standard was abandoned and
the currency inflated with paper money
Q. Did prices in that. period rise faster
than incomes? A. Very much faster
Q. Give the figures. A. Between 1860
and 1865 the imitation of the currency
caused an increase, in the average price
of all articles in this country, of 116 per
cent.
Q. What was the increase in wages?
A. During the same period wages in
creased on the average 4S per cent
against the increase of l16 per cent. in
prices.
Q. What did this mean? A. 1t meant
that the cost of living increased nearly
three times as fast as wages and salaries
G. Where are these figures obtained?
A. From an expert investigation made in
1892, by order Of the United States Sen
ate. This inves tigation covered actual
of years and actual wages in all en-
Payments. Its report is standard author
Ity.
@ Is the United States senate's report
our only witness to the high prices of 1865?
A. Its figures are confirmed by the news
papers of the period, which may be con-
suited at any large public library.
O. Give some of the actual prices?
A. barrel of flour in 1860 cost s.. 25. in
1856 it cost S16.25. A pound of butter cost
II cents In 1850 in 1865 it cost IS cents In
1860 pound of coffee cost III cents. i'm
1854 it cost 43 cents. A Brussels CARPET
cost Sl2o per yard IN 1860. in 1864 the cost
per yard was $780, A ton of coal cost 81
IN 1860, in 1865 IT cost $40. These are onIv
wholesale prices; retail prices rose even
faster.
Q, Give some actual comparisons of
wages A. Day laborers' wages in the
mechanical trades of cities rose on the
average only from 81 a day in 1860 to 81 so
IN lS05- Average compositors wages rose
only from Sl.66 to $3.50. Locomotive en-