The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-16

prices of all the products of labor had
largely increased. Surely, il there ever
can be time when an abundance of
cheap money will increase the wages and
improve the condition of laboring men,
these results ought to have been accom-
plished under the combination Of favora-
Bile circumstances existing. especially in
the great centers OF industry, from 1851
TO 1855, and yet there has been no other
period in our history when the rates of
wages fell so rapidly or so low :.
our neighborinr republic of Mexico.
with constitutional government very
similar TO our own, with an area of 5000
square miles and a population of only
about 100000 with almost marvellous nat
ural resources awaiting development, and
offering a most inviting field for the in
vestment of capital and the employment
of labor has the silver standard of value,
gold not being in use and If cheap money
is a blessing to the labOring man he ought
to be prosperous and happy in that coun-
try. The Mexican dollar contains SU.n
grains of pure silver, or nearly grains
more than is contained in our dollar, and
yet. not being sustained by a monetary
system which keeps it at a parity with
gold, it is worth only about % cents in
our money. Wages are paid in silver and
are very low in comparison with the wages
paid in this country for the same services,
in many instances not being half as much,
while the prices of commodities generally
are much higher than they are here. The
prices of imported articles especially are
exorbitantly high in Mexico, because they
have to be paid for abroad in gold, and
great that it requires nearly two dollars
in silver to pay one in gold. Although
our own silver dollar contains less fine
silver than the Mexican dollar, one OF
ours is nearly equal in eXchangeable value
to two of theirs. because here the coinage
is limited and the government issues the
coins on its own account and has pledged
its faith and credit to keep them as good
as gold, a pledge that has been faithfully
kept up to this time Notwithstanding the
complaints and denunciations of our free
OnnOnpnfS Under
the dollar paid to the laboring man for
his wages is just as good and will pur-
chase just as much in the markets as the
dollar paid to the bondholders, or to any
other class of creditors; but If we are TO
haye free and unlimited coinage OF legal
tender silver for the benefit OF the owners
of the bullion, the government and the
people at large would have no interest
whatever in the coins, and it would be
grossly unjust to require the government
to keep them equal IN eXchangeable value
to gold. The dollars, as rapidly as coined,
would be delivered to the owners of the
bullion free of charge, and the government
would have no legal or moral right 20 tax
all the people of the country in order to
procure gold with which to redeem these
private coins. The value of our dollar
would therefore, be no greater than the
| intrinsic or commercial value of the silver
contained in it, and its purchasing power
| in the markets would be diminished about
| one-half; but the wages of labor would
/ remain, for long time, at
least substantially at the present rates, or
49,
| account of the depreciation of the cur
| rency, experience in the past shows that
| they would not increase in proportion to
! the increase in prices of commodities
| Rises in the rates of wages take place
| very slowly, while the prices of commodi-
| ties move rapidly, at some periods chang
| ing several times in the course of a sim
| gle day, and these movements are always
| more frequent and more harmful when the
currency. Is in an unsettled condition. :.
If the solution of this question affected
| only the character and amount and pur-
| chasing power of the future earnings of
The american laborer. it would still be a
subject of the. gfavest Importance TO him
but its Importance is greatly increased by
very considerable part of his past earn
ings are also involved. The thrifty and
provident workingman, Anticipating
time when he may be disabled or deprived
of employment has endeavored to save
something out of his earnings, in order
to provide for the comfort of his wife and
children in the future, and has Iald II
away at home, or deposited 1t in bank or
building association, or invested II IN
life insurance policy, or loaned ii to some
friend in whom he has confidence: he IS
not a debtor but a creditor, and the cor
porations and individuals having the Gus
tody of his earnings are indebted TO him
and ought to pay what they owe MIN IN
Just as good money as he put into their
According to the latest reports, the saw
ings banks in your own W aos state hold VA
average of $257 for each depositor, and in
the whole country they hold 1910, 597 600
for 4s755ls people; or an "a average err Of SD
companies and private banks hold $780,
S9S coo for about 1900, 600 people, and ma
tionaI banks hold 81 ,701 .653, 521 for 1,929S40
81 600 to their credit. Besides these insti-
buttons there are 5000 building and loan
associations in the United states having
male who have paid dues in good money,
amounting to more than $50O,OO0,OOO. There
are nearly 700 of these associa lions in the
state of Illinois alone, and in these insti-
stutions many laborers, men, women, and
even children, have deposited every dol
lar they could spare, often denying them
der to lay up something for time of
need.
More than 100000 of our people have
taken out life insurance policies, which
are now in force, amounting to A,2O2, ST.,
1928 and have paid the premiums on them
year after year in good money, while the
mutual benefit and assessment and CO.
operative and fraternal companies and as
sociations have 100000 members, who
have contributed a large part of their
earnings to the funds held to reimburse
losses sustained by sickness or death. The
obligations of these companies and asso-
Citations to their members amount to So
1874 $40, 1886; and the industrial companies in
the United States have a membership of
g. 19. $685. with insurance amounting TO $685.,
65O.678 in addition to all the foregoing, and
it is constantly increasing. How many la
boring smen and women have taken out
policies, or otherwise contributed from
their earnings to insure themselves against
loss by accident while engaged in the pros
ecution of their work, cannot be accu-
rately ascertained, but the number is
known to be very large.
The banks, trust companies, building
associations and other similar Institutions
owe the people of the United States to-
day $685.. 13s 51 for money actually de-
posted. a sum nearly eight times greater
than the total capital of all the national
banks in the country; while the life in
surance policies held by the people in the
various kinds of corporations and asso-
Citations and in force to-day amount 70
$40 20, S04,357, a larger sum than has been
actually invested in all our railroads, ana
about fifteen times larger than the capt.
tai of all the national banks. In view or
these facts. which cannot be successfully
disputed, / submit that you ought seri-
ously to consider all the consequences to
yourselves and your fellow-citizens before
you agree to the free and unlimited coin
age of legal tender silver at a ratio of 1G
70 !, In order that these great corpora
lions and associations may have the Priv
Iegn of disc charging their debts 10 the peo-