The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-19

Poverty (which the People

the redemption of the banknotes in gold
also; this had not been provided for in
the earliest acts and was a leading
reason for their i'll success. on June /.
1895. the government and bank paper
became redeemable in gold coins on the
basis of q peso of Is pence.
RESUMPTION ACCOMPLISHED.
A good part OF the gold for the pur-
pose of resumption was procured by
Chilli. as it was by the United States,
on bonds sold in Europe. But there
We're two striking differences between
Chilian resumption and ours. They
destroyed the redeemed notes. We re-
issued the notes. and we have redeemed
them over and over again, using for
that purpose the gold revenues of the
government, and when they ceased gold
procured by bonds. When the Chlians
redeemed a note they made sure that it
would not come back again for repay
ment. They wished for no endless
chain" We waited until the paper
money had appreciate ted very much be-
fore we promised to resume: then we
fixed "a date of resumption four years
ahead, and that encouraged the appre-
citation OF the notes, so that they were
practically at par before the date of
resumption arrived. The Chiliars voted
February IL to resume June |. the peso
being at that time very greatly de-
precia ted, and they reduced their coin
not to the level OF the paper but toward
it. By the law of 1851 the condor of
1872 grams of fine gold was the equiv
alent of ten pesos: by the law of 1896
the condor of 1898 grams of fine gold
is the equivalent of 20 pesos. The coined
silver peso has been reduced from %
To 20 grams, its fineness has been re-
duced from 900 to .S35. ana it is IA legal
tender for not more than 80 pesos; the
fineness of the gold coins has been in
creased to the British standard. and the
pound sterling is a legal tender for
IL 1-3 pesos.
Minister Strobel gives some very in
tereSting statistics of the course of
wages during the silver period. The
peso is supposed to be worth 40 pence
bat in 1857 it was worth 26 pense and in
1895 it was worth from X pence to II
pence. During this period. while the
money Of the country was depreciating,
and when. therefore, it's purchasing
power was growing less, wages in
creased. but not nearly at the rate at
which the peso decreased. In 1873. for
example, some mechanics received
from . to Az pesos a day; a carpenter
received from 2 tp pesos: q. laborer
from lls to lA pesos. In 1896 the me-
Chauic who had received from 3 to Az
pesos received from AZ. to Gi.. while
the carpenter received from to :. and
the Ii borer from ~ 10 3. l.ut the high
er wages We're not worth nearly so
much to recipients as the lower wages
had been; for while in 1851 the peso was
worth nearly its full value. in 1895 Az
pesos were equivalent to 1.19, and 6la
pesos Were worth only 2.46 pesos of full
value. The 1aborer, instead of being
able to buy the necessaries of life to the
value Of nearly u pesos with II days
wages in 1898, procured goods TO the
value of only about SO pesos. although
in the first instance his days wages was
1la pesos, and in the latter pa pesos
| When h" received ~ pesos his daily
wage purchased for him food and other
commodities nf the value of about 10
pesos: in lS91. when his days wage was
. neSoS. ii purchased only 1.l3 pesos
worth of goods.
Free silver coinage was without any
supporters in chill. and the only OPP
position to the resumption legislation
came from those who urged that the
country wait till the papor peso had
appreciated to par before undertaking
it. AS the paper peso was depreciat-
ing this party did not prove very power
ful.