The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-13
The Lesson of Experience.


safe and sure as the experience of the
past. 1t is fortunately true, as the
Philadelphia Record opportunely
points out, that the workingmen of
this country have had ample exper-
ience with the effects of good and bad
money, and as sensible men they ought
to be guided by that experience now,
rather than by the fluent babble of the
theorists and agitators who, after talk
four years ago now seek to repeat the
process on silver basis. Here are the
facts as recalled by the Record:
In 1893 a committee of the United States
senate investigated and reported upon the
fluctuations of prices and rates OF wages
in the last half century. The report of
this committee. which is absolutely trust
worthy in its data, shows that in is62 al
ter uncovered paper currency was put into
forced circulation and gold money hh1
disappeared the value of the legai-tend"r
dollar sank almost Immediately to 16 cents.
At the same time as result OF TINS
crippled purchasing power of money there
was . rise of IS per cent. in the prices OF
223 articles of daily use among the peo-
pie While prices thus nominally rose Is
per cent in deprecated currency, there
was a rise of only per cent. in the wages
of labor.
In 1863 the paper dollar was worth 69
cents; wages were 1Oia per cent. better,
and the prices of commodities had risen
40 per cent. That is to say, wages were
1Ota per cent. better. necessaries of living
40 per cent higher and money 81 per cent.
worse than in 1861. In the following year
these rela tions of the prices of commod-
tiles wages of labor and purchasing pow
er of money We're still more unfavorable
to workingmen. While the dollar was
worth 40 cents wages were only 2jE per
cent. higher and the prices of commod-
tiles had risen to 80 per cent, or nearly
four times as high as the wages OF labor
In 1865 the prices of these commodities
had more than doubled in consequence of
the depreciation of money.
The same report shows that for every
dollar (i00 cents of wages which the Amer
lean workingman received in 1SGO( under
the gold Standard he received only 76
cents in 1868, only so cents in 1864, and only
G6 cents in 1865. In the three years last
named the wages of labor had fallen re-
spectively y, 20 and 81 per cent. under the
operation of deprecated money. 1t should
be born" in mind. too, that this was at Il
time when hundreds of thousands of men
were in the military service of the coun-
try, consuming and not producing COM
mo1ities. Yet notwithstanding the scare
ty Of labor. stimulated by the demand Of
the Industries employed in producing ma
terials OF war, the advance in the rates of
wages was trivial In comparison with the
advance in the prices of the necessaries
of living.
Judged in the light of experience the
present proposition for cheapened dol
lars is, therefore. simply proposition
for the cutting down of the purchas-
ing power of the wages of labor. In
stead Of reducing the nominal amount of
those wages, as has been done during
the past three years of tariff REFORM"
it is now intended to sugar-coat the OBJ
jectionable dose by reduction in the
value of the dollar paid. But the actual
effect will be as bad in the one case as
in the other. Thus the man who gets 81
a day now on the gold standard would
under free silver get, it is true, two
nominal dollars. but those two dollars
together would be worth for buying pur-
poses not more than $lO6 in the gold
values of today. Consequently no work.
ingman who is unwilling to have his
wage halved should vote for Bryan and
the silver standard.