The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-04-16

WAGES AND MONEY.
After struggling for moro than 4 quar-.
| ter OF century, through labor organiza;
| tons and otherwise, to secure rate OF
wages which would make the proceeds OF
days work equal to the cost of Il days
| subsistence for the worklnginau and his
| family, you are asked by the advocate
| of free coinage to Join them In destroying
ohc-halt OF The purchasing power of the
| money III which you are paid. and impose
| upon yourselves the task OF doubling The
nominal amount OF your wages hereafter,
mat Is, TO struggle FOR another quarter OF
century, or perhaps LONGER 10 ra,s,,
your wages in "a deprecated currency 10
point which will enable you to purchase
with them as mach OF the ncccssarics OF
HE as You can purchase now; and IT.
AFTER Years of contention. privation and
Industrial disorder, YOU should AT last sue
coed IN SO adjusting wages that they
Would procure ~ the higher prices of com
inoditics Just what they viii procure now
a. the existing prices. what would you
have gained by the change from the old
10 the new. conditions? Money received
Tor wages, like money received on every
other account, IL valuable only to the ok
tont that IL can hc cNchmnged for other
commodities. and 1t is scarcely necessary
To suggest that dollar worth ~ cents
VIII not purchase as much In the markets
as dollar worth 100 cents TO call a dime
= dollar would add nothing whatever 10
It's Intrinsic value, or 10 It's purchnaing
power. If these propositions are correct
IT IS clear that when wages are paid IN
a deprecated currency the rates OF wages
must pc increased In proportion 30 the
nerrecinti"n Of the money aud IN pro-
portion TO the increase in the prices o.,
Other things, or the lahorer will su,lcr II
loss. Rut. | affirm tha; IT IS the universal
rule that the rates of wages do not In.
crease in proportion to the derrociation
IN the value of the money in witch they
are paid, and that when the currency Is
deprecated the rates of wages do not In
crease III proportion 10 the increase IN the
prices OF the commodities the lnhorer is
compelled To purchase. IF there has been
have not enabled M 10 lind it. and do
not believe one can be found
III is not my purpose to weary YOU hy
the presentation Of voluminous statistics
or by tedious recital of facts hut the
particular proposition new under consider
alton is of such great inporinncc in the
discussion Of this SUBJECT that you mus,
permi, me TO call your especial attention
10 tie experience OF tho lahpring people
In our own country during tho years I'm
mcdia'cly following the introduction of
dcrreciated paper currency IN lSS2 and
also TO the very low rates OF wages which
now prevail in countries having the silver
of value, or the so-callcd double
OF value, with coinage OF silver
ut n legal ratio not corresponding with
the commercial value of the metal, and |
In doing this will make no statement |
that can not be fully sustained by reliable
evidence.
FIFTY Two YEARS COMPARISON
on the I'd of March, 1893 a sub.commit |
tee on finance In the United States senate |
made report on the course OF prices and |
wages In this country for period OF fifty |
two years embracing the prices of almost |
every article of consumption In common |
use among the people and tho rates OF
wages in almost every industry carried
IN during that time, and, In order that
you may learn from this official and inn
2arth investigation what effect a drpre-
lated CURRENCY has on wages and prices, l
Hill briefly state some of the most mate
'ial facts and conclusions embodied IN that
document. The subcommittee consisted of
i've senators. representing both political
'artics and both sides Of the currency |
question. and the investigation whch
asted nearly two years, was most thor
ughly and impartially made with no
purpose ia view except TO ascertain ana
cport the actual facts, and. 50 far as 1T
eiates to questions of fact, Tho report
vas unanimous As stated heretofore.
ated tho policy OF issuing legal tender
lapor, gold was driven out of circulation,
pccie payments were suspended. the cur
ency began at once to dcprcciatc. ana
,efore the close az the year the paper
oar WAS worth less than ~ cents In
odd. From the time tho depreciation be
an the price of commodities and til"
wages of labor were paid in paper cur
ency. and tho injurious effect upon the
interests of tho lnboring man II clearly
hown in the report referred to. In lHc-
he wages OF labor. paid In deprccihtci
apcr, were less than per cent higher In
apcr than when paid In gold. but the
iiccs of the 22s articles used hy the
ihorers and other people In the mhintc
auce of their families were nearly N per ,
rnt higher than they were when paid In
old: In 1863 he wages OF labor paid In I
cprsciatcd pnper worth nhout g. cents on
Ne dollar were lo'a per cent hlsher man
I..,, la tsf,lI hti a n
rticles the lnhorcr had 10 buy with his I
ages were nearly 40 per cent higher; IN /
"a the wages Of labor. pntd In deprecated 4
iprr dollars worth ~ cents each. had /
lvanccd 81. per cent but the prices OF /
ne ncccssaros of NE had advanced 9ei4 a
ar cent. IN 1865 wages paid in paper cur i
'ncy worth 90 cents on the dollar had .,
lvancod i3 per cent above the rntos pro &
ously paid In gold. or it's equivalent, hut +,
10 prices of commodities had advanced y
carly III per ccnt-that r. to say. h1d I
orc than doubled nnd in 1866 wages paid h
n currency worth z! cents on the dollar q
al advanced fraction more than ~ per I,
mi from the previous rates IN gold. or @
: caulvniont but the prices OF commodi- h
PC had advanced 20 per cent. u
Tho rise In tho rates or wages never Il
with the rise In the prices Of q
her things until me year lSs9' iour years o
our currency was II cents on tho dol lnr. ID
III II was quite certain that no further 6,
,urcciation would occur. In lNp this .
nntry VAS on a gold basis mud had been -
that basis for many years, under ne ~,
,oraiion of the acts of 1874 mud nj. "
ages were thnn paid w gold. or rs =.
uivnIent and by reducing the wages =,
Id in "A deprnciatcd currency 10 n gold ~
sis and comparing them with the rates 81, 81.
id in gold IN isCD we shall have another -
of the Injurious Effects OF 10
can money on the Interests of the Ia ~
ror ON this basis the laborer received ~
cents and mills In 1868 instead of the il'
Id dollar he received IN 1850. In i~f No ~
,elycd 80 cnnta and mills instead Of "A VI
Id dollar. and IN 1858 he received 81 cents u
4 2 mills instead Of n gold dollar, In III
nor words. the wages of labor. measured "
gold as they were In 1860, when we 20
d n sound currency had fallen about n rr
+ cent I'm 1858 more than ~ per cent in oq
and nearly II per cent IN 1860 when dc
had "A deprecated currency; ana, grn- lis
men the force of this illustration Is of
.atly augmented by the facts that these no
lucflous In the rates of wages occurred ri
a time when several hundred thousand wi
,orers had been Withdrawn from the ri
Il Of composition, when the government he
IS engaged IN the prosecution OF "A great mn
n and was expanding money laVishly Tor H.
kinds Of supplies for the army. and ka
Wy, and when the prices Of all the I'm
ducts OF labor had largely increased. - ~
rely. II there ever can be time when ur.
~. .as..tr I