Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-09-26
FREE COINAGE AND WAGES.

| ing the statistics of money supply and
production? A. Three facts: ~ That
the money supply OF this country and
of the world at large is not contracting,
but increasing rapidly; (2l that the low
price of farm products is caused by in
creased production, not by contraction
of the currency; and (3) the iarmer
condition would not be at all improved
| by the free coinage Of silver.
O. Do not many of our fellow citizens,
however, believe that free coinage will
make them prosperous? A. They do.
Q. Why not try the experiment,
then, and satisfy these people? A. Be-
cause 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 chic fly suffer? a. All
wage-earners, all employees at fixed
/ salaries, all depositors in savings banks,
all holders of life insurance policies, all
veterans receiving government pen
sions, and finally all purchasers of food,
clothing and other necessaries of life,
! Q. Why would free coinage harm the
( wage-earnersp A. Because their in
come would remain unchanged, or
would change but slightly, while their
living expenses would increase enor-
mously.
Q. Why would their expenses in
crease under free coinage? A. Because
of the violent, general and permanent
rise of prices.
Q. Would such rise in prices be in
eyltable? A. 1t would necessarily fol-
low the lowering of the money stand
ard.
Q. Would everything which a wage
Garner buys advance in price? a.
Everything; there could be no excep-
tion,
@. But would not wages and salaries
advance correspondingly? A. All Of
the worlds experience in currency in
fation proves that they would not.
Q Has this country had any exper-
ience in the results of such currency
experiments? A. 1t has.
| @ 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 cur
reucy caused an increase in the average
price OF all articles in tins country, OF
1l6 per cent. in prices.
Q. What was the increase IN wages:
a. During the same period wages in
creased on an average of 43 per cent,
against the increase of ll6 per cent. in
J prices.
Q. What did this mean? a. 1t meant
three times as fast as wages and sal
aries.
Q. Where are these figures obtained;
. A. From an expert investigation made
Senate This investigation covered
actual market prices of all articles tol
series of years, and actual wages II
all employments. Its report is stand
: ard authority
@. Is the United States Senate's re-
port our only witness to the high prices
= of 1865? A. Its figures are confirmed
i, by the newspapers of the period, which
may be consulted at any large public
library.
Q. Give some of the actual prices
A. barrel of flour in 1860 cost $S 25
IN 1866 it cost $l6 %. A pound OF but
| ter cost II cents in 1860, in 1865 it cos
90 cents. In 1860 pound of coffee cos
| IL! cents, in 1864 it cost 49 cents.
Brussels carpet cost $l.2O per yard il
4 1860, in 1864 the cost per yard was So 30
| A ton of coal cost 81 in 1860, in 1865
| cost $40. These are only wholesale
prices; retail prices rose even faster.
@. Give some actual comparisons O
= wages. A. Day labOrers' wages in th
mechanical trades Of cities rose, on tn
average, only from 81 day in 1860 t
$3.50 in 1865. Average compositors
wages rose only from $l,66 to So 90
Locomotive engineers in the East aver
aged $3.50 a day in 1860, $2.SS in 1865
n @. What was the result, with sucl
people as these, of the abandonment G
the gold standard. A. Inability TO liv
= as they had lived before, and in man
ia cases suffering and want
= @. What other classes of people suil
is cred? A. People with small salarie;
IS IS clerks, boolkeepers, teachers. clergy
I'd men, store statesmen, railway employees
It It Few of such salaries increased as muc
ut as so per cent, but the cost of livin
o. doubled.
W O. Who else eNnerienced hardship