Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-09-03

III the United states, and the produce
ton Is steadily increasing year by year.
Now this 5000 100000 amounts to s27,-
100000 more than all the gold and silver
produced in the world in 1873.
The rate of interest in every country
| where they have solid and fixed stand
ard is nearly half of the rate prevailing
In any silver country. A good illus
tration is found in the adjoining states
of British Guiana and Venezuela In
| British Guiana, where the standard is
gold, the rate Of interest is from four
| to SIX per cent. per annum, while in
| Venezuela. silver country. the rate is
from ~ to II per cent, and this win
| follow in every silver country The rea-
| son is plain: When you loan money under
a fixed standard, and agree to pay under
the same standard, the lender can afford
10 loan his money at a cheaper rate
than when he loans ii in a currency
that may depreciate before the return
Of his money.
y silver standard would work par
ticular injury to wage earners. The
rich and well-to-do can usually take
care Of themselves But the man who
has n vital interest In every days
wages whose family depends upon
those wages for its bread and meat, is
the person first tn feel the injury and
last TO feel any possible benefit from an
imitation Of the currency. Not only
would he for one year or two years,
or perhaps many years. feel the effect
Of the prostration Of industry and bust
ness which would at least be the first
result Of change to the silver stand |
ft
probably would in the course Of time
and the full effects of an imitation Of
the currency under unlimited silvercoin
age began TO be manifested. he would
find the prices Of food, of clothing. of
rents raising. but his wages would re-
main stationary. for it is an economic
fact that in an era Of rising urices
wages are the last to feel the influence
- long as steady work is assured the
laborer is much better off under the
condition of falling prices such as we
have had many years. as the cost Of
production of Commodities has been de-
creased by new inventions and i'm
proved methods Of manufacture, for the
Of life and even its luxuries
have become cheaper while by reason
~ various influences wages have risen.
iA lS'0 The average wages paid to
lahorers was S302 per year In 1890 these
mad increased to Sass more than fifty
J cent. while during the same period
NE prices of commodities had fallen.
,he silVerites tell us. from twenty-five
io forty per cent. Under the operation
NJ gold standard. therefore. no mat
ter what its injuries may have been t.
ther classes Of citizens. the laborer is
- least seNenty-fiNe per cent better off
nan he was in 1870 Does he wish to re-
Verse this condition and face lower
we gcs and higher cost of living? |
mink these facts have only TO be pre-
sented 70 the attention Of the working
men to convince them that any gliev-
1nces which they may be persuaded
hey have, cannot be cured by the hum
jug remedies prescribed by DR. Bryan.
There are some classes Of employees :
Nho would be especially affected by 4
liver standard. l refer particularly tot
q" N90.@0 men who get their wages from
ttam and street surface railroads Most :
4 the money invested I'm these enter
rises is represented in bonds whose ,
lrincinll and interest are payable in
,old. The annual payments required by >
hese obligations of Indebtedness are hun !
lrets Of millions of dollars. IT gold goes :
Q premium the holders Of these bonds
INSIST that their terms shall he fulfilled
hat the railroads have got to raise that | !
mount of gold or the mortgages will be +
ortcloSed ana the properties sold. Every
abroad employee knows what that means ,
-a cutting down of expenses, disorgani- +
-tHou. uncertain employment. II the
Qmranes have to pay hundred cents
rcmium on gold to satisfy their interest v
mands il means doubling their fixed .
narscs-and this in the case Of nine rail-
Dads out Of ten means bankruptcy. They
on not increase their rate OF fares, for T
hat the legislatures viii not permit They .
Annot exact payment Of fares in sold. ,
Therefore they must repudiate their 0tli- =
cations or cut down wages-they certain
" cannot increase wages. Whichever horn |
= the dilemma they choose, therefore, | g,
wages the cmploye Is no gamer. for even 1
we're there no reduction of wages under $
he free coinage of fifty cent dollars he
iught to receive twice ms much wages as .
le did before in order 10 put him on an
quality with previous conditions. The +
purchasing power Of his wages. II the rate
emained the same. would be cut down
Against such threatened calamities we s
rave met as Democrats and as patriots !
o protest Our purpose is too serious to
permit differences on minor matters or
PERSONAL jeaiousieS TO divide our councils
r weaken our influence. We have come
acre as Democrats to exert such influence
ts We may have among Democrats for
he good of our country and the preserva-
ion Of our party organization for other ,
periods of usefulness. Reuouncing as UNI
Democratic the work OF the party or
sanitation at Chicago let Us be true to
Very Democratic instinct Mt Indianapolis. g.
lot 10 man say that in this convention
any false note of Democracy was sound
I'll. We stand for all that should inspire :
GOOD citizenship-for honest money. en-
iorcement OF law and order, respect for
authority, the preservation of the national
'retlit the just payment of debts. the
lisnity and welfare of la Dor. the prosper
ty and fair name of America. United in
such cause we can go forward with the
American flag as our banner and the