Pine Bluff daily graphic., 1896-01-05
STILL AT IT.
Senator Stewart Continues to Fume ovei
 Free Silver.

Free Silver.
 Just now Mr. Stewart is distressed abont the competition of China and Japan with the industries of the United States. He states that agents of Japan csc houses are taking orders for goods at prices which our manufacturers can not meet, and that China is about to follow suit. Japan, for example, is offering bicycles at SIP, but we are not told whatquality they are, and whether they are likely to meet the wants of our bicycle buyers. If they are it would be cheaper to board the makers of our $f00 bicycles at some frst-class hotel grant them handsome annuity, and get our wheels from Japan.
 Mir Stewart finds in this state of things an arg dment for cheap money. The Japanese and Chinese can under sell us because they have the silver standard. The argument by which this conclusion is reached is rather complex, but it is possible to give it's leading points. Silver has declined in civilized countries to about half it's value in 1873. The silver countries, however, such as China and Japan, do not know the diff ference. Their workmen get no more wages than they did before silver was demonetized. Wages in gold countries, however, have been going up, not as measured by silver, but as measured in gold. Then high wages measured in gold prevent civilized countries from competing with China and Japan, where wages are at a standstill, as Mir. Stewart and his associates maintain. Their remedy is the free coinage of silver at the ratio of sixteen to one.
 Suppose Mir. Stewart is right, how will free silver help the American man ufacturer? Nothing can be palmer. He will pay his workmen in silver in stead of gold, that is, he will pay him half the real value that he pays now He will pay the same number of dollars a week, but as every dollar will be equal to only a half-dollar of our present cur rency in purchasing power the labor cost of the goods will be reduced one half, and the American manufacturer will again be able to compete with his competitors in China and Japan.
 This is the argument in nutshell. If anyone should ask how cutting down wages one=half would enable maker of bicycles to sell $100 wheel for $12, we can only refer him to Senator Stewart, who will doubtless explain that the $12 Japanese wheel is not equal to the S1oo American, as he might have done in his speech in the senate if he had thought of it.
 The truth is, however, that in China the actual circulating medium is nam ly copper, alloyed with iron and tin. These coins are called leash, and LOGO of them are nominally worth one tael. The latter is not a coin, but T weight, about 500 grains, though there are diff ferences of weights and value at differ ent ports. The cash have, however, de preciated until it takes 400 or more to be equal to a tael of silver. If the de- preeiation of silver gives the Chinese an advantage in international trade, it is obvious that the depreciation of cop per increases it greatly. To head off the Chinese it will be sufficient to re- store free coinage of silver. We must also have the free coinage of copper at the Chinese ratio, or our manufacturers are undone. It is a pity that Senator Stewart overlooked this, but he may not own any copper mines.-Louisville Courier-J Journal.