Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1896-09-09
FREE SILVER IN INDIA
1T HAS REDUCED LABOR TO THE
VERGE OF STARVATION.
Wages Have Remained Stationary While
the Price of Necessaries Have Gone Up
Out of the Reach of Toi1ers.


the stock claims of the white metal advo-
Gates is that in India silver furnishes a
stable currency. That the people of that
country are happy with it; that they are
prosperous and getting an increasing
share of the worlds trade; that while
silver has fallen when measured by gold,
it has not fallen when measured by other
products. The claims cover wide
range and are intended to prove that
silver on a strictly silver basis makes
an ideal currency for a happy and pros
porous people.
The silver men have been unfortunate
in citing Mexico as an example for this
country. Mexico lies too near our doors
and knowledge of the desperate condition
of labor and the middle classes in that
backward land is too easily accessible.
India as a guide for America is an
equally unfortunate selection. Like ev-
cry other free silver country it is Il land
of ignorance, with the great mass of it's
population in wretched depths of poverty
beyond the conception of Americans.
For all but the privileged few life is
one of endless struggle for mere exist
ence, and the gaunt specter of famine
is ever ready to stalk through this sore
stricken land.
l. L. Hauser, a tea merchant of Chi
-cago, who has spent the greater part of
the last thirty-ive years i'll India, where
he has a branch house and is interested
in tea and in several agricultural ma
chimes of his own invention adapted to
India, being a close student has made
careful study of conditions in that land
and this. Long residence has given him
opportunity to carefully watch the Yari-
Gus changes which the past quarter CEN
fury has brought about. Seated in his
library. surrounded by curios gathered
in a life spent in the Orient and with
official and private publications concern
ing the country at hand for ready ref
erence, Mr. Hauser talks most enter
tainingly.
There is no gold coinage in India. The
unit of circulation is the silver rupee,
which has no fixed value. Its worth va
ries from day to day according to the
price of bullion or bar silver in the Eu-
ropean market. To appreciate the
changes in the value of the rupee, its
equivalent in American money in 1851
was 90 cents; % cents in 1861; II cents
in 1871; Al cents in 1881 and 81 cents
in 1891. The depreciation in recent years
has been rapid: III 1893 worth 81 cents
and in 1894 only % cents.
1.-THE subsidiary coins are anas, is be-
ing equal to rupee; pice "COPPER" 4
equaling an ana; pies, also copper. u
equaling one ana. The lowest form of
currency are cOWries, kind of she'll
rupee, or % cents of our money. These
cowries are used by the poorest people to
purchase salt. fireWOod and the barest
necessities of life. 1t is a fixed law in
finance that the poorer the people the
cheaper the money and the smaller the
denominations into which that money is
divided.
1T is a stock argument among
silver men that the value of silver
when measured by all other prod
ucts has not fallen. This is an as
sumption that is directly contrary to the
facts. In India, strictly silver using
country with no gold coinage, the pur-
chasing power of silver when measured
by other products has declined at such
q, rate as to keep pace with the decline in
the value of silver when measured by
gold In other words the purchasing
power of the money of India has fiuctu-
ated and deprecated according to the
changes IN the price Of silver in London
Inns tact entirely upsets the claim of the
white metal men that silver is a stable
money metal and that it is gold that has
appreciated instead of silver that has de-
Dfeeiated."
Taking down a large blue bound bool,
entitled Prices and Wages" compiled by
the Assistant Secretary of State for In
Ola and issued by 1.-THE Finance and Com
merce Department" Mr.. Hauser turned
to a series of tables showing the Dur-
chasing power of the rupee over certain
staple products for long series of wears
these tables cover every market cen
ter IN India and show the average pur-
chasing power of the rupee in each for
many years. Selecting CaWnpore as a
typical market it is shown that in 1871
one rupee would purchase 4S pounds of
wheat; in 1881, 40 pounds; in 1892. %
pounds Of rice it would buy "a pounds
IN 1871; 81, pounds in 1881; % bounds
IN 1882. Of barley. it bought g. pounds
IN 1911; Of pounds in 1881; SO pounds in
1891. Of grain equivalent to oats) it
bought 4S pounds III 1871; 40 pounds in
1881; 81 pounds in 1891.
Ihese tables show, and my own per-
sonal experience cOrroborates them, that
as the price of silver went down lesser
amounts of goods could be purchased for
a rupee The same result would follow
the degrading of our own currency to
the silver standard. The great hard
ship OF such a decline in the value of
money, or what is another way of put
ting II. such an imitation of prices when
measured by-~a debased standard of
money, is that all prices do not 'fuctuate
IN the same proportion, and the wages
of labor change but slowly. This makes
such fluctuations bear most heavily upon
those who are least able to bear such a
burden, the people whose daily bread
depends upon their daily labor Their
wages go up slowly if at all, while their
necessities of life advance rapidly, MAX.
ing it impossible for them to purchase
as much. This has taken place in India
until large part of the population of
that unfortunate country are perpetuaIly
on the verge of starvation.
20 appreciate the desperate situation
. OF. the natives of4l ndiaaand -te see how
the decline in SILVER has reduced them
to extremities. let us consult this official
report and see what it-says about wages.
1t gives the wages, per month of able
bodied agricultural Iaborers' in Unit
ed States money at Lucknow as $1.64 in
1871, S1.23 in 1881, $1.4S in 1891. At
Bombay $4.23 in 1871, $3.50 in 1881.
$4.39 in 1S91--At-C Calcutta .S8 in
1871, 80 cents III 1881, $13S in 1891.
With the single exception of Bombay,
where the European population IS large,
farm laborers now get less than they
received in 1871. With cost of living
higher and wages lower4farm laboreas
are certainly not enjoying many blessings
from a deprecated currency. Let's See
how other ~laborers areFdeing. Take the
following monthly wages, again from
this official reports ahd see how three
..Ia Of c1yi IL