The morning times., 1896-07-01
Not Good for Working People.

correspondent writes to The Times: knowing as
do your love for the workingman strange that
you should oppose free silver 1t is because The Times
desires to working people prosper that avcrs gold
instead of silver monometallsm. Without an interna-
onal agreement bimetaism is myth, impossbility,
and the pending election the beginning of bitter
struggle between the gold silver factions of the
try The Times takes side with the element that will do
the least harm to the victory at the polls tor
the sverites does free silver coinage by
means That question must first pass the Senate before
it reach the White House. and Judging from the
ent outlook there will be radical change public senl
ment brought about by disastrous commercial panic
followed by pinchng hard times before sound money
Senators will endorse debased monetary standard
Therefore it is wsest to support the party thatw1l pre-
vent that disaster.
The worst sufferers from such general business
suspension would be the people who labor for hre-thelr
prosperity depends entirely upon business thrift good
times and liberal investment and it would be madness
for any person protesting interest in their well
fare to advocate financial policy that to pre-
vent their employment change from gold to sill
yer standard would gold to go to a premium and
drive from circulation This would inevitably bring
money stringency because there would be imme-
date of replacing the 5000 0O0 900 thus lost The
result of this strngency would be panic the closing of
seven-tenths of factories, mills and business enter
prises and the enforced dleness of corresponding
ber of our working people.
Even were this era of distress and suffering safely
this country could not support free silver coinage
without the assistance Of other nations with whom
maintain commercial relations In the worlds markets
takes thirty of silver to purchase of
gold, and well-informed person possibly argue
that the fiat of the United States will change its relative
value that sixteen of silver will be worth as
much an ounce of gold. The worlds output of gold
for 1894 705 S36 ounces the entire production of
silver 1885, 60 965 ounces; and when it considered
that all great commercial nations gold monetary
Standard and that it is proposed to practically saddle
this tremendous output of silver this country, the
financial of the slvertes will appa
rent. The result would necessarily be deprecated
money.
1t is claimed by money mad enthusiasts that gold has
appreciated and that imitation of prices caused bya
depreciation of would benefit the
and could only nure the creditor class by scaling down
their credits. 1t useless to argue against the dis
honesty of such legislative robbery with people who
unwise enough support such policy but the question
of wages must also be taken into consideration when
Initiation Of prices is discussed Throughout every fnan
cal disturbance in history, the wages of working people
have been first fall in times of depression and last to
rise in prosperity Necessities upon which they chiefly
depend always first to increase in price With gold
standard wages with which to pay for necessities pur
chased at free silver prices how in the of
could working people be benefited? Viewing the
question whatever light you may there is nothing good
free silver for those who depend upon the results of
their daily toll.