The Camden chronicle. (Camden, Tenn.) 1890-current, 1896-08-21
PREMIUM ON Gold
ADVANTAGES WHICH IT GIVES 10
idLYaR-Us1EG COUNTRIES

"N AhANH on inc VT nFlu VIII 30 Con
trollcd ~ Those Countries Using
silver-The Restoration OF silver
iaAbsoiuteiy Necessary 20 success.
itiaa well known fact that FOR ages
silver has been and still Is the money
for some 100000, 900 Of people In IN.
dia, China, Japan and other Oriental
countries; also.that 10 Is the STANDARD
money of Mexico and large part OF
South America. II il also vol known
thai 10 these countries, aud especially
among the crowded populations Of
Aaiatie Nations, prices have always
been low and wages scarcely more
than sufficient 20 sustain life no tho
lowest level OF existence, wages in
Japan and China being only from 10
to 20 cents a day ia their own money.
These are tho conditions under
which production and trade IN these
countries have been carried on for
centuries. lt Is also admitted on al
sides that there has been no material
change in the last twenty years, either
IN prices or in wages, raeed IN silver.
But while these conditions remain
substantially as they have existed for
generations, two radical changes have
recently taken place which are not
only fast reyoluhonizing trade condi.
tions in the far East, butare seriously
affecting all civilized countries.
These changes are:
% The divergence between the value
OF gold and silver, and
(2l The introduction into these
countries OF modern machinery and
modern methods OF production.
As the second of these changes IL
largely due to the first, we will con-
slider them in the order stated and in
doing so let US endeavor to come di-
reotly to the effect of the divergence
between the value of gold and silver,
caused by breaking the link that had
80 long held these metals together,
making Of them practically one money.
Until this link was broken, while
silver was almost exclusively the
money Of tho far East, it had fixed
rating in gold, and consequently prices
were the same whether expressed in
silver or in gold. But when the tie
between gold and silver was broken,
prices in silver we're no longer the
same as prices in gold. Then com.
menced the revolution which is des.
tined, if not N some way checked, to
change the industrial condition OF all
civilized countries.
The situation since this change may
be summed up in O few words II
takes no more silver now, in silver
using countries, to pay wages or t.
buy raw material than it did fifteen OF
twenty years ago. 1t takes, however
but half as much gold to buy the sill
YER as it did twenty years ago. Con
sequently wages in these countries
while the sumo in silver, are but hal
what they were twenty years ago il
terms OF gold. Raw material, pro
duced at home, for like reason, cost
but half as much in gold as formerly.
Hence the grower OF wheat and cotton
and the manufacturer of iron an(
steel, cotton, wooden, iute, silk, anC
other goods, pays but half as much il
wages, and but hale as much for TIN
material be uses, measured by gold
as formerly, and but half as much re
latively to wages and prices as in golC
standard countries. That is, the diff
ference in cost of labor and material
although always very wide, has beer
made twice as great as formerly b,
the divergence between the value 0
gold and silver. Therefore, unles
wages in gold standard countrie
go down, the farmer and the manu-
facturer IN silver countries are give
an advantage in wages and cost OF ma
terial of hundred per cent. over tn
producer in gold standard countries
In other words with the same gol
they can now pay for twice as mucl
labor and buy twice as muc
raw material as they formerly could
and from this vantage ground the
enter into competition with producer
in gold standard countries. And ye
this great advantage to the employe
of labor in silver countries is game
without reducing in the least the re
ward OF labor there; for the wage
the laborer receives viii provide hiI
with as much of the neeessaries an
comfoYts of life as ever, and give hiI
besides, steady employment, thus il
crensing his yearly earnings-cond
tons the reverse OF those which no
prevail in gold standard countries.
In short, as the same gold can no
be converted into two yens, or tw
taels, or two rupees, instead Of one, 6
formerly, it amounts to q bounty {
100 per cent. TO the producer export
ing from silver.using countries to golC
using countries.
On the other hand, gold pricee II
manning the same, it takes twice
much silver as formerly to pay fC
goods shipped into these countPi'