The Maryville times. (Maryville, Tenn.) 1884-1944, 1896-08-06

In depreciatea n oney shout the same amount
they received before In good money. In 1879.
when the peso was worth 6851 cents. me-
chanic. boiler maker. blacksmith. car
penter, q fireman and an ordinary laborer re-
ceived together far q day work ISL pesos. or
sl6.1 in our monty; in 1885 the same persons
received for tho same work 2CN pesos, but ow-
ing to the depreciation of the currency this
was equal to only SIC, 90 in our money and In
1885, 70 years after the country had descended
TO silver basis the same laborers received for
the same work 25.95 pesos, but the value Of the
peso was less than IS centss and consequently
their wages amounted DO only s8.34 in our mon
ey, or just about one-half ofwhat they had re-
ceived 20 years before. In the central part of
the country the result was substantially the
same, though not quite So injurious to the la
borer. In 1875 days wages for Ave men-a
mason, carpenter. gasfoterya painter and
an ordinary laborer-amounted altogether to
$751; in our money, but In 1885 the wages OF
the same men were $3.50, and in 1906 si.99- In
the southern part Of the republic there was
some increase In the nominal amount OF wages
paid between 1876 and 1889 ON seeount Of the
fact that a line OF railway wasithep being con-
structed through that region by foreign capi-
tai, but since the latter date the general aver
age rate of wages has remained substantially
the same although paid in constantly depre-
ciating currency.
Our minister to Chile, after avery careful
examination Of the entire situation Ia that
country, says
t'It may be taken for granted that I'M Chile,
as in all other countries which have had like
financial experience, the consequences of cheap
money have weighed most heavily upon the
classes that are least able to support the bur
den."
The evils OF xI1vrr recommendation and a der
preciated currency finally became intolerabIe
In that country, and, although it produces
considerable silver and very little gold. it has
recently adopted the gold standard ofSvalle-
Japan's Experience.
In nearly every country in the world haviug
the gold standard of value the wages of labor
have increased materially during the last 20
years, and at the same time the purchasing
power Of the money in which wages are paid
has increased also, while in the countries hav.
ing the silver standard Of value wages have
been actually reduced by the depreciation Of
the currency to such an extent that the labor
err is in much worse condition than he was
ut the beginning of that period. Japan, by
far the most progressive and prosperous counr
try in the east, coins both gold and silverat
the ratio Of 10. 118 to /, q ratio which greatly
overvalues silver, and, as the government does
not maintain the parity of the two metals, the
currency is on a deprecated silver basis.
Wages are paid in silver, Of course, because.
the laboring men and women always get the
cheapest money in circulation, and they gem
orally pay the highest prices for the articles
they buy. for the reason that their purchases
are usually made in small quantities at time.
The Japanese silver yen is worth o little less,
| than 80 cents in our money, and when the
wages of labor, paid in this deprecated coin,.
| are reduced to our standard of value, they APP
pear 30 insignificant that it Is difficult to un--
| derstand how the people who receive the mis-!
| cradle rittance can live and maintain their
families. The average daily earnings Of a.
| briekiayer amount to 33 cents; blacksmiths,,
carpenters and cabinet makers receive 20
cents; compositors In printing Offices, 20 cents:
pressmen, 20 cents; roofers. 20 cents; stonecut-
tiers, % cents; ordinary tailors, % cents; weav-
erss Is cents. And in all the long list Of occu-
| pations and wages no laborer, however skill
| ed can be found who receives more than 40
cents per day, except porcelain artists in the
| great city Of Yokohama, who get ~ cents. Fac
tory laborers even in that city, where most Of
the great industries are carried on by Ameri-
can or European capitalists, receive q cents
! per day, and in other parts Of the country
they receive less.
Mexico's Experience.
Our neighboring republic OF Mexico, with 10
| constitutional government very similar to our
| III,
a population Of only about II, coo, Co., with al
most marvellous natural resources awaiting
development and offering most inviting field
for the Investment Of capital and the employ
mant Of labor, has the silver standard of
value, gold not being in use. And IL cheap
money is y blessing to the laboring man, he
ought to be prosperous and happy in that
country. The Mexican dollar contains 377 IL
grains Of pure silver, or nearly grains moro
than Is conta; ed in our dollar, and yet not
being sustained by monetary system which
keeps it ut parity with gold, 1t is worth only
about So cents in our money. Wages are paid
In silver and are very low in comparison with
the wages paid in ,4iis country for the same
services, in inanJ distances not being half, az
1 much, whilo tns lalces Of commodities gem
erally are much lisher than they are here.
The prices Of imported articles especially are
exorbitantly high in Mexico. because they
have to DO paid for abroad in gold, and the de
probation of their money is so great that II
requires nearly 81 in silver to pay 81 in gold
Although our own silver dollar contains less
fine silver than the Mexican dollar, ons- ei
ours is nearly equal in exchangeable valne te
two Of theirs, because here the coinage is,lim
tied and the government issues the coins on
its own account and has pledged its faith ant
credit to keep them as good as gold, a.pledgs
that has been faithfully kept up to this Nmt
Notwithstanding the complaints and denuncia
tions Of our free coinage opponents Under
our policy the dollar paid to the laboring ma,
for his wages is just as good and will purchase
Just as much in the markets as the dollar paid
to the bondholders or to any other class O
creditors, but If we are to have free aud un
limited coinage of legal tender silvar Tor thu
benefit OF the owners Of the bullion the gov
eminent and the people at large would hay,
I no interest whatever in the coins, and 1t woult
be grossly unjust to require the government
to keep them equal in Interchangeable value Il
gold. The dollars, as rapidly as coined, would
be delivered to the owners Of the bullion fre
of charge, and the government would have N
, legal or moral right to tax all the people Q
, the. country in order to procure gold witt
value Of our dollar would, therefore, be Ii
} greater than the intrinsic or commercial valu
Of the silver contained in it, and its purchas
, ing power In the markets would be diminishe,
l about one-half, but the wages of labor woul'
. remain, for long time at least. substantial,
at the present rates, or, II they should be nom
: iIally increased on account of the depreciation
Q Of the currency, experience In the past show
/ that they would not increase In proportion t
1 the increase in the prices Of commodities
! Rises in the rates of wages talzc place YER
! slowly, while the prices OF commodities NOV
' rapidly, at some periods changing sewers
times in the course of single day. And thes
movements arc always more frequent an
Z more harmful when the currency IS in an ur
4 settled condition.
!. Attitude Of Manufacturers.
g You have doubtless observed recently wha
, appears to be quite u formidable demonstrf
1 tion in favor of the free coinage OF silver b
1 certain large manufacturing interests In til
!, eastern part OF the country, upon the groun
! that IL we continue to maintain our presen
d standard of value the silver standard cour
l. tries. especially India, China and Japan. wi
q soon be able to undersell them in the market
4 Of the world. Reduced to its simplest form
! the proposition of these gentlemen is that I'll
= manufacturers of certain kinds of goods
" this country cannot continue to pay their Il
/ borers high wages In gold or its equivaleI
L and coupete successfully in the market