Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-09-08
PRESS COM N EMS.
Tragic Prosperity.

a portion of the speech made by Gov
ernor Altgeld in opening the campaign in
his state is attracting attention. II j.
this
From 1862 to 1866 We had neither gold
nor silver in circulation in this country.
our money consisted of treasury notes is
sued by the government ana of national
bank notes and according 10 the treas
ury tables we had during that tim" al
together $l.A2 000, 900 Of paper money in
circulation. 1t is true gold was a a pre-
MUM. Sometimes it took 500 of paper
to get 81 of gold but the people did not
need gold. and the most prosperous years
that this republic has ever seen were
those years. Many of YOU recall them
distinctly. Farmers prospered as they
never had before. The merchants and
the bankers prospered and the manu-
factories were running TO their fullest
capacity.
1t is not strange that this utterance
should attract attention. Prosperity
Those were four of the most terrible
States contains. Truly many OF you re-
call them distinctly" There was scarce
ly home in the North or the South in
the East or the West. that had not given
han money or merchandise. and in too
many eases nothing but a grave re-
manned TO record that sacrifice when
those wears were ended. Only a man
who never saw the mother part with tho
son, the wife with the husband. the
daughter with the father. could speak OF
those years of tragedy AS the most
prosperous years that this republic has
ever seen. The cpitaph of that pros
perity may be read in part today. only
in a little part. on a nations pension roll.
In the southern states no less than in the
northern this deliverance by Governor
Aitgeld will produce a profound shock.
In one sense it is true farmers pros
pered as they never had before The
merchants and the bankers prospered
and the manufactures We're running 10
their fullest capacity, Why? Strangely
enough John G. Carlisle answers the
question completely in the speech de
livered by him at the Auditorium, Chi
cago, April Is last.
In 1867 the wages of labor, paid in de-
preciated paper, were less than three per
cent higher in paper than when paid in
gold but the prices of 223 articles used
by the laborers and other people in the
maintenance of their families Were near
ly is per cent higher than they Were
when paid in gold. In 1863 the wages OF
labor, paid in deprecated paper worth
about 50 cents ON the dollar, We're 1Oi:
per cent higher than when paid in gold
but the prices of the articles the laboreI
had to buy with his wages We're nearly
| 49 per cent higher. In 1864 the wages OF
labor paid in deprecated paper dollars
worth 40 cents each. had advanced PSI.
per cent. but the prices of the neccssaries
| of life had advanced 90i2 per cent lr
| 1865 wages paid in paper currency worth
| 63 cents on the dollar had advanced 4:
| per cent above the rates previously paiC
: in gold or its equivalent. but the prices
! of commodities had advanced nearly IL
per cent. That is to say. had more thar
doubled and in 1866 wages paid in a cur.
rency worth Il cents on the dollar hat
| advanced a fraction more than ~ pei
cent from the previous rates in gold OF
! its equivalent. but the prices of commod
tiles had advanced 30 per cent This was
> at time when several hundred thou
! sand laborers had been withdrawn from
the field of competition, when the gov.
ernment was engaged in the prosecution
of a great war and was spending money
lavishly for all kinds of supplies for tn,
army and navy, and when the prices O
all the products of labor had largely in
creased.
Two deductions. therefore, are to b.
made. That with a deprecated currenc,
labor suffers on even apparently hgi
wages on account of the eXorbitant cos
of what wages must buy. Secondly. tina
in the opinion of the abest man leadin,
the campaign in favor of the free an,
unlimited coinage of silver dollars tn
highest prosperity of the American peo
pie can be brought about by precipftat
ing another civil war and abandonin;
specie payments.