Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1896-09-02
LABOR AND SILVER.

I
fixing the compensation of labor?
Answer: Profitable demand. In the alb
sence OF this Their. is no legal method by
which wages can be advanced, or by which
an advance in wages can be maintained.
!, Q.-What be:.fing has the silver question
or LAHORE
| A.The silver question goes to the very
heart uf the present business situation. The
panic prices Of 1898, in Wall street, were
higher in many instances than the Wall street
quotations for leading stocks on Friday, Aug.
| Z, 1896. 'The existing gold Standard which
is Endorsed in the st. Louis platform as the
best possible until England helps us to let
60, is responsible for the steady fall in prices
which has marked the past twenty years.
Hence the advocates of silver assume that
free coinage must be restored to that metal,
at the old legal ratio. in order that this fall
in prices may be checked.
Q.-Does the st. Louis platform admit that
bimetallism is desirable?
Att does, but claims that the United
States, with its O,OOo, 900 of intelligent peo-
pie, is not strong enough single-handed to lift
the price of silver to parity with gold at
is to1.
Q-What is the position of the Democratic
and Populist parties on this phase of the
question?
A.-Thev contend in their platforms, end
tlrcugh thvs presidential nominee, that Il g
o ening Of the mints to silver with the GOV
lelDme t fiat beh,nd the standard dollar. will
store lie stalds ct 1878 and give the United
sta. me full benefit of thedoubie standard,
! with its larger and increasing supply OF ulti
mate menev.
Q-What you'd follow the free coinage of
sil4er:o
~ A.-Leadrg authorities on both sides of the
Atlantic pi iict higher prices, incl eased pro-
, AUCTION, enlarged investments and higher
wages for labor.
/ Q.-Why should higher wages result?
/ A.--Because the demand for labor would
be increased M. the products of labor would
be sold atgreater.pro6t. Undo ''thar-e.-istii g
| pc,e r,i'' the warehous ~ ed with
unsold manufactures, large Number of
plants are working half time and many other
plants are not worked at ali. Hence labor IS
plentiful in propo.:,c.. TO the slack dem..ad.
Q-Does the Mckinley programme promise
any change for the better?
| Alt does not not. In the London Statist
of July 4. 1896. the following occurs by way
of comment on the action at st. Louis:
"All the world can w see III borrowing is
not sufficient remedy, and that the disorder
in the currency is as great as ever. Yet the
Republican convention at st. Louis has just
imposed upon Mr.. Mckinley him
to be elected-the task of continuing the poll.
cy which has so glar:agly failed in the hands
of President I ieveland. Isl likely that Mr..
Mckinley will be lore successful? Presi-
dent Cleveland Dor. we'd again and again,
yet order was not restored in the currency and
gold shipments wen. on. Therefore Europe
aninvestors will conclude that repetition
of the Cleveland policy by Mckinley will
not be more successful. A panic, of course,
is bad under all circumstances, but panic
followed by revived trade, restored confidence
and renewed prosperity would be infinitely
better than the uncertainty, anxiety and ap-
prehension ofthe past three or four years con-
tinuing for ever so many years in the future.
nobody knows when to end. That is fatal
to all real business and all new enterprise"
Q.-Why should 'the existing gold stand
ard" be fatal to all new enterprise?
| Awhile the value of money increases, as
compared with lands, manufacturing plants,
railroads and commodities, those who own the
money will keep it locked mp. twill not be
invested and without such investment new
enterprises requiring money are of course i'm
practicable.
| GLOW would higher prices for the pro-,
ducts of the farm and mine affect Ia Dor which
is not interested in farms or mines?
A-Higher prices for the products of the
farm and mine mean an increased capacity to
purchase for himself and family on the part
| OF the farmer and miner. A greater purchas-
ing power means profitable demand for
things which the farmer and miner do not
produce, and this profitable demand means
better wages for labor.
/, OILS this true of Mexico and Japan, both
countries being now on q silver basis?
A.-Itis. In Mexico wages have advanced
39 per cent in the past three years, while the
advance In Japan is estimated by good author
ities-the London Financial News among
| them-at GO to 70 per cent.
Q.-Have wages in this country reached the
single gold standard basis?
A.-TheY have not. As prices go down.
ward wages must also descend Otherwise
employers could not afford to continue in
their capacity as employers. They would lie
compelled to reduce the cost of production or
suspend operations.
Q.-Should labor be alarmed because free
coinage of silver would cause higher prices?
A.-Certainly not. Labor is more concern
ed in obtaining high prices for what it pro-
duces than in securing what it onsumes at
low prices, for the reason that labor always
produces more than it consumes. Those arti-
cles which are open to competition. e.,
which have not been cornered-have follow
ed silver in its decline in value. Gold and
other monopolized products have risen in
value as the others have declined
/ Q.-Has silver held its value as compared
with commodities?
Alt has. The quotations on twenty-five
standard products of the farm and range
made in the Chiclgo market in 1874, compar-
ed with like quotations in the Chicago mar
ket at the present time, show that pound of
pure silver will exchange for as much Of
these commodities now as it did in 1874. i'm
mediately after silver was demonetized, and
before the effect of the act of 1873 was appar-
ent in the silver quotation. The gold dollar
Tor pound Of pure golden the contrary,
Will purchase twice as much OF farm COM
modities now as in 1874. If, therefore, it be
good argument to state that the silver in the
silver dollar is worth but so cents in gold, as
measured by commodities, then the gold in the
gold dollar, measured by the same standard,
Is worth 2oo cents'in silver. Labor, therefore,
on gold basis gets one gold dollar when it
would get two silver dollars. Since all taxes,
rents. interest and insurance are paid by la.
Dor out OF the surplus which it secures on its
products over its consumption it follows that
the diminished purchasing power Of The dol
lar which wonld RolIou, H. /. :.