, 1896-09-11
SUM MING 1T UP.
EDITOR OF HARPER'S WEEKLY
FOR HONEST MONEY.
Henry LoomIs Nelson Tells the Rssdssy
Of the Chicago Record About High
frices for Products and Low Wages
for Producers

SnhCA8O n6COkO ABOUT H120
Prices for Products and Low Wages
for ProducerA
In his Madison Square Garden speech
accepting the Chicago nomination, MI,
bryan promised greater prosperity to
"age-earners Of the country on the
adoption Of ~free-coinage of silver. He
asserted that then there would be more
dollars in the country n that, there
fore, dollars would be easier to get.
This was the only reason that he gave
for hrs promise Of prosperity. Against
that promise are arrayed all the facts
and experiences OF history. In this
country and in other countries, now
and at other times, the experiment
with cheap money has been made and
1t has always proved disastrous to the
w~orkingmen. No mere assertion ought
to weigh against the facts and expert
ences both Of history and of our own
times. Those facts and experiences
teach that, whoever else may suffer
from the adoption of a silver stand
ard, the workingman, the wage-earner
Is bound to suffer, and to the wage
Garner l will add all whose incomes
are fixed; all who receive a certain
stipend for their labor or a liked in
come from Investments, and these last
include all the estates, heirs of all the
Beneiiciaries of trust funds, all pen
sioners and all savings bank deposit
tors.
Assuming that prices will be higher
under the free coinage of silver, how
will that benefit the nan who receives
a stated sum Of money for his work?
1t is the assertion of the advocates of
free coinage that low prices are a sign
Of hard times and that high prices
bring prosperity. and Mr.. Bryan re-
peated the assertion in his New York
speech. Is there any wage-carner in
the country who wants dearer clothes,
dearer food and dearer fuel? Wages
will rise under a system of depreci-
ated currency, but they will not be-
gin to rise so fast as prices increase:
that is, assuming that prices increase
as Mr.. Bryan predicts they will. We
have had our own experience of de-
preciated currency, and it was sad
enough for the wage-earner.
From 1860 to 1865 we had a depreci-
ated currency. Notwithstanding Mr..
Bryan's assertion that the government
can make anything money by declar-
ing 1t to be legal tender, the green
backs that were made legal tender fell
in value till at one time 500 in gold
was worth more than 5000 in green
backs. During that time Of depreci-
ated currency prices rose high enough
to satisfy Mr.. Bryan and his silver
friends. The quantity OF food that
worth In 1865 more than $216. Clothes
that were bought in 1860 for 500 were
worth in 1865 $299. and fuel rose from
500 to $23S. In the meantime wages
rose also. The labor for which a mar
received 500 in 1860 brought him s149
In 1865. This was an apparent increase
of wages. but what did it really mean?
With his 500 in 1860 the wage
Garner could have bought 500 worth
OF food or clothes or fuel; in 1865 his
SAC would have been S6S less than
enough to buy the quantity of food
that in 1860 he purchased for his 500,
and $3.50 less than enough to buy the
clothes that in 1860 were worth 500.
After 1866 we had an era Of specula-
ton and apparent prosperity. Our
paper money was worth more. but in
stead of rising, prices fell during this
era of prosperity, and wages increased
to such an extent that they were worth
to those who earned them about 35
per cent more than they had been In
1860. Then came the panic of 1873, re-
sulting from our long debauch in un-
sound money, and then prices rose and
wages fell.
After the passage Of the act rGsum-
ing specie payments we had a season
of real prosperity and prices again fell
and wages rose until now The purchaj-
ing power of wages, which was repre-
scented in 1860 by 100. Is considerably
more than 10. The history of u
own country shows us that in times
OF prosperity prices have always beeS
low and the purchasing power of wages
high. while after such panics as those
of 1857 and 1873 the purchasing power
of wages has declined. Whatever pan
ic we have had recently, whatever un-
easiness there exists in the country
to-day, is due to a change from condi-
tions that prevailed while we were on
a gold basis and Is also due to the fear
that governs the circulation Of money
because it governs the disposition OF
men to embark in enterprises-the fear
that the oliver men, who have made
Mr.. Bryan their candidate, will bring
the country to a silver basis.
Recently there have been vertical
lions in foreign countries Of the truth
that wage-earners suffer most under
q deprecated currency. In 1873 ia
pan practically adopted a silver stand
ard. and since then wages have not
risen in that country. although the
necessaries Of life have become dearer'
This has appealed to the imagination
of Mr.. Teller. the apostle Of the free
silver men, who last winter presented
q paper to the senate In which the
manufacturers Of this country were
$500 a. ~--.-- - 49,