The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-16


corresponding with the commercial vaiue
OF the metal. and. In doing this. l VIII
make no statement that cannot be fuiiy
sustained by reliable evidence.
HOW WAGES ARE AFFECTED.
On the Sd Of March. 1893. a sub-commit-
tee Of the Committee on Finance in tne
United States Senate made report on
the course Of prices and wages IN inns
country for a period OF ffty-two year,
embracing the prices of almost every dr.
ticle of consumption in common use
among the people. and the rates OF wages
in almost every Industry carried on our
ing that time, and IN order that you
may learn from this official and Impartial
investigation what effect depreclated
currency has on wages and prices, / VIII
briefly state some of the most material
facts and conclusions embodied In mat
document. The subcommittee consisted
OF five senator's, representing both poht-
zeal parties and both sides OF the cur
rency question, and the investigation,
which lasted nearly two years, was most
thoroughly and impartiaIly made, with no
purpose In view except 10 ascertain and
report the actual facts: and. 80 far as 1t
relates 10 questions OF fact, the report
was unanimous. As stated heretofore.
Congress. early in the year 1862, inaugu-
paper. gold was driven out OF circula-
ton. specie payments were suspended. the
currency began at once TO depreciate.
and before the close OF the year the paper
dollar was worth less than 30 cents IN
gold. From the time the depreciation be
gan the price OF commodities and the
wages Of labor were paid I'm paper cur
rency. and the injurious effect upon the
interests OF the laboring man Is clearly
shown In the report referred to- In 1s62
the wages Of labor. paid I'm deprecated
paper, were less than 3 per cent. higher
IN paper than when paid IN gold. but the
prices Of the 20 articles used by the la1
borers and other people I'm the maintc-
nance Of their families were nearly IS
per cent higher than they were when
paid in gold. in 1858 the wages OF labor
paid in deprecated paper worth about %
cents each, had advanced 25 1-2 per cent,
higher than when paid in gold, but the
prices OF the articles the labOrer had 10
buy with HIS wages were nearly ~ per
cent. higher; in 1864 the wages Of labor
paid In deprecated paper dollars worth 90
cents each had advanced y l-2 per cent,
but the prices Of the necessaries OF life
had advanced 80 - per cent; in 1865
wages paid in paper currency worth G3
cents on the dollar had advanced 43 per
gold or its equivalent, but the prices of
commodities had advanced nearly III per
cent.-that Is TO say, had more than
doubled; and In 1861 wages paid in a cur
rency worth II cents on the dollar had
advanced a fraction more than - per
cent from the previous rates in gold or
its equivalent. but the prices Of commodi-
ties had advanced 20 per cent The rise
in the rates Of wages never corresponded
with the rise in the prices Of other things
until the year 1854. four years after the
close of the war when the value Of our
currency was II cents on the dollar, and
IT was quite certain that no further de-
probation would occur In 1860 this coun-
try was on a gold basis and had been on
that basis for many years. under the oper-
alton of the acts Of 1884 and 1887 Wages
were then paid I'm gold, or it's equivalent.
and by reducing the wages paid in a de-
preciated currency TO a gold basis. and
comparing them with the rates paid in
gold in 1860. we shall have another demon
stration of the injurious effects of cheap
money on the interests of the laborer. On
this basis the iaborer received 20 cents
and mills IN 1863. instead of the gold
dollar he received In 1850; In 1854 he re-
ceived 50 cents and mills instead eli
gold dollar. and in 1865 he received SO
cents and . mills instead of a gold dollar.
In other words. the wages of labor, meas
ured by gold as they were in 1SGo, when
we had a sound currency, had fallen
about "a per cent in 1858, more than 70
per cent In 1884. and nearly - per cent
in 1865, when we had a deprecated cur
rency and gentlemen. tie force OF this
illustration is greatly augmented by the
facts that these reductions in the rates
Of wages occurred at n time when sever
al hundred thousand laborers had been
withdrawn from the field OF competition,
when the government was engaged in the
prosecution OF a great war; and was eX-
pending money lavishly for al kinds OF
supplies for the army and navy, and when
the prices OF all the products OF labor had
largely increased. Surely, II there ever
can be n time when an abundance OF
cheap money VIII increase the wages and
improve the condition Of laboring men.
these results ought TO have been accom-
plished under the combination OF favor
able circumstances existing. especially
I'm the great centres OF industry, from
1861 to 1868. and yet there has been no
other period in our history when the
rates OF wages fell so rapidly or so low.
ANOTHER WARNING.
The recent experience OF the Republic
warning to the wage-earner against the
evils Of a deprecated currency. That
country had for a long time the so-called
double standard OF value with coinage
Of legal tender gold and silver at the rate
OF l6.39 10 l. but as this was a consider
able under-yaluation Of silver. the coins
Of that metal went out OF circulation and
gold constituted the medium OF exchange
| and actual standard Of value until about
| the beginning Of the year ls15: but as soor
| as the commercial value OF silver fell be-
| low the ratio Of 1879 10 1 as compared
with gold. all the gold went out Of circu.
| lation and the country had silver mono
| metallism. In 1870, before this chang,
| took place. the peso. or dollar OF Chill
was worth about IS l-2 cents In our money
| but IN 1855. ten years after gold went
out and silver came in, the peso was worth
less than 50 cents in our money. Silve
| continued 10 deprecIate, and, besides
! large amounts Of paper currency wer
[ issued by the Government and the banks
and In 1895. twenty years after the cnahs'
tro,n the gold basis TO the silver pasis
| - ,eso was worth only about 81 IL CehO
| the - ,,,oro,, Let US see, now, VIVA
| ~ his cheap money or IN othef WIZ,
| 80 svstenn of silver monometaiisih VIM
,,o,, are asked to adopt here hau ~" c 81
Woes of labor in that country. ~ ~,
Nin.ster at Santiago has very ieoeH'i'
,,,de an official Investigation an" 'vP''
mon this subject. which has not yer De-
published from which II appehtS 10,
the northern part OF Chlh' "hclc 49,
! has always been in greater deHla"u ,.,.i
| elsewhere, on account OF the - 80,
fields located In that section OF the cum
oh