The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-10-27
IN A SILVER COUNTRY.

-
United States Minister 10 tho Argentine
Republic shows that the Condition of
Farmers, Merchants nnd Workingmen
IL Unsnti,fctory with n FIuctuating
Currency.
WASHINGTON. D. C., oct. 26.-Mr.
Duchanap, United States minister to the
Argentine Republic, In report to the
department OF state on money and prices
In foreign countries. says:
"a majority OF those who have written
to me from tho United States regarding
wages and prices have invariably nskcd
mo to give them the result Of my obser-
vatlOn9 with regard TO the practical
workings OF the cheap money system OF
this country, AZ Il has effected tho farm
or and wage Garner.
ION this point lot me say that from an
extended and careful personal eXnmlna-
ton nm convinced that with possibly a
few exceptions all classes OF wOrkmen
here to-day are receiving less wages. the
purchasing power OF their money being
considered, than they were ten years ago.
II Is true and easily under5tOO1 that ~
long Ga gold was rising the farmer VINO
was selling his products, as he had al
ways done and continues to do, on
gold price fixed outside OF the country,
was steadily receiving higher paper pric-
cs for all he had 70 sell and was In conae-
luence Il direct gamer. by high gold. II
Is equally true that he has been the gain
ct IN other ways; he has paid but little
more rent, II any, for his land. than h"
pnId I'VE years ago. Strange as II seems
he had paid and Is to-day paying but
trIiie more TO his labOrcrs than when
gold was on par ten years ago, ana as
he produces on his farm the meat, NcEc-
tables. etc. necessary for his family, he
has had the lion share OF the gain In the
rise IN gold.
On tho other hand, The workman found
It very difficult to get an increase In his
wages ms gold advanced. IT required
four years FOR him 10 get an Increase OF
40 per cent in his earnings, while the
farmer Ind been receiving the benefits
OF an Increase In the gold premium RT-
cruglnE more than 60 per cent for the
same period. In the meantime the mer-
chant found It easy and profitable to In
crease the price Of his goods IN keeping
with the rise OF gold. Rents likewise In
Crenscd, although more slowly, and iIs
the prices OF ull commodities rose the ln-
borcr found himself daily being made
pGOrer. Agltate an he would lie could
not &c. his salary increased IN any Tea-
sonable proportion to the Increase In the
premium on gold. Strikes were resort
ed TO; all sorts OF efforts were made 10
bring about an increase In his receipts
until finally he, last yelGr, reached what
we may call wage high waller mark.
Since then gold has steadily fallen.
The first person to feel the decline has
been the farmer. who Is complaining bit
tcrly OF the relatively low prices received
for his products. while he finds himself
obliged to pay the same prices for what
he buys that lie did when he received
s. 90 more for every hundred kilOs OF
wheat than he now receives. Low gold
does not induce the merchant 10 mark
down his goods with the same good Will
he manifested when he advanced their
price. Notwithstanding the decline In
the employers income as gold falls, the
workmen will not, IN all probability, con-
sent 10 Il decrease in his present wages
without bitter fight; nor cnn he do so
unless there IS sharp decline In rents
and In the cost OF living. AS gold de-
cllncs, the wage Garner who receives 4
gold salary finds his income disappear
ing while his expenses remain cs before.
This period OF REIMBURSEMENT in the
value OF the money OF the country mas
brought about 4 complete staSnatlon IN
business With the advent OF low gold
the farmer who made money on It's rise,
turned Spectator. and holds his era In or
cattle for q higher rate. The merchant
cannot make collections because or this
condition OF things and as he has to pay
abroad. he also becomes Spectator and
waits for lawer gold. Thus every one, 10
some extent. becomes 4 epecuiator. ut
least to the extent OF trying 20 profit III
som" manner by the daily rise and fall
In gold or tn" fact that the unsettled
and shifting value thus given to thS cur
reacy OF this republic Injuries trade here
there can b. no question: and 1t can be
equally stated as 4 fact that the wide
fluctuations that have taken place III
the value OF the currency within the past
yetar or two have brought on q CONNER
cIal situation far from satisfactory TO
the merchants, farmers and working
men"