Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-01

81 ny .ne convention, and has no place in
the official platform. In the certified copy
OF platform, after the sentence I'VE favor
sucn legislation as will prevent for the
future the demonstration of any kind of
nnTa.r .en ,n money by private contract"
fully provided by law at the same time
that any change in the monetary standard
should not apply to existing contracts"
This latter clause, according to Senator
Jones, was not adopted 1t was offered as
an amendment by Senator Hill.
All amendments to the platform proposed
by Senator Hill were rejected.
FREE COINAGE CATECHIsM.
The Gold Standard Argument for
Wagc-Earners.
From the New York Evening Post
O. What do the free coinage leaders espc-
cialiy charge against the gold standard?
A. They declare that IL has helped the rich
and has caused distress and loss TO every
body else
y. lis this statement true? A. 1t is not
Q. Suppose the gold standard had worked
INJURY to every one except the rich: how
should We know the fact? A. People with
small incomes would have been growing
steadily poorer since the gold standard
was adopted.
Y. Have such people been growing poor
er? A. Or the contrary, their prosperity.
since this country returned to the gold
standard, in 1873 has increased in an un-
precedented degree
q. What proof have Won Of thiso A TIL.
| increase in savings banks deposits
.. BY whom are such deposits madeo A
| They consist almost entirely of the su,-plus
| Income Of Jrad.smen wage earners and
| small producers
| .. What are the figures of these demos
| its" A In ISL? the total savings bank de-
| posts In the United States were SS;,2 4gn-
| IN; In 1888 they were $l.si4 ,557, lbs; in
crease. sI.o4i. s67.51 or 129 per cent.
q What is your authority for these fig
| ures? A. The official statements of the
savings banks. of the United States govern
| nlent published in the reports of the con-
! troller of the currency.
- What do the figures show? A They
| SHOW that during the seventeen years since
| this country's return to the single gold
| standard, the savings of its poorer people
| nave been thousand million dollars larger
| than they were IN any preceding period.
O. Are the savings bank deposits our only
| proof that The people have prospered under
| the gold standard? A. The building and
| loan associations are another striking
proof.
=. Who are the depositors with building
and loan associations? A. Chiefly wage
| earners tradesmen and people with small
| salaries.
| Q. What do the reports Of these associa-
| tons show? A. Twelve years ago the de-
| posts with such associations were COM
paratively insignificant In 1882 the returns
of the United States department Of labor
showed the aggregate to he S5"o,v0,us.
Today the to- al of these deposits in this
country is estimated at S1:ti.pla.Hto.
.. How do all these figures compare
with Savings bank deposits and with build
ing and lean association accounts in coun-
tries now on silver Standard A Such
countries have neither savings banks nor
building and loan associations
O. Why: A. Presumably because the
wase-earners in those countries have no
So wings to deposit.
O. How do you explain so enormous an
increase in the savil rs of our people? A
Wages have increased since the return
to the gold standard. Great improve
n-ents and extension of production have
lowered prices and reduced the cost OF liv-
Ing. This has necessarily increased the
peoples savings.
@ What is your authority for stating
that wages have increased since our adol,-
ton OF the gold standard? A. The highes;
known authority, the United States Senate
report of 1852, already referred to in this
catechisn.
.. How much does this report shor,
average wages TO have increased since
the resumption of specie payments? A
p to the latest date covered by tine re-
port they had increased "a 81 per cent
In many industries the increase had been
much larger.
c. Then the average wage-earner's in
come has increased under the gold stand
decreased
loi everybody? A. Such are the facts
@ Would this advantage continue nm
DER Tree silver coinage? A. 1t could not
we have already shown that wages would
not increase spontaneously. if at all while
prices Tor necessaries of life would rise
rapidly.
.. DO the free coinage leaders admit
this certain rise in prices? They do.
,heE deci; re that all prices are now too
low. and that free coinage will raise them.
~; But 90 not these people claim that
nigh prices for food. clothing and house
mold necessaries will cause general con-
tentment and prosperity? A They do
.. How can we be that they are
rot right? A. Read up the record OF years
when currency imitation had caused high
prices IN TINS country. Look into the
condition of other countries where prices
| now are high under silver standard
y. When Were prices and living expenses
highest in this country? A. In 1865 and
| 1850.
@, What did the Amerio an people of that
complained bitterly.
:. Where can We find any record of such
complaint A. Go TO a public library and
read the newspapers of those years.
.. GIVE some illustrations. A. In 1856,
the New York papers seriously advised peo-
pie to stop eating meat in order to check
the high prices. Letters from readers pub
Ished IN these papers complained that
milk, butter, coal and ice were almost be
yond the poor mans reach. One letter in
the New York Times of June - lSti5 de-
serves to be quoted, "All last winter" the
writer says, Il could hardly afford to buy
any meat. The little bits of beef and mutt
ton that We poor people buy cost so much
| that my wife gays it is like eating money"
You can readily consult all these published
| letters.
.. Would people object to high prices
now much they did then? A. Every
| head of a family and every housekeeper is
competent to answer this question.
-. If prices advanced under free coinage.
would not the employer of labor be able to
pay very much higher wages? A. His own
living expenses would increase fast
his income his business would be thrown
into confusion, and all his profits would be
come a matter of speculation.
Q. Was this his experience when prices
rose before 1865? A. 1t was emphatically
his experience.
Q. But surely, If the money supply in
creased, the wage Garner would get his
share? A. He could get no more than his
employer paid him.
q. But might not his employer advance
wages simply because the money supply
had increased? A. We leave the answer TO
this question to the wage Garner himself.
A Case of Verbal Injury.
According to a report recently received at