Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-10-06

| labor they receive tO-uaE uHuSL SO'
| standard. Can any Of these men remem-
Der an instance in which he received twice
the wages that he receives now under the
| gold standard or received wages IN pro-
| portion to the depreciation of the money
| then paid? But, instead, the price for Ia
| Dor remained almost stationary, and dur
| ing the whole time there was scarcely an
advance of 20 per cent in wages In any
| branch of labor even under the then exist
| ing condition when the supply Of labor had
! been reduced by the immense number OF
men who had gone into the armies, which
| created a scarcity of labor. 1t must also
/ be remembered that the great reason for
| the good times then was that the gov
| ernuSent was keeping its presses busy is
suing money and paying it out directly TO
the people for all kinds of supplies needed
| by immense armies in the field while free
and urlirnited coinage of silver means that
the coined dollars go into the hands of the
bullion owners who will soon be of the
syndicate class" Mr. Bryan is warning
YOU against The people don't have the
silver bullion: it is in the hands of the few
mine owners and spectators in bullion In
this and other countries. ] was, during
| the most Of the time between 1862 and 1866.
engaged In manufacturing pursuits. and
this was my observation. which is now
corroborated by actual statistical reports
OF wages paid covering that period, made
by Carroll D. Wright. L. S. Commissioner
Of Labor, and also by the Senatorial
Committee reports and by recent
statistics of railroads and street car com
panias. which show an average advance
of only Is TO % per cent. But this is only
repeating the history Of deprecated mon
ey in all countries where It has existed, in
Japan. China India. Asia. Mexico, and all
other silver using nations. OF Japan
China. India and Asia, and the less civil
lied and progressive countries, ii IS not
necessary 10 speak. as all are familiar
with the low conditions Of civilization and
labor in these countries. In relation 10
Mexico. the most prosperous. perhaps. of
silver using countries, l happened While
in the Seua o.. to have an object lesson pre-
seuted in the form OF report OF the man
age~ of a silver mine in Mexico to its pres
ident and directors in the United States.
Senator Stewart. of Nevada, was the pres
ident Of the company. I read and referred
10 this report in a speech in the Senate in
the presence of Senator Stewart, and In
order TO show that what l am saying now
is no new conviction. but is the well-con-
sidered opinion entertained by me for
long time. I wiz quote briefly from that
speech: the report referred 10 was dated
May 9th. 1892 vixen gold was at a premium
Of abou: 80 per cent in Mexico. 1t is now
about 100 per cent.
quote from Congressional Record Of
October l. 1898:
And. Mr. President, think that labor
OF all kinds is never benefited by depre-
csated currency. no matter how plentiful
il NAV be. for the reason that many of the
necessarles of life come through the GUS
tom house or for other reasons, must be
paid for in gold. to which the premium is
| added. and wages do not increase in pro-
portion.
Mr.. President I have before me prac-
/ teal illustration of this fact-an object
! lesson which is very striking in its char
/ acter. Mexico is perhaps the most i'm
portant nation that is now upon a silver
| basis. but its currency. as well as the cur
| rency OF all the civilized nations of the
I world. IS measured by the gold standard
/ of exchanges in all transactions outside of
/ its own country but az home silver is the
/ circulating money.
! It have before me the report Of a silver
/ mining company in Mexico. of which the
/ capital was subscribed IN the United
/ States. This report IS Of the highest au-
/ thority. The distinguished junior Senator
/ from Nevada CNr. Stewart happens to be
/ the president Of this company. This re-
/ port Is dated on the 9Th day of May. 1892
when the premium on gold. measured by
/ the rate Of exchange charged in Mexico
/ for drafts on the United States or London,
was about 20 per cent. II has since in
/ creased. as I am informed. to 70 per cent.
or more.
/ Now. Mr.. President, let us look into the
practical operation Of the investment in a
| silver mine in Mexico by stock subscribed
and paid for in United States money. and
/ transmitted to Mexico through the usual
methods of bills Of exchange. The bal
/ ance sheet of the company shows that
{ S52.fS444 subscribed in the United States
/ and transmitted to Mexico produced n
cash capital in Mexico of S73.64S97 includ-
/ ing the premium of about 40 per cent on
money deposited in the United States over
the silver money of Mexico. In the report
/ Of the general manager Of the company TO
/ President Stewart. and which the presi-
dent prints with his report to the stock
holders. is a clear and concise statement
I in eleven lines of the printed report, that
contains more practical information upon
the results 10 labor of deprecated cur
rency than a volume of theories.
THE Superintendent says under the
head of Prospects,
The fall in the price of silver and con-
seuuent rise in exchange has so far operat-
ed greatly in our favor. as II has increased
! our working capital in Mexico to a consid-
cradle extent. and still continues to do so.
With the exception OF articles imported
from foreign countries. prices Of materials
in Mexico are not affected by the value Of
silver. Neither is the price Of labor. We
have. therefore a permanent and clear ad-
| vantage over mines operated in The United
| States. where all expenses must be paid
| for on a gold basis
Mr.. President wish that every work
ingman in the United States could read
this explanation of a level-head working
man of great intelligence. Of the effects
and results produced on labor in coun-
try Of deprecated money. Mark the clear
ness with which he expresses his conclus-
ions; first.
THAT the fan in the price Of silver and
! consequent rise in exchange has so far
| operated greatly in our favor. as il has
increased our working capital in Mexico
10 q considerable extent ana still contin-
ues 10 do so
The reason for this is plain the price
of exchange is advancing in Mexico. which
| ,,,s,,,. % Secrea co In the value Of their sill