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

against a contraction Of the currency
on account OF the expulsion OF silver from
the circulation. During the war, when
gold was leaving the country, le9al-tender
Treasury notes were rapidly issued, under
authority Of Congress, 10 take Its place
and instead Of a contraction or the cur
rency, we had an expansion. After the
war. when ii was determined 10 change
the character Of our currency again by
the resumption Of specie payments, the
law was enacted four years in advance
of the time when it was TO take erect IN
order that ample opportunity might be ar
forded 10 adjust the business oil the peo-
pie to the altered conc itions. NOW, now
ever. all the conservative and prudential
considerations that have usually con-
trolled in the settlement OF great man
cial questions seem 10 be utterly as
regarded. and we are confronted by an
organized and aggressive movement 10
destroy by a single blow the measure OF
value upon which all existing contracts
are based. and thus subvert the yer!
foundations of our monetary system VIII
ont allowing a single day TO prepare LOT
the change. In the general CONFUSION
and disorder resulting from such ia"I-
cal measure. what VIII be the cohol''1n
OF the American laborerF WIZ nc
nenented or injured by reducing the Faiue
~ .he money in which his wages are
raid and at the same time increasing tne
nricss of the commodities for which MS
wages are expended?
WHAT WILL II PROFIT your
After struggling for more than qua'
| ter of a century. through laoOI "
| lions and otherwise. 10 secure rate Vl
,rogos which youid make the proceois
| ~ a DAYS work equal to the cost OF d
! DAYS subsistence for the workingman any
| Ms family. YOU are asked rs the anIo-
| cates ~ free coinage TO join them IN ne
| stroving one-half the purchasing power
I NJ the money in which you are paid ai,o
| impose upon yourselves the TASK OF douD-
| ling the nominal amount OF your "ase
| hereafter: that is, TO struggle lot ailo'"e'
| quarter of a century, or perhaps longer
| - ratee vour wages in a deprecated eur
! rencv 10 a point which viii enable you
| to nurchase with them as much or the
| nacessaries of life as you can purchase
| now. and II. after years OF coh'ehl'o"'
/ or,,atiou and Industrial disorder, you
| should At last succeed in so adjusting
| wages that they would procure at the
| higher prices OF commodities Just what
/ they will procure now al the existing
| prices. what would you have gained py
| the change from the old TO the new con
| ditions? Money received for wages. ike
| money received on every other account,
! is valuable only 10 the extent that II can
! be exchanged for other commodities, ana
| il is scarcely necessary 10 suggest Una
! A dollar worth 30 cents Will not purchaSe
| as much in the markets as doliar wof tii
| 100 cents To call dime dollar WOULD
. add nothing whatSer 10 It's intrinsic
| value or to its purchasing power. IL
I these propositions are correct, IL Is cledf
| that when wages are paid in a depreciat-
! "a currency. the rates OF wages must be
| increased in proportion 10 the deprecla-
ton OF the money and in proportion 10
| the increase in the prices or other thlhEs
| or the laborer will suffer loss. But l
] affirm that 1t is the universal rule that
| the rates Of wages do not increase IN pro
| portion to the depreciation in the value
of the money in which they are paid, and
! that when the currency is deprecated
| the rates OF wages do not increase in pro-
| portion 70 the increase in the prices or
! the commodities the laborer Is compelled
| to purchase. II there has been single
exception TO this rule In this or In any
other country, my Investigations have
| not enabled me 10 find IL, and / do not
believe one can be found.
II is not my purpose 10 weary you by
the presentation of voiuminous statistics
or by n tedious recital OF facts, but the
| particular proposition now under consid
Grafton is OF such great Importance In
the discussion OF this subject that you
must permit me 10 call your especial at
tcrtion 10 the experience Of the laboring
peorlo In cur own country during the
y.srs FAINT atsay following the introduce
ton Of deprecated paper currency in
! 1852, and also 10 the very low rates oil
wages which now prevail In countries
bAYtpG tia Hilyax standard Of YalpA Of