Pine Bluff daily graphic., 1896-05-01

III our NlDDGy. Leb us See HOW W4leAt "A feet this cheap money, or, in other words, this system of silver monometallism which you are asked to adopt here, had upon the wages of labor i'll that country.
 In 1875, when the peso was worth Ss E cents, mechanic, boiler maker, 8 blacksmith, carpenter, 8 fireman and an ordinary laborer received together for 6 day S work Is pesos, or $16 37 i'll our money In 1885 the same persons re- ceived for the same work 2G24 pesos; but, owing to the depreciation of the currency, this was equal to only $10 93 | in our money, and ill 1895, 20 years aft ST the country had descended to a silver basis, the same 1aborers received for the same work %. 95 pesos, but the value of l the peso was less than 35 cents, and con sequently their wages amounted to only $8. 94 in our money, or just about one- half of what they had received 20 years before
 Our minister to Chile, after very careful examination of the entire situa- tion in that country, says, 'It may be taken for granted that in Chile, as in all l other countries which have like finan- cial experience, the consequences of cheap money have weighed most heavily upon tho classes that are least able to support the burden , The evils of silver monometallism and depreciated cur reney finally became intolerable in that country, and it has recently adopted the gold standard of value.
 Mexico Instance.
 Our neighboring republic of Mexico has the silver standard of value, gold not being in use, and if cheap money is a blessing to the laboring man he ought to be prosperous and happy in that coun- try. The Mexican dollar contains BIT. IT grains of pure silver, or nearly six grains more than is contained in our dollar and yet, not being sustained by a mene- tary system which keeps it at parity with gold, it is worth only about 55 cents in our money. Wages are paid in silver and arc very low in comparison with the wages paid iii this country for the same services, in many instances not being half as much, while the prices of commodities generally are much higher than they are here
 The prices of imported articles espe- cially are exorbitantly high in Mexico, because they have to be paid for abroad ill gold, and the depreciation of their money is so great that it requires nearly $2 i'll silver to pay $1 in gold. Although our own silver dollar contains less fine silver than the Mexican dollar, one of ours is nearly equal in exchangeable value to two of theirs because here the coinage is limited, and the government issues the coin on it's own account and has pledged its faith and credit to keep them as good as gold, 8 pledge that has been faithfully kept up to this time, notwithstanding the complaints and de- nuneiations of our free coinage oppo- nents.
 If we are to have free and unlimit- cd coinage of legal tender silver for the benefit of the owners of the bullion, tho value of our dollar would be no greater than the intrinsic or commercial value of the silver contained ill it, and it's purchasing power in the markets would be diminished about one-half, but the wages of labor would remain, for Q long time at least, substantially at the present rates, or, if they should be nominally increased on account of the depreciation of the currency, experience i'll the past shows that they would not increase in proportion to the increase in the prices of commodities. Rises in the rates of wages take place very slowly, while the prices of commodities move rapidly, at some periods changing sev- eral times in the course of a single day, and these movements are always more frequent and more harmful when the currency is in an unsettled condition.
 Why Savings Would Be Lost.
 If the solution of this question affect ed only the character and amount and purchasing power of the future earnings of the American laborer, it would still be a subject of the gravest importance to him, but its importance is greatly increased by the fact that the safety and value of a very considerable part of his past earnings are also involved. The thrifty and provident workingman is not debtor, but creditor, and the corporations and individuals having the custody of his earnings are indebted to him and ought to pay what they owe him in just as good money as he put into their hands.
 The banks, trust companies, building associations and other similar institu- tions owe the people of the United States today $5, 353, 138, 521 for money actually deposited, sum nearly eight times greater than the total capital of all the national banks in the country, while the life insurance policies held by the people in the various kinds of cor porations and associations and in force today amount to $10, 208, 804, 357, sum larger than has been actually invested ill all our railroads. In view of these facts, which cannot be successfully dis puted, submit that you ought serious ly to consider all the consequences to yourselves and your fellow citizens be- fore you agree to the free and unlimited