The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-10

regarded Pennsylvania blmetths's W.
incredullty, deemins their free-siVer VI
terances either insncere or inc ou'
come OF personal eccentricity. III Vas
tncredible that they should not seq wat
the effect OF free coinage would ne. As
they are not I'm business nor politics ler
their health" II was hard 10 unders'ann
vvhv thcv should deliberately go In Tor
5O-cent dollars. What Is their ann
How do they propose TO get eNeh9
IL is by reduction In wages enec.eu
through a reduction Of the purchasing
,,o,ycr ~ the American dollar. In Mfxi-
ca China. japan. and other countries
which have the silver basis. wages are
extremely low, and only by getting down
IA the silver basis can the wages OF
American worklngmen be reduced 10 ire
figure desired by the protectlonist silNei-
ties. II may be said that the iap"'|,'
on n silver basis. will be smart enough
20 ask and get two silver dollars ioT MS
labor where he now gets one doliar eN-
changoable for gold dollar But ms
tory teaches the contrary. Nneh llo
era Of free coinage and o0-ceht uoIi.iis
arrives the working people will never Leu
their income increased TO an extent SUI
ncient 10 make UP FOR the Increased price
of commodities Merchants, bankers anu
other persons I'm active business, AFTER
the panic that rshers In the chahee'
Will speedily adapt themselves 10 'he
now sftuatlOn Goods Will be marked
ND as the value OF the currency cues
down and Contracts and loans VIII s'ipu-
late for gold payments. but WorhihsIneh
and persons having fixed incomes-iroll
salaries or interest on investneh's-"nl
be severely pinched. After time wages
will rise somewhat 10 compensate ior
the reduced value of the dollar, but not
TO such an extent as to place the wage
Garner where he was before free coinage
brought us to the silver basis.
Such is the lesson OF history. for we are
not the first people that have been tempt
ed to try 10 lift themselves financially
by Juggling at their boot straps. a little
reflection Will reveal the modus operarsl
1t IS obvious that the disappearance 81
the gold reserve at Washington and the
perception by the people Of the fact that
the silver dollar and paper dollar VIII
no longer bring a gold dollar would bring
on tremendous business disturbance.
There would be- such a crash as the
country has never yet witnessed. ne
man who had in bank Monday money
worth 81 900 would on Tuesday DO worth
something less-nobOby would know how
much less, but certainly less. Ultimately
the $1,000 would be expected 70 shrink
TIL its purchasing power would De but
$500. The expectation OF this deprecia-
ton would affect crslit dlsastrously.
Loans would be contracted. Failures
would be numerous. Investments would
be hurredly changed at great loes. Busi-
ness meanwhile having no certain basis
10 go upon, would be paralyzel. and
millions OF people would be thrown out
Of employment IL would thus come
about that where employers We're few
and the unemployed many wages would
90 low and stay low. The man who
got previously dollar having purchas-
ing power Of 100 cents would be forced
10 content himself with the nominal
silver dollar with PURCHASING power OF
but 20 cents.
That tho purpose OF the protected
siverite manufacturers IS TO reduce wages
to the Mexican level is affirmed boldly
by the Philadelphia Ledger which has
facilities for learning the motives OF the
Pennsylvania protectiOnists. IL divides
prOtectiOnists into two classes, the first
including those who retain some SYM
pathy FOR their fellow-man and the
fecond embracing those who stop at
nothing 10 make money. To the latter
class Of bad" protectonists belongs the
set that Is now going In for free silver.
With a greed that Is appropriately de-
scribed as '-hoggish." they cOoliy pro-
pose 10 bring on a financial and econom-
&c revolulio2 These. says the Ledger.
are manufacturers of the class that.
no matter how enormously its profits
grow under high duties. never increases
wages unless compelled by a strike OF
its employees TO do so; that violates TIE
alien contract law by importing cheap
labor TO compete with domestic labor.
class that EFFORTS from consumers OF
its wares all II can get and yields as little
as possible 10 the working men AMI wo-
men whose ski and industry produce
them. The mills and works OF this class
swarm with foreign cheap labor the
wages Of which, paid now, as they must
be- with a 1Oo-cent dollar. would he paid.
IF free silver coinage were successful.
with a 50-cent dollar" IL is 10 lie
hoped that the policy Of protection. which
has corrupted the ballot, quadruplcl the
pension list. innamed tho lingo spirit.
stimulated extravaganza and created the
socialistic rage Of populism. will not add
% its crimes that of debasing our cur
Jency and further impoverishing tie
masses. Baltimore Sun.