The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-24


the standard in order that 1t may be cas-
Ter TO pay debts, the following facts de-
m,nd consideration.
]. That IT is Il grossly inequitable pro-
position that because limited and unin-
'cntioual hardship may have been inflict-
el or a certain body oc debts existing In
lSIs, IL i now proposed to .nfi.ct q greater
and intentional hardship OH a;cther to-
tai of debts existing in 1886 Ot the total
of debts now existing, not 10 per cent was
In eNisteuce In 1879.
.. According 10 the best statistical cal
culatiOli. the debt which has existed from
1873 10 the present has been subject to an
apprecia ton Of gold. not above IL per cent,
(and probably not more than per cent.
all factors duly consijeredD, while the free
silver proposition Is TO scale down by ~
To 80 per cent, p total of debt over three
quarters OF which has been contracted In
the past ten years. The free silver men
say that they wish debts paid in the stand
ar'i in which they were contracted but
they propose to take a total of debt OF
which 40 per cent. was contracted Oh the
gold basis and to transfer 1t to the silver
basis.
3. In attacking the interests of the cred
itors, for the supposed benefit OF the
debtors, they propose to scale down the
savings OF the following classes of the
common people: The depoS,ors in saw
ings banks numbering 4.S,5, coo and having
savings lent out at interest to the amount
OF $3.50, 900 go: the members Of building
and loan associations numbering l.7i5oco
and having savings invested in mortgages
of $3.50. 200, Goo: the holders of life insurance
policies numbering about l,20O, coo, with in
vested savings of Sll56. 100000; the holders
OF fire insurance policies estimated at
10000. with investments due them of
81, ,352, ,000. 600: the pensioners of the United
States numbering $4,000, with annuities
amounting to si5d, 900 coo: the depos.tors IN
banks not business borrowers, and the
stockholders in banks. together with small
inves tors outside of corporate agencies, es-
timated at 100000 to 100000.
T. While these large classes include,
In the majority, wage-earners and people
of small means and property. ii has been
shown that the people who borrow from
these classe have more property and larger
means than the real lenders. The free
silver proposition Is. therefore, to tale
away a portion of the savings of the poor
ana frugal and give 1t to the borrowers
who are better off.
The proposition to increase prices by
cheapening the dollar has been Shown to
involve tne Following lucts.
|. The increase of prices by any such
means is purely nominal. A bushel of
wheat Is now worth 81 cents in New York.
because 1t is worth IS. ID in Liverpool,
both gold values. BY halving the value
of the dollar 1t may be made worth Sl.2G
in New York In the deprecated standard.
but that there will be no Increase In ac-
tual value is shown in the fact that 1t will
be worth the same IS Id in Liverpool.
2 That the operation of the change of
a single nation from one standard to an
other is shown TO be that imported prod
ucts always rise first, because they have to
be paid for. on arrival in gold. The pro-
position is therefore that the American
people must pay higher prices for all for
eign staples for an indefinite period, be-
fore their products will rise in proportion.
g. That this rise in domestic products
Will be seriously delayed by the convulsion
in credits which would follow the fore
knowledge that n change would be made.
the stoppage of industry and the restric-
ton of consumption to the narrowest lin
its.
L. That the last thing of all to rise in
proportion to the imitation of prices due to
lowered monetary standard Is the
wages of labor Three examples have been
cited in which the advance Of prices from
this cause has been 100 per cent, while
wages in FIVE to ten years have advanced
only 40 to 50 per cent. The free coinage
proposition to labor Is. therefore, to eX-
change its 60 per cent. increase of wages
under the gold standard for a % to 80
per cent. decrease, by being paid in a
cheaper dollar.
n \ \
With these facts borne carefully In mind,
it will not be difficult for intelligent read
ers TO reach satisfactory conclusion with
reference TO the proposition that the Unit
ed States admit to free and unlimited COIN
age. at ratio 10 gold one-half Of the
commercial ratio, the silver OF the world
regardless of the consequences.