The evening times., 1896-07-28
LABOR ApPEALs TO SCIENCE.
Why Gold Standard Is Best for the
Country.


Country.
Labor.-MS. Bryan, in his speech at Chi
cago, said: 1--WE shall answer their de-
IRands for u gold standard by saying 10
them: You snail not press down upon
Iabor's brow this crown OF thorDs,' and'I
have come TO you TO seek the answer to
this question: is the gold standard q crown
OF thorns TO labor's brow?'"
Science.-To answer that question we
must study the elation Of wages to the
money in which II is paid. Thut relation
Is Relation Of two independents variables.
Labor do you Them independent
va riabIes.
bCIence.- Beca use variation in one will
not cause the other to vary correspOndingiy.
Wages vary by becoming higher OF lower,
and money varies by having at different
times Il greater or less purchasing power.
or at the same time, one kind of money may
havea greater or less purchasing puwerthaD
another kind. Now, the relation OF wages
to the purchasing power OF money is this,
that wages remaining the same in money.
a rise in The purchasing power of that money
In which paid works ii rise in wages, prac-
tically, by giving the llhorer more Of the
necessiries and comforts Of life, and a de-
ciinein the purchasing power of the money
In which paid works Il fall in wages by
giving the Ia borer less Of the Decessaries
and comforts OF life. And IL wages re-
main the same, and we pas in a different
kind OF money, We raise wages il tie new
money has greater purchasing power, and
lower them II it has n less.
Labor Then wages in money are highest
when the money in which paid has the
greatest purchasing power?
Science--Thcy are. For then they will
buy Tor the Iaborer the iaigest amount or
food. clothing, fuel and shelter.
Labor. but you say also that wages may
be higher OF lower according to the kind or
money in which paid. Now, in what kind
of money are the wages or labor in the
United S tates paid today?
Science. In gold or money that is the
equivalent OF gold, tccause its purchasing
power is measured by the gold standard.
Labor. Has any money in the world a
higher purchasing power than our present
gold standard money?
Science. None. A nd for that reason 1t
is the very les money in which the wages
OF labor could be paid. s3.li5. alG.
Labor. Then Wien we spe ak of the pest
money we mean gold or its equivalent,
Science. We do.
Labor. Then the quality Of money de-
pends on its purchasing power?
Science.-It dces. Purchasing power Is
the very essence of money, and when
currency has become so deprecated that it
longer pioney.
Labor. Tnep IL our money is to continue
the test money it should be Immediately
convertible into gold?
Science. 1t should.
Are there any countries in the world
whose money has less -pureia sing power
than ours?
s-Tnere are; the silver standard coun-
tries. such as Mexico.
L-Whyf
S-Because they coin silver at the ratio
OF 10 l-2 TO / of gold, while the COM
mercial ratio is about 80 to l. Thus their
silver dollar, in Which their laborers are
paid, has but little more than half the
intrinsic value or purchasing power OF
our gold daliar: and, as Was said before,
purchasing power is the test OF good money.
L--Has our silver dollar the intrinsic
value OF our gold dollar?
SIT has not. An ounce or silver Con-
tains 4SO grains aud is worth now about
50 cents. Our silver dollar contaius
81 Ia grains OF pure silver, and is.
worth, therefore, intrinsicaliy about 50 8
cents.
L-Then why has 1t the purchasing
power OF gold?
S.-Because the government has pledged
itself to maintain its value or purchasing
power at a parity with gold.
L.-WOuld silver dollars coined accord
ing TO tue demand OF the platform GU which
AFR Bryan asks the voters to make him
President OF the United States be main
,ained at Il parity with gold 10y the gov
ernment?
S.-They would not.
L-Then what would be their purchasing
power? ''4 -=i-e i
S.-That OF the intrinsic value of the
silver contained in them
L.-Then if Mr.. Bryan Is elected and such
change IN our standard OF valueis made and
neither wages nor the value or silver rise,
will 1t not work a practical reduction in
the wages of labor? 80
S-II will, by reducing the purchasing
power or money nearly one-half. -
L.-But in that case would not wages con-
sinue to be paid in gold. as justice would
demand? .rr--.r 5 ASIA
S.-No; for gold would imme diately
disappear from circulation. according to
Gresham's law, and wages would be laid
in the cheaper money. 'F''h+ +tt
L.-But would not wugesimmedately rise
on the enactment of law for the free and
unlimited coinage OF silver? liai, -4.3
S.-Not necessarily; and. in fact, ex-
perience has shown that when there is
any change in the conditions affecting
the,n wages are the first TO fali and the
last to rise. One thing can be confidently
affirmed: that they will not instantly
rise sufficient to offset the decline in the
purchasing power OF the money, and even
though they should finally recover their
full purchasing power the laborer would
suffer u loss never to be regained, during
theinterval. as direct consequence of such
blindly-ignorant or willfuily-vicious tam
pering with the standard of value.
L.-But some silver men claim that in the
event of free and unlimited coinage at the
ratio OF 16 to 1, the price of silver would
instantly rise so as TO bring the value of the
gold and silver dollar to PARITY. Would
it not do sOo
The commercial conditions of the
world today are such that it is ulaiost i'm
possible for it to do 20 at all.
Let us suppose that silver and geld
actually should come To parity under free
coinage at 16 to L; surely the laborer
wouid lose nothing in that case.
Sit seems almost cruel to dsappoint
your homes in this last extreme case, but
truth cun,peis the answer that he would
for such parity couli only be brought afoit
| In this way: The value or purchasing power
of gold would b, lowered by decreased use
or demand, and the purchasing power o
the resulting bimetallic CURRENCY would bt
less than that of the present gold standard
! currency. Hence the laborer being paid ir
money having less purchasing power, would
really receive lower wages.
L-Then, is there no possible way OF bet
tering the condition of the laborer by max.
| ing changes in our monetary system?
S.-Only by making the money better
| But our money being already as good Il!
| the best money the world knows anything
about, 1t is absolutely impossible to chang.
| our standard OF value without niuring thu
laborer, and the gold standard. instead %
| being .'crowu OF thorns to lafO;'s brow
| Is the greatest boon that labor could ask.
"sCHooL" AT THE NATIONAL.