The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-04-23

paper dollars worth ~ cents eacn, nad dd.
vanccd 25lz per cent, but the prices ot the
necessaries Of life had advanced 9OH per
cent; in 1865 wages paid in paper currency
worth 63 cents on the dollar had advanced
~ per cent above the rates previously paid
In gold, or its equivalent but the prices OF
commodities had advanced nearly III per
cent-that Is TO say, had more than dOu
bled; and In 1865 wages paid in cur
rcncy worth II cents on the dollar had ad.
vanced fraction more than 52 per cent
from the previous rates In gold or It's
equivalent, but the prices OF commodities
had advanced 80 per cent
The rise I'm the rates Of wages never cor
responded with the rise In the prices OF
other things until the year 1869 four years
after the close OF the war, when the Nalue
of our currency was II cents on the dollar,
and 1t was quite certain that no further
depreciation would occur. In 1860 this
country was on n gold basis and had been
on that basis for many years, under the
operation of the acts Of 1884 and 1887.
Wages were then paid In gold, or its
equivalent, and by reducing the wages
paid in q deprecated currency to gold
basis, and comparing them with the rates
paid in gold in 1850, we shall have another
demonstration of the injurious effects OF
cheap money on the interests of the la
borer. On this basis the labOrer received
76 cents and mills i'm 1863 instead of the
gold dollar he received in 1850; in 1864 he
received 80 cents and mills instead of
gold dollar, and in 1865 he received 60
cents and mills instead Of q gold dollar.
In other words the wages of labor,
measured by gold as they were in 1860,
when we had o sound currency, had fallen
about "a per cent in 1868, more than 10 per
cent in 1854, and nearly - per cent In 1865
when we had q deprecated currency; and,
gentlemen, the force Of this illustration Is
greatly augmented by the facts that these
reductions in the rates of wages occurred
at n time when several hundred thousand
labOrcrs had been withdrawn from the
field Of competition, when the government
| was engaged in the prosecution of great
| war, and was expending money lavishly
| for all kinds Of supplies for the army and
navy. and when the prices Of all product;
| of labor had largely Increased. Surely, II
| ever there can be a time when an abund
ance Of cheap money will increase the
| wages and improve the condition of labor
| ing men, these results ought to have beer
accomplished under the combination o.
| favorable circumstances existing, especi
| ally in the large Centcrs Of industry, from
1851 to 1865, and yet there has been no otheI
! period in our history when the rates o
wages fell so rapidly or so low.
Secretary Carlisle then gave figures
showing the vast amount of money in
vested by the laboring people in banks
building and loan associations and will
life insurance companies. Then he said
In view of these facts, which cannot b
successfully disputed, submit that yol
ought seriously to consider all the consc
quences to yourselves and your fellow
citizens before you agree 10 the free ant
unlimited coinage of legal tender silve
at ratio Of Is to 1, in order that thesC
great corporations and associations ma.
have the privilege of discharging thci
debts TO the people by paying 81 or 5
cents on the dollar, for that is exactl
what II means.
But If free and unlimited coinage O
legal tender silver at the ratio of 10 to 1 /
established in this country, q very larg
part of the money deposited in these VAR
Gus kinds of savings Institutions will no
even be repaid in deprecated silver, bu
will be wholly lost, because such reck
less monetary system would prccipitate
financial panic, which very few, If any
of the repositories could survive.