Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-17
Further Remarks on the
Question Of Cheap
Money.

"X Y. T." whose remarks on cheap
money in Mondays Star have attracted con-
siderable notice. continuing the discussion
Of the effects of sixteen to one, free and
unlimited" writes: .... .
what will be some of the results II the
16 to I. free and unlimited policy. Is estao-
lished? Its exploiters will be seriously
disappointed if it does not increase prices.
for this has been the supreme argument
with which they have piled at least the
agriculturists Of the country. Ihere Is not
the least doubt but that it will have this
effect By the inevitable operation of the
law that prices will adapt themselves to
the price of gold. or that an arbitrary ad-
dition to the value Of the purchasing me
dunn will be attended by corresponding
increase in the price Of goods purchased.
this result must follow. At this point the
law of self-preservation. the first law OF
nature finds play. When 53 cents worth
of silver is by fiat made worth 100 cents for
exchange purposes. then. Of course, wheat
and corn and cotton and iron food and
clothing will advance nearly 100 per cent
in price. If they did not, then the pro-
Queer would be worse Off than he now IS.
But what has any one gained by this pro-
cess? If the farmer. though selling his
pork and cotton and butter at the advanced
clothing or farm implements or other ar
ticles with the proceeds than before. how
is he benefited? If he could sell his wheat
at the new and buy his coat or his wife's
dress at the old price 1t would indeed be a
fine thing for him. But what would IT be
for the other man? If man can sell what
he has to sell al the new silver figures and
buy what he needs to purchase at the old
gold figures. that would be an advan-
tageous arrangement SO far as he Is con-
cerned. but undeniably one-sided. Is 1t
ducers can be persuaded that this Is what
free silver means-'hieh prices for my
goods and low for yours 1t almost seems
as though this Is what its advocates have
cot hap lpoa fn do mol IN
be in strict accordance with the golden
rule: but 1t must be borne in mind that II
isn't the golden, but the silver, rule that
has sway. There Is something in the sheen
of the white metal. with Its promise OF
cheap money and high prices. that seems to
dazzle the judgment and blind 1t to keen
perception Of moral distinctions. for they
who urge the policy surely believe that
they are advocating an honest procedure.
Oddities should be equally honest. ard
frankly admit that free silver will unQues-
tionably increase prices. The great ques-
ton Is whether on the whole this will be
advantageous to the common people, whose
interests are chiefly concerned. Higher
prices. when the result OF operations of
business. by the increased employment of
labor. and therefore larger ability 60 pur-
chase and larger demand, are wholesome
and Indicative Of thoroughly improved
economic condition. But this cannot be
said OF higher prices resulting from a de-
probation in the value of the purcha sing
medium. or by an arbitrary or statutory in
crease in Its purchasing power. The one
Is an evidence of healthy and happy nc
tiVlty; the other of a struggle which Is
neither healthy nor happy, and of doubtful
benefit to any one.
Let US suppose that Is to l. free and I'M
limited. has become the law. and that what
is now 53 cents worth Of silver bullion has
been made worth 100 cents for The pur-
poses OF trade. and that silver barons and
brokers. who have reaped the prime ad-
vantage. have introduced the new coin into
circulation. In what way. precisely, ie this
to be Of benefit to farmers and wage-earn-
ers? OF necessity, for them to sell their
products at the old prices would be no
gain; 1t would. rather, work ruin to them
They must receive a price increased above
the old IN proportion to the increase in the
i-VaIue or silver. or they will suffer loss 1t
| Is only when the increase in the price Of
their products exceeds that of silver that
they gain penny by the new arrange
ment. If wheat now sells for 60 cents per
bushel. and cotton at cents per pound
and labor at 81 a day. and fiat increase Of
10 per cent Is impaired to silver coin, then
TO equalize matters. simply to keep times
as good as they now are-and that Is pretty
poor-wheat must sell at 90 cents cotton
at II cents and labor at 30. 1t will be
| only when higher prices than these rule
| that there will be any improvement what
| ever over present conditions. The farmer
| and other producer can in a measure pro-
/ tect themselves under the new order Of
| things When the wool broker. the cotton
| broker and the cheese broker present them
| selves. the farmer is not usually under the
| necessity of accepting their offer. He can
| hold his products for better price. and If
| there Is a rising market he will ultima tely
command his own price, unless 1t be un-
/ reasonable. His wool and cotton and
| cheese will not spoil and waste by keeping
| They Will be worth as much tomorrow as
| today. and perhaps more. His class have
| this matter, In good measure, in their own
| hands. and can protect themselves. But
the case is vastly different with the day la
| borer, the wage Garner. Every one knows
| that wages are slow to rise. that While
products go up wages often remain sta
| tionary, to the great disadvantage of the
i laborer. The explanation is not far to
| seek. When the labor broker or employer
| makes his offer of wages. it is for what
| cannot be kept until tomorrow. 1t must
| be sold today or never. 1t cannot be put
in the store room and held for a better offer
| out of sight and gone forever, and only Iri-
/ walton and tears are left. If only 81 is ten
| dered as the wages of day. when in all
| justice it should have been $50. and the
| wage Garner, from a manly self-regard,
| and with desire to protect his own rights
| and those of his class. declines the tender.
| at the end of the day he has neither his
/ 81 nor his days labor. He cannot tomor-
| row do it's work and today's also. He Is al
| together at a disadvantage in the matter
| Of higher wages IN comparison with the
| farmer or merchant in the matter of higher
| prices; the latter declines an offer. but re-
| tains his goods: the former declines an
| offer, and loses day or a week. The one
| may profit by the delay; the other loses alb
solutely the value of his labor. and can
/ never recover it. He cannot. If he refuse
| the 81 day. ask and receive 81 or $, tomor-
| row. The day he was idle because he
| would rot sell his labor for less than he
| thought 1t worth is gone, never to return
! the dollar he might have had he never can
| have, even though his children cry bitterly
| for bread. He Is therefore In no small
| measure at the mercy of the employer. and
| must often be compelled to accept what is
| offered for the sake OF wife and children
| even though In consequence of rising
| prices 1t will not purchase what 1t used tC
do. Then what of that larger class that
| now receive no offer at all for their labor
| who stand waiting all the day long and nc
man hires them-who run hither and
thither seeking employment and finding
| none: who obliged to say of time and
opportunity, as the prophet said to Ahat
| concerning his alleged prisoner. AS thy
servant was busy here and there. he was
| gone'-gone the days and the weeks, anG
sometimes the months. and nothing tc
show for them. 1t Is not strange that the
price Of labor rises slowly, when 1t is sc
unable to contend with capital with it:
| superior advantages?
IF one will stop seriously and honestly tt
study the question. 1t will be quickly ap
| parent that II Is not 30 much an increase
| in wages that Is needed as steady empoy