Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-05-14

Thursday, May IA, 1895.
ADAMS s. ARTHUR. Proprietors

7 place, the peso, or Collsr uf Chile, was worth
about $50 cents in cur money, but in lseS, ten
years after. gold went ext and silver came in,
the peso was worth less than 53 cents in our
money. saver continued to depfeciate and,
besides, large amounts of paper currency were
issued hg the government and the banks, and
in 1880 y years sites the change from the gold
basis - the silver basis, the peso was worth
only r5out 3411a cents in cur money.
Let as see now what eject this cheap money,
or, ia other words, this system Of silver mono
metallism which you are asked to adopt here,
had upon the wages CT labor In that country.
Our minister at Santiago has very recently
made an official investigation and report upon
this subject, which has not yet been published,
from which 1T appears that In the northern
part of Chile, where labor has always been in
greater demand than elsewhere ON account of
the great nitrate fields located in that section
of the country, very little change took place
even in the nominal rates Of wages notwith-
standing the great fall in the value Of the cur
rency--that is. laborers continued to receive
IN depreciated money about the same amount
they received before in good money. In 1875,
when the peso was worth $50 cents, a me-
chanic, n boiler maker, a blacksmith, a car
penter. a fireman and an ordinary laborer re-
ceived together for a days work 1870 pesos, or
$l6.8 in our money in 1885 the same persons
received for the same work 20A pesos, but ow-
ing to the depreciation OF the currency this
was equal to only sl0.93 in our money, and in
1895, 20 years after the country had descended
to q silver basis. the same laborers received for
the same work q. 90 pesos, but the value Of the
peso was less than 81 cents, and consequently
their wages amounted to only 1894 in our mon
ey, or just about one-half OF what they had re-
ceived 20Sears before. In the centra4 part OF
the country the result was substantially the
same, though not quite so injurious to the la
borer. In 1876 a days wages for five men-a
mason, p carpenter. a g%asitter, a painter and
an ordinary laborer-amounted altogether to
1910 in Sur money, but in 1888 the wages OF
the same men were ST. So. and in 1896 81. 90. In
the southern part of the republic there was
some increase IN the nominal amount OF wages
paid between 1875 and 1880 ON account Of the
fact that a line Of railway was then being con-
structed through that region by foreign CAPT.
tai, but since the latter date the general aver
age rate OF wages has remained substantially
the same, although paid In a constantly depre-
ciating currency.
Our minister to Chile, after a very careful
examination of the entire situation in that
country, says:
sit may be taken for granted that in Chile,
as in all other countries which have had u like
financial experience, the consequences OF cheap
money have weighed most heavily upon the
classes that are least able to support the bur-
dem
The evils Of silver monometallism and q de-
preciated currency finally became intolerable
in that country, and, although it produces
considerable silver and very little gold, it has
recently adopted the gold standard Of value.
Japan's Experience.
In nearly every country in the world having
the gold STANDARD of value the wages of labor
have increased materially during the last Is
years, and at the same time the purchasing
power OF the money in which wages are paid
has increased also, while in the countries hav-
ing the silver standard of value wages have
been actually reduced by the depreciation Of
the currency to such an extent that the labor
er is in a much worse condition than he was
at the beginning Of that period. Japan. by
far the most progressive and prosperous couh-
try in the east, coins both gold and silver at
the ratio of 10. ll8 to !, u ratio which greatly
overvalues silver, and, as the government does
not maintain the parity of the two metals, the
currency is on a deprecated silver basis.
Wages are paid in silver, of course, because
the laboring men and women always get the
cheapest money in circulation, and they gen
orally pay the highest prices for the articles
they buy. for the reason that their purchases
are usually made In small quantities at u time.
The Japanese silver yen Is worth u little less
than 80 cents in our money, and when the
wages OF labor, paid in this deprecated coin.
are reduced to our standard of value, they APP
pear SO insignificant thai it Is difficult to un-
derstand how the people who receive the mis-
cradle pittance can live and maintain their
families. The average daily earnings Of a
"a ~ ~ tAAto
carpenters and cabinet makers receive &c
cents: compositors in printing offices, % cents:
pressmen, rs cents: ~roofers, % cents; stonecut-
tiers, 80 cents; ordinary tailors, - cents weav-
ers, ID cents. And in all the long list of occu-
pations and wages no laborer, however skill.
ed, can be found who receives more than 40
cents per day, except porcelain artists in the
great city Of Yokohama, who get 52 Fac
tory laborers even in that city, where most of
the great industries are carried on 10y Ameri-
can or European capitalists, receive 81 cents
per day, and in other parts of the country
they receive less.
Mexico's Experience.
Our neighboring republic OF Mexico, with a
constitutional government very similar to our
own, with an area of T67, COO square miles and
n population OF ouly about H.. 600, COO, with al
most marvellous natural resources awaiting
development and Offering a most inviting field
for the investment Of capital and the employ
ment Of labor, has the silver standard Of
value. gold not being in use. And if cheap
i money Is "a blessing to the laboring man, he
ought 10 bo prosperous and happy in that
\ country. The Mexican dollar contains 3T7. IL
4 grains % pure silver, or nearly O grains more
than il contained in our dollar, and yet, not
being sustained by a monetary system which
keeps ii at . parity with gold, it is worth only
about So cents in our money. Wages are paid
in silver and arefvcry low in comparison with
. tho wages paid IN this country for the same
Il services, In many instances not DelNg half as
q much, while the prices of commodities gem
orally arc much higher than they are here.
n The prices of imported articles especially arc
exorbitantly high in Mexico, bocIuse they
have TO be paid Tor abroad IN gold, and the de-
4 probation of their money is 80 great that it
4 requires nearly 81 in silver 70 Iay 81 in gold.
A AlthouGh our own silver Goilar contains less
silver than tho Mexican collar. one of
1 ours Is nearly equal in exehangcahle value 10
+ two of theirs. because here the coinage is linn
ted and the government issues the coil.s ON
Is own account and has pledged its faith and
credit to keep them as good as gold, a pledge
hat has been faithfully kept up TO this time
lotwithst, nding the complaints and donuncia'
lions OF or free coinage opponents. Undor
bur- policy tie dollar paid 10 the laboriDg man
or his wages is just 80 good and viii purchase
INST as much in the markets as tho dollar paid
II, d tho hondholders or 10 any other class of
y rcditors, but II we are o'have free and I'M
limited coinage of legal tender silver FOR the
eneft OF tho owners OF the bullion the gov
rnment and tho people at large would have
o interest whatever IN thecoins, and ii would
g grossly unjust 60 require the government
/, keep them equal IN eXchangeabie value TO
.0ld. The dollars, as rapidly AS coined, would
D delivered TO the owners OF the bullion free
I charge, and the government would have no
gal or moral right to tax all the people OF