Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-05-20


blacksmith, carpenter, fireman and
an ordinary laborer received together for
aday's work 1S1k pesos, or si6.S7 in our
money. In 1885 the same persons re-
ceived for the same work 2034 pesos;
but, owing to the depreciation OF the
currency, this was equal TO only SlO.93
in our money, and in 1895, 20 years aft
er the country had descended to silver
basis, the same laborers received for tho
same work 25. % pesos, but the value of
the peso was less than 80 cents, and con-
sequently their wages amounted 10 only
1884 in our money, or just about one
half Of what they had received 20 years
before
Our minister to Chile, after very
careful examination Of the entire situa-
ton in that country, says, 1T may be
taken for granted that in Chile, as in all
other countries which have like finan-
cial experience, the consequences OF
cheap money have weighed most heavily
upon the classes that are least able 10
support the burden" The evils of silver
monometalism and deprecated cur
roncy finally became intolerable in that
country, and it has recently adopted the
gold standard of value.
Mexico as an Instance.
Our neighboring republic of Mexico
has the silver standard Of value, gold
not being in use, and if cheap money is
blessing TO the laboring man he ought
to be prosperous and happy in that coun-
try. The Mexican dollar contains 37117
grains Of pure silver, or nearly six grains
more than is contained in our dollar,
and yet, not being sustained by none
tary system which keeps il nc parity
with gold, it is worth only about 30
cents in our money. Wages are paid in
silver and are very low in comparison
with the wages paid in this country for
the same services, in many instances not
being half as much, while the prices OF
commodities generally are much higher
than they are here.
The prices Of imported articles espe-
cially are exorbitantly high in Mexico,
because they have TO be paid for abroad
in gold, and the depreciation of their
money is so great that it requires nearly
So in silver to pay 81 in gold. Although
our own silver dollar contains less fine
silver than the Mexican dollar, one OF
ours is nearly equal in exchangeable
value 10 two Of theirs, because here the
coinage is limited, and the government
issues the coin on its own account and
has pledged its faith and credit 10 keep
them as good as gold, a pledge that has
been faithfully kept up 70 this time,
Notwithstanding tho complaints ard de-
uuuciattuus OF our free coinage oppo-
nents.
If we are 10 have free and unlimit-
ed coinage Of legal tender silver for the
benefit Of the owners Of the bullion,
the value Of our dollar would be no
greater than the intrinsic or commercial
value Of the silver contained in it, and
its purchasing power in the markets
would lie diminished about one-half,
but the wages Of labor would remain,
for n long time at least, substantially nc
the present rates, or, if they should be
nominally increased on account OF the
depreciation Of the currency, experience
in the past shows that they would not
increase in proportion TO the increase IN
the prices Of commodities. Rises IN the
rates of wages take place very slowly,
while the prices Of commodities move
rapidly, at some periods changing sew
eral times In the course Of single day.
and these movements are always moro
frequent and more harmful when tho
currency. Is in an unsettled condition.
why Savings Would BE Lost.
If the solution Of this question affect
ed only the character and amount and
purchasing power Of the future earnings
Of the American laborer, IL would still
be q subject Of the pavest importance
10 him, but its Importance is greatly
increased by the fact that the safety
and value Of a very considerable part OF
his past earnings are also involved. The
thrifty and proyidcnt worlcingman is
not a debtor, but creditor, and the
corporations and individuals having the
custody Of his earnings are indebted 10
him and ought TO pay what they owe
him in just as good money az he put
into their hands
The banks, trust companies, building
associations and other similar institu-
tions owe the people Of the United
States today s., 353, 1873, 521 for money
actually deposited, sum nearly eight
times greater than the total capital of
all the national banks in the country,
while the life insurance policies held by
the people in the various kinds Of cor
porations and associations and in force
today amount to $40, 2O3, S04, 357, a sum
larger than has been actually invested
in all our railroads. In view Of these
facts. which cannot be successfully dis
puted, / submit that you ought serious
" to consider all the consequences 70
yourselves and your fellow citizens be-
fore you agree 20 the free and unlimited
coinage Of legal tender silver at a ratio
Of lG 10 in order that these great cor
porations and associations may have the
privilege q discharging their debts TO
the people by paying 81 OF ~ cents On
the dollar. for that Is exactly what 1t
means Every dollar the people put into
these banks and trust companies and
other institutions and every dollar they
paid for insurance was worth 100 cents
and would procure 100 cents worth OF
commodities in the market when they
earned it and when they invested it.
and they have an unquestionable right
10 demand that it shall be refunded 70
them in dollars worth 100 cents every
where.
The greatest crime short Of abso-
lutte political cnslavement that could
be committed against the workingman
in this country would be to confscate
his labor for the benefit Of the employer
II Il. IN