Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-10-24

/ to make these men pay double price for
I their family supplies of tea, coffee,
sugar and other living expenses, and
/ then pay them less than double price for
! their labor is not fair-at least do not
want TO make such record for myself.
/ That / am correct in my statement of
this proposition us to the wages Of labor
under q deprecated currency, it is only
necessary to appeal to the experience
and recollections of those who are old
enough to remember the depreciation Of
paper money during the war. from 1862
to 1886, when gold ranged from one
| hundred to two hundred and fifty, and
paper money was most abundant.
II labor had advanced in proportion
to the depreciation Of paper money,
! whom gold was two hundred, the rail-
road employees, the mechanic, the day
labmer and the coal miner should have
received double the price for labor they
receive today under q gold standard.
i Can amy of these men remember an in
stance in which he received twice the
wages TINT he receives now under the
geld standard, or received wages in pro-
portion 10 the depreciation of the money
then paid? But, instead, the price for
labor remained almost stationary, and
4 during the whole time there was scarce
4 ly an advance of 20 per cent in wages in
any branch of labor even under the then
existing condition when the supply of
labor had been reduced by the immense
1 number Of men who had gone into the
armies, which created scarcity of
1 labor
| was, dnring most of the time be-
1 tween 1862 and 1865, engaged in manu-
! featuring pursuits, and this was my OBJ
servation, which is now corroborated by
actual statistical reports of wages paid
covering that period made by Carroll
4 ID. Wright, United States commissioner
Of labor, and also by the Aldrich sena-
torial committee report, and by recent
statistics Of railroads and street car
companies, which show an average adj
vance Of only Is to 20 per cent. But
this is only repeating the history of de
preciated money in all countries where
it has existed, i'll japan, China, India,
Asia, Mexico, and all other silver using
nations OF Japan, China, India and
Asia, and the less civilized and progress
sive countries, it is not necessary to
speak. as all are familiar with the low
conditions of civilization and labor IN
4 these countries. In relation to Mexico,
the NEST prosperous perhaps, Of silver
countries, | happened, while n the SEN
ate, to have an object lesson presented
in the form of report of the manager
of silver mine in Mexico TO its presi-
dent and directors. Mr.. Stewart Of
Nevada was the president of the COM
pany. / read and referred to this report
in speech in the senate in the presence
of Senator Stewart, and in order to show
that what I am saying now is no new
conviction, but Is the well considered
opinion entertained by me for long
time / will quote briefly from that
speech the report referred to was dated
! May 8, 1892, when gold was at q pre-
MUM of about 80 per cent in Mexico. 1t
is now at about 100 per cent.
! / quote from Congressional Record Of
/ Oct. 1, 1893:
"And, Mr. President, | think that
labor Of all kinds is never benefited by
deprecated currency--no matter how
plentiful it MAY be, for the reason that
many Of the uecessaries Of life come
through the custom house or for other
reasons, must be paid for i'll gold, t..
which the premium is added, and wages
do not increase in proportion.
II have before me the report OF sill
yer mining company in Mexico, of which
the capital was subscribed i'll the United
States This report is the highest au-
thority. The distinguished junior sem
ator from Nevada (Mr. Stewart hap
pens to be president Of this company.
This report is dated on the 9th OF May,
1892, when the premium on gold, meas
ured by the rate of exchange charged in
Mexico for drafts ON the United States
or London, was about 40 per cent. 1t
has since increased, / am informed, to
70 per cent or more.
Nov, Mr.. President, let us look into
the practical operations of the invest
ment in a silver mine in Mexico by stock
subscribed for and paid for in United
States money, and transmitted to Mex
leo through the usual methods Of bills
of exchange. The balance sheet OF the
company shows that $52,GS4.44 sub
scribed in the United States and trans
mitted to Mexico produced a cash CAPT
tai in Mexico of $73 ,64S.97, including
the premium of about 40 per cent on
money deposited III the United States
over the silver money of Mexico In
the report of the general manager Of the
company to Mr. Stewart, and which the
president prints with his report to the
stockholders, is clear and concise state-
ment, in IL lines of the printed report,
that contains more practical information
upon the results to labor Of depreci-
ated currency than volume Of theories. \
"The superintendent says, under the
head of Prospects:
s'sThe fall in the price OF silver and
consequent rise IN the exchange has SO
operated greatly to our favor, as it has
increased our working capital in Mexico
to a considerable extent, and still con-
tinues to do so. With the exception Of
articles imported from foreign countries,