The Canton times. (Canton, Miss.) 1893-1906, 1896-08-21

AS stated heretofore, Congress, early
in the year 1872, inaug urated the policy
Of issuing legal tender paper, and gold
was driven out of circulation, specie
payments were suspended, the currency
began at once to depreciate, and before
the close Of the year the paper dollar
was worth less than 70 cents in gold F.
From the time the depreciation began
the price of commodities and the
wages of labor were paid in paper cur
rency, and the injurious effect upon
the interests of the laborihg man is
clearly shown in report made to Con-
gress March 8, 1898. by sub-commit-
tee of the Committee on Finance, OF
the United States Senate. This report
was on the course of prices and wages
in this country for period of fifty two
years, embracing the prices sof almost
every article of consumption in COM
mon use among the people and the
rates Of wages in almost every industry
carried ON during the time.
From the information thus secured
1t is seen that in 1862 the wages ofaa-
Dor, paid in deprecated paper. were
less than per cent higher in paper
than when paid in gold, but the prices
Of the 22a articles used by the laborers
and other people in the maintenance OF
their families were nearly 10 per cent
higher than they we're when paid in
gold; in 1868 the wages Of labor paid in
deprecated paper worth about % cents
on the dollar were 10 1-s per cent high
er than when paid lin gold. but the
prices CT the articles the laborer had to
buy With his wages were nearly 40 per
cent higher; in 1854 the wages Of labor
paid in deprecated paper dollars worth
10 cents each had advanced % l-2 per
cent, but the prices Of the necessaries
OF life had advanced 30 1-2 per cent; 10
1865 wages paid in paper currency
worth 63 cents on the dollar had adj
vanced 43 per cent above the rates
previously paid in god. or its equiva-
lent, but the prices of commodities had
advanced nearly III per cent--that is
to say, had more than doubled; and in
1866 wages paid in Z currency worth q
cents on the dollar had advanced a
fraction more than So per cent from
the previous rates in gold or its equivs-
lent, but the prices Of commodities had
advanced 90 per cent.
& The rise in the rates of wages never
with the rise in the prices
ofother things until the year 1869. four
yesra aft.r the close Of the war, when
the value Of our currency was u cents
on the dollar. aid 1t was quite certain
thai no further depreciation would oc-
cur. In 1860 this country was on y
gold basis and had been on that basis
for many years under the operation Of
the acts Of 1884 and 1887. Wages were
then raid in gold or,its equivalent, amp
BY reducing the wages paid in de-
preclated currency ito a gold basis aid
comparing them with the rates paid in
gold in 1860 we shall have another
Of the injurious effect
Of cheap money on the Interest of the
laborer.
On this basis the laborer received rs
cents and mills in 1858. 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
ey cents and 2 mills instead of . gold
dollar. In other words. the wages of
labor. measured by gold, as they were
In 1860. when we had sound currency,
had fallen about "a per cent in 1868.
more than 10 per cent in 1864, and
nearly A per cent in 1865, when we
had deprecated currency.
1t should be remembered that the
force of this illustration is greatly
by the fact that these re-
ductions in the rates of wages occurred
At a time when several hundred thous-
and laborers had been withdrawn from
the field of competition, when the
was engaged in the prose-
cution OF great war and was expend-
ing money layishly for all kinds of sup
plies for the army and navy. and when
The prices of all the products Of labor
had largely increased. Surely II there