The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-22


try In the east, coins both gold and silver at
the ratio Of 10. llS 10 I, "A 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 iaboring men and women always got the
cheapest money in circulation, and they gem
orally pay the highest prices for the articles
they buy for the reason that their purchases
are usually made in small Quantities al a time.
The Japanese silver yen II worth "A little less
than 90 cents In our money. and when the
wages of labor, paid In this deprecated coin,
are reduced 10 our STANDARD Of value, they ap-
pear so insignificant that il is difficult 10 I'M
derstand how the people who receive the mis-
cradle pittance can live and maintain their
families. The average daily earnings Of
bricklayer amount 20 83 cents: blacksmiths,
carpenters and cabinet makers receive 30
cents: compositors in printing offices, 70 cents:
pressmen, % cents; roofers, 20 cents stonecut-
ters. 81 cents; ordinary tailors, % cents weav-
ers 10 cents. And In all the long list Of occu'
pations and wages no laboror, however skill
ed, can DO found who receives moro than 40
cents per day, except porcelain artists In the
great city of Yokohama, who get ~ cents. Fac
tory laborers even in that city, where most of
the great industries are carried ON by Ameri-
can or European capitalists. receive Il cents
per day, and in other parts of the country
they receive less.
Mexico's Experience.
Our neighboring republic Of Mexico, with q
constitutional government very similar to our
own, with an area of s61, coo square miles and
"a population Of only about l2OOO.00O, with al
most marvellous natural resources awaiting
development and Offering 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
money Is a blessing 10 the laboring man, he
ought to DO prosperous and happy in that
country. The Mexican dollar contains Bill
grains OF pure silver or nearly grains more
than IL contained in our dollar, and yet, not
being sustained by monetary system which
keeps 1t at "a parity with gold, it is worth only
about 50 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 gen
orally are much higher than they are here.
The prices of imported articles especially are
exorbitantly high in Mexico, because they
have to be paid for abroad in gold, and the de-
probation of their money Is 30 great that IL
requires nearly 81 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 TO
two OF theirs, because here the coinage is lin
tied and the government issues the coins
its own account and has pledged its faith and
credit to keep them as good as gold, pledge
that has been faithfully kept up to this time
Notwithstanding the complaints and denuncia'
tions of our free coinage opponents. Under
our policy the dollar paid TO the laboring man
for his wages is just as good and will purchase
just as much in the markets as the dollar paid
to the bondholders or to any other class OF
creditors, but If we are TO have free and I'M
limited coinage of legal tender silver for the
benefit of the owners Of the bullion the gov
eminent and the people at large would have
no interest whatever in the coins, and IL would
be grossly unjust TO require the government
to Keep them equal in eXchangeable value to
gold. The dollars, as rapidly as coined, would
be delivered TO the owners OF the bullion free
Of charge, and the government would have no
legal or moral right to tax all the people OF
the country in order to procure gold with
which to redeem these private COINS; The
greater than the intrinsic or commercial value
OF the silver contained in it, and its purchas-
Ing power IN the markets would be diminlshed
about one-half, but the wages of labor would
remain, for "a long time at least, substantially
at the present rates, or, II they should DO NOM
inally Increased ON account of the depreciation
OF the currency, experience in the past shows
that they would not increase in proportion 70
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 several
times in the course OF "A single day. And these
movements are always more frequent and
settled condition.
Attitude of Manufacturers.
You have doubtless observed recently what
appears to be quite formidable demonstra-
ton in favor of the free coinage of silver by
certain large manufacturing interests in the
eastern part Of the country, upon the ground
that IL We continue 20 maintain our present
standard of value the silver standard coun.
tries, especially India, China and Japan, will
soon be able to undersell them in the markets
of the world. Reduced to its simplest form.
the proposition of these gentlemen is that the
manufacturers or certain kinds OF goods in
this country cannot continue to pay their la
borers high wages in gold or its equivalent
and compete successfully in the markets
abroad with the manufacturers OF similar
goods in silver standard countries, who pay
their laborers low wages in deprecated silver,
and therefore they insist that monetary sys-
tenn shall be adopted here which will give
them the advantage OF paying for their labor
In deprecated silver. The theory is that, with
free coinage of legal tender silver, the wages
of labor In this country would be paid in sill
ver dollars worth about half as much gold
dollars, but the products OF labor, which
would belong to the employer, would be sold
for gold in the markets abroad, and that the
gold thus obtained could be exchanged for sill
yer at about the rate of 81 in gold for 81 in sill
yer, and thus the process would go on, the
employer getting gold of full value and the
laborer getting deprecated silver, which, in
the opinion Of these gentlemen. would be q
most happy solution of this question.
II the interests of labor are TO be left entire
ly out of consideration, and II IL were not rea-
sonably certain that sudden revolution in
our monetary system would at once arrest the
progress of all our industries and produce al
most universal bankruptcy, this scheme TO
make the employer very rich and the laborer
very poor might be worthy OF serious consid
Grafton, but the American laborer has a right
to demand pay for his work in as good money
as the employer receives for his products in
any part Of the world, and when he surrenders
this right he is doomed TO the same fate that
has already overtaxen his brothers in the sill
vol at la
II is but simple justice TO say In this con-
nection that the great body OF employers,
vast majority of the men who have embarked
relying for success upon their skill and energy
in the prosecution of their business. do not
Want the present standard OF ,h value tt oyer.
ment of silver monometallism would be ruin
Gus to them and TO all who are dependent
upon them for employment or for the supply
OF commodities at reasonable prices.
Investments of Labor.
II the solution OF this question affected only
the character and amount and purchasing
power Of the future earnings of the American
iaborer. IL would still be subject of the gray
est Importance to him, but its Importance Is
greatly increased by the fact that the safety
and value OF very considerable part OF his
past earnings are also involved. The thrifty
and provident workingman, anticipating n
time when he may be disabled or deprived of
employment has endcavored TO save some
thing out of his earnings in order to provide
for the comfort of his wife and children in the
future and has laid il away at homo, or de-
posted IL in bank or building association, or
invested il in n life insurance policy, or loaned
10 to some friend in whom he has confidence.
He Is not a debtor, but a creditor, and tho
corporations and individuals having the Gus
tody of his earnings are indebted TO him and
ought TO pay what they owe him In just
good money rs he put into their hands.
Savings Banks and Building and Loan As
sociations.
According to the latest reports, the savings
banks in your own state hold S24. 400 ON
deposit for So. SOP people, or an average of s257
for each depositor, and in the whole country
they hold ST. SIC, 5g1 10 for 4,S15.5l9 people. or
.,.s 49,