Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1896-05-26
Let us see now What ef.

an ordinary lnborer received together for
aday's work 1S1 pesos. or SIG. 81 in our
money. In 1885 the same persons re-
ceived for the same work 2Os< pesos;
but, owing TO the depreciation of the
currency, this was equal to only SO. 93
IN our money, and in 1895, 20 years aft
er the country had descended Co a silver
basis, the same laborers received for the
same work 25.95 pesos, but the value of
the pesowas less than 35 cents, and con-
sequently their wages amounted to only
IS. 81 in our money, or just about one
half of what they had received 20 years
before.
Our minister to Chile, after a very
careful examination of the entire situa-
ton in that country, says, .sIt 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 to
support the burden. - The evils of silver
monometallism and deprecated cur
rency 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
q blessing to the laboring man he ought
to be prosperous and happy in that coun-
try The Mexican dollar contains 377. II
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 it ut parity
with gold, it is worth only about 90
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
50 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 limited, and the government
issues the coin ON 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 tho complaints and de-
nunciations of our free coinage oppo-
nents.
If we are to 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 be diminished about one-half.
but the wages of labor would remain,
for long time at least, substantially ut
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 a single day,
and these movements are always more
frequent and more harmful when the
currency is in an unsettled condition.
why Savings Would he 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, it would still
be subject of the grayest 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
IL
not q debtor, but a creditor, and the
corporations and individuals having the
custody OF his earnings are indebted TO
him and ought to pay what they owe
him in just as good money as he put
into their hands.
The banks, trust companies, building
associations and other similar institu-
tions owe the people Of the United
States today 50, S53, 13s, 521 for money
actually deposited, a 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, 203, 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, 1 submit that you ought serious
| " to consider all the consequences e
yourselves and your fellow citizens be
| fore you agree to the free and unlimited
coinage of legal tender silver at a ratio
of 16 to 1 In order that these great cor
porations and associations may have tbs
privilege OF discharging their debts Il
the people by paying 81 or 90 cents on
/ the dollar, for that is exactly what i
means Every dollar the people put int
these banks and trust companies ana
other institutions and every dollar the.
paid for insurance was worth 100 cent
and would procure 100 cents worth O
commodities in the market when the.
earned it and when they invested il
and they have an unquestionable righ
TO demand that it shall be refunded 9
them In dollars worth 100 cents every
where
The greatest crime short Of abso
lutte political enslayement that couls
be committed against the wcrlungmal
In this country would be to confiscat'
his labor for the benefit Of the employs
by destroying the value of the money y
| which his wages are paid but, gentle
men. this irreparable wrong can neye'
be penetrated under our system OF gov
funent unless the 1aboring man him
elf assists In forging his own chains
Tha +inoe for Building