Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-06-11

IL IS 80, W IAell lIle ptSO WAS worth 90 Q
cents, a mechanic, u boiler maker,
blacksmith, carpenter, fireman and
an ordinary laborcr received together for
day swork 49, pesos, or S16.31 in our
money. In 1855 the same persons re.
ccivcd fer the same work 20a4 pesos !:
but, owing to the depreciation of the
currency, this was equal to only $40 90
i'll our money, and IL 1895, 90 years aft.
er the country had descended to a silver
basis, the same laborers received for the
same work 20. 50 pesos, but the value of
the peso was less than 80 cents, and con-
sequently their wages amounted to only
1874 III 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 sittla-
ton III that country, says, 1T may be
taken for granted that III 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 silk or
recommendation and deprecated cur
rcncy finally became intolerable III 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 377. II
grains of pure silver, or nearly six grains
more than is contained i'll our dollar,
and yet, not being sustained by a none
tary system which keeps it at a parity
with gold, it is worth only about So
cents i'll our money. Wages are paid i'll
silver and arc very low i'll comparison
with the wages paid in this country fol
the same services, in many instances not
being half as much, while the prices of
commodities generally are much higheI
than they are here.
The prices of imported articles espe
cially are exorbitantly high III Mexico.
because they have to be paid for abroad
i'll gold and the depreciation of their
money is so great that it requires nearly
So i'll silver topay 81 in gold. Although
our own silver dollar contains less fine
silver than the Mexican dollar, one Of
ours is nearly equal III cxchangeable
value to two of theirs, because here the
coinage is limited and the government
issues the coin ON its own nc count and
has pledged its faith and credit to keep
them as good us gold, a pledge that has
been faithfully kept up to this time.
notwithstanding the 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 III it, and
its purchasing power i'll the markets
would lie diminished about onc-half
but the wages of labor would remain
for long time at least, substantially at
tho present rates, or, if they should be
nominally increased on account of tho
depreciation Of the currency, experience
i'll the past SHOWS that they would rot
increase i'll proportion to the increase in
the prices of commodities. Rises i'll the
rates of wages take place very slowly,
while the prices of commodities move
rapidly, at some periods changing sew
eral times i'll the course of n single day,
and these movements are always more
frequent and more harmful when the
currency is i'll an unsettled condition.
Why Savings Would BE Lost.
If tho solution of this question affect
ed only the character and amount and
purchasing power of the future earnings
Of the American labrer, il would still
be subject of the gravest 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 is
not debtor, but n creditor, and the
corporations and individuals having the
custody of his earnings arc indebted to
him and ought to pay what they owe
him III just as good money as he put
into their hands.
The banks trust companies, building
associations and other similar institu-
lions owe the people Of the United
States today -, 1853, 1873, 52l for money
actually deposited, Il sum nearly eight
times greater than the total capital of
all the national banks i'll the country,
while the life insurance policies held by
the people i'll the various kinds of cor
porations and associations and i'll force
today amount to $40, 203, S04, 357, sum
| larger than has been actually invested
i'll all our railroads. In view of these
facts, which cannot be successfully dis
puted, l submit that you ought serious
ly to consider all the consequences to
yourselves and your fellow citizens be-
fore you agree to the free and unlimited
coinage of legal tender silver ut ratio
Of 6 to III order that these great cor
porations and associations may have the
privilege Of discharging their debts to
the people by paying 81 or 81 cents on
the dollar, for that is exactly what ii
means. Every dollar the people put into