The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-07


ratio between the two metals remained
practically the same during all that time
The tables giving the market prices show
that during those 90 years there was va
Rance OF only seyen-tenths Of one point
OF just about the cost Of exchange. Tho
same tables show that from 1859 to 1878
the total gold production OF the world was
81, $40, 575, OOO while the total silver pro-
duction was only $3.50, 225, 000-that is,
there was 2L times as much gold pro-
duced as silver, yet the market ratio re-
manned unchanged during these 81 years,
just az IL had during the period of go years
when there was twice as much silver as
gold produced. Again, the same tables
show that from 1873 TO 1892, inclusive,
the total gold production of the world was
a., 176, sos, 900, while the total silver pro-
duction was e., 347, Os7, 000-that IL, the
production OF gold was nearly equal TO
that Of .silver. During the first two peri
DDS silver was money metal. During the
last period it was not lnasmuch as silver
did not fall in value, as measured in gold,
during the go years in which there was
twice as much silver produced as there
was gold, IL is clear that had silver not
been demonetized IL would not have fall
en- when the gold production was nearly
equal 20 that of silver after 1873.
silver Has Not Fallen.
Again, silver has not fallen in compari-
son with other property. BY taking the
average price Of all commodities known to
the market IL Is found that "a pound of sill
yer will buy az great an amount Of COM
modities as ever. Silver occupies the same
relation TO the products Of the earth and to
labor today that it did before 1t is gold
that has gone up. The law, by striking
down the competition, has given gold
monopoly. II protects gold against compe-
tition. Practically the gold dollar is 300
cent dollar Nominally II still has only
100 cents In 1t, but it takes 200 cents
worth OF commodities to get one when
measured by bimetallic prices Conse-
auently we find, first, that there has been
no increase in the production Of silver
when compared with the increase In the
production OF gold, and, secondly, we find
that silver has not fallen when compared
with property and the products Of labor.
Therefore the entire fabric of Mr. Schurz's
argument must fall to the ground.
Fall of Wages.
Mr.. Schurz next tried to convey the I'M
preston that wages have not fallen and
were therefore not affected by the demone-
tization of silver, and he says that wages
have risen more than so per cent since
1860 See the ingenuity of this and ask
yourselves whether this Is fair way of
representing that question. All the world
knows that wages have nearly doubled
since 1860. The question Is, How have
wages been affected by the fact that this
country and Europe demonetized silver
and reduced the volume of money in the
world between 1873 and 1872 Had he
been candid he would have compared the
wages for, say, II years prior to the general
demonstration with wages for l2 years
after that general demonstration was ac-
complishod.
This subject of wages was carefully in
quircd into in the year 1891 by a commit
tee appointed by the United States senate
This committee made a thorough inyesti-
CATION. John g. Carlisle, the present sec
rotary Of the treasury, was member OF
that committee. 1t made long and full
report, and it showed that between 1870
and 1873 wages had just about doubled,
and then the report says, After 1873 there
was a marked falling off. The report
goes on and shows that toward 1880 there
was a slight rise in wages above the poin,
tDty ndu ~, DhN thtJ htN1i
reached the point they had occupied be
fore and soon thereafter n decline set In
which continued.
Mr.. Schurz was once member OF the
United States senate, and the investiga
ton by this committee on the subject Of
wages must have attracted his attention
| II he was thorough in his investigation
he must have seen this report. Had hC
been thoroughly candid he would not have
tried to make the impression that bccaus,
wages had risen between 1860 and 1871
| therefore they were still as high as the!
| ever were The fact Is that there was
| great fall in wages between 1873 and 1850
| There was a slight rally in 1880 due
| to causes which ! will explain presently
| This lasted for a comparatively short time
| and since that time there has been n stead!
| decline in wages. Wages and prices mus
| on the average go hand In hand. babo
| creates property. IL property must he sol,
| for low prices, then labor cannot be paiC
| high wages for creating H. This is axio
/ matte.
| Prices Would Not Fall at Once.
| Mr.. Schurz tells us that II the demone
tization OF silver had anything to do will
the fall in prices then the fall should hav,
i COlnt Il urn yOu w NpioiNeA Viz
statement a moment and then tell mt
whether 1t Is no: contrary to the universe
| experience of mankind Owners of prop
erty do not accept lower prices until the,
are obliged to- No matter what cause ma,
be operating to reduce prices, owners o
property hold it up as long as they can
They hold 1t up until the debts press too
hard and the strain gets too severe, wher
they are obliged to let 1t 60 So that thu
decline is never instant, and in the yer,
nature Of things comes gradually, the
weaker holders giving way first and the
stronger holding out till the last. Further
silver was not demonctizcd by all of tn,
countries at once. Germany set her fac'
toward demonstration in 1871, but die
not enact her law until 1879 Our govern
| ment acted In 1873 The other nations fol
lowed later. Holland acted in 1878, Rus
STA In 1876. and Austria did not adopt I
gold standard until 1879 1t is true tina
owing to the fact that Germany, Italy ant
some other countries drew heavily upor
the principal gold market of the world
which Is London, there were serious none
tary disturbances In London and some por
lions Of Europe almost every year afte'
1873, and prices, and consequently busi
ness, were seriously affected In Europ'
during this year. All of the leading finan
cial writers OF England refer to this fact
and, although they insist on maintaining
the gold standard for England bccaus
she Is creditor nation, they attribute thi
fall In prices, this disturbance In business
to the acts of the governments of Europ
In striking down silver by law and estab
fishing gold standard because these act
OF government affect the supply and de
mand
supply and Demand.
BY destroying silver they reduced Oh
supply Of money In the world. BY adopt