The Green Forest tribune., 1896-05-28
CARLISLE AT CHICAGO,


Secretary of tho Treasury John G.
Carlisle made another of his mastery
speeches on the currency question, in
Chicago, on April 10. It was to an i'm
mense audience composed largely of
work1ngmen, many of whom, especially
In the beginning, were skeptical as to
the blessings of 100 cent dollars. The
secretary's argument as to the effect Of
cheap money on wages was most con-
vincing and effected notable change
In the attitude of his auditors. We
quote part of his speech on this point:
Money received for wages, like money
received on every other account, is val
liable only to the extent that 1t can be
exchanged for other commodities, and
1t Is scarcely necessary to suggest that
dollar worth 80 cents will not pur-
chase as much in the markets es dol
lar worth 100 cents. To call dime a
dollar would add nothing whatever to
its intrinsic value or to it's purchasing
power. If these propositions ore cor
rect, It ik4 clear that when wages ara
paid In q deprecated currency the rates
OF wages must be increased in propo~-
tion to the depreciation of the money
and In proportion to the increase in the
prices Of other things or the laborer
will suffer loss. But affirm that it
Is the universal rule that the rates OF
wages do not increase in proportion to
the depreciation In the value of the
money In which they arc paid, and that
when the currency Is deprecated the
rates OF wages do nc. increase in pro-
portion to the increase in the prices Of
the commodities the laborer is COM
PEELED TO purchase. II there has been
single exception to this rule in this or
in any other country, my Investigations
have not enabled me to find IL, and do
not believe one can be found
Congress, early in the year 1859, In
augurated the policy Of issuing legal
tender paper, gold was driven out Of
circulation, specie payments were sus-
pended. the currency began at once to
depreciate, and before the close Of the
Year the paper dollar was worth less
than 76 cents In gold.
I'm 1862 the wages of labor, paid In
deprecated paper, were less than per
cent. higher in paper than when paid in
gold, but the prices of the 223 articles
used by the laborers and other people
in the maintenance Of their families
were nearly 18 per cent higher than
they were when paid in gold. In 1863
the wages of labor paid in deprecated
paper worth about 90 cents on the dol
lar were 10H per cent. higher than
when paid in gold, but the prices Of the
articles the laborer had to buy with his
wages were nearly 40 per cent. higher.
In 1864 the wages Of labor paid in de-
preciated paper dollars worth 40 cents
each had advanced 251s per cent, but
the prices OF the neceesaries of life had
advanced coy per cent In 1865 wages
paid in paper currency worth SO cents
on the dollar had advanced 43 per cent.
above the rates previously paid in gold,
or it's equivalent, but the prices of COM
modities bad advanced nearly lit per
cent--that is to say, had moro than
doubled, and in 1866 wages paid in
currency worth II cents ON the dollar
had advanced fraction more than 50
per cent. from the previous rates in
gold, or its equivalent, but the prices Of
commodities had advanced 90 per cent.
The rise in rates OF wages never cor
with the rise in the prices Of
other things until the year 1859, four
years after the close of the war, when
the value Of our currency was II cents
on the dollar, and It was quite certain
that no further depreciation would oo-
cur.
"The wages Of labor, measured by
gold as they were in 1850, when we had
a sound currency, had fallen about "A
rer cent. in 1868, more than IS per cent
in 1864, and nearly Al per cent. in 1888,
when we had depreciated currency,
and. gentlemen, the force Of this Illus
tration is greatly augmented by the
facts that these reductions. in the rates
Of wages occurred at a time when sew
eral hundred thousand laborers had
been withdrawn from the field of COM
petition, when the government WAS en-
gagged in the prosecution OF 9 greet war
and was expending money layisd1y for
all kinds of supplies for the army and
navy, and when the prices Of all the
products Of labor had large ly,increased-
~The recent experience Of the repub-
10 of Chilli furnishes another impres-
sive warning to the wage Garner
agaAnst the evils Of depreciated cur
rency. In 1878 the peso. or dollar Of
Chill, was worth about 8S1s cents In
our money, but in 1855, ten years after
gold went out and silver came In, the
peso was worth less than Sc cents In our
money. Silver continued to depreciate, 4
and, besides, large AMOUNTS OF paper