Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-05-08

basis, The same laDOrcrs received Tor the
same work % % pesos, but the value Of
the peso was less than 30 cents, and con-
scquently their wages amounted 10 only
s. "a in our money, or just about one
half # 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, 1T may be
taken for granted that III Chile, as in all
other countries which have a 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 a deprecated cur
rency finally became intolerable in that
country, and it has recently adopted the
gold standard Of value.
Mexico ~ an Instance.
Our neichboring republic Of Mexico
has the silver standard Of value. gold
not being in use, and if cheap money is
a blessing to the laboring man he ought
TO be prosperous and happy in that coun-
try. The Mexican dollar contains 377.17
grains Of pure silver, or nearly six grains
more than is contained in our dollar,
and yet, not being sustained by a none
tary system which keeps it at parity
with gold, it is worth only about 50
cents in cur 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.
TIE prices Of imported articles espe-
cially are exorbitantly high in Mexico,
because they have 70 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 10 keep
them as good as gold, a pledge that has
been faithfully kept mp 10 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 cf the silver contained in it, and
its purchasing power in the markets
would lie diminished about one-half
but the wages Of labor would remain.
for long time at least substantially at
the present rates, or, if they should be
nominallv increased on account Of the
depreciation If the currency, experience
in the past shows that they would not
increase in proportion 10 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
cral 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 BE 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 a subject Of the gravest importance
70 him, but its importance is greatly !
increased by the fact that the safety
and value of a very considerable part Of
his past earnings are also involved. The
thrifty and proyidont workingman is
not a 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 s., 353, 1873, 521 for money
actually deposited, 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, SO4, S57, sum
larger than has been actually invested
in all our railroads. In view Of these
facts, which cannot be successfully dis
puted, l submit that you ought serious
" 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 at a ratio
Of l6 to in order that these great cor
porations and associations may have the
privilege Of discharging their debts to
the people by paying 81 or 90 cents on
the dollar, for that is exactly what it
means. Every dollar the people put into
these banks and trust companies and
other institutions and every dollar they
paid for insurance was worth 100 cents
and would procure 100 cents worth Of
commodities in the market when they
earned it aud when they invested it,
and they have an unquestionable right
TO demand that it shall be refunded 10
them in dollars worth 100 cents every
where.
The greatest crime short Of abso-
Lutte political eDslavement that could
be committed against the workingman
in this country would be to confiscate
his labor for the benefit Of the employer
by destroying the value Of the money in
which his wages are paid; but gentle
men, this irreparable wrong can never |
be perpetrated under our system Of gov
eminent unless the laboring man him.
self assists in forging his OWE chains.