The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-12-29

system would regulate itself Is obvious.
for men will work where they can get
the most for their labor. If the gov
eminent should now offer work to all
applicants, many men would doubtless
avail of such opportunity. The result
would be an increase In the volume
of money, gradual rise in prices and
a stimulus to private enterprise now
deadened by falling prices AS the
promise Of profits rose with rising
prices employers Of labor would be en-
couraged to extend production, to OK
tend production they would have to en-
ploy more workmen. To get such
workmen. to secure the services OF the
men employed by government in the
development Of public utilities and the
building of works Of a permanent value,
they would have to offer higher wages
than the government was paying. When
they did so men would leave the gov.
ernments employ, for self interest
would prompt them to sell their labor
where they could get the best wages.
The result would be check to the rate
OF Increase In the volume Of money,
check to any undue imitation of prices.
self-regulation of the issue of money.
for If such check to rising prices was fol-
lowed by shrinkage in prices and cur
tailment of production and falling
wages. men thrown out of work would
seek employment Of the government.
the increase in the volume of money
would become more rapid ar& as a con-
sequence prices would be supported.
But such method Of regulating the
issue OF currency would not be perfect
ly fair to wage earners, it would not
give full satisfaction This is for
reason that it would in effect fix The
rate Of wages, and as a consequence
the introduction of economies in pro-
duction, OF lavor saving machinery,
would result in constant tendency Of
prices to fall And with such increased
productiveness Of labor, resulting in
falling prices, the creditor classes
would share in this increased produc-
tiveness, in which they have of right
no right to share for it is through no
effort, no expenditure Of muscle or
brain on their part that such increased
productiveness is due. Therefore if
falling prices come with increased pro-
ductiveness of labor the wage Garner
and employer do not profit as fully as
they have right. And this must dis
courage production. That they may
profit fully, prices must be kept stable.
In word, the wage Garner must profit
from the increased productiyeness of
his labor, not through a cheapening Of
what he buys, but a rise in wages if he
is to profit fully from the increased
productlveness Of his labor, for if
prices fall as the result of such pro-
ductiveness, part of the profit to which
he is entitled will go to the creditor
To secure an honest measure Of value
we must then increase the currency 50
as to keep prices stable. To secure
satisfaction to insure a monetary sys-
tenn that would be fair to wage earners.
the rate Of wages offered by the gov
eminent must not be arbitrarily fixed.
but must be left subject to change, this
change to be regulated by prices. In
short, record must be kept of lie gen.
eral movement of prices and when she
price level goes down the government
rate of wages must be inversely raised
so as to restore the level Of prices.
This alone will insure justice to wage
earners, this is what the Populists aim
at when they demand that the money
issued shall be based on all commo-
dities.
1t may be objected to this system Of
regulating the supply of money that
such employment by the government
as 1t cOntemplates would be most costly
to the nation. 1t may be urged that
the number Of men so employed would
be most irregular and that the work
carried on by labor SO employed would
be intermittent and therefore wastefuI.
LUZ Wills Ills Is conceivable 1t Is
hardly probable, for as the population
OF the country and the industrial a.
tivit1es would increase under such sys-
TEN with great regularity free from
the interruption of panics and indus
trial crises, the rate Of increase in tn.
demand for money would be equally
regular, and as consequence, the
number of men seeking employment Of
the government would be equally con-
slant. So the government could
by this means carry on works
OF general utility TO the
people economically while at the same
time guaranteeing wage earners against
1dleness and insuring ito our people
an honest measure Of value More
over, such money would have value be-
hind 1t, it would represent value and
therefore, in banking parlance, be good
for 1t would only be paid out for the
creation Of works of permanent value
to government and people.
But the Peoples party will still adj
vocate the free coinage of gold and
silver, because Populists are not repl-
diators. To those who have been
promised pay in gold and silver, our
party will keep such promise.