The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-12-30
GOnPERS TO GAGE.
Federation Of Labor President Ar
raigns Gold Standard.
REPLIES TO SECRETARY CAGES
LETTER TO ORGANIZATION.

Declares That If Secretary's Plans Wer'
Adopted Banks Would Bocon
Masters and Laboring Men Slaves
Tmpoverishing Poor and .Enrlchins
the Rich.
Washington, December 29.-Samue
Gompers, president of the American Fed
Grafton of LABOR, has replied in an opel
letter to Secretary Cages recent letter
taking exceptions to the resolutions
passed by the Federation in reference t.
Mr.. Cages bill. Mr.. Gompers in sub
stance, says:
I'VE do not charge you with ignorance
or allege any evil purpose on your part
as implied in your latter. We have th'
greatest resect for your probity and il
| tegrity.
THE wage earners of America repre-
| sented in the American Federation O
Labor. believe that the position you have
taken in regard to the retirement of oul
back currency, is antagonistic to their in
terests and they are opposed to your plaI
for more thoroughly committing thi
country to the gold standard. The evil
which have resulted from our adherence,
| to the gold standard are those that eyel
must grow from a dishonest measure O.
value.
"Any measure of values that force
an unjust distribution of the products O.
labor, that deprives producers of the re
suit of their toll and cuts down wages
and profits, thereby destroys the incentive
to enterprise, enforces idleness,. distress
and public suffering.
Anything that reduces the total money
value of the product of labor must in
crease the share of the money lender and
creditor and decrease the share to be di
vided among employees and wage earners
To increase the value of money must de-
crease the value of the products of labor,
"If our adherence to the gold standard
has caused money to grow dearer, yor
must admit that the gold standard hal
done injury to our people. brought distress
to wage earners and employers and, dis
oouraged enterprise.
SIT is not alone to cheapening O.
| the labor cost of production. but also tt
an actual appreciation of gold that th,
| fall in prices since 1872 has been In grea
part due. And this appreciation hal
grown out of the demonstration of silve,
which has increased the demands fol
gold. You must abandon the adyocac,
of gold lnonoInetallism unless you car
| show that the demonetization Of silve
and the doubling of the demand for golG
| resultant therefrom. has not caused golt
to grow dearer and prices lower to th,
greater injury of all producers of wealth
| "The retirement of our national green
| back currency and all government pape
money and the substitution of bank note
would make the banks guardian over ou
volume of money and SO of our measure
of value; it would enable working in tn,
| interest of the speoulators to cause move
ments in prices with greater certainty
enable them to depress by contracting
the currency and raise prices by expand
| ing the same. 1t would make the bank
the masters them people the slaves, ant
would enrich the few and impoverisl
the multitude. Your plan involves tn
proposition of the retirement of our ma
tional paper currency and greenback
upon which we pay no interest at all an,
the issuance of bonds in its stead in tn
sum of $500, 900, 900, upon which we shal
| be req quired to pay interest"