The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-03-04

compelling yon and ell othsrs TO rsoeive Y
from them "a dollar.
All tho mints Of the United States, operated l
70 their full capacity and doing no other work,
could not coin into standard silver dollars two
thirds Of tho annual production " silver IN
our own country, but notwithstanding this, IL
, In seriously proposed to offer free coinage to
all the silver In the world at legal valuation
almost double Its commercial value In the
markets OF tho foreign countries where II is
produced. The annual production OF silver IN
the world Ia about s216 100000 at our coinage
rate, and the annual capacity OF our minis TO
coin standard silver dollars is only about Ac.-
OOO,O Co., Last year we coined $4S, 83, AS in gold
and 5000, $50 In silver, SO that II our mints
were devoted exclusively to the free coinage
of standard silver dollars the addition to our
stock Of metallic money would be about $lb,-
100000 less every year than 1t Is now, and It
would not be good money after 1t was coined
More than l5 years would elapse before we
could at this rate coin enough deprecated sil-
yer dollars to supply the place OF the good
gold dollars expelled from the country, and IN
the meantime complete revolution would
have to be effected in our commercial rela-
lions with other nations and in all our domes-
tic business affairs, including REIMBURSEMENT
of the wages Of labor the price Of commodities,
the rates of municipal, state and federal taxa
ton charges for transportation and every
other matter involving the use OF money or
credit We should descend by single step
from the highest standard of value to silver
monometallism, with q contracted and at the
same time deprecated currency, financial
experiment which has no precedent in the
monetary interest of the world.
Fortunately when changes have heretofore
been made in the circulation by the substitp-
ton of the coins of one metal for the coins or
the other, the difference in their value has
been very small and the process OF substitu-
- ntnIx
financial disturbance. Under the act OF lI93
the difference in value between the coins and
the legal ratio was only u little over per
cent, and yet within less than one year after
the enactment of that statute, congress was
compelled to re-enforce our stock OF money by
making certain foreign coins legal tender IN
the payment of debts, and on the same day OF
the passage of the act Of 1884, which put the
country on q gold basis by undertaking. sill
yer about per cent, congress passed another
statute making the gold coins Of Great Britain,
Portugal, Brazil, France, Mexico and Colom-
bia legal tender by weight in the payment OF
debts, thus providing as far as possible against
a contraction of the currency on account OF
the expulsion of silver from tho circulation.
During the war, when gold was leaving the
country, legal tender treasury notes were
rapidly issued, under authority of congress, to
take its place, and instead Of contraction OF
tho currency we had an expansion. After the
war when it was determined to change the
character Of our currency again by the re-
sumption of specie payments. the law was en-
acted four years in advance of the time when
it was to take effect in order that ample OPP
portunity might be afforded to adjust the busi-
ness of the people to the altered conditions.
Now, however, all the conservative and pru
Dental considerations that have usually con,
troliei in the settlement Of great financial
questions seem to be utterly disregarded, and
we are confronted by an organized and ag-
gressve movement to destroy by single blow
the measures of value upon which all existing
contracts are based and thus subvert the very
foundations of our monetary system, without
allowing single day to prepare for the change
In the general confusion and disorder re-
sultng from such radical measure what will
be the condition Of the American laboreI? Will
he be benefited Or injured by reducing the
value of tho money in which his wages are
paid and of the same time increasing the prices
of the commodities for which his wages are
expended
Effect on the Wageworkers.
After struggling for more than quarter OF
century, through labor organizations and
otherwise, to secure rate OF wages which
would make the proceeds of a days work
equal to the cost Of u days subsistence for the
workingman and his family, you arc asked by
the advocates of free coinage to join them in
Of the money in which you are paid and i'm.
pose upon yourselves the task of doubling the
nominal amount of your wages hereafter-that
Is, to struggle for another quarter Of CEN
fury, or perhaps longer, to raise your wages
in deprecated currency to point which
will enable you to purchase with them as
much of the necessaries OF life as you can
purchase now-and if, after years of conten-
ton, privation and industrial disorder, you
should at last succeed in SO adjusting wages
that they would procure at the higher prices
II commodities JUST v nat shey will procure
now ab the existing prices, what would you
have gained by the change from the old to the
new conditionsp
Fallacy of 30 Cent Dollars.
Money received for wages like money re.
ceived on every other account is valuable only
to the extent that it can be exchanged for the
other commodities and it ia scarcely necessary
to suggest that dollar worth 80 cents will
not purchase as much in the markets as dol
lar worth 100 cents To call dime dollar
would add nothing whatever to its intrinsic
value or purchasing power it would still buy
only dimes worth Of goods. If these PROPOSE
tions are correct, 1t Is clear that when wages
arc paid in a deprecated currency the rates of
wages must be increased in proportion to the
depreciation of the money and in proportion
to the increase in the prices of other things, or
the laborer will suffer a loss. But affirm that
1t is the universal rule that the rates Of wages
do not increase in proportion to the deprecia-
ton in the value of the money in which they
are paid, and that when the currency IL dcpre'
ciated the rates of wages do not increase in
proportion to the increase in the prices Of the
commodities the laborer is compelled to pur-
chase. II there has been single exception to
this rule in this or in any other country, my
| investigations have not enabled me to find it,
and do not believe one can be found.
Our War Experience with Deprecated
Currency.
It is not my purpose to weary you by the
presentation of voluminous statistics, or by o
tedious recital of facts, but the particular
proposition now under consideration is Of such
great importance in the discussion of this sub
jcct that you must permit me to call your es-
pecial attention to the experience of the labor
ing people in our own country during tho years
Immediately following the introduction of u de-
preciated paper currency in 1852 and also to
the very low rates of wages which now prevail
in countries having the silver standard Of val
ne or the SO called double standard of value
with coinage of silver at q legal ratio not cor
responding with the commercial value Of the
metal and, In doing this / will make no state
ment that cannot be fully sustained by reliable
evidence
On the Sd of March, 1893, subcommittee Of
the committee on finance in the United States
senate made report on the course Of prices
and wages in this country for period Of 81
years. embracing the prices Of almost every
article Of consumption in common uso among
the people and the rates of wages in almost
every industry carried on during that time
and, in order that you may learn from this Of
fetal and impartial investigation what effect q
deprecated currency has on wages and prices,
will briefly state some Of the most material
facts and conclusions embodied in that docu-
ment. The subcommittee consisted of FIVE SEN
ators representing both political parties and
both sides Of the currency question, and the
investigation, which lasted nearly two years,
was most thoroughly and impartially made,
with no purpose in view except to ascertain
and report the actual facts, ard, so far as it
relates to questions Of fact, the report was
unanimous. As stated heretofore congress,
early in the year of 1852, inaugurated the pol
icy Of issuing legal tender paper, gold was
driven out of circulation, specie payments
were suspended, the currency began at once
to deprcciate and before the close of the year
the paper dollar was worth less than IS cents
in gold. From the time the depreciation began
the price of commodities and the wages Of la.
Dor were paid in paper currency, and tho in
furious effect upon the interests OF tho labor.
ing man is clearly shown in the report re-
ferred to.
Workingmen the Sufferers.
In 1862 the wages of labor paid in depreci-