The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-12-02
The Cause of Free Silver.
A DARK OUTLOOK.
Hay IN. cold standard works In the
tho Far East-Pr"srrct TOT W.T.
Cotton Manufacturers.

An Eng lish member OF 'he Et7'"''Ne
council, Hong Kong. China gi'es IN an
English publication the following re-
marks on the way the gold standard
works in China and the east, and how,
by that working. the countries with
single money standard are placed az
disadvantages This country Is antic-
mating a share Of the increased com
mcrce which must inevitably result
from the reconstruction OF China' and,
with England, is equally concerned IN
the workings of the gold standard in the
far east.
Let me explain that silver will still
employ the same quantity OF oriental
labor as il did 20 or 30 years ago. The
inadeuuacy of our monetary standard
therefore allows eastern countries TO
now employ at least 100 per cent. more
of labor for given amount OF gold
than they could do 25 years ago. To
make this important statement quite
clear allow me 10 give the following cN-
ample. In 1870 ten rupees was the equiv
nlent OF one sovereign under the joint
standard of gold and silver, and paid
20 men for one day. To-day 20 rupees
are about the equivalent of one sover-
eign, so that for 20 rupees 40 men can be
engaged for one day. instead of 20 men,
MS in 1870. Against such disability
British (nor American) labor cannot
possibly compete.
I'm oriental countries silver will still
pay for the same quantity of labor as
| formerly Yet. as now measured in
gold. silver is worth less than half OF
the gold it formerly equalcd. For ex-
ample. certain quantity Of labor could
| have been engaged in England 20 years
AGO for, say. eight shillings. Eight shil-
| lings in England will now pay for no
more labor than formerly, wages being
| about the same. and they have still by
our law exactly the same monetary
value as formerly. though their metal
lie value has. by the appreciation of
gold. been reduced to less than sixpcnce
each. The two dollars exactly similar
10 the old one can employ the same
! quantity of labor as before. but do no
more yet al the present gold price they
are only equal TO four shillirgs. There
fore it is possible now 10 employ as
much labor in Asia for four shillings Of
cur money. or the equivalent thereof in
silver. as could have been employed 20
years ago for eight shillings. or its then
equivalent in silver. The value of orr
entail labor having thus been reduced
by upwards Of So per cent. in gold
money compared with what IL was
| formerly. it will be able 10 produce
manufactures and commodities just so
much cheaper than the labor in gold
standard countries. Therefore unless
orr monetary law is amended. or unless
British labor is prepared TO accept a
large reduction Of wages, British in
dustrial trades must inevitably leave
British SHORES because their products
will be superseded by the establish
mcnt of industries in silver standard
countries"
Mr. Whitehead might truthfullv have
added that the silver standard coun-
tries will soon not only be prepared to
supply their own needs. but also to in
wade the gold standard countries. For
instance. Japan could sell in England
III prices one-third less than prevail in
=
money received into silver money. can
take home to Japan large profits. Thus
the American and European mechanics
will not only he forced TO compete with
the Asatic cheap and patient In Dor and
skill. but in addition viii b. at the disad-
vantage in the competition by reason of
the difference between the gold and sill
yer standards of financial exchange.
The same authority also called atten-
ton TO the fact that from the causes
described, the last four years. our eng
: lish) exports show decrease OF c a.
600, coo has unfortunately nothing dis
putahc about It, The returns Of the
81 spinning companies of Lancashire
for 1894. show an aggregate adverse
balance of c41l.000. Against this the
increase in the export Of Indian yarns
, and piece goods TO Japan has been sim
ply colossal. and the cotton mills nj
IIiogo, in Japan, for 1891, showed an av-
erage profit of seventeen per cent. Sir
Thomas Sutherland has said that be
fore long the Peninsular & Oriental
company may be building its ships on
the Yang TIE. and Mr. Whitehead be-
lieves that oriental countries will soon
be competing in European markets
However much we may differ about pro
posed remedies, statements like these
from the mouths Of experts afford mat
ter for serious Mississippi
Valley Democrat.
single standard Wages.
I We learn from the reports of the daily
papers that the average wages paid e
I the coal miners at Pana. ILL.,. during The
, year 1897. was S34s.50. which is frac