The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-02-02
secretary Gage TO The
Trades League Of Phil
adelphia.

S64pS4b0 ttSO t0t sAss ssnsSS 49, -
out Hs spoke oa che subject Of FL
osnee. 9 aud his, remarks we're frequent
! b puncsuated With applause he said ia
part
There are two opinions on the mcney
question nov, more or less firmly held
S. those Who entertain them. The one
supports the ssblisbmens. Of silver
II the privilege Of. free eoiosge At the
mint assthe rasio cf 16 10 4. irrespec-
tive az al conseq queDces, near or remote,
ana sithoas membership IN the family
ssof nations. The other opinion is that
tbs present gold standard ehould be
msinsained. at ali costs. uBtil by inter
nasioDai sgresmeDt the present dlslari-
tY betsaen the commsreial and the
I legal ratio Of silver to gold sbail be
msde % disappear.
The following $ 3 favorise, but mis-
leading. ssgument againss our none
sisry standard Under the present in-
duslrial syafen all products are the re-
sait of three necessary factors land, J,
apital and aaaosg these sl,fse.
The rslne of things produced is in some.
proportion divided. Il is then averred
that hsd (or rent has the ability to fix
:its. and sh1t capital interest aud prof
it hss almoss equally absolute power.
As the division is made in dollars, the
rssai. Of price. falling PRIZES must be at
sbs cost of lsbor. since land and capital
sIIl not engage 10 productivity except
upon the terms tbsy themselves dictate.
esd, they say. having appreciated 10
value, prices of com modities have fall
er, and because Of the exactaog power
Z of isnd and capital. the evil effect haa
been felt BY wages 10 the form OF .
dimnished share. Nov, if this state.
nens we're true it would Of necessity be
evidenced By an actual fall IN vsge
prioes
This brings the question to the test Of
fact. Il has been asserted upon author
s isy. and I believe it to be approximase-
b true, ihst within the period. 1921
prices hare fallen "a average of 27 per
cent. AN as liberty, therefore. 70
adopt the same authority a. 20 the
sourss Of ssges. L appears from the
exhaustive figures Of the commissioner
OF labor, the authority cited, that with
10 the period 1921 wages haye>in-
creased "a average Of 10 per cent.
Taking the greater power Of wages to
commsnd things by reason Of their
lover price, the economic advantage
gained By labor is still further empha.
sizaa. In 1872 500 in gold would
bny certain amount Of living; 10
1891. prices having fallen, 800 would
buy s271 per sent more than il did
10 1872; and wages having increased
10 per cent in the meantime, the sane
work which was paid 800 10 1872
received $1l0 ia 1891. Fsom the
double advantage Of decreased prices
aud increased wages i, follows that in
1891 the same labor would purchase 81
10 per cent more Of living than it did
IN 1872. Let us apply these advantages
by example.
In 1891 the labor that supported
fifteen people supported only ten i1
1872. In 1891. from the same labo,
as 10 1872. man living upon the came
scale would have over one-,bird of biz
wages to put 10 bank or better provide
for bis family.
am further borne out 10 this demon
stration by she statistics Of savings
backs covering the period under COO.
siderasioo. Siece 1871 the number o.
depositors in such institutions has 10.
cfeased from less than two milliops t.
more than Eve millions, and the aver
age per capita saving in the Uoited
States bas increased 86 per cent.
Which Of the three participants IL
production profits. wages-bs'
suffered from this falling price? None
of them secessarily. but if any it ii
demonstrated that wages bave oos beer
the victim
Rent, at best. takes the minor share
but interest, it can be clearly perceived
has fallen 80 or 40 per cent wi:bio sbt
l.ss thirty years. Dividends on rail
rosd capital have fallen 80 per ecu