The Indianapolis journal., 1898-01-26

ployment TO thousands of men. Indeed, in
iron and steel, and industries directly de-
material. l have 1t upon authority that
there is an increase of at least 600 men
employed over the preceding year. In addi-
tion to this large increase in the working
forces employed in iron and steel and de-
pendent branches, advances in wages rang
ing from 10 to 20 per cent. have been made,
and in some cases much greater, as the re-
suit of wages paid on a tonnage basis
Since the passage of the tarin Dill the
tln-plate industry has wonderfully revived,
and wages in this line have, since the sum
mer, been increased by rates varying from
8 to Y and Is per cent The weekly output
of coke at the end of 1897 was more than
double what 1t was at the close OF 1886, ana
in the Connellsville coke works there mas
been an increase in the number actually en-
gagged from about ten to twenty tnouSand.
a voluntary advance in wages by the lead-
ing companies in the coke industry mas
benefited thousands of men. The advance IN
the wages of glassworkers, determined upon
at the close of the year. is so recent tndt
Mr.. Bryan must know it. The pottery IN
dustry of Trenton during recent years has
been greatly depressed, with many Ialiufess' s'
and not half the hands have been employed
Wages have now been advanced more than
12 per cent. and there Is great increase
in the number of hands employed IN TINS
district, to the extent at this time or PROB
ably five thousand or more. 1t was made
public so recently as last September, by an
unions, that there was then an increase of
81 per cent. in the number of their men en-
ployed, compared with the previous year.
Near the close of November last the wage
scale of the Missouri Pacific and its shops
at Fort Scott was restored to what 1t was
before the reduction of 1893
MANY ADVANCES IN WAGES.
''I have an accurate list of more than 25O
mills, factories and enterprises that have,
during the last six months. resumed work,
many of them having been idle since 1885,
when depression became more acute as the
result of agitation for the free and unlim-
tied coinage of silver at the ratio of 16 to
without the aid or consent of any other
nation Most of them have advanced wages
over the old scale. All of them are running
full time, most of them double time, and in
many, fires are now never drawn nor the
wheels stopped, three shifts being required
to meet the heavy demands. This all indi-
Gates a great increase in working forces.
Notwithstanding all this, Mr.. Bryan
said: If our enemies boast that they have
buried bimetallism, we point to these wage
reductions as the weeping willows which
have sprung up about its temporary tomb.
Beautifully expressed, but quite beside the
point. In the first place, the record IS
against him. Wages have been advanced
There are no weeping willows around the
tomb of bimetallism at which to point Be
sides, his enemies. If he means the Kepup. pup
buried bimetallism. They proclaim them
selves it's friend; they approve it in their
platform The political head or that party
has been active to secure 1t under the only
conditions by which it can be maintained
namely, international agreement, with open
mints to both silver and gold. In his eforts
10 inaugurate such a method the President
heartily supports the principles OF ms
party's platform, and in his efforts ne mas
the support of all the members of his offl-
cial family, innuendoes and declarations
from various sources to the contrary not
withstanding. Until it can be secured in
this rational manner. we propose to main
tain the kind of bimetallism we have now,
under which five hundred millions or more
of silver are kept on parity with gold:
Under this standard practically for sixty
years and, according to the Democratic
candidates admission, for tWenty-seVeh
years by statute law, this country mas de-
,yeloped and flourished as no otner country
Secretary Gage then quoted from Senator
Tellers speech. of few days ago to snow
standard. Mr.. Gage also gave extracts
from a speecli by the great Democratic
statesman, Thomas II. Benton, VINO advo5
Gated the measure which placed the United
States virtually on a gold standard lie
also noted the fact that it was the Demo-
cratic idol, Andrew Jackson, VINO s1n, signed
the act so vigorously supported by Benton.
THE CURRENCY REFORM PLAN.
Coming down to the present day and the
proposed reform of the currency, Secretary
Gage said:
What is it proposed to do? The secre-
tary of the treasury has recommended GER
tain measures which he thinks Will op-
crate:
'First-To commit the country more
thoroughly to the gold standard, and re-
move, as far as possible, doubts and fears
on that point, and thus strengthen the
credit Of the United States both at home
IF Benton and Jackson were right in
their estimates of the value of gold as the
working standard in the United States, then
we are justified in guarding it against
"Second-,ro strengthen the treasury in re-
lation to it's demand liabilities, in which are
included greenbacks, treasury. notes and
the incidental obligation to maintain on a
parity, through interchangeability with
gold so far as may be necessary, the pres
ent large volume of silver certificates and
This must be laudabIe, if the treasury
needs strengthening in these directions
and as regards this there is little or no diff
ference of opinion among men of Judgment
and experience both at home and abroad.
''Thrd--To do this in such a way as not
to contract the volume of circulation in the
hands of the people.
Common sense dictates that we guard
this point
"Fourth-To take an initial step toward
system of bank note issues without the con-
ditional deposit of public bonds as security
therefor. II we prosper as people, the
revenue of the government ought to be
somewhat in advance of it's expenditures
and the public debt of the United States
gradually reduced and finally extinguished.
Looking at the question widely, from my
best point OF klOWleuSS anu experience, l.
feel that if these could be secured, the con-
dition of the government in it's relations to
the currency would be much safer and
stronger than now, and that, through the
operation of national bank note currency,
the commercial and industrial interests of
the United States would be greatly advan-
tagged.
ITO put the government in more secure
position toward its demand liabilities the
secretary proposes to Withdraw two hum
dred millions of such liabilities and put
them in retirement. to be paid out again
only in exchange for gold the gold received
to be put aside and paid out only IN ex-
change for it's own obligations and so on
ad infnitum. To recover these obligations
into the treasury, to begin with, something
must be given in exchange. The only thing
the government has to give is its time OBJ
legation i'll place of its demand obligation,
and to effect such an exchange interest
must be paid The rate proposed is 212 per
cent per annum. That is the cost for the
increased safety.
ITO avoid contracting the circulating me
dunn ii IS proposed to encourage banks to
expand their note issues to an equal sum.
As the law requires bond security for such
issues. 1t is proposed to sell the banks these
2i2-per-cent. bonds at par, or at the market
price If above par, and to allow them in
addition to issue their unsecured notes to
circulate as money to an amount not to eX-
ceed 20 per cent. of their capital against
the general credit and assets of the bank
But it is objected by a very large number.
composing at least a respectable minority
of the people that the government notes are
the best paper money in the world that
they are eminently safe that they are the
peoples money; that the use of them saves
interest to the people; and these can see
no reason whatever IN a proposition which
would permit the issue of bank notes TO
take their place. AS they are unable to
discover any fair reason for such a propo-
sition they naturally conclude that the un-
DERIVING motive in the minds of the advo-