The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-01-15
REPLY OF SECRETARY GAGE.
Where the Blow of Free silver Would
Fall Most Heavily.

where the Blow of Free silver Would
Fall Most Heavily.
The Federation of Labor, at its re-
! cent session at Nashville, adopted reso-
lutions denouncing Secretary Cages
scheme of currency reform. To these
Mr.. Gage has made reply in letter to
the head of the order. 1t is to be regret
ted that the session adjourned before
the reply could reach the delegates
from their point of consideration. The
gist of the secretary's answer is found
In the following extract from his letter:
'Tf. instead of denunciatory resolutions.
which are not argument, you or any one on
your behalf will show that the views en-
tertain and advocate are other than salu-
tary to the great economic body of which
we are all independent members. l will
abandon them without hesitation.
my present conviction. the honest fruit
Of sincere study and reflection. Is that a
breakdown in our present money standard
would be most disastrous blow to all our
commercial and Industrial interests. and
that upon the wage workers as class
would be entailed the most serious effects
of the disaster.
believing this, I must so bear witness"
1t is a common error of men to as
sumo that those who differ from them
on economic propositions are necessar-
lily actuated by the basest motives.
Denunciations then follow as matter
of course, when the true policy should
be denomination of the facts, to see
whether their own position is really
sound and logical, and whether those
who differ have solid ground for their
opposition.
In its resolutions, the Federation of
Labor declared entire opposition to the
Gage financial bill, on the ground that,
If made law, it will "more firmly rivet
the gold standard on the people of the
country and perpetuate its disastrous
effects in every form" No doubt the
members are sincere in their view, and
supported the resolution because OF
that belief. But a man may be sincere,
and, yet be mistaken. Isthe assumption
that the gold standards disastrous"
well founded? And would free coin
age be less disastrous?~
The experience of every nation in the
worlds financial history has been that
when two kinds of coin are given I'M
limited coinage with full legal tender
powers, and circulate side by side, the
one of least bullion value will alone re-
main in circulation, and the other dis
appear. No exception to this can be
found in history. To adopt the free
coinadpe of silver sixteen to one would
be to repeat the old experiment, and
the outcome would be as it always has
been. Silver would remain in circula-
ton, but only at its bullion value; our
paper money would sink 10 the same
level. How could this benefit the wage
workers who compose the Federation
Of Labor?
Each one of them would receive the
same number of nominal dollars as he
does now for wages, but they would not
buy quite half as much as they now do.
The prices of clothing, food, fuel and
all other necessaries of life would be
little more than doubled in the depre-
ciated currency. The merchants would
see TO that. Does anyone imagine that
wages would go up at once, and as rap
idly? Does any man now getting, for
instance, one dollar day, suppose that
his employer would at once, and with
out urging pay him $2.12 day? Yet
that would have to be the rate to give
him wages equal in purchasing power
TO one dollar day. gold value.
The effect of free coinage would be to
cut down the wages of every wage
worker in the United States to 40 cents
for every dollar he now receives. How
long would it take to raise wages,
counted in the deprecated currency, to
the present level? 1t would require
years. No one can doubt that who has
studied the subject in the light of his
tory. What advantage could possibly
come to compensate them? The Fed
Grafton Of Labor should investigate the
matter and listen no longer to ennis
saries of the silver trust. They will find
Secretary Gage is nearer right i'm this
matter than they are.-Toledo Blade.