The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-10-26
LYMAN j. GAGE
ON l6 TO |
tConcluded from Page IL

has repeatedly said: "The Republican admins.
,ration under Mckinley is coming silver every
day in the month and every month in the year
at the ratio of l6 to /. If that is not the cor.
rect ratio, why do they do it"
Mr.. Bryan knows why, but lie conceas the rea.
son and allows his hearers to draw erroneous
conclusions. The statement. so far as 1t goes, is
true. In 1875 measure passed congress direct
million ouccs per month and coin into "sandard
dollars" But mark this: The coinage was to
he for the government and on government ac-
count and not OH private account for the benefit
OF holders of bullion. In 1890 the Sherman law
was passed, which directed the secretary to buy
not less than four and onehalt million ounces
OF silver and to coin not less than two million
ounces month. That act also declared il to
these dollars on parity with gold. In 1s0S the
purchasing clause of the Sherman law was re-.
pealcd. Since that time the mints have in
truth been engaged in coming mp the purchased
bullion. But mark this: Through the law, and
by the operation of the treasury, the dollars have
been kept equal to gold. They paid out
only by the government and against the re-
ceipt by the government of an equal amount in
gold, or in service rendered. or goods bought.
With the governments guarantee OF parity, and
the quantity limited. il is mnifesly an indif.
ferent circumstance whether the ratio were 10
to ]. 20 TO ]. or ) to !. And yet Mr. Bryan
deity insnuates that his practice justities free
coinage for everybody at that ratio without any
guarantee of equality with gold from anybody.
Let me tell you story. II illustrates the
matter and makes it more clear. -Four or five
years ago | listened TO conversation between
a certain Judge and banker. The Judge said:
81 constantly hear that our silver dollar is worth
only sixty cents, and yet You bankers and all
dealers are glad to take them for dollar each.
How is that? Are they really worth dollar, or
them than they are worth? Ny question is an
horest one: | want 10 know" The banker re.
piled: well, ! will answer you by the kinder,
garten method tie held up, nickel and
.ls.I t,,.r Wl,nt t- fh,te
nickcl-tive cents" 'What is the metal in the
coin worth?" Judge: 81 don't know" Banker:
II will tell You. 1t is worth about six.tenhs
of one cent. Now with so small value in il.
Judge: "Why, the government, having issued it
for Ave cents. and having received five cents for
it. will redeem il for FIVE cents in gold won't
it?" Banker: "les. you have it exactly You
have described what is perfectly analogous to
the truth regarding the silver dollar. The gov.
ernment buys the silver at the market price.
of it dollar, gets dollar for it when II pays
one cut and redccms it when presented for re.
domption." Judge: "Docs the government re-
deem it with gold dollar?" Banker: "No;
ceves il as the equivalent OF a gold dollar in
the payment Of customs dues. Being as cf-
fcient as gold for that purpose, it is now the
equal OF gold for all purposes: At the same
time it does this, it pays gold 10 every one
that wants it and has claim or demand on
the treasury Thus the parity is maintained.
l have been obliged to say SO much by way OF
explanation or preface 10 my main question
The Real Interest of Wage-Earners.
How would the interests OF wageearncrs and
salary paid people be affected ii the Democratic
Bryan proposition should be rcazedy In the
year 1895 had conversation with one of the
brightest and most capable business men Of the
west. lie was engaged in large afiails-an EN-
ployer OF labor, bank president, and Il man Of
rcpntcd wealth. lie said TO me; II am per-
smdcd that it is for the interest Of the people
of the United States TO open the mintS ior the
free coinage oi silver at the ratio oi III to l, and
get on TO the silver standard rs soon As posi-
blc." said TO him: 't is surprising to hear
such a statement from YOU. You must have
thuoght IL well over: yon can, ! know make
your thought and reasoning perfectly clear, IN.
our people to go into this thing, and II | cal,
see il as you do ! will drop all objection and
csponse the cause at once This was his ex-
planation: 1--WE lave come To time" he said
''when a protective ,arif no longer protects,
Under the Wilson bill, which, though 4 Demo-
cratic measure, is still protective, our factories
are idle, labor is out OF employment, and gen
cral business lansnishcs. tlhc truth is, We can
not compete in manufacturing with the older
countries, whore labor is cheap. Wages and
salaries are too high here. The labor cost OF
'lucc the labor cost. 10 undertake to reduce
wages directly would simply breed strikes, lock.
ont, dsoidIrs and not; but cannot sou sec,''
ne continued, that ii Ne adopt silver as
standard money Tor our domestic use we will,
while nominally raSng the same wages, pay
them in Kind u money which will he obtained
AZ 4 cost, measured in finished products, oi not
more than onc-haii the present cost in gold"
YES" I replied, II see this clearly. |, is
strictly tine, but YOU said il WAS ior The inter-
csis oi the people Don't you ,ycoenze The
wage'workcr and the salaried man as the pco.
plcY Your proposition is proposition To blind.
fold thoir eyes while you pick their pockets.
! cannot agree TO your plan. Better
strikes, lock"urs and riots than this Kind OF
juggling and cheating through the medium oi
payment, II protection will no, proteci (Which
Time will show), il our labor co,i be too high,
ii wages must, as you claim, he finally reduced,
The grind OF competition will determine when
able and Just resistance should br offered. reason.
able and aust stiSiancr should he offered, whi.,
you would surrender the whole question at once
.ii ,I, ~