WHAT IS WRONG WITH THE WORKERS?
[To THE EDITOR OF THE ",SPECTATOR."] SIE,—While in no way wishing to minimise the importance of the accumulation of capital as a means of relieving the unrest at present existing amongst working men through providing labour and increased wages, may it not be that this unrest, which seems to be prevalent all over the world, is largely, if not principally, due to the fact that we seem to be at a period when gold is depreciating, and in consequence that the working man is instinctively finding that he is not getting the same value for his wages as hitherto ; in fact, that his wages, ruled by value, have decreased and his standard of comfort has been reduced ? Many of us well remember the discussions in the "eighties " over the results of what was claimed to be the appreciation of the gold standard, and it may be that the continued and increasing amount of gold being produced from the South African goldfields is now telling in the contrary direction.—I am, Sir, &c.,
A. J. S.
[We agree with our correspondent in holding that the general rise of prices throughout the world, and in Free-trade countries as well as Protectionist, is in no small part due to the depreciation of gold caused by the greatly increased output. Professor Ashley, of the Birmingham University, has lately concluded in the Evening News a very valuable series of papers on " Why the Cost of Living has Gone Up," and in these he shows in detail how the depreciation of gold has increased prices. He is, we think, right in holding that no attempt can or ought to be made to change this condition by artificial means, but clearly working men should obtain a proportionate increase in their wages. We believe they can and will if they do not waste energy and destroy capital in attempts to ruin the capitalist. Instead, they should direct their efforts to improving their own position.—En. Spectator.]
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