Evening capital journal. (Salem, Or.) 1888-1893, 1890-08-30
A DECIDED STEP FORWARD.
The New Silver Law Enrich
ing the Farmer.
PRODUCERS GAINING MILLIONS BY IT.
800. 100000 Put Into the
Pockets of American Farm
ers by This Act Alone.
PRODUCERS GAINING MILLlONSBY IT.

lAE " aNANuE vi tue HtN EllNtl
bill are fairly booming farm in
I terests. All the talk about silver
initiation, cheap money and driving
gold out of the country cannot OBJ
scure the fact that all farm products
have advanced. That advance be-
gan with the advance of silver.
( The advance of silver began as soon
as it was known that the bill would
/ probably become a law. While the
4 present law is a compromise it must
I be admitted il was secured by the
agitation conducted by the free
( silver men.
The terms Of the law were dictat-
ed by the silver men themselves.
They made the conditions Of the
compromise. Aud who are the
members of this national executive
silver committee? Edward Pierre
pont, of New YORK; Francis G.
Newlands, of Nevada; L. NJ. Rum
<ey, of Missouri; Frank NJ, Pixley,
% Californian; John l.. Cochran, of
Virginia; f.. b. Chamherlin, of
Colorado, and Thos. H. Nelson, of
Indiana, with a. J. Warner, of
Ohio, chairman. 1t cannot be
doubted that this committee is not
deceived when it presumes that the
friends Of free silver are entitled to
congratulation upon the decided
step forward" that has been taken.
The National Executive Silver
committee appointed at the St.
LOUIS convention in November last,
has made its first report and it Is an
interesting document IN view of
the action Of the present congress
on the silver question. 1t is still
claimed by some parties that the
new silver bill is not the silver meas
ure, etc. Hear the report of this
committee on the subject of what
the new law is: "Of this act the
committee can only say, that while
1t is not free coinage, and while it
cannot be accepted in any sense as
final settlement of the silver qUes-
ton aud while ike all compromises,
It is not W holly satisfactory 10 either
party, nevertheless, when fairly
considered, that it is dtcid,d step
forward can hardly he questioned.
That, honestly administered, it will
bring Us much nearer free coinagr is
reasonably certain. 1t will increase
the purchase Of silver for monetary
use by over 100000 ounces a
month. At the present. price Of sill
yer il will add about $50, 200, 600
more 10 our money volume than the
coinage of s., ,OOO,OnO month under
The present law. 1t will absorb, for
monetary use, the entire production
of our own mines, leaving the pro-
duction Of the rest of the world 10
supply all other demands, including
the demand for the arts.
"The price Of silver, since the st.
Louis convention, has advanced
from SO cents TO Sl.l0 an ounce-al-
most half way TO parity with gold.
And with the advance Of silver bull
lion, as silver men confidently pre-
dicted, agricultural products, es-
pecially wheat and cotton have
materially advanced. As il takes
more gold to get the silver 10 coir
into rupees with which to buy
wheat in India for the English mar
ket, less wheat will be bought in
lndia, and more, at a higher price,
will be bought in the United States.
"ln this way the larger use of sill
Yer as money in this country may,
by raising the price of silver and
with 1t the price Of wheat and cot
ton, without diminishing their ex-
port, increase the total value Of our
exports, aud in tins manner help to
create larger balance of trade in
our favor. Thus, while the pro-
ducers of silver may be benefited 10y
this act laud why should they not
be?l the whole country gains mil
lions by il,
"Some features of the conference
bill have been criticised, aud per
haps rightly criticised. The first
section of the bill requires the pur-
chase Of 100000 ounces, 'or so
much thereof as may be offered
each month at the market price
thereof, not exceeding one dollar for
S7ll grains of pure silver; that is
Sl.29 per ounce.
"fhe plain meaning Of the phrase,
'or so much rs may be offered is
that the secretary shall purchase at
the market price 100000 ounces
each month, or 50 much thereof as
may be Offered at not exceeding
Viz Az ounce; ana no secretary,
after what was said on this point in
the senate 10y the advocates OF the
bill, will presume 10 put any other
construction upon il, or fail TO pur.
chase the full 4,5O0,OO0 ounces a
month.
The committee therefore congat-
ulates the 81. Louis convention and
the country on the gain that has
been made since the convention met
In November last.
The Sioux City Journal called at
tention to a notable editorial article
In the New York Sun, democratic
paper, which from It's location might