Evening capital journal. (Salem, Or.) 1888-1893, 1892-10-04

country hnd of EUROPE. = The great por-
tion Of the national debt at the close of
the war which amounted to nearly three
billions of dollars was made payable in
lawful money. In 1869 an act was
passed by congress pledQing the nation
TO pay the public debt, both principal
aud interest, in Acoin or its equivalent.
This added hundreds of millions TO the
wealth of the bondbolders and to the
burdens of the taxpayers. In 1870
another change was made, and congress
stipulated to pay the debt Ain coin Of
the present standard value. In 1878, ~
we have seen, silver was demonetized,
thus limiting the payment Of the bonds
hancing their value. In 1878 when sill
yer was partially rehabilitatcd, the
vicious provision was Incorporated In
the law in regard to the silver dollars to
be coined under it. which was also In
corporated in the law of 1880 providing
for the issuance of silver certificates,
that they should not be legal tender in
case the creditor demanded q stipula-
ton for gold. AS we have seen, IL IL q
fact which cannot be disputed, that pro-
viding both gold and silver be full legal
tender money, the business require
ments of the world demand paper money
in addition. The estimated worlds
supply Of "A, Doc, 600, 900 gold, and 81, ,300,-
0o6, 900 silver is supplemented with
SO, 900 ,0oo. 900 paper II makes, as any
one can readily see, vast difference to
the holders of securities whether they
are to be paid in gold and silver, or In
gold alone. If they are to be paid IN
gold alone, its comparative scarcity
makes it more valuable, and thereby en-
4. .. no. ~ Viii Ia
at the same time it increases the burden
of the taxpayer From selfish motives
the holders OF securities are monomet-
allists, and will probably vote for either
one or the other Of the monemetallist
candidates, while from the same mo-
tives, with the additional prompting of
| Justice and fair play, every other
person in the land should vote against
them in order to restore silver to the
place assigned 1t by the trainers Of the
constitution.
The evil consequences of the deInone-
tization of silver by this and other coun-
tries, by which the legal tender money
Of the world has been reduced about
one-half. can never be fully measured.
A careful examination Of the great facts
of history incontestably shows that at
periods and in countries when and where
money Is plentiful prosperity follows,
while adversely and rstroersssion follow
a shrinkage of its volume. 1t shows, as
an eminent historian has asserted, that
the fall Of the Roman empire was really
the result of a decline in tho silver and
gold mines of Spain and Greece; that
the diminution of coined money from
81 SOC, 900, 900 at the Christian era to less
than 5000, 200, 900 at the close of the fif-
teenth century was the real cause OF the
relapse into emi-barbarism which oc-
CURED during that interval, and 1T has
abundantly demonstrated that in sibse-
quent periods, when money was plenti-
full, prosperity followed, while in periods
when money became scarce q general
decline in values. enterprises and
progress was the inevitable re-
suit. IF this be true-and 1t can-
not be successfully controverted-how
atrocious has been the crime committed
by civilized governments, ut the beck
and call of the money barons, of dimin-
ishing the volume OF money by the de-
inonetization of silver. 1t will not do to
say that 1t ia still In use as money, for
in the true and strict sense It il not
money ii it has not that necessary func-
uion OF monsy-a plenary debt-paying
attribute. BY the deprivation OF the
legal tender qualities Of silver, the vol
ume OF real mesoy has been vastly re-
duced, and not only our own nation but
all of the nations of the civilized world
are taking those retrograde steps which
eighteen hundred yearD ago first led into
the gloomy period OF the dark ages.
This is no fanciful assertion. Look
where we may and we find business pur-
suits languishing and enterprises halt
ing. Where should be growth and pros
perity there is stagnntion IL not decline.
A late number of the London Financial
News, in alluding to the conditions now
existing in that country, said: I'VE are
sitting, as 1t were, on the edge of q vol
cano. Something must be done to re-
lieve the ruinous tension, or in a few
months time we shall wake up to state
Of industrial distress in England OF ap-
palling and perhaps uncsntrohahle d.
this country and the increasing army of
the unemployed, resultant On stasna-
ton Of business, should awaken w. here to
the dangers impending. Moro Kidding
while Romo was burning did not portray |
more criminal calleusnass than k a1-
hibited by the monometsilists In adhsr- |
ing to their fatal policy In the very face
Of Its injurious results.
At my mill In Portland as well ~ at |
my Office in Salem, am repeatedly and
constantly importuned by men abls and
anxious to work, some Of them with |
families TO support, who are out of IN
pl0yment and out Qf money and who, |
owing TO the general staspAtioh ef bVsi- |
ness, consequent upoN the dinQinutiop Of
the volume Of the currency, are uhabls |
to find work. Every business man In
Oregon San tell the same story. What
are these men to dor How are they to
provide the necessary food and clothing
for their wives and childrenP n 1t any |
wonder that our asylums and prisons
are becoming greatly overcrowdsd, and
that the lists OF crimes and suicides are
swelling to alarming proportionsy Last
April the night overland express ran
over and killed man just south Of
Albany In this state. An examination
of the body showed that he was . fine
and fairly well dressed man.
He had half-eaten loaf Of bread, an
empty purse and letter from his wife
IN Tennessee begging for money with
which 10 feed herself and children. The
whole story can be briefly told. A
stranger In = strange land, seeking en-
ploysneht and finding none, without
money and without hops, with the cry
OF his loved ones for hslp ringing In his
ears, in despair he sought death ~ an
end of his troubles. Who can measure
the suffering and losses inflicted by this
great crime OF diminishing the volume
Of money caused by the delnone etiEation
of silverS Believing as do, that there
is life beyond this In which an account
must he given Of our deeds here, Iwould