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

YIOluX IEHt SILVER VIA fully used anu
bonored, 70 supply tine demands of trade
and commerce. All three of the politi-
cal parties concede that fact. They
only differ AZ to the manner in which
such money should be issued. The
Republicans favor It's issuance by the
national banks. the Cisvelandites favor
IT, issuance by state banks, while the
P0pu1ists demand that it shall be issued
by The government direct. There is one
other great and vital difference. The
first two parties would not have tbs
paper money legal tender, while the
Populhts demand that all money-gold,
silver and paper--shall be full legal
tender money. 1t will thus be seen that
upon the real issues before the people
regarding the paper muney question the
Republicans and Clevelandites stand to-
money, not a legal tender, while the
Populists are upon the other side de-
mandinR sound government money--a
issue. Under the Republican policy it
il absolutely necessary, in order to pro-
vide the basis of national bank circula-
tion, to have large national debt, inas-
much as national bonds constitute the
basis Of bank currency. That is one
GREAT defect Of the system RI tbe gnv
ernYnent- when IL becomes able n,vs
off, as it should, the government bon lis,
that. Of neceesitv. f]ifoinishes the ann .,lv
az the necessarv paper money. proa,,c-
i,o . contraction of cnrrencv hurtf,,, to
bus;ness and therefora. in order to k.en
mr. q sufficient supply of sucb money rhe
i,ioeutiva exists To keen mn the indebt "a
,,ees sther by sauanderine the revennn or
engnrfr,o in war. Under the Clevels nd
nol;cv II IL proposed TO MAKE. undar cer-
Tain reatrictions state. railroad ,.nd
rnnnicinal securities basis fo,. the e. an
ance al hank ourreucv. For tbis mr.
noae the Chicago convention declared in
favor Of the repeal of the 10 per cent
tax on stafe hank Circulation. and a hiii
for that purpose came very near passing
fhe lower honse Of con gyess at fba Jast
scssion. Several Of the leading finannis!
Journals Of the countrv have favored this
i,lnn for issuine parer money. This
i,Ian contrasted with the Rspublican
flan. haa the one merit that Il would
present no Obstacle TO the payment ~
the national debt. but II has the praat
demerjt that more than counterbalances
Il. IN providing chips and whetstones az
4 hasis for our paper money IL railroad
ara t,sed' besides f,,rnisbin0
Al Incentive for the increase of state and
municipal indebtedness.
Az the session Of the Oregon legislat,,re
In 1897. a bill was introduced proyidine
for the issuance of uptaxable inupicipai
water bonds. The bill was vetoed and
Loaf. In the following session of 1850 a
bin Of the same Character WAS passed.
This WAS vetoed and lost. II was passed
the second time and shared the same
fate. In another shape the same meas
ure vas passed for the third time. and
IL. too. was vetoed and killed. The per-
Distency of the adyoca tes of that meas
are was a source of universal wonder
ment. The purpose, now nnce the
have favored the scheme of
issuing paper money upon railroad and
municipal securities. has become unite
The banks undou btedly had
rntaxable municipal ssourities as a basis
'or the paper money they desired to is
me. The plan proposed by the Populists
Ior She issuance Of the paper money is
better than either of the
,ther. II would not demand and foster
. large national indebtedness like the Re-
publican plan, or large state and mu-
nicipsl indebtedness like the Cleveland
SIAN. Il would issue the paper money,
not founded upon tho national indebted
aess or upon the indebtedness of rail
,oads. states and mnnicipalities. hut as
IeneraI jackson proposed in his first
MESSAGE TO congress-, founded upon the
,redit Of the government and It's reve-
lues. This Il the plain, simple plan
or the issuance OF the paper Incney of
he country, and it ought long since to
AVE been adopted. IL will soon be-
rome the policy of the government. The
,upidity Of the banks cannot long with
,thnd the righteous purpose of q greatly
people. Having become inn
wealthy by exercising the funo-
ions and enjoying the profits which
rightly belong to the government itself,
hey propose to use their wealth 30 ac.
luired to psrpetuate their granted privi.
=. ...-.--.-- = 49,
cges of public extortion. But it will
% eunavailing. The people upon this issue
vii demand, In the language Of Thomas
jefferson, that "bank paper must be
and the circulating medium
must be restored to the nation, to whom
{ helongs.s But tho great overshadow-
ne fact that In the plan proposed by the
,opulists the paper money will be legal
ender money. while the paper money
proposed by the other plans you'd not
"a, should influence every voter In the
and to favor IL. There should be no
money in circulation but sound money
r. full legal tender money. To have the
'aper money Of the country not legal
onder Is TO place q premium on the
,iching OF the poor by the rlch. Ana
hen wnen the government adas silver
rne paper currency rs non-iegai ten
er money, it completely places It's ciu-
ems az the barren mercy OF the money
marks. !. Lhat That some OF our hepueiican