The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1893-09-22
TWO Doctors.

In the current magazines two widely
different individuals offer their remedies
for the present business depression and
hard times. One is DR.. Albert Shaw of
The Review of Reviews. Being an edi-
tor, Of course he is wise man. The |
other gentleman is Mr.. Newton L. Bun
nell, an agriculturist, who writes in The |
North American Review. Being farm
er, Mr.. Bunnell is Of course an honest
man as well as wise one.
DR.. Shaw declares emphatically that |
If the last congress had repealed the sill
yer coinage law Of 1890 practically all
of our recent business troubles would
have been avoided" He declares fur
ther that our monetary laws, "far from
being Of any advantage to the silver men
or Of any value for the future realiza-
ton Of bimetallism, either American or
international, are of the most serious
detriment to the silver cause" He re-
grets that the silver men show them
selves so devoid of the higher principles
of craftsmanship as to fatuously refuse
to let the present silver coinage law be
repealed 1nless it is followed at once
by absolutely free coinage Of silver at
the present ratio. He says:
It has now been determined to postpone the
adjourned session of the international silver
conference until November. Our readers will
remember that when the sessions at Brussels
were ended last winter it was the intention to
resume them in May. 1t has been intimated
by European governments that nothing of val
ue can be accomplished by the conference un-
less the delegates from the United States shall
have submitted a definite programme towhich
our government Is virtually IL not formally
committed. If President Cleveland should
bring congress together in September or early
in October and should succeed in persuadfng
both houses promptly and Internationally to
repeal the silver purchase and coinage acts,
the financial situation would be cleared up at
a stroke It would then be perfectly easy for
our delegates to go to Brussels in November
and to submit O. proposition for the free COIN
age of silver under conditions Of international
| identity to be agreed upon by treaty among
| the leading commercial powers. Under those
| circumstances this proposition would have
| immense weight, and in the course of a few
| years 1t would almost certainly be adopted.
Hear now the other doctor: Mr.. Mel
son Bunnell regrets that while farmers
are almost unit in the demand for free
coinage city men are almost unit in
the demand for the single gold standard,
and thus city and country are arrayed
against one another. He rightly OBJ
serves that while the cities are SO de-
pendent on the country for prosperity
it is most unfortunate that they should
be divided in their ideas as to relief for
the financial difficulty. Farmer Bunnell
believes the only remedy is free coinage
of silver and that very quick. Here is
his philosophy: When the business Of
a country is growing at steadily in
creasing rate, q aconstant regular increase
in the quantity ofits circulating medium
is not enough, but the supply Of money
should stretch in proportion to the in
crease of business and population. Fol
instance he remarks: Business is in.
creasing at the rate Of per cent year
and the circulating medium is remain.
ing comparatively constant. The added
$54,OO0,0O0 year to our currency Farm
er Bunnell does not think is nearly
enough, while DR.. Shaw is dead certain
that the too muchness of that addition
, under present circumstances is the main
cause of our troubles.
Farmer Bunnell maintains that the in
crease of currency is at present only suf-
fcient to keep up with the growth Of
population, not of business. He OBJ
serves:
At the present time any person may take
gold to the mint and receive its full weight IL
gold coin. We are only asking that the samt
privilege be extended to the holders of silver
The law now in force is an unjust discrimina
tion against silver in favor OF gold, and it Il
| this alone which has brought about the presen
disparity of their values. Silver at one tint
under free coinage was at a premium abov'
gold. 1t is not that silver has lost but tina
| gold has gained in the last decade. This ha
been brought about partly by the larger outpu
of silver, partly by the relative decrease in th
gold produced, but most of all by the demone
tization of silver. 1t is claimed that free coin
, age would bring imitation. All the silver in tn
, world amounts to about 50, 700 900. nitwer
I all dumped down here at once, 1t would onl,
! make about S5S per capita. The same authorit
] claims that it would bring contraction. AS t
; that, for 80 years silver and gold were coinet
free, and there was no more disturbance in In
markets about one metal than the other.
Experience has shown that the price of Amer
lean farm products at home is governed by th
amount of legal tender money In actual circu
lation. To satisfy ourselves of this fact W
have only to examine the prices Of farm prod
ucts during period OF 20 years, beginnin
with the year 1872.
AS to whether am sound or not on this ques
ton, look at the action .of our United State
+ senate twice repeated in passing free coinag
bill. The senate is presumed to possess til
best brain tissue of our government, althoug
not always in accord with classic theories.