The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1893-07-29
MORE EASTERN TESTIMONY.

MORE KAsrERH TESTIMONY.
tbs Silver Question
The evidences OF gradual change OF
feeling in regard to the silver question
among the more intelligent and disin-
terested citizens Of the east are multi
plying. Recently the Chronicle has had
the pleasure OF quoting the expressions
Of several prominent bankers and busi-
ness men In New York In favor Of free
coinage. The longer the question is ex-
amined and the country brought face
to face with the complete demonetiza-
ton and disnse Of the white metal,
which the unconditional repeal Of the
Sherman law would involve, the more
men who think for themselves are dis
carding gold brokers theories Of finance
and adopting the much abused bimetal-
lie principle.
Among those who have recently ex-
pressed themselves on this question is
Hon. J. L. Macdonald, associate justice
of the supreme court of Minnesota,
who, in an able and temperate commu-
nication to the st. Paul Dispatch. takes
a pronounced stand in opposition to tho
unconditional repeal Of the existing
law. Judge Macdonald quotes the fol-
lowing statement given ont By the New
York Financial News as the approx
mate railway and other corporate and
public indebtedness of the world:
Railway and other corporate s,onds-s s.ssa oO.noo
State and territorial Indebtedness. 1sssG $50
s I. iri.a, ,.iedre.. -, 80
Public Indebtedness Of Europe and.
/ America OBSERVATION-DISCLOSURES A-ESsnss-ssS
Total amount ...--........ .s,4 SO ~ 81
Judge Macdonald then comments on
the above in the following language:
Add to the above amount (which is
a low estimatel the private and personal
| Indebtedness of the world, and will any
one say that the total Indebtedness Of
the world does not exceed sl00, 00O,0Oo,-
600? And yet the advocates of single
gold standard propose that this mighty
structure of Indebtedness shall rest
upon tina. s3.sOmoOD, which the
Philadelphia Stakeholder states is the
amount of all the gold in the world. In
other words, they would reduce the
legal tender money of the world to less
than 81 for every s25 of Indebtedness.
Imagine for moment the power such
a condition of things would place in the
hands of men who can, and do, control
the gold of the world. And this is the
feast we are invited to by those who
say silver should no longer be a legal
tender money and that gold alone
should be.
When we come to the United States
We do not find any such a condition of
things as these servants of the gold
trust would have us believe-with
reference to silver. They would have
us believe that we are overrun, flooded.
drowned out with silver money.
The total amount of our silver cur
rency-dollars. fractional currency and
, silver certiticates-is Si52 So, ga. and il
we add to this the SIls.s.1 so treasury
notes act of July IA, 1890 (Which pre-
sumo is intended to be those issued in
payment of silver bullion). the total
silver currency would then only be
S5.I, ~. 2ai: while France has Ss0O.0o.-
600 in silver currency, and her silver
dollars are legal tender and do not
contain as much silver in them as ours
do. Her per capita circulation of money
is about Si5 while ours is S24. In the
face of the foregoing facts who will say
we have too much money, or deny the
statement of the above tinanciers that
we have not enough:
Judge Macdonald quotes in extenso
from various financial authorities, show
ing the historical position OF silver and
the teachings of ex perience with regau
to its use. and concludes his article as
follows:
: Permit me to conclude by suggesting
to these gentlemen that they devote
their time 10 considering a substitute
: for it: for the Sherman law will not be
} repealed without it. The majority OF
congress are neither insane nor owned
, by the gold ring. What we need is
legislation that will render it impossible
for the present condition of things TO
recur again, and which will put it be-
yond the power of the gold trust or any
set or combination of men to again
paralyze the industries and business Of
country as wealthy as this is"
Such expressions as these show that
more intelligent understanding of the
, currency problem is spreading through
out the country. The debates at the
extra session of congress will still
, further inform the people on this sub
ject, and the Chronicle predicts that
before December the change in national
, sentiment will be too evident aud EN-
, pha,ic to he longer ignored. Spokane
Chronicle.
|, Teachers Examination.