Capital journal. (Salem, Or.) 1893-1895, 1894-09-27
EFFECf OF FUSION On SILVER,

lMCOUlM Atuhcls-A Hc cAooe 1e@ee.'
Of silver, under existing laws Of the
United States, does not seem to be
generally understood, and the Populis,
party, especially, continually mis-
represents It. Silver was demonetized
by the coinage act OF 1873, and for five
years It's only standing was that Of sub
sidiary coin. legal tender to limited
extent. II was rehonetized by the
Band. Allison act in 1873 and its fuli
legal tender restored. Up to tsat time
the total amount Of silver dollars c, ined
from the foundation Of the government
was IS. .63l ,23S. Bot the coini ge each
year after that, until 1892 was ni"l'
than that amount, and up to Drcenil q
1893, had reacl ed S427, 1854 .Ol5. II is
still being coined-a fact of which tie
Populists appear to be- ignoraIt. Last
month more than s600,0O was c.i =,
and silver dollars are legal tender at
their nominal value for all deb!s anc
dues. public and private, except whtD
otherwise especially stipulated 10 th,
contract. That portion Of the Shei-
man law providing for the coinage -
silver was not repealed. Only the pur-
chase clause was repealed. The She =
man law provided for the purchase Of
not to exceed 1000, 600 ounces Of silver
per month, and the coinage Of sufii-
cient amount to redeem the certificates
Issued under that law.
Som after he was inauguFated Prs
ident Cleveland began to excite distfusi
Of silver by holding that government
notes issued for the purchase of silver
could only be redeemed In silver, in
disregard of plain provisions of law,
aud when the panic began he called a
special session Of congress to repeal Il e
purchase clause. 1t was bis pOli' y
more than anything else that dis
credited silver, that closed the silver
mines and took $50, 600. 900 year from
the silver producers and established, so
far as possible, god standard in def
ance of the law which declares it 'fo
be the policy Of the United States to
continue the use OF both gold and silver
as standard money, and to coin both
gold and silver into money, of equal
intrinsic and exchangeable value, such
equality to be secured through inter-
national agreement or by such safe.
guards of legislation as will insure the
maintenance of the parity 10 value of
the coins of the two metals, and the
equal power of every dollar at all times
in the markets and in the payment of
debts"
Still latter he vetoed the seigniorage
bill, and issued $5O,0OO,OOO gold bonds
which Harrison's administration had
made 1t unnecessary to do if the law
establishing the double standard had
been carried out In good faith. And
1t must be remembered that Cleveland
was elected by the aid of the Populists.
Ifthere had been no fusion between
the Democrats and the Populists in
1892 Cleveland would not have been
elected, neither would Governor Alt
geld, nor Governor Waite. He was
placed in position to strike down sill
YER by the unnatural alliance between
the Populist fiat money and Demo-
cratic gold standard ADVOCATES. No
fusion of political parties ever wrought
such harm. Besides discreditiDg silver,
contrary to the policy Of law, sustained
by the Populists President Cleyeland
paralyzed the trade of this country,
while 1t was waiting for final action
upon his tariff theories, and brought
on an era Of strikes, financial failures,
increased activity in the mills of Eu-
rope while ours were inactive or run
ming on short time and greatly reduced
wages. Now the joint action Of Demo
Gratis and Popullsts In congress is set
ting the tide of gold abroad in payment
for goods which the Republicans would
have had manufactured by American
workmen.