Capital journal. (Salem, Or.) 1893-1895, 1894-07-09
THg sIlytg ISSUE.

litical stripe of The next legislature. II
does mean the election Of Republican,
aud without doubt one who favOTs fret
coinage Of silver."-Loug Creek Eagle
Mr.. Patterson, the editor Of the Eagl
is member-elect Of the legislature. II
is one Of the young bimetaliist RepubIi
cans.
There are a number Of Republican,
in Eastern Oregon who like Mr.. Pattel
son place the interests Of silver foremos
in electing senator.
No one doubts that in electing IT,
next United States cen 4tor from Orc.
gon silver will play quite figure a. 3
vital issue. The true interests of Ore
gon lie in encouraging the silver indu.
try, but they lie also in upholding
sound currency. A silver dollar th0
would finally circulate at discount,
that would tend to drive gold out
circulation, would never be upheld az
popular currency by the people in tn
long run. However good friend
silver the Gazette man Is, he is bette
friend Of good money aud of a sound sii'
yer dollar. We assume that he wants
good, solid, 10O-cents silver dollar. do
lar equal in purchasing power to dol
lar in gold. That is the underlyin
principle Of the Sherman act Of 1890
which says that it is
--'the established policy of the Unit
ed States TO maintain the two metals Oi
q parity with each other upon the PREF
ent legal ratio, or such ratio as may b,
provided by law"
Can we with safety depart from thh
established policy? 1t is not in til,
true interest of silver to increase itl
daily use among the common people
our country who are after all the rea
friends Of silver?
THE JOURNAL has always been II
favor OF bimetallIsm-that 10 Of the us
OF both gold and silver upon equal
terms as American coin. For an idea
paper currency, we prefer q full lega
tender treasury note issued directly b.
the government, upon a sufficient coli
basis Of both gold and silver, and thu
faith and credit Of the government
pledged TO its ultimate redemption anc
its maintainence at par with the best
money OF the world. Such treasury
notes would circulate around the world
as good as gold, a. good as the notes OF
the banks Of England, France and
Germany. But We are not now dis
cussing an ideal currency, but the sill,
yer issue. An ounce OF silver will buy
about as much as II would ever buy.
An ounce OF gold VIII buy a great
deal more OF everything including sill
YER than 1t would ever buy before.
While our coin has heen kept at q
parity, gold itself has been enhanced
Ia value. II is easy to raise objections
10 silver coinage at present, because the
country is under an administration
notorIously hostile to silver. With al
administration friendly to bimetalllsm,
and willing to encourage the largest
possible use Of silver, 1t would be much
more easy to promote the Interests OF
silver. But We have three years more
OF the Cleveland Wall.Street antl-sllver
administration OF affairs before us.
With Democratic mismanagement OF
the revenues, uncertainty on the tariff
question, paralysis Of industries, de-
pressIon Of agriculture, deficit In the
national revenues, gold leaving our
country, the gold reserve lower than
ever. no one feels inclined to venture
upon any financial experiments.
But there never was time when the
friends Of silver should stand firmtr
than now, or more boldly come TO the
rescue OF the white metal. But the,
must do 1t wisely. There never was
more unfayorable time TO inaugural
domestic free coinage OF silver Ifth,
next congress could pass a tree silver
bin, President Cleveland would veto Il.
Ifil were passed over his veto. he aud
bis Wall Street administration of the
would find other means to
1n'lify any silver act that might be
,Assed. True friends Of silver must 90
D work on other lines 10 enlarge the
~ of silver, to increase the demand
" this greatest OF American mlne