Capital journal. (Salem, Or.) 1893-1895, 1894-04-30
sttutional right whatever to discrimi-
nate against either metal

A
: sututional right whatever to discrimi
! nate against either metal.
: The gold basis advocates insist tha
, you cannot legislate value into money
and yet they take very great care tha
all legislation shall not only be in favol
OF gold, but shall also be against silver
, with equal legislation the metal in 4
silver dollar would have retained its
value, just as the metal in gold eagle
mas retained its value, and equal legisla
tlon VIII again restore the equality be
tween the market value and the legal
value of silver. Some of our Republi.
can friends claim that if we have free
coinage of silver other nations would
not hkeour silver money, and we would
thus be hampered in our foreign trade.
Conceding, for the sake of argument,
that assertion to be true, it would then
necessarily follow that as foreign trade
would thus be restricted, correspond
ing impetus would consequently be
given to domestic manufactures, Just
what our Republican friends profess to
desire, and therefore, upon their own
assumption, every protectionist should
be In favor of the free coinage of silver.
Paper Money. E
There has been great deal said about
the necessity of having "sound money. {"
The Populist party is the only one that
proposes to furnish such money. That
there is necessity for paper money is
conceded by all. The supply of gold and
silver is entirely insufficient to do the
worlds business, compelling all civil
lied countries to use paper money to
supply the deficiency. The worlds sup
ply of gold money is estimated at 3d..
7OO,OOO,000, of silver money So, 800, ,O00,-
600 and of paper money at So, 900, ,OO0, 900.
The Republican party demands that
gold alone should be full legal tender
money, with silver and national bank
notes as currency not full legal tender.
The Democratic party = that is Mr..
Cleveland-would also have single
gold basis with silver and state bank
notes currency, also not full legal ten
der. The Populists declare for gold and
silver and treasury notes, all full legal
tender money.
The money in the country in the
treasury and in circulation on July /, !
1893, is given at 81 ,593, 726, Ali, of which
amount there were in gold and gold GER
tifcates only 1896, ,6O3, I'll, leaving cur
rency of 81 ,09S, 122, 200 silver and paper,
bereft of debt-paying qualities. Can
any currency be called Sound money"
that is incapable of paying any and all
debts? And yet, ridiculous as it really
is, the two old parties that demand that
gold alone shall be full legal tender
money, and that the great bulk OF cur
rency circulated among the people.
shall be incapacitated from paying debts
claim to be the only ones in favor of
sound money. No money is sound money (
that is not full debt-paying money, and
therefore the Populist party is the only
party that is the advocate of sound |
money. Let the policy of the Populist |
party be once put in force and the pres
ent disastrous condition of affairs, solely |
the result of conining the business of |
the country to single gold basis, would
be followed by an era Of prosperity un-
paralleled.
If gold and silver and treasury notes
are all made, as they ought to be, full
legal tender money, it would do no
harm whatever to make the treasury
notes redeemable in gold and silver, for
# treasury notes were full legal ten
Ter they would perform the full func-
ION of coin, and no man would be fool
sh enough to ask for their redemption.
md then the secretary of the treasury
'ould easily do what is now a most
yrievous task, keep the treasury vaults
ull to repletion with coin. Nor would
pch treasury notes ever fall below par.
History does not record an instance
where the full legal tender paper money
If solvent government in the full exer-
Use of its taxing power ever fell below
'ar, nor could such contingency ever
possibly occur. ~ II
If Secretary Carlisle had issued $780, ,
OO, 900 treasury notes without interest,
,ut with full legal tenders for all debts,
instead of issuing $4,000, 900 8 per cent I
he had as much legal au- ]
hority for the one issue as for the {
ther-not only would the government !
ave saved 2,500 900 annual interest.
mt the treasury would not have been
rained of its gold by the parties who |
esired to buy the bonds, and it would {
ot be subjected to a subsequent drain
y the same parties, who, having the 4
onds, will now present silver certif- I
ates and get back their gold also. II '
reasury notes instead of bonds had been a
sued $50, 900, 900 would have gone into Z
he general circulation, which would .
ever have been presented for redenp- a
ION; for having been full legal tender,
hey would have performed all the func- S
ons of gold But such an issue of a
notes would have been in the A
lterest of the people and not the banks, Il
nd could not therefore be sanctioned v
y the present Wall street administra- a
on. The main fight against the free II
Dinage of silver is by the national v
anks. They desire gold alone as legal v
,nder money and an unlimited issue Of 4
Onds upon which they can issue their a
astard rag money TO supply the re- I,