Capital journal. (Salem, Or.) 1893-1895, 1894-04-25
AserHEK QUESTION FOR rkSssIER


presston q business add suspension oi
Industries and deeliSe 10 sslos Of farm
products, and absenes 4 demand foI
psoduce aBd labor are attributed b
him to what be calls eOntractIon o.
c1rrepcy aud boarding Of money u
bs0ks BY capitalists sD3 deEositors. a.
an avowed free trader We v 'uId like =
mex Governor PsnDlyer 10 state to tbs
people 10 MS AsbIsBd speseb bow on
country - goiDg TO eonduct iis foEeig
trade with money 10 & Is Dot a. gcns
as goEd. He attributes eli our evils
the ainxle gold STANDARD. Yet a.
United States has toreigD trade
aoout tifteen handrsd miIIions annuaII!
with some fDty foreign DAiions aud I
is all conducted upon monetary BAH
where the single gold standard i tb,
only and sgIe measure Of value. Fiys
hundred millions Of our exports ar
farm products iu ordinarily good ses
sons and the balance Of trade Is in 0ui
favor 90 the amount Of two hundred
millions. No action Of the United
States could affect the monetary unit
upon which this foreign commerce Il
conducted except by interpatioDsi
agreement. Hall the people Of Oregon
or Of the United States would vote fOI
Governor Pennoyer and the POpulisI
ticket and put free coinage Of silver 81
fat money into the constitution, thb
foreign commerce would still rest oD o
gold basIs.
Governor Pennoyer Is too intel
Iigent man TO not know this, or 10
fact 10 believe anything else. But his
position on finance puts him in thi'
attitude. While be is compelled to sd-
NIT that free trade would increase Inn
ports, and pretends II would increase
our export trade, be Is proposing that
without international agreement our
country shall issue deprecated silver
money and fat money to use In ouI
domestic commerce, while our foreign
commerce would rest on gold basis
Governor Pennoyer says TO ths
American farmer; While W. want oui
Balance Of trade paid In gold, and want
gold for the American products We K
port, cheap money Is go1d enough to
do business with at home. We wi
deal with other nations on gold basin
because we cannot help ourselves; bul
viii pay the American producer and
the American laborer Ia q deprecated
dollar. Soft money and fiat money al
home, hard money aud gold exchange
10 send abroad. Thst il Pennoyer's
logic.
Would not such u system drive All
gold out Of circulation, drive all gold
out OF this country ana leave the cheap
eT m ,ney alone ia circulation? Is 1t
not fact where two monetary stand
ards are introduced. the poorer money
alone circulates9 IL Governor PEN
noyer will explain how he would have
one system Of fInance upon which to
conduct our foreign commercs and
another and different system for our
domestic cOmmeree. without subject
ing American farmers and laborers to
great losses aud the dagger Of enor-
NOUS Initiation and speculation a. %.
CURED after ihs war. he will confer a
favor.
The 80. Louis Republic, the foremost
chRmplon Of free coinage of silver In
The Mississippi valley, 10 long article
advising the Democratic state conven.
iion Of Missouri. says;
sFree coinage At l6 TO | cannot be .
restoration Of bimetallism. We can.
not hide the fact that u would be q ssl-
yer monomeiallsm whose sudden com.
inH Wouid break eontracia. pnostrate
nonIIdence aud exile enterprise. We
would have all lhe difficulties Of Mexico
and NuatemAla. without the advantage
they derive from never having altered
lheIf aI'Vqr cQluage. They have grad
,iAIfg cplne 10 4 silver accommodation
Ia which lheir dollar counts Ia debt
IaFmenle fpr only half what II did
|u&nlY yea7n akQ We would make
the violent change Ia days. aud no
n1IIon o9of can have financial bOuy-
&1oN eDoQ1b % elend such change
without eonvuIsiop and papic'"
TnIs paper sees ihni 4 = absurd and
|mpos.Ibls % ooIn l'iy eeqss worth Of