Capital journal. (Salem, Or.) 1893-1895, 1894-04-30

In 1868, with plenty OF money, the
failures were light. In 1878, with a con-
tracted currency, they We're heavy. In
1888, under the very small relief fur
nished by the Bland law, they were re-
duced, while in 1893, under the British
policy of contraction, as sanctioned by
John Sherman and Grover Cleveland.
they become absolutely appalling. But
1t is claimed by some, upon the strength
OF figures furnished by the late Secre-
tary Foster, that the per capita of circu-
latlon is as great now as during the war,
he giving the per capita for 1865 at
$20.57, while he gave that for 1891 at
$23, Al, which is about what is claimed
at the present time. That the highest
treasury officer of the United States
should give his official sanction to a
falsehood of that character denies to
him the respect of his fellow citizens
and relieved him from their sympathy,
as his private fortune went from his
grasp in the maelstrom of money con-
traction against which he sought to
erect barrier of fabricated figures.
The treasurer's report of 1865 (Statis-
tical Abstract No. 81 gives the total of
the volume of currency for that year at
81, ,180, 1877, 147, exclusive of the 1923, ,992,-
500, ,73O notes, "many of which, as the
secretary said in his report, "were in
circulation as money, and all of which
tend in some measure to swell the inha-
tion." Add these notes and we have
total of $2,10l, 1896, 40, which, as it was
confined principally to the $4,000, 900
people of the North would give a per
capita circulation of nearly $50. It is
urged by some bimetallists that the
United States should not attempt the
restoration of silver as full legal tender |
money alone, and that il should be done |
by an international agreement. 1t is as
necessary that we should be released |
from the hardships imposed upon us by
the gold oligarchy of Great Britain as it |
was that our Revolutionary fathers |
should have been relieved from the hard
ships imposed upon them by the parlia-
ment of Great Britain. What would |
have been thought of a member of the |
congress if he had proposed
that the colonies should not think of in
without Great Britain's con-
sent? And what must we think of men
who deliberately propose that we should
remain in the financial bondage of that
until such time as its money
lords consent to remove the shaekles
which bind us as their thralls?
The dire predictions made by the ad-
yocates Of single gold basis that the
free coinage of silver would drive gold
ont of the country and leave us on sill
YER basis is the same old croak that was
made against the Bland law of 1873 and
which is most completely refuted by the
statistics of the United States treasury
which show that the stock
IF gold in this country increased froin
is7s TO 1890 to the amount OF $780,
)OO. 900. The objection that with the
Free coinage of silver we would have
dollars. the metal in which is worth
,hout 80 cents, can be answered thai
with free coinage the metal in dollar
,vould then be worth a dollar, for nC
nan would be foolish enough 70 sell hi
million 10 Others for less than dollar
when he can have it coined into dollar
The further objection that the free coin
,ge of silver is in the interest Of the sii
Fer miner can be answered that 70 dem
n free coinage is in the interest OF tn
,old miner who now has a monopoly
rbe constitution recognizes both gold
md silver as money, and provided Ion
heir coinage, and congress had no con