Capital journal. (Salem, Or.) 1893-1895, 1895-05-27
TIE SILVER CONTROVERSY.
Our Junius Applies the scalpel to
the Subject.

EDITOR JOURNAI:- Looming at tbl
controversy between the single stan
dard men and the bimetallsts, one caI
not help being struck by one signifi
cant fact, the radical difference in the
style of argument advanced by th'
two different sides. While the bimeta
lists seem to advance facts aud logic
the monOln etailists iepend on ridicue
abuse, threats and catch-words like
"honest money" fifty cent dollar y
etc. While ths binIetallists are mar
shslling indisputable facts of history,
Of present conditions all over the
world and acknowledged traits OF
human nature from when to draw
their con, isions and with which to
support their arguments, the goldbugs
are depending principally on the
vociferous assertion that they are the
only advocates of "sound money" and
that the silverites are Financial fools" i"
"repudiators," "lunatics, J" criminals, "
dishonest" in favor of "debased
currency" etc.
Bimetallists realize that "intrinsic
value" is very misleading term; that
fixed intrinsic value lodges in neither
gold nor silver; that neither one nor
the other nor both together can be
placed on pedestal so high that the
natural laws of supply and demand
cannot touch them; but they claim by
rational treatment, their commercial
values can be Kept In practically the
same relation to each other, and that
the two together make q more stable
standard of value than either one alone.
The gold men claim that silver, even
under free coinage, would be subject TO
all the laws of supply and demand ex-
cept in 30 far as they would tend to
keep 1t at par with gold, whereas gold
lie an absolutely ideal standard of value,
not subject to the aforesaid laws moi
liable to disturbing fluctuations, though
they temporarily abandon that posi-
ton when they wish to warn us that,
in certain contingencies, "gold would
go to premium" Which 10 the more
logical?
The bimetallists point to the fact
that, under free coinage, the CONNER
cial ratio Of gold and silver for the
first 73 years of the century only
varied from about IA to l to l6 TO J.,
while the worlds production of silver
for the frst fifty years was nearly twice
that OF gold and from 1850 to 1878 the
production of gold was about twice
that of silver, and they claim that this
stability Of commercial value was due
to free coinage. They point, further,
to the fact that since '73 the CONNER.
cial ratio has varied between l8 to !
and 32 TO /, while the production of
silver for the world has over-run that
OF gold but about per cent, and claim
that the variation is due TO the de-
monetlzation OF silver. In return the
goldbug persisuently ignores the former
stability OF value and claims that the
late depreciation of silver has been
caused solely by "over production" OF
that metal. Honestly now, which
looks the more like logic built on facts?
The bimstallists point TO the fact
that the gold and silver Of the world,
available fCr coinage, aggregate about
eight billions, while the gold alone
AmOuis 10 about four billions, and |
claim that demonstration Of silver cut
oti about one-half the redemption
Of the world having the effect
VI contraction Of the currency IN |
about that prop0rtiODi that other
values OF prices must come down 90 |
Abont that extent. giving statistics 10
prove that they hays actually done so,
but that debts hays held their own
with tho gold IN which they are pay
able sud have practically doubled IN fe'
IAlloD " other values. The g0ldbugs
ignore or ndleDle this argument aud
boldly sud BADLY deny that ths eiisei
has practically been the doubling of
long standing debts, but when the
silvsFites elslm that the rsm0DsllAatloR
VI silver would double tbs volume VI
nl0nsy ,eaDss pfloss 10 flss IN proportion
aBa hsgs . corresponding sfisst on
debts that "deny sEsfyiblng," srosp'
~ lsigiy 40 Wild over The lhTssisnsd
~ dsbls," snd call ihs
silver nsa ~ many different ysneiiss
VI iblsyss - ihsy ean iblnk 0f 20
rspaai, ihs blDsislllsls slain that cot
IlgT 20 bsif ips money nsial oos
lTssiad ibs eeffsaey sDd ihsi 10
Inepsilasii0s, by fsstengs tiss golsns,
siih0aab w Dns ssnss spdspiailly la
fsilog, sovld b. sligply ppiiins iblgfs
lsaeh shsls ibsF slfs lssfpgs, shilf
Ihs KddbaKs dsny iisi aslaoasiiksilpp
sss eoslIsfilea, bul csll aesp lllf
sIstb " sll ibs goas ~ cues og go
bssas " tbs "lspudlsigs' wbs seglJ
i'ebsspse' 0vI Is1smpiiea upoDsg ~
nishsiissh u sta alysf Which ~