Capital journal. (Salem, Or.) 1893-1895, 1895-07-03
MCULLooH A BIMsrALIsr.

% ineys' M Eesieet We are to3ot scEA
q zreaib Of flowers to De placed on his
{ NIB. He IL justly entitled to al tbis
p-slss. Bot unfortunately for the 10
tel'igeDce Of the gold press aud Eckles
n MeCuIIoch vas a true bimetailist,
wao believed that silver should be
f.irly treated. He EAs the advocate,
In1esd, Of sound and stable currency 4,
q friend Of silver and its dependent in
tere t., not the kind Of "so0Dd money"
which Cleveland and EcklSs are tying
u force upon the country. 1be only
lot 10 the present controversy on
which he agreed with them was that
be favored the Withdrawal Of legal
tender greenbaeks from circulation, by
{ Ieir redemption and cancellation.
Bit he strongly spposed the single god
stArdaFd, and insisted that II silver was
fairly treated ''its degradation would
disappear.
His views on the present currency
Issue were published 10 sn sTticle On
'Our Future Fiscal Policy" 10 tie
North American Review Of June, 1851.
SIR. McCulloch then said:
"One Of the reasons for adopting the
single gold standard by Great Britain
ia 1915, was that, ~ slievr was mole
sought for by Continental nations than
gold, the latter could be more easily re-
tAined than the former. IL Is ques-
.iOh4bIe tnst she has been . gamer by
this single gold standard, bat having
adopted Il she &dheres 10 II with 8
tenacity characteristic Of her govern.
ment. There have been times when the
arrival OF gold from Australia and the
United States have been looked for
with intense anxiety; when the loss OF
the gold on q single steamship would
have created panic In London. II
such bas been the case when only the
Germans and the United States were
drawing gold from her, what vonId
have been the condition OF her bank
aud business interest II all the com.
merclAl natiOus had been using gold ex-
elusiVely"
"The effect of.A demonstration OF ell.
yer would be 80 disastrous that no
sane mas would advocate II. II would
be deAth.blow 10 enterprise. while II
would increase enormously the burden
Of debt" "Its present degradation Ia
not attributable 10 the increase Ia the
Yield of the silver mines, bat 70 adverse
influences OF Great Britain and Ger.
many"
Let silver 10 fairly treated and the
degradation will disappear"
lie believed that blmstAlle money
would be restored 10 general ase. Re
fsfrinE 10 the Paris conferences, which
wAs soon 10 oonysns, he said
"It 10 psobabls that neither Great
Britain nos Germany Will unoondl-
tlonslly partleipais In II, aud they msy
~ regarded ~ bsing hostile 10 blmetAl'
liam, bat tbslT hostility 10 that u the
eoysSnmsnt aud not of the people II
will not lhsfsiors bs formidable nor Is
u likely 10 b. lasting. Neither nation
oan pefIaansntiy stand alone upon the
sinEis gold standard, nor eau they,
unltsd, fsslst the lsnasnoes which afs
a0w si segh ia favor. ~ binlsisllle
monsy.' "lt viil eventually - iT-
fssisiibls"
ia theas sEiIaels vs nsd the sub'
slasas u the sIgumsal nov ussd ~
lbs fIisBds ~ silver fbs Insecurity "
lbs sgld siAnaaTd iLs snoSmous ls'
efsass ~ burasa ~ asbt ~ is s.isb'
ilsha.sat. lhs isal that ths fall ~
silver u das nol " ths lneSssss u pro-
aus,iea, bvl ~ lls asmsBssiastlon sna
thai u would fsiaIa ~ 40 sgasi value
vllh sols ~ Isasoasiissd thai ihs
besiiliiy ~ sllyss y ths, u lhs British
saa Disgmsn Eessamsels sna, "
sntina today, ths Eevsfnalsst, % she
sa1nislslisiion ~ lhs uailsd sislss,
wesld hsEs issa n,suiionsd sal thai
~ ibs psspls IN siika " ihsss lse
aagsiElss lhsi 40 nsiis1. ssi syss
vsssi hn1sas, esgla psfassssliy
slssa sless 90 lks sais ssssassa, ssa
ll.sl llss lsnssaess ~ wask IN fsses "
lia,sisilis asasS wii sysaisslly 10
llfsslstibls, sss Al ssi fogih ~ ibs sad,
seat "a ssassissy " ihs ilsasaIy ~ bs
nslass eSaDisns.
Aasg sgastiss " sac sylls u asnsn.
silsslieu, hs said sii, lksa. u y lassi
anslsslls ilsi AZ hsslsas slssala hsFs