The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-07-09


II were not for the small transactions
and the trouble and expense OF invests
eating the worth ot small checks,
Whenever the system ot checks and
credits can be extended 60 the news.
paper and street car business there win
be no real need of legal tender money.
4 dollar lp simply an order for some
thing else. But to be good Il must be
an order for anything ON earth, to the
extent OF It's face value. II it IL lead,
paper. or silver. you know that there
are some things In this country, and
many things In other countries that it
would not buy. aud consequently It Is
not good money. To be good money u
must have universal acceptance,
Double the amount ot good money
and the prices Of commodities viii not
rise but double the amount " silver
money and prices will rise because
there Is doubt OF the redemption OF
that silver money. Gold ls good money
because Il has been adopted all over
the world and will be received by
France, Belgium. Germany. England,
Russia Spain Italy, and other ma
tions at the same face value II all ~
the governments ot the world. or the
leading governments would agree TO
the free coinage ot silver and It's use
as International money. when the bust
ness world wanted gold. II would not
make any difference In the situation,
The value of silver has not decreased
because of any governmental action.
The fall In price AS Il appears to me.
came about because OF the change In
the times and general modern improve
ments Quicker means ~ communlca-
ton are at hand. Credits are more
easily and certainly examined. aud the
tools for the exchange of commodities
have increased and become cheaper.
There Is more gold and silver IN the
world than ever before. and the people
viii use that which r. less bulky and
more easily handled silver was re-
tired to great extent Tor the same
reasons that iron. copper and brass
were discarded In ancient times. The
larger transactions of commerce do not
want either kind of money. Business
is done on a system ot credits, and 50
long IA the credit of the nation or Its
people Is kept lnviolate. the amount
Of money In circulation cuts little ng-
ure Every government is supplying
all the silver money that the people
will use. while In London the other
day wanted bill of exchange chang
cd into money. and asked for one pound
In silver. / got new money OF this
years coinage. amongst II several
crown pieces, Of the value Of Sl.25 In
our money. The rest Of my bill took
in gold. The banker told me that he
was always glad TO pay out the silver
especially the larger pieces. as there
was no demand for them. the people
preferring either gold OF banknotes.
1T seems TO me that this whole ques-
ton is a great bugaboo. Keep your
national credit good, and your money
on the sound basis which has been
in use and which has been adopted by
other nations. and your check and my
check will be good with which TO pay
our debts. so long as the solid value
ls behind IT,
When asked in regard TO the harbor
and the object Of his present visit. Mr..
Fairchild said that he was simply de-
lighted with everything he had seen
here. and was merely putting in days
recreation while waiting for the sale OF
the o. Il. and n. Companys property
which takes place at 10 o'clock this
morning a few miles east Of Portland.
Your harbor Is one Of the most mag
nifcent / have ever seen, and from
present appearances and all that l can
learn and know about the situation.
you are certainly on the eve OF a great
prosperity"