Daily capital journal. (Salem, Or.) 1896-1899, 1896-04-22
Thomas n. tongues Plea
for BlmetalIism.
is FOR Am MERI RICAN COINAGE
A Reply to the OregOnian Of
November, 1894.

| AAAkAfoROANCl SAst Lf0fH ~
the Edltor:l-I haye read with som
care your editorials In today's Ore
gonlan, as well as the one Of fey
days ago, in which you depict th'
terrible consequences Of either thu
free coinage of silver, or coinage o
the product of our own mines. 1t II
TO be inferred from these articles thai
the Oregonian favors the present
coinage law of the Uuited States, and
is ready to WELD its powerful influence
lu favor Of their continuance, Let us
look at those laws squarely and see
what they are and where they are
leading us. Heretofore our silver
mines have been vast source of
wealth; they have furnished employ
ment TO thousands of men, who be-
came consumers of the products of
the labor of Others, and have furn-
lshed good share Of the increased
circulation needed by a constantly ex-
panding population to do its increas-
ing business. Nearly all of this has
been overthrown by legislation in the
last year. We have reached cond-
tlon unknown to our previous history.
Our silver minesare absolutely worth
less to US as producers OF money metal.
II run to their full capacity, not one
ounce OF their products could pass
through the mlnts of the United
States, or get into circulation among
orr citizens as money. Not a dollar
OF additional silver can get into cir
culation as money, except by redeem
Ing treasury note. When the silver
Is got out the treasury note Is re-
deemed and destroyed, and the clrcu-
lation remains the same. A vast
amount OF silver money is lost and
destroyed every year by abrasion and
by accident, and there is no way to
supply the loss Constantly increas-
Ing population demands increased sill !
yerclrculatlon aud the demand is
ignored On the contrary, as the pop
ulation Increases, the silver coin, by
abrasion and destruction, constantly
decreases This will lead inevitably,
II long continued, TO gold monometal-
llsm. With tariff laws designed TO
Increase our imports, while exports
are diminishing enormously in value,
the products of our gold mines, made
luate even to pay the interest on our
public, private and corporate lndebt-
edness to Europe, what will be the
End ? And where will the supply
)f money be obtained ?
A continuance Of this legislation
means constant contraction. Scarce
money means dear money, with in
creased purchasing power; il means a s
decrease In the price of every other '
species of property, real and personal,
N the country, and In the city; IL
neams decrease in the wages Of all r
'lasses of labor, skilled and unskllled. :
manual and professional. But worst
u all II means an enormous increase In 3
Of every class, public and
'rivaee, with diminished power 10 a
'ay' IL means contscatlon OF the 81
'roperty OF the debtor, for the benefit n
I the creditor IL win make the a
jnlted States u paradise TO the class 81
people who are exclusive creditors 81
Ut IL viii make II hell for every iC
ody else, Even the most generous
I'd less exacting creditors win suffer Sc
'ith the rest. Having loaned his b.
loney ON property with only a fair SC
'argin at old'time values, when the ~
over of the debtor to pay is taken
way he finds himself compelled to co
AXE property robbed OF Its value. an
nat It would be downright dishon. 10
''y TO legislate TO enable the debtor s.
repudiate just financial obligations. no no
not disputed, but it is equally dis. ca ca
ones'' and productive OF much more III
ardship' to increase by legislation q, 81
'e obligations aud burdens of the int
so.or for the benefit OF the creditor. TS sp'
AANna NAA