The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1896-09-12
.MONOMETALIC -BUGBEARS.

In his speech at Salem last Saturday,
Ex-Governor Pennoyer completely an
swered many of the calamity howls of
the gold-standard press and refuted
their claim that the free coinage of
silver would result in wide spread dis
aster. On the question of their bug
bears, he said:
"a few years ago many persons who
had learned the lessons taught by his
tory, and who, reasoning from cause to
effect, foretold the disaster that would
befall the country by continued re-
Afusal to restore silver as a standard
money, were denominated by the plu-
tocratic press of the country, which
invariably sneezes whenever the bank
ers take snuff as calamity howlers."
The tables are now turned, and now
the bankers and their papers have be-
come the very worst kind of Calamity
howlers.' They prognosticate all man
ner of evil from the restoration of silver
as money. They declare that it will
is just what they prophesied when the
Bland law was passed eighteen years
ago. and they now ignore the fact that
from 1878 to 1890, while that law was
in operation, the treasury reports show
that the imports of gold exceeded the
exports by two hundred and twenty
million, and that the stock of gold in
creased in this country over $3.50. .0O0.-
600.
"Another bugbear is that foreign
nations will flood our country with
silver. There is no danger. All the
nations desire more silver, and would
very much like it If we would continue
our present financial policy in order
that they might continue to purchase
it as they have been doing atits depre-
ciated value. as commodity instead
of being hereafter compelled to pay
its real value as money. Another bug
bear is that the restoration of silver is
in the interest of the silver mine
owner, and would benefit him. Its
demonetization is in the interest of the
gold mine owner and why should he
be benefited any more than the silver
mine owner. Both gold and silver are
money meSa recognized by the
Consei'uSlo. --of tushould be treat
tfon of silver would benefit the SLY CO..
mine owner just the same as it would
benefit all other classes, including
those who are so bravely fighting
against it.
"Auother misstatement of the mono
metallists is that the present higher
value of the United States dollar over
that of the Mexican dollar lies in the
fact that our dollar is redeemable in
gold, while the Mexican dollar is not.
That is not true. From 1878 to October
IA, 1891, no one even for one moment
supposed that the United States treas
ury would ever be foolish enough to re-
deem silver certificates or the treasur
notes in gold and yet during tnat
period, the same as since, their in
creased value over the Mexican dollar
was maintained. The old trade dollar
of 420 grains, not legal tender, sold
at discount at from five to fifteen per
cent, while the present standard dollar
of 4124 grains stands about at par, and
would forever stand fully at par if it
was made a full legal tender, which it
is not now, as the law gives the banker
that most unjust privilege which no
other nation on the face of the earth
ever gave to its citizens, of discrim-
mating against silver, the lawful
money of the realm. Restore silver
as standard money, make it a full legal
tender in payment of all debts. public
and private, refuse to any and all |
citizens the fright to discriminate
against it, and then the demand for |
such sound, hard money will be so
great as to forever maintain it at par. |
1t will then, when treated like gold,
be just as good as gold. The mono
metalists deny that the bestowment of
legal tender qualities will affect its
value, and yet they take very good
care that gold shall be full legal
tender money. Their actions COM
pletely belle their assertions"