Daily capital journal. (Salem, Or.) 1896-1899, 1896-04-23
OUR SILVER COINAGE.


The Salem Statesman is a typica
and consistent advocate Of single golC
standard bimetallism. 1t CONSTANT!
misrepresents the facts as to coinage
OF silver, and misstates he position o
the advocates of free coinage. Its
editorial Of April IS was copied into
the Oregonian as a calm statement
of facts. Let us examine IL little.
Take this statement as an example:
Under free silver coinage, in the
first 80 years Of our history, only about
$S,000,000 of silver money were coined.
In the four years after the "crlme of
1873" about SS0,O0O,00O worth was
coined, including the trade dollars.
The first 80 years referred to were
from 1892 to 1873. According to the
United States mint report the silver
coinage for that period was as follows:
Silver dollars. ...... e. s. 5000, 900
Silver fractional coin. ...... $4,000, 900
Total coinage, SO years .... sos, 5000, 900
In addition to our silver there was
a large volume of foreign silver in the
country during that time, and espec-
tally prior to 1860, when the Spanish,
Mexican and Canadian silver was'a
legal tender. For four years after
1873 almost no silver was coined.
The Statesman has simply reiter-
ated a threadbare statement of the
single standard advocates, that will
not bear the light of facts. Another
stock argument that is relied upon by
the goldites is that the l6 to ratio
would not produce dollar of equal
intrinsic value with gold dollar.
The Statesman says:
international agreement, with pro-
visions for periodical revisiOns, might
accomplish this result. The expert
ment is at least worth trying. This is
the only kind Of free silver coinage we
are are in favor Of. 1t is the only kind
anybody will be in favor Of within a
few years.
THE only kind of free coinage"
here limited at is claimed would con-
'tantly put dollars worth Of bullion
into a dollar. They pretend to favor
free coinage by international agree
nent. Let us examine'this:
IL there is any virtue in free coinage |
Is an economic or financial principle '
hat virtue exists, and that principle q
IS vital and eternal and right and {
ound, regardless of the question Of I
'he commercial value Of the coined |
io!lar, or the fact of one country or '
more countries agreeing TO IL. The S
nan who says he favOrs free coinage .
" silver If the government will put .
nto IL 100 cents worth of silver, and
hen objects TO free coinage because C
liver Is not as stable in commercial a
alue as gold, is not consistent. He tC
wants the government to do what no %
ays can't be dOne--to-wit., coin and N
eep in circulation hundred-cent n
ollar that he does not believe can be y
ept at the hundred-cent mark. c,
The Statesman says IL wants this !, ~
Ind of Il silver dollar, by interna- m
Ional agreement, and periodical 81
'ylsions" thrown in, and thinks this
Sperlment is worth trying. All such
Sperlments are mere tlnkerlng with
he subject, mere evasiOns and dodg-
Y the issue, The issue Is: Shall gC
DID alone be primary money, or shall dl
Did and silverboth be primary money ~
redemption under the old constitu- :
onal legal ratio, the present legal \
tioY Are gold and silver both
oney, or only gold9 =