The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1896-09-04
NO GOLD, NO BONDS
Peculiar Argument of the Oregonian
Of Portland.
AN OLD VAIL HEARD BEFORE
The Salt Lake Tribune Answers
Weak Plea Of the Mono
Metallists.

Comment on an article from this
paper in which we asked if law
compelling the purchase of all silver that
was offered at the mint at the highest
price. up to 81 2929, were passed,
what power could keep silver at less
than at that valuation, and asking
what makes values any way, and with
our government paying 81. 1929 for sill
Yer and coming it at that rate, what
could keep it from being worth the
same amount in London and all the
world the Portland Oregonian COM
ments as follows:
1T really is amazing that men can
deceive themselves after this fashion.
Purchase all the silver presented at
the market price up to 81. 1929 Pur-
chase it with what? With gold? Then
where or how would the treasury get
the gold? By sale Of bonds? How
long, then, could it do this kind Of
business-borrow gold on bonds, pay
interest and buy all silver offered in
the excited market created by this alb
normal demand? All the gold it could
possibly get would be quickly parted
with for silver the silver, as fast as
coined, would take the place of gold in
our circulation or reserves, and we
should be on the silver basis at once
"There would he no possibility of
buying all the silver presented, at the
market rate, to say nothing Of paying
81. 1929 (nearly double the market rate)
for it, because gold for the purpose
would be unobtainable and therefore
we should not carry up the value of
silver, as imagined, in London and all
around the world. We should 90 to
the silver basis ourselves, taking the
silver standard and giving up the gold
standard. Is it stupidity or dishon-
esty that asserts the contrary? One or
the other.
There is more of the same stuff, but
the above is sufficient Who said any
thing about paying gold for silver
bullion: IF man carried silver bull
lion to the mint, / 900 ounces for in
stance, and silver happened that day
to be worth so cents an ounce, he
would receive 800 silver dollars, or $500
in silver certificates. If the next day
silver was worth 80 cents in London,
he would receive 5000 for 1000 ounces.
| 1t is not possible to get silver at one
price in New York and another in
London. We saw that when the Sher-
man law was passed We saw silver
go up twenty-three points in twenty
three days, and we did not get our
quotations from New York; we got
them every morning from London,
and except for the limitation in that
bill, another week silver would have
been ST. 1929, as well in London as in
New York. AS it was the first news
that came back from India was that
silver had advanced there at the same
ratio that it had in London. Further
ON the Oregonian says: "There would
be no possibility of buying all the sill
yer presented at the market rate. be-
cause gold for the purpose would be
unobtainable. - The idea is to make
silver as good as gold, and then men
will not be particular, either here or
abroad. The Oregonian insists that
we would go to silver basis ourselves,
taking silver standard and giving up
the gold standard. That is an old wall
we have heard before We heard it
when the Bland law was under dis
cussion and heard it when Mr.. Hayes
vetoed it. The direful effects did not
follow. When we make silver as good
as gold, then the world will not care
what money it uses. There will be nc
draining of gold; there will be nc
boarding of gold but the appreciation
will be taken from it and property will
be worth as much as gold, and the law
will be followed by such prosperity as
we have not known for fifteen years.
1t would be simply the execution of an
inviolable law, and the Oregonian
itself, when closely questioned, would
admit that fact. That is, ask the Ore.
gonian if, should Great Britain and
Germany, for intance, decide upon a
ratio between gold and silver and agree
to treat both alike under the law, and
in the mints, the Oregonian would in
stantly agree that such an arrangement
W ould make silver as good as gold.
Now we believe that seventy million
Of people in this country, possessing
one.fourth or one-fifth Of all the prop.
erty Of this world, can do that just as
} well alone as with the help of foreign
governments The law should have q
provision by which, as the silver was
!, coined or was put into circulation by
, silver certificates, the treasury could,
at it's discretion, retire like amount
of the paper money of the country,
which has nothing behind it except
the faith of the nation. And it wonld
, take years and years, with all they
could do, to put our country really on
specie basis, as was originally de-
cided. The Oregonian is species OF
} that kind of journalism that sticks te
a stubborn belief, even if it has nc
facts behind it, no matter what proofs
may be supplied OF the faultiness OF
the belief.