Daily capital journal. (Salem, Or.) 1896-1899, 1897-05-25

dameptal conception Of finance. As
va understand its history and its
platform declarations, the People
marty is what is termed in derlsion a
fiat money party, an irredeema oie
money party. It ADVOCATES money
Without any governmental pledge 10
redeem that money in some Other
bind ~ money. The number Of peo-
nile who are coming TO be afraid OF any
kind OF money tnat has to be redeemed
in some other kind Of money before
IL is money is growing very large. IL
gives the Spectator 10 money an I'M
mense advantage to be able to demand
.,,ch redempliop at the hands Of the
government. Such money is not
nancy io the true conception OF the
idea Of money as a circulating me-
diun. IL is not primary money IL IL
ba, 10 b. redeemed in gold. 1t is not
money at all. 1t is a promise topay
money, as much as an individual note
or a private check on a bank IL Is
,yors,. tban a note because it is sub
iect Ia demand at any time. III is
less desirable than check because IL
is redeemahle against the entire
public interest.
1t can be presented over and over
again. A check can be presented but
once.
Redeemable money, worked as an
endle chain to COMPEL the govern
meat to issue bonds, has conYinced
other people besides Populists that
the government better not have any
money that is only used as buckets TO
bail out the treasury and increase the
bonded debt. The Peoples party
wants free coinage Of gold and silver,
both TO be legal tender irredeemable
money. The Peoples party wants be-
sides paper money that Is not re-
deemable. History will prove this Is
right. II we have national treasury
notes they must not be redeemable
unless we want TO see the endless
cham reyolve and force bond issue
every so often. The Mckinley ad-
mlnlstration is now preparing the
public mind for popular" loan OF
$4,000, 900 or 800, 90, 900 bonds to take
paper money out Of circulation with,
which is "redeelnable" money.
We believe that the theory of the
Independent Bimetallists is tue only
solution OF our financial problem,
short OF the absolute irredeemable
fiat money theory Of the Peoples
party. The free coinage theory OF
tinance wonld involve free coinage OF
gold aud silver, without redemption
OF either. 1t involves making paper
money interchangeable for either
gold or silver at the option of the
government. We could not have gold
silver and paper money circulate at
par unless 1t was receivable by the
government on equal terms and pay
able by the government on equa
terms. But II the government re
talned the option OF paying out
either gold, paper, or silver, theI
there would be practically no redemp
tlon OF either Suppose paper wa
presented for the purpose of making
run on the treasury and the treas
ury TO protect itself paid out silver
The expense of removing silver woulC
be so great that the run would no
last. We do not assume that tn
most extreme Populist woLld have
the government issue unlimited pape
money. The Populist platform doe
not demand that. IL does demaDC
free coinage OF gold and silver ant
sufficient paper money 10 provide al
elastic currency,
The American Bimetallic party dc
mands that. The Silver Democrati
platform demands redemption Il
gold or silver, with the option in Tn
hands OF the government as the sures
check on the endless chain. But "
are glad 10 haye the Peoples part
adhere 20 It's fundamental theory c
non.redeemable money. Redeemabl
money Is snare and delusion. TIL