The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-06-12
IS 1T THE SILVER CRAZE?

After having made all manner of
promises of a revival of business just
as soon as it should be known that Mr..
Mckinley was elected (which promises
have miscarried) the Oregonian tries
I to offer an excuse for failure in the
fulfillmeut of its promises, and at
tempts to lay all the blame of this fail
ure upon the silver agitators. 1t says:
"The real reason why business is
dull and industry sluggish is the lin
gering uncertainty as to the stability
of money value brought over from the
perilous legislative experimenting of
the last twenty years and the alarming
crisis of last year. Business and in
dustry are carried on largely upon
credit. Foolish legislation has been
undermining credit, public and private,
for many years, and it received pain
full shock in the Bryan assault upon
the money standard year ago. The
effect Of this has been greatly to limit
the use of credit in business and in
dustry, to the large restriction of op-
erations in both fields which give en-
ployment to labor, stimulate produc-
tion and promote activity of trade.
"While the stability of the money
standard is in doubt, therefore, men
will not lend money on long time for
employment in trade Or industry, un-
less they receive ample security, on
contract for payment In gold or its
equivalent. On the other hand, men
will not borrow money on long time
and agree to pay in gold when there is
danger that they will have to pay a
premium for the gold. Caution on
both siddes reduces loans in amount
and in time to the lowest point, re-
stricts credit and narrows the basis of
business.
This is the vilest kind of demagogy.
If it were the lack of confidence in
the money standard that stagnated
business in past years, business would
have resumed its normal conditions, as
the Oregonian promised, Immediate
ly after McKinley's election, for by
his election the people were assured |
that the nation would be on single |
gold standard dsring his administra-
tion of four years. We can now have
no hope or fear of going to a silver
standard for four years. We know our
will be based upon gold until
1901, for it cannot be changed until
another president shall have been |
elected and inaugurated. Hence if it
were lack of confidence in the money
standard that prevents the revival of |
business, that has bean removed, and |
every branch of business should now
be aourishing.
But the real cause is not in a lack Of
is to be adopted. 1t is lack of vol
lme of money. 1t is because there is
not enough money in circulation to
transact the business of the country,
the purchasing power of
money has increased to the extent that
Ill products of the country have fallen
10 low that producers are no longer
They do not receive
enough for their products to enable
hem to purchase the products of
,thers. Receiving only nominal COM
for their labors, they cannot
De large consumers. For this reason
are unable to sell their
'utput, therefore cannot buy the out
,ut of producers OF raw materials.
AND this calamity will not be remedied ,
lntil there is an increase in the cir
ulating medium, brought about by
n agitation of the silver "craze" that
will result in furnishing the people
With more abundant and cheaper ,
money. II