Daily capital journal. (Salem, Or.) 1896-1899, 1897-01-07
uNMAsKED.
rContlnued from first page.l

such agreement. On the side OF th'
blmetalllsts, that fact lis recognized
that, as a condition precedent OF anl
international action 10 favor OF silver
there must be a reopenlng OF th'
Indian mints for the unlimited coin
are OF the white metal. | can OnlJ
concur I'm this opiOD. am convinced
that. without this concession, all
efforts 20 rehabilitate silver will be
vain. But, as the result Of prelimi'
nary exchange Of views made by my
orders with the English government
have been driven 20 the conviction
that we cannot count on the reopen
ing OF these mints within any calcul'
able time"
Our sllyerists will, Of course, aud as
heretofore, indignantly exclalm that II
is unworthy Of us as a great ana Tree
people 10 depend or walt on England,
or on the nations OF Europe together.
They say we can "go II alone" So we
can; but the result will simply be loss
OF the gold standard aud change TO the
silver standard. The Republican party
OF the United States, as the champion
OF sound money, is under the necessity
OF preparing itself TO fight for the
gold standard as against the silver
standard. without the device, expedi-
ent. subterfuge or mask OF lnterha-
tional bimetalllsm. Therefore,in In view
OF the present composition Of the SEN
ate, OF the great power 10 the little sill
yer states, and OF the disposition OF the
Democratic states Of the South, IL be-
comes exceedingly Important In every
Republican state 10 have a care what
manner Of men are sent To the United
States senate.
REPLY TO oREGoNlAN.
You say In your editorials that II
has been demonstrated that the bust
ness OF the country does not require
more money. II this Is true, why is
IL there is rejoicing among the people
whenever there Is any money added
60 the circulation Why do the Ore
gonIan and other gold standard papers
rejoice when there is money being
shipped here from abroad ?
Is II not true that we are a creditor
people
IL seems as though we have never
had money enough TO do business on
a cash basis. We have been com
PEELED 10 do business on credit. The
merchant buys OF the wholesale house
on credit. He sells TO his customers
on credit. The wholesale house buys
OF the manufacturer on credit The
volume OF money does not seem to have
been as large as the volume OF busi-
ness as 95 per cent Of our business Is
done on credit.
The total Indebtedness OF our coun-
try In 1873 was about six thousand mill
lions. In 1896 those debts reached
thirty thousand millions, and impair
tlal estimates put IL still higher The
total assessed value OF real and per-
sonal property In the United States In
1890 was little over $4,000 millions.
We are In debt as people more than
the total assessed value of all our pro-
perty. The "fair cash value" OF all
property In the United States is es-
tlmated at 10000 millions dollars
Sold under the sherlfr's hammer today
II would not pay the debts of the peo-
pie OF our country, aud seventy million
people would be penniless, and worse.
our resources are great, and we are
naturally prosperous nation. But
this great evil of the rising price OF
money, and the falling price of prop
erty, has brought us TO a condition
that Is now exciting the apprehension
OF all good citizens.
Falling prices have forced our peo-
pie into permanent debt and resulted
In the destruction OF their property
values 20 pay debts.
The report Of the United States
treasurer, shows that there Is now de-
posted with the banks OF the United
states, subject 90 check, sl,soo, ,oOo, 600
This Is the real volume OF money
necessary for the transaction OF bust
ness. IL indicates what a normal
supply OF money for this country
ought 10 be.
We have all told, Ia this country,
about $1,000. .0Oo,0OO In all forms Of
money. with only si,eoo,ooo,ooo OF
money We fnd that there is si,S0o,-
0OO, 900 being used BY the people,