Daily capital journal. (Salem, Or.) 1896-1899, 1898-01-12


slways been at face value whenever
they have been full legal tender for
all debts, public and private. Gold
redemption has not contributed one
iota, TO their value, as IL has uOt existed.
After the decentralization law OF
1894 and to 1878 our silver dollars
we're not full legal tender. During
part of that period they fell below
their face value, aud passed in some
sections of our country at from TO 10
per cent discount. Viz: at bullion
value.
Being but legal tender for s. 90, but
s.. 90 on any debt could be paid IN sill
yer dollars; thus a man owing $1,000
and haying it in silver dollars could
pay but $500 on that debt, and was
forced by law to hawk the balance of
of his money to a money lender and
sell it at discount for full legal tender
paper or gold to pay the balance.
A good thing for the money lender,
and you are trying TO restore such
conditions again, as you advocate
among other evils limiting the legal
tender of our present silver dollar.
This discount was destroyed When
the free silver men carried oyer a
gold presidents veto, the law OF 1878
making them full legal tender again,
and that the law of 1878 has been
fought by gold men from that day TO
this. They have succeeded IN de-
stroying the coinage authorized by
that law. but not as yet the legal ten
der clause. The law of 1878, which
declares that standard silver dollars
shall be received for all debts, public
nd he
government of them in payment OF
debt maintains them at face value,
not gold redemption, as 1t does nOt
exist, either directly or Indirectly
No one would claim that receiving
two articles on terms of exact equal
ity, redeems either articles in the
other.
Neither can any one honestly claim,
that receiving silver and gold COINS
on terms of exact equality, redeems
gold in silver, or silver in gold.
Haye proven beyond your power 10
honestly refute, that the silver S6l3,-
600, 900, which you state in your edl.
torial would be worth "less than DO
cents on the dollar" THAT is less than
s275, $50, ,00O,) but for ''its stamp guar
anteeing" has no redemption guaran-
tee, and that it is worth 100 cents
solely on its own law given merits as
money.
But IL you, Gage, etc could have
your way, and as GBge states, "Com-
init the country a little more thor
oughly to the gold Standard" the
discount on our silver coins would be
lbout so percent; that is, the coin
would pass at about their bullion
value, as they did in the years prior
to 1878, and after 1873. Why? because
no Thorough" gold standard country
has any full legal tender silver coins.
The silver coins of England and
Germany are limited tender, and
England has but $ll5,000,000, Ger
many S2l5, 5,O00,0 900, of silver money.
While France, which mas full legal
tender silver like ourselves, has about
$500, ,O00,000 in silver coin, placing
that country on limited bimetalic
standard such as we have at present.
This volume of money, $3.50 900
would not be at face value If its debt
paying power was limited to $500.
The only factor Lh Il maintains them
at face value is the full legal tenGer
poWer these silver dollars possesses.
This being a fact, it is only a ques-
tion whether we have a larger issue of
these same silver dollars to help main
tain our prosperity from constantly
decreasing valuation.
They have proven good real money
in themselves, supported by nothing
but their power to cancel debt. And
under free coinage the bullion value
must raise to face value Of a dollar.
Free coinage would slightly de-
crease the purchasing power of all our
present currency, gold and silver, etc.
But we must not forget that rising
prices aIe produced by decreasing
purchasing power Of money.
And we want rising prices, because
rising prices stimulate industry and
development, and causes money "a
seek industrial Investments. instead
of bonds as falling prices do, which
contracts business and leaves labor
unemployed.
Why do you resort to the publishing
of falsehood after falsehood in your
endeayor to maintain your cause?
Does it not conclusively prove that
you, the monetary commission ct a.
can not maintain it by stating the
truth?
A cause that resorts to such end:
must be poor indeed,
And l have in former letters as In
this, clearly illustrated a few of youl
many, many falSehOOos on this money
issue.
Most humbly your servant,
JNO. WALTER SEABORG.
P. S. Have just received letter dateC
Dec. %, 1897 from present assistant
secretary of treasury reiteratiDg the
90 -. 90 hnR n lN