Daily capital journal. (Salem, Or.) 1896-1899, 1898-09-02

Imsny has made the most propres
toward the gold standard, but even
she has s1OO, 100000 IN silver thalers
which are full legal tender, and the
government continues to buy and
coin full legal tender silver thalers.
The paper circulation is redeemable,
not 10 gold, but in coin. France, as
we all know, has the double standard.
Belgium and the Netherlands have
the double standard, the former
hayIng no gold, and the paper money
OF the latter being redeemable in
silver or gold. Spain has nomInally
a double standard but no coin in cir
culation. In Portugal, gold is legal
tender and silver is not, but neither
is in circulation, fat paper money
only being used. Switzerland has the
same system as has France. Austria
Hungary has in circulation only
silver and paper, all full legal tender
and not redeemable in gold. Italy
has nominal double standard but 40
coin in circulation. Russia has a,so
nominal double standard, but no
gold in circulation. The currency is
silver and paper roubles, none
redeemable 10 gold. Sweden and
Norway use legal tender silver.
Turning to South :Amerlca, Brazil
has a technical gold standard, but
no coin in circulation, and her paper,
about go per cent below par, is full
legal tender. No other South Amer
lean country has even a nominal gold
standard, excepting Chile, and the
example of Chile is earnestly COM
mended to the pray consideration
Of every gold standard advocate. In
1895 she made an attempt TO reach a
gold standard. aid this is the way she
did 1t. The silver peso is nominally
worth 81 cents, but the new gold
peso contains but 30 cents worth of
gold, somewhat less than the bullion
value Of the silver peso. If the
United States should cut the gold
dollar down to 40 cents worth of gold
that action would be on a par with
Chile's adoption Of the gold standard.
japan is the remaining bright and
shining light In the ranks OF recent
converts to the gold standard. She
has closed her mints to silver, but she
has recognized the appreciation of
gold by making the ratio 80 to |,
leaving the silver yen undisturbed,
and cutting the gold yen down one
half. 1t does not seem that our
friends should ''point with pride" to
the example of either Chile or Japan,
for according to their philosophy
these countries have each "debased"
their currency by so per cent. Fur
ther, according to common sense,
those countries have both recognized
the plain fact that gold has doubled !
In value.
But the great fact to be considered
In this connection is that this most
delectable gold. standard, to which |
this country must be committed"
because all the civilized nations have |
1t, is not Ia full force In any country
In the world, excepting the British
possessions.
The foregoing facts as to the cur
rency of different countries are taken
by Judge G. j. Hillyer, of Washing
ton, ID. o., from the publication Of
consular reports entitled "Money and !
Prices" issued by the state depart
ment IN 1896, and they show that the
world has only commenced TO try to
get the gold standard.
AS this has resulted in cutting
prices In two, what will be the result
when all nations have succeeded in
putting The accursed system In full
force?