Daily capital journal. (Salem, Or.) 1896-1899, 1898-03-11
THE DEARER DOLLAR.

vreater number OF the dollars OF tne
English people in exchange for their
produce than they get now, even
though we here in America
debased our currency, and called 40
cents a dollar"
Mr.. Hendricks reasons that we are
an exporting country ami that our
legislation on finance will not change
the price that will be paid for our
surplus products IN the London
market which fixes the price IN the
home market. We do not admit that
bimetailism would give us debased
currency, but call Mr. Hendricks at
tentIon 10 statistical tables referred
TO in all arguments on this question.
He will not deny them and he cannot
deny that for eighty years prior TO
1s73.when we had free coinage OF gold
and silver in the world, that the two
money metals maintained ratio OF
about fifteen and One-balf TO cne, that
all staple commodities maintained an
average Of prices Of about 100 as an
index number.
But in 1873 silver was demOnetized
by our country and few leading ma
tions. Since then all staple commJ
dities have declined on an average
nearly sixty per cent, including silver,
in the London market, or gold has ad-
vanced sixty per cent, put it as you
like. These statistics are familiar
10 students OF finance and TO Mr..
Hendricks Now we want to ask him
If the effect Of the gold standard has
been to drive all products down to a
general lower level Of prices Of about
sixty per cent IL our farmers are
not getting less number OF
dollars from the English people for
the produce we sell them, We are an
exporting country and IL we must
take pay in the prices made in the
open market OF the world we are in
Jerested in the restoration OF the
bimetallc price level. The Repub-
lican party declared lD favor of that
in their platform of 1896, only they
wanted people to believe that II could
be brought about by an international
agreement with the leading COM
merclal nations.
Mr.. Hendricks is honest enough now
TO admit that the Republicans only
put their kind of "bimetallism" Into
their platform TO catch votes and to
save the country from what he now
calls "Sllver Monometallism," and in
his paper, March 10, says:
"IF SOME MEN WERE FOOLED
INTO CONTRIBUTING To-
WARDS THIS RESULT BY THE
PROMISE OF INTERNATIONAL
BIMETALLISM, WE SAY THE
DECEPTION WAS WORTH
WHILE AND JUSTIFIABLE."
Mr. Hendricks evidently don't want
TO carry the deception any farther
and we will just note In passing TO the
next phase Of his reply to Towne,
that: If silver monometallism is such
a dreadful thing TO contempla te. what
is there so highly beneficial about
gold nonometallism
The Statesman makes this farther
admission; ave cannot regulate
supply and demand. IL would be ut
ter folly To set ourselves against the
law Of supply aud demand" 1t says
silver has grown cheaper because OF
new processes OF mining, not because
IL was demonetlzed. The fact Is, the
production OF both gold and silver are
very much restricted because the le-
gitimate money demand has been
u ken away from silver by laws de-
monetiZing IL. Some OF the most
valuable silver mines in the world and
nearly all the mines OF Utah cannot
be worked, even with the most sciea-
tlhc processes, because silver has had
its use and value taken away by hos
tile legislation. The demand for sill.
yer has been cut of and IL is not PROF.
liable TO work the mines. The wealth
OF the west is in its boundess mineral
regions bearing low grade ores, which
tie single gold standard renders
worthless. The. blmetalllsts are the
only persons who are willing 10 adopt
the theory OF supply ard demand
Law creates an unlimited demand
for gold and even II the Klondike
mines double the output OF gold in
one year II will not effect the mint
value so long as the mints are open
90 receive IL ata price fixed by law,
Abolish gold contracts, repeal the
laws giving special privilege 70 gold,
make all notes aud bonds payable in
the lawful money OF the United
States, and silver and other commodi-
ties will take care OF themselves.
silver asks no favors not given t0
gold. The bimetalllsts believe as the