Daily capital journal. (Salem, Oregon) 1903-1919, 1906-09-07
AN EXTINCT "IsM."
The Enormously Increased Output of
Gold Has Solved a Problem.

The Sacramento Bee reprints part
of an editorial published in the
Chronicle" few days ago in which
the silly story circulated during the
campaigns of 1896 and 1900 to the
effect that Bryan had been supported
by vast sums contributed by silver
mine owners was now being retraced
by some of the eastern press, notably
Harper's Weekly, which short time
since remarked: Everybody knows
that Mr.. Bryan in his contest for the
presidency in 1896 and 1900 suffered
from a lack of the sinews OF war;"
We are glad to see our contemporary
assisting in the dissemination of in
formation which may have the effect
of bringing people to a correct under
standing of what occurred in the
years named, but we protest against
1t stating that "the Chronicle gives
evidence throughout that entire edi-
torial that 1t is still a believer in
bimetallism." II there was anything
in the quoted article which suggest
ed that the editor still believes in
the desirabillty of a money system
which was urgently called for when
circumstances were wholly different
from what they are at present, then
the writer failed to express himself
clearly. The Chronicle" did be-
live in bimetallsm at time when
1t seemed to it. as II did TO many
who had given the subject the atten-
tion its Importance deserved, that |
the use of the two metals, gold and |
silver, was essential to provide a |
sufficient basic money to meet the
needs of the growing commerce of
the world. It never, however, agreed
with Mr. Bryan, who very parted
company with the bimetallists and
came out hatfootedly in favor of the
single silver standard, which he ad-
vocated with such remarkable in
that many believed he
was devoted to the inflationist idea
pure and simple.
During the period when the
Chronicle" assailed gold monometal
lism the production of the yellow
metal was diminishing, while the de-
mand for IL was increasing in the
arts and for money. but since then {
science has wrought a wonderful
'hange In mining and the output has
increased nearly threefold and prom
ses TO be still further enlarged. In :
he decade 1S76-1SS5 the worlds a
product of gold was only $1,06S.- G
$4,000; the output in eight years /
ollowing 1895 aggregated $2,169,- p
$500, and that OF 1904 and 1905
viii probably increase the total for "
en- years to $4,000, 100000. During h
he first period there was a steady q
all of prices due to appreciating e.
alue OF gold; now we are witness
ng "A tremendous rise of prices.
'hich the Chronicle" believes is
lainly II not wholly due to the in s.
reased abundance OF the standard ~
fetal. As there is every probability -
lat the output of gold will increase ~
the future, owing to improved pro, "
esses of extraction which enable the "a
liner 10 probably work very low !"
rade ores. In eXhaustible supplies ei
which seem available, II does not {"
'em possible that any demand can |"
Use which would make Il desirable ~
return TO the bimetallic system. Vi
he whole world having practically ~
'ached a gold basis, and the supply ~
that metal being fully adequate az ~
accomplish every purpose which ~
10 bimetallists aimed at when they se
lvocated the double standard. hi. VI
etallism may be regarded as ex. W
net as the "dodo"-San Francisco p''
lronicle, TN