Intermountain Tribune
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THE VALUE OF GOLD
The Tribune has always supposed
that when the gold standard was
adopted, its value became as fixed
as the laws of the Medes and Per
sians. The Oregonian’s teachings
has always held out this idea. To
talk about a, double standard, 16 to
1 etc., was equivalent to waving a
red flag before a bull, in the Ore
gonians estimation. To talk about
greenbacks as a standard, was the
worst possible nonsense. But in
last Friday’s edition of that paper,
we are informed that the value of
gold is fixed by the law of supply
and demand—the same argument
advanced by W. J. Bryan in 1896.
A correspondent to that paper
asked “What fixes the value of
gold.” The following is the Ore
gonians reply:
“The governments of the world
are the only legal coiners of money.
The value of gold is not fixed by
them, but by the relative value of
gold and other commodities. When
the supply of gold increases in,
greater proportion than that of
other commodities, prices rise be
cause the relative value of gold has
fallen. When the supply of gold
decreases, or when the supply of
other commodities increases in
greater proportion than that of
gold, prices fall because the relative
value of gold has risen. In fact,
the mere declaration of the Govern
ment that a certain quantity of
gold is a dollar or a pound does not
fix its value, any more than the
declaration that a certain number
of pounds of potatoes constitutes a
bushel fixes their value. Value of
gold is fixed by the law of supply
and demand”
Mr. Bryan never claimed more
than the Oregonian concedes. That
is to say, the volume of money
regulates prices. A small volume
means low prices for commodities
and a larger volume larger or
higher prices. When Mr. Bryan
preached free silver, 16 to 1, the
volume of money percapita of both
silver and gold, was less than $13.
Now the volume of gold money,
alone, is nearly three times that
amount, It has taken the Oregon
ian nearly twenty years to ascertain
this fact and be honest enough to
acknowledge it.
ternetation. Only small and mean
politicians deal otherwise.
It is now conceded by all news
papers and honorable public men
and politicians, that all the good is
not incorporated in the interests of
any one political Darty, nor all the
bad in the opposing party. Most
men have concluded that there is
some good in the worst of men and,
conversely, some bad in the best of
men. The drift of modern reform
politics is. a fairer and honester
judgment of the motives of men.
The partisan newspaper which
continues to / misjudge or miscon
strue the words of a political op
ponent is soon to become a thing of
the past. The reading public will
soon refuse to tolerate misconstruc
tions, for purely partisan advantage.
The future editorial conduct to the
newspaper must show a disposition
to give even a political opponent a
fair hearing. In fact partisan poli
tics in accord with the practice of a
few years ago, has been relegated
to obscurity, let us hope, never tox
be revivified.
THE FINAL ACT CONSUMMATED
President Wilson called congress
to meet in Special session, to con
sider the reduction of the tariff
schedules, ¡early last April.
No
other work of special importance
has been undertaken during the six
months the body has been in ses
sion; at least, not until the tariff
bill had been disposed of. It is
expected that President Wilson will
attach his signature to the measure,
this week.
The people have been demanding
a reduction of the tariff for many
years. In the campaign of 1908,
both political parties promised re
vision. President Taft,, who was
elected, understood, as did the en
tire country, that tariff revision
meant tariff reduction, but a repub
lican congress thought differently
and gave the country the Payne-
Aldrich tariff, which carried the
highest protective duties the coun
try has ever known.
This so enraged the people that
they drove the republican party
from power in the executive' and
legislative departments of the
government.
President Wilson and a demo
cratic congress have given the
country a tariff reduction of an
average of 28 per cent. It is not
expected that the measure will
please all, for it will not. The bill
is not perfect, nor will any tariff
law be perfect in the eyes of all, no
matter what the duty rates may be.
But it is a step in the right direc
tion and the new law will please a
vast majority of the people. A
democratic president and congress,
must be given credit of, at least,
making their preelection promises
good.
About the 10th of this month, an
enormons charge of dynamite will
be fifed, on thè Panama canal.
This charge will remove the final
obstruction, seperating the Pacific
and Atlantic oceans at Panama and
EDITORIAL RESPONSIBILITY
marks the successful conclusion of
the greatest, engineering fete in the
It is a fact that the tendency of history of the world. The Suez
all respectable newspapers, is to canal, connecting the Mediteranean
ward a higher moral tone and to a and Red seas, had nothing but sand
truer representation or interpreta dunes to contend with. The Pana
tion of the thoughts and utterances ma canal has had solid rock and
mountains to overcome. In effect,
of public men.
This is probably due to the grow it doubles the value of the United
ing independence of newspapers and States navy and will add, at least,
10 cents to every bushel of wheat
a less partisanism.
Only a few years ago, partisan produced on the Pacific coast. It
newspapers did not x hesitate to opens up a vast new field for our
grossly misrepresent or misconstrue lumber forests and places the
what a political opponent might Pacific coast, practically, on price
say. The respectable newspaper of level, for commodities. With the
to-day does not do so. In reports Atlantic no section of the world
of the utterances of public men, will receive greater benefit from
there is a growing disposition to the gigantic enterpnse, than the
deal fairly and give an honest in-j Pacific coast.
If the election to occur in Mexia
this month, shall result in pacifica
tion for that unhappy country
President Wilson’s policy will haw
won, hand? down. All that th
world desired was for these fire;
disposed people to quit killing
eachother and allow the abundan
rich resources to be developed
President Wilson did not ask fo:
more and the fact that all civilize«
countries coincided with his judge
ment had much, if not all to d<
with Huerta’s retirement from th«
presidency and, let us hope, a fail
election be held.
Sweet Home needs electric'li,
badly. If for any reason th«
Wadtli franchise fails, our citj
should either take charge of th«
matter municipally, or look else-
where for some body to take
of the matter.
Slaughter in Boys Suits
I have 30 suits of boys and lads
clothing, retail price $7 to $20
per suit. To close them out
these suits will be sold at just
ONE-HALF THE ABOVE PRICES
Now is the time to fit your boy
out with school suits
... —-W e also carry a complete line, o l
=
General Merchandise/ Groceries,
Hardware, Etc.
Oregon Blue Book
A copy of the Oregon Blue Bool
for 1913-14 has been received bj
the Tribune from Secretary of State
Olcott. It contains a brief histori
cal sketch of the state by P
Joseph Schafer of History of
University of Oregon, the
Constitution, names of the
state, district and county officers,
as well as a statement of the func
tions of the several state officers,
departments, institutions, boards
and commissions. Federal depart
ments represented in this state are
included therein, as well as informa
tion' respecting the appropriations
by the last legislature, summary of
taxable property in Oregon, legisla
tions 1912, vote for state officers
1912, measures'submitted under the
initiative and referendum since the
adoption thereof in 1902, politica
subdivisions or districts, population
and many other matters of general
interest'
Copies, without charge, will be
mailed to such persons as may re
quest the same.
J. H. Keeney, this week, purchas
ed 23.55 acres of land from Fred
Nothiger, situated between this
city an<i Foster. The purchase price
being, it is understood, $100 per
acre. Mr. Keeney expects to move
onto the land, in the near future. -
Sam W. Dugger, after a week’s
visit with the old folks, (the Tri
bune family) started on his return
to San Francisco, Tuesday morning.
If you will come in and see me,
we will do business.
J. M. COWDREY
Sweet Home
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S. C. STEWART President
W. M. BROWN, Vice Pres.
J. M. STEWART Vice Pres.
CLARENCE INGRAM Cash.
T. D. O'BRIEN, Assistant Cashier
DR. 1. B. WILSON
The Lebanon National Bank
Physician and Surgeon
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Calls promptly attended
day or pight
S weet H ome
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O regon
T. L. DUGGER
LEBANON, OREGON
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We pay interest on time deposits
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DON’T FORGET THAT WE SELL
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KRIEG & ZIESING