Capital journal. (Salem, Or.) 1893-1895, 1894-09-07
THE GOLD REDEMPTION FALLACH.

FCCate0 q popular lOdu W Tue eoVOAA
meDs because the fact that the treas
ury holds only thirteen cents in gold
Tor every dollar of outstanding treasury
notes and greenbaeks, or, counting the
silver certificates, bat eight cents, it
liable TO develop a scare and a panic
Quoting and commenting on the Her
ads proposition for q bond issue aDC
the statements with which the propOsi
tion ia bolstered, the Cincinnati En-
quirer says:
$50 It appears that the paper dollars.
said to be on q gold basis, are, after al
that has been said, the ''sbort dollars"
They are "thi1teen-cent dollars" If We
consider only the obligations known a.
treasury notes and greenbecks; but j
we are to take the silver certificate.
into the calculation, they are only
eIght-cent dollars
ssThis.isa state of affairs that must en-
list the attention OF every thoughtful
and patriotic citizen. Clearly, there it
something wrong. What is the rem
edy?
1.-THE distinguished contemporary that
has made the valuable calculations
quoted in this article sticks to the
''goId basis" idea, and urges congress
to Immediately give authority for "the
assurance Of three per cent. popular
bonds, as needed by the secretary t.
maintain the stability Of the currency
and conserve public confidence"
''TheFe is not much gold among the
people with which TO buy popular
bonds. The specuIators In money
would probably have to be relied upon
for gold, no matter what sort Of bonds
should be issued, and there is nothing
to prevent them from going up to the
treasury with greenbacks and taking
the yellow metal out again.
"Going In debt to maintain "gold re-
serven is only adding to the govern
obligations and making 1t necessary TO
go into debt more. When Mr.. Cleve-
land was inaugurated, q year and five
months ago, the ''gold reserve"
amounted TO about one hundred mil
lions. Fifty millions Of gold bonds
have been issued to bolster 1t up.
From one hundred and fifty subtract
fifty-fve millions and you have the
sum total Of gold going out under the
present administration.
''How long Is this shuffilng system
goiRg to be kept up? How long is the
government trading with the gold
sharks to be continued, the government
running further behind In every trans
action? How many times more are we
TO merely postpone the day Of judg-
ment?
''Let us have free and unlimited coin
age Of gold and silver and there will be
plenty Of metallic money with which
to redeem notes and maintain credit.
With silver coinage unrestricted, there
will be abundance Of gold Ia the treas
ury-much more than enough 10 pro-
vide for all the transactions In which
gold must be absolutelutely used. Gold
is hard TO get because there Is not
enough Of It for money purposes, And
the policy Of the government has been
TO destroy all competition with IL, The
only redeeming agency that the treas
ury recognizes 10 "cornered."
"Let silver take its legitimatelplacs as
moDey and specuIators In gold will find
their occupations gone. Gold coins
Will 30 into the avenues OF trade and
and finance a. money, and not ba
boarded ~ means lof compelling the
secretary Of the treasury 10 Issue bonds
for Investments. There will DO both
gold aud silver, and no more 10 the ag-
aregate than the country actually
needs. Gold and silver coins viii dow
into the treasury IN exchange for paper,
which Ia more convenient for business
and there will be 40 more bother about
''reseryev Of either metal.
"fhe present policy results 10 the on
eongagenent OF the boarding OF gold,
not by people, but by the speculht0rs,
who are thus AZ all times prepared 10
play upon this public distFeas.N
This article Is well worth q careful 70.
reading la pursuing the unlawful
policy OF Fedeemlng N gold exclusively
Rreepbacks aud treasury notes which
BY statute are redeemable IN c0iD of
ellheF metal, Clegelsnd aud biz seoge,
feFy VI the Treasury arc playing lnt0
the hands ~ the gold trust ~ eIeollye-
ly A. fhe senRis played Into ihs hands
~ lhe sugar trust Dnhpque Telegram.
I'VE copy tha sboFe editorial eoal,
mepis ~ able newspapers foF whsl
lhey 49, worth spa ~ ppb0ldlng ouy
lbeofg ~ lhe ialleoy VI = sold basis,
~ sad silver would help ~poh
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