Capital journal. (Salem, Or.) 1893-1895, 1894-07-26
THURSDAY JULY 20. 1894
THE Guild BOGY.

may haye to issue some good OLD
fashioned U. s. treasury notes. other
wise called greenbacks. How badly W
would all feel If that gold in the treas
ury would disappear and we would al
have TO 20 taking Abe Lincoln rags?
Tt makes our heart tremble to think OF
it. Yet, if the gold is drawn out, that is
what our country will have to do. So
long as Uncle sam depends on the gold
bugs for his financial backing they will
bleed him. AS soon as he cuts loose from
them and shows them that he is bigger
man than they are, Uust as he showed
the Pullman strikers), and relies on aB
Intelligent use of his own courage apr
sagaoity and has little faith in the
resources of our own country and the
patriotism Of our own people, Mr.. Gold
bugs power to depress will be gone.
He cannot sit down on the gold hug
rikers too soon. Labor products will
Jump up. Confidence will be restored
labor will be employed, the life will not
be crushed out of all our industries, as
1t is now by the continual fear of gold
panic.
When you depend on the mercy of
what one man, or one set of men have,
your government is at the mercy of
those men. We do not blame holders
Of gold for screwing everything down
TO the lowest notch, and putting the
government in the hole II 1t is foolish
enough to allow them TO do it. So long
rs they know Just exactly what it
banks on, and they know how to cor
ner that thing they WELD power over
us all. The government must cut loose
from the gold monopoly or that mon-
opoly will crush the government just as
it has crushed the life out of our indus
tries. 1t will hold all our commercial
activities In suspense and terror as long
Its bugaboo of being at the bottom of
all values, (which is the mammoth fic-
tion Of the age,) can frighten the world
to do It's bidding. 1t will crush our
government, crush our people and sci
up its dictatorship in place Of a govern
ment by, for, and of the people. Gold
idolatry, with a shrinking. disappear.
ing volume Of that precious metal, will
bring our country to ruin If persisted in.
1t is the only means by which the Uni
ted States can be brought to its knees
for generations to come to do the bid
ding OF Great Britain. But some one
will say do you want deprecated cur
rency? No, we want the best currency
In the world. Bank Of England notes
are good around the world. Why?
Because England has the gold in hand
to redeem them dollar for dollar? No.
She has not over 25 per cent. OF such
coin on hand, But she would sink her
last ship and sacrifice the last English
mans blood to maintain her credit,
That disposition Of the English ma
tlon is at the foundation Of her credit.
Back of II Is the intelligent adherence
TO the we'll known laws of economic
and financial science, and the in
dustry, faith and indomitable will of
the British Empire. Why are govern.
ment bonds as good as gold or at pre-
MUM? Because we have the gold to
cash them with? No, We have not
onetenth oft But because the good
faith OF the nation is pledged to make
them good.
Does anyone imagine the credit and
faith OF our country could not, II wisely
directed, be successfully interposed be-
tween n general collapse, that must
ultimately come along the present line
OF procedure. and secure for us stable
aud flexible finance system, not at the
mercy oi.a handful Of gold bolders9 1t
must ultimately do SO. 1t will be forced |
o do 30 as II has In the past, no matter
What theories soever we may hold
bout gold basis. II Is not flattering
0 our intelligence In time Of peace.
A wise credit basis is what we viii
Dms to. In the end II will prove
sitter and surer basis for our pros