Daily capital journal. (Salem, Or.) 1896-1899, 1896-09-05

poncy, tit luke gold alone the money
of REDEEM .on
On July l-t, 1896, treasury reports
show III circulation in the country at
that time: liver certificates, three hun
dred and thirty-one million; treasury
notes, ninety-five million; greenbacks,
two hundred and twenty-five million ;
national bank notes, two hundred and
fifteen million; total of eight hundred
and sixty-six million. This amount, ac-
cording to treasury practice, was re-
deemable in gold, and at that rate the
treasury held one hundred and eleven
millions of gold with which to redeem.
Our so-called wise men of finance call
this a sound money system. 1t is sound
in the same sense they are wise. After
having borrowed 1862 900, 900 of gold in
the last three years, we now have In the
treasury about one hundred million OF
gold with which to redeem about nine
hundred million OF paper. The pyramid
is standing on its apex, and sooner or
later will topple over. Can any one
expect restoration of confidence under
such condition If silver as well as
gold was money of redemption, the base
would at once be broadened, ,.and conf
dence would be restored.
RUINoUs POLICY.
From 1866 up to 1858, $94, 1000, 900 Of
greenbacks had been turned into bonds,
when in that year the friends of the
greenbacks cried halt and saved $780,
0OO. 900 from destruction. That was
twenty-eight years ago. One dollar at
interest at four per cent, compounded
semi-annually trebles itself in twenty
eight years. But for such opposition,
the bondholders would have received on
that amount of bonds $685., 200, 600 and
the government would still have TO pay,
| as it does have TO now, $346, 900, 900.
Is ii any wonder that the money lender
favors the issuance of government
bonds? Is it any wonder that the
people oppose such polioyT During
the three years OF the Cleveland ad-
ministration that has closely followed
the policy of John Sherman and the
Republican party $685., 900, 900 Of bonds
have been issued in order TO sustain the
single gold standard, some OF which
run thirty years. In twenty-eight years
tbe bondholder will have realized 1924
OOO. 600 on these bonds, and the govern
ment will still owe the $262, 900, 900. II
tbe present administration hated silver
an much that IL would not permit OF its
coinage into standard money, 10 could,
instead of Issuing interest bearing bonds,
havesecured from Congress the privilege
of issuing non-interest bearing treasury
notes, and If those notes had been made
a full legal tender in payment OF all
debts. both public and private, over ten
million of dollars interest money could
have been saved annually and probably
thew n.ver would have been presented
for redemption, az they wonld perform
all the functions Of money. III this had
baan done how different would have
bean the condition Of the country today
The treasury notes would glAdly have
besu taken by the people, they would
have entered into general circulation
thaV would haze supplied 70 Just thai
srtsut the money so much needed u
restore business and revive industry
n h indeed the misfortune OF the pres
ant administration that its record VIII
90 into the pages Of history, linked
with fetters Of shame 10 bond tissues
and hard times, when II might just ~
TeII have been associated with th'
,estoration Of silver, the issue Of treas
ury notes and the return OF prosperity
II Iefferson favored the issuariee OF treas
urv potes aud e. ,O0O,OOJ were ISSUED
bv the Van Buren, administration, whh'
IL Democrats Of every period hav'
j favored hard money "h'en mean