Daily capital journal. (Salem, Or.) 1896-1899, 1897-06-09
DEATH TO THE oREENBAcK

ApropOs to writing 10 The JoDR
NAL an opinion 90 blmetalIism as
rallylng party principle l mail here
with an article prepared for the Ore
gonlan as follows.
MCCOY, Nov. 8, 1896.
EDITOR ORHGoNIAN:-NOw that the
campaign is over in the interst oi
candor, truth and honesty would il
not be we'll for the OregUnlan to state
the interest and result relative to our
monetary affairs. President Cleve-
land in bis message 10 congress jan
uary q, 1895, said: "In my opinion
the secretary Of the treasury should
be authorized to issue bonds OF the
government for the purpose Of pro.
curing and maintaining a sufficient
gold reserve ard the redemption and
cancellation Of the Unite1 States
legal tender notes and the treasury
notes issued for the purchase Of silver
under thellaw Of 1880" The Oregon
Ian advocated precisely the same
thing 10 issue Of September, IS, '95,
when IL said that congress ought to
sell s5OO, 900, ,OOOOf bonds with which to
redeem and cancel greenbacks and
treasury notes.
In issue Of December 10, 1895, you
say:"The Repubilicanmembers Of con-
gress have not the courage to support
legislation retiring greenbacks and
treasury notes" That they fear de-
nuuciation and defeat for reelection"
And again in issue OF December 20,
1895, under caption "a necessary con-
ditlOu, you say "under "a prudent ad-
mlnlstration OF the treasury, such as
may be expected with equal conf
dence from Mr.. Carlyle or his Repub-
lIcan successor, receipts and expendi-
lures will be so managed that the
surplus will consist as largely as pos
sible Of greenbacks and treasury
uotes." That by this means they will
lie in the United States treasury and
that soon or late-perhaps after the
presidential election, the congress will
find courage as IL now has the wisdom
(dispOsition) 10 cancel them"
Major Mckinley, in his letter OF
acceptance, said as follows: mot con-
tent with urging the free coinage Of
silver, It's strongest champions de-
mand that our paper money shall be
issued by the general government Of
the United States. This is the Chi
cago Democratic platform" Now the
above quotation is plainly Affirmative
OF three things, viz: First, That
paper money Is necessary. Second,
That the government should not issue
It, and third, That the banks should |
issue all the paper money. There can /
be no escape from these conclusions |
from the letter quoted. And indeed /
your editorial last above quoted de-
mands that the banks issue the paper /
money. In your recent issue "An
Extra Session., the only emergency
that would justify an extra session
would be the need OF revenue or cur
rency measures. A late Oregonian .
gives the cash In the treasury at
about 1886, 100000 And at no time
during the present administration
has 10 been necessary TO sell bonds for
any other purpose than to maintain
the gold reserve, and further, the
gold reserve has been used for no
purpose but to redeem currency. In
maintaining parity the secretary de-
plcted the gold reserve 10y exchanging
gold from the reserve for green backs
and treasury notes. This policy pro-
yided the secretary Of the treasury
with large volume Of such currency.
True some portions OF this currency
was returned TO circulation Ia pay
ment Of current expenses aud equal to
the difference between the receipts OF
the revenue and the current expenses.
or such use of the currency in the
hands OF the secretary, Senator
Mitchell, In his speech In the u nited
States senate, December ~, 1895, page
10, said as follows; "lt Is undoubtedly
true that the secretary has the right