Daily capital journal. (Salem, Or.) 1896-1899, 1897-06-09

/ - NAf| e-rA+~a
gold interest bearing bonds and unde
the present policy the principles ais
payabls 10 gold This law Of IS read
as follows: Be il enacted by the sen
ate and house Of representatives il
congress assembled: That from anC
after the passage Of this act it shal
not be lawful for the secretary Of To,
treasurers, or any other officer undeI
him to cancel or retire any more. o.
the United States legal tender notes
And when any Of said notes may b
redeemed, or received into the treas
ury under any Law from any source
whatever and shall belong TO the
United States: they shall not be re-
tired concealed or destroyed but they
shall be re-issned aud paid out again
and kept in circulation. This was an
emergency law, mandatory on the sec
retary or any officer under him 50
that il could not be eYaded All
discretionary actions was by its ex.
press terms prohibited. Now in your
issue Of the 4th inst under caption
TO greenback retirement" you quote
from the Minneapolis Tribune House
Bill No 2O94, the Dingley bill the
purpose Of which was cOnfessedly to
provide larger additional revenue
and to fortify against aud to forbid
the use of any Of these greenbacks or
treasury notes being paid out and
the bill provides for the issuance Of
certificates to meet any deficiency Of
revenue for current expenditures i n
order to prevent the use Of this cur
rency and thereby expressly provid-
ing for its retention and consequent
in the United States treas
ury.
This bill No 2O94 also provides for
issuance Of unlimited amount Of per
cent coin bonds. The object of these
bonds is stated in the bill as follows:
"The secretary Of Of the treasury shall
use the proceeds thereof for the re-
demption of the United States legal
tender notes and for no other purpose"
provided that nothing in this act
shall be construed to repeal or modify
an;act approved March 81, 1873 en-
titled an act to forbid the further
retirement of legal tender notes.
The policy adopted 10y Secretary
Foster and ratified by Carlisle of Civ
ing the opinion Of gold to note hold
ers, and with this act of 1873 un-re.
pealed makes complete the endless
chain which must continually drain
the treasury Of gold. Y ct as before
quoted congress does not dare to re-
peal the law OF 1878, they fear ode
and defeat" They pro-
pose land as suggested by Senator
that they should do') to al
Ow 1t to remain on the statute and
openly violate and disregard its ex
press provisions. President Cleveland
IN the message quoted said further
that not one dollar came into the treas
lry in payment of revenue. 1t is
plain Mr. Editor that the manifest
object Of the Dingley bill. The policy
If Sherman and of the Republican
legislators and statesman is TO create
/ surplus in the United States treas
Try equal to the sum of the green
packs and treasury notes and in yio-
alton of both the letter and the
'pirlt of the act OF 1873 to retain these
notes in the United States treasury.
President Cleveland urges their can
,ellation and total destruction, Sher-
nan 81 Co.tfearing their constituency
ayor their retention in the United |
states treasury. 1t presents only the
preference between cremation sand !
burial. Either course has the same |
esults and does with equal force aud |
fleet retire this currency and each |
ldYocates its displacement 10y na.
ional bank notes and makes provision |
herefor Now the presidential cleo
ion is over and viii the Republican |
administration have the courage as all |
long Republican legislators have had |
he wisdom ldesire) to destroy this
In my opinion this Is the