The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1898-01-29
Tinles- -Munntai,eer.
SATURDAY JANUARY 20 1897
WoNT HOLD TOGETHER.

In commenting on the resolution
introduced by Senator Teller provid-
ing for the payment of bonds in either
gold or silver, the Oregonian makes
one Of its customary misleading state
ments. 1t says: -
s'If the United States should begin
to pay its bonds in silver. there would
be money and business panic. From
the beginning the bonds have stood on
gold value. When the debt was in
CURED. there were no silver dollars,
and COIN meant gold and nothing
else. 1t has been SO Interpreted under
all administrations. Te change the
payment now to silver would be fat
Reputation of more than one-half the
value. But that wouldn't be the
worst. 1t would be notice that the
s country had started to the silver basis,
and the act, indeed, would be a long
step toward it; and the widest panic
would be the consequence
There is no foundation whatever.
ssxcept in the mind of the .Oregonian
editor, for the statenentthat "from the
beginning the bonds have. stood on
gold value" for when the first bonds
were Issued the currency OF the
country was paper, gold having gone
into hiding during the civil war when
the government was forced to issue
interest bearing obligations. And the
statement that "when the debt was in.
eurred there were no silver dollars" is
equally false. At least that part of the
debt amounting to s162, 2,315, 900, incur
red during Cleveland's administration,
was contracted at a time when there
were 437 ,0O0, 900 silver dollars coined.
Those bonds were coin bonds, and the
word "coin" written in them meant
either gold or silver. The Oregonian
knows this, still it persists in its state
ments to the contrary. 1t knows too
that there is not an obligation of the
government in existence that calls for
payment in gold, except 100000, 900
gold certificates. Further it is cog
nizsnt of tha fact that interest on
bonds has not always been paid in
gold, but has been paid in every class
of mouey extant.
Why then will it persist in making
such false statements and declaring
that for the goyernnentto to choose what
manner of money it shall use in paying
its bonded obligations would create a
panic? And how could this panic be
brought about? There are no sight
drafts in the interest bearing debt,
hence bond holders could not make an
immediate run on the treasury. None |
of the debt is payable until 1904, when
s100, 900, 900 falls due, then there is
s559, ,633, 300 that natures in 1907, and |
s162, ,315, 400 that natures in 1925, |
while the remainder of the bonded |
debt falls due at remote periods.
Who is going to create this panic?
Will it be the holders of the bonds |
who will cause the value of their secur-
tiles to depreciate by getting up a
scare? 1t is hardly likely that they
will, fand if they do it is their own |
fault. And besides, since we have an
administration that is pledged to keep,
every dollar in circulation as good as
gold," who is to be the looser if the
chooses to pay its debts in
gold, silver or paper money? The
Oregonian's scare about the panic is
about as true as is that with reference
to the bonds all being gold obligations,
neither of which will hold together.