Daily capital journal. (Salem, Or.) 1896-1899, 1898-06-11
FORCED TO FREER COINAGE.

Ing W ilBub SUM- laws ohNN
yer people have claimed we're in ex-
istence but were always denied by
the Gold advocates. In congress and
the senate it has been charged that
their speeches we're in opposition to
the war policy of the government and
were disloyal and unpatrlotic in ex-
treme. But the discussion now proves
that what bimetallists'hayelcontended
for was true, to-wit: That there has
been tendency TO monopolize gold
and contract the total volumne OF
money in the country, and also that
there was no sense in keeping the sill
yer seignioFage lying idle and un-
used 10 the treasury, and that there
might Just as well be silver certificates
issued for it and added to the circula-
tion. The first witness we will put
on the stand is Secretary Gage him
self. He asks congress for $250,0OO to
run the mints overtime to coin up idle
gold bullion of S97 900, 600.
The mints are to run day and night
to coin out this gold and add it to the
circulation. This telegram mot
grapevine) appears in the Oregonlan
June 10 and says:
The appropriation is to enable the
mints TO convert a large part of the
gold bullion now on hand as well as to
coin the current domestic deposits
that would be made, The secretary
calls attention to the t97 900, 600 held
in the treasury on June J, and the
apparent necessity Of its conversion
into coin at an early date, to be ap-
plicable for disbursement from the
treasury in case it should be required.
Continuing, ne says:
"Of the gold bullion 10 the treasury
S92, ,O0O, 900 is held at the assay offices
at New York, and at the mint at
philadelphia, and TO reduce the stock
in a reasonable time it will be nee
essary TO run overtime at the Phila-
delphia mint for several months"
Here was S97, 100000 gold bullion
lying idle, boarded in uselessness, as
"idle as painted ship on a painted
ocean," 1t was deliberately hid away,
kept out of use as money, and but fol
the debate forced by the silver people
might haye laid there until doomsday.
Now it will go into circulation as
money and there will be that much
less of interest bearing bonded debt
forced upon the people. Thanks for
small favors, Mr.. Gage. Try and dig
up s97, 200, 900 more.
Next, we will put Mr.. Dingley on
the stand. He has just consented"
to a conference report on the war tax
bill that provides for the coinage OF
the much.abused and down-cried silver
selgnlorage into "forty cent" dollars.
Coming on top of the great gold
standard victory in Oregon this is
humillatlng inconsistency.
Here we quote from the Oregonian
Of same date:
Relative to the coinage of silver
bullion, Dingley explained that the
PROVISION would result ultimately in
an increase of circulation outstanding /
by the amount of the present selgnior-
age or about $42, 100000. the provision
declaring explicitly that the coinage
should proceed at The rate of not less
than 81 500, 900 per month, If the dollars
should be used for the redemption of
silver certificates, which when re-
deemed would be cancelled, The pro-
vision was not materially different
from the law of 1890.
Now let us quote the law itself:
The provision for the silver bullion
is as follows:
'Coinage Of silver bullion:-That
the secretary of the treasury is
hereby authorized and directed TO
coin into standard silver dollars as
rapidly as the public interests may re-
quire, TO an amount, however, Of not
less than 81 100000 a month, silver
bulllons in the treasury purchased in
accordance with the provisions Of the
act approved July IA, 1890, entitled
An act directing the purchase OF sill
yer bullion, aud the issue OF treasury
notes therefore, aud for other pur.
poses. And said dollars, when so
coined, shall be used for and applied Ia
the manner and for the purpose
named ia said act"
The sl2.OOO,OOO Of silver selgniorage
will coin up into about sixty or sew
enty millions Of the degraded silver
dollars that haye been voted down In
Oregon.
DIngley and Gage have been forced
BY the Silver People In congress TO
dig up ana coin and put into clrcula-
tlon as oolnlof the realm over sl50.-
100000 Of che "best money in the
world.n In defiance OF their own
principles and Ia yindlcation Of the
.onfanflo., 20 ht,nofalltate u,.~.1