Page:Centennial History of Oregon 1811-1912, Volume 1.djvu/500



And when he got everything aboard, he made known the news, and it spread as if by the wireless telegraph of sixty years later.

THE OREGON MINT AND BEAVEE MONEY

The Oregon rush to California for gold resulted in bringing back within a year unimaginable wealth. From poverty the Oregonians had leaped to great riches at a single bound. The miners not only returned loaded down with gold dust, but the few people that had remained in Oregon had got rich in shipping down to the mines their flour, beans, bacon and lumber. From a legal tender currency of beaver skins and bacon sides, Oregonians were struggling with a cur- rency of gold dust. An ounce of gold dust was practically worth $16, but the Oregon merchants would not take it for goods, for more than $11, while the Hudson's Bay Company having some coined money, was buying up gold dust at $10 an ounce and shipping it to the mint in London. This conditioH of affairs caused the circulation of a petition to the Oregon Provisional Government, set- ting forth that in consequence of the neglect of the United States Government, the people must combine against the greed of the merchants ; and the Provisional Government must at once set up an Oregon mint to coin the gold dust into legal tender money. It was represented as a basis of action that there was then in February, 1849, $2,000,000 worth of gold dust ready to be coined. That was about six times as much money per capita of the population as there is now, or ever has been since 1852. And prices of everything went up accordingly. Beef was ten to twelve cents a pound on the block; pork sixteen to twenty cents; butter sixty-two to seventy-five cents ; flour was $14 per barrel ; potatoes $2.50 a bushel, and apples $10.00 a bushel.

The petition for the mint was favorably considered by the Provisional Legis- lature, and a bill was passed to authorize it and to coin money. Two members of the legislature — Medorem Crawford and W. J. Martin — voted against the measure on the grounds that it was inexpedient and a violation of the constitution of the United States. The act provided for an assayer, melter and coiner and any alloy was forbidden in the money. Two pieces only were to be coined — one to weigh five pennyweights and one ten pennyweights, and both to be pure gold. The coins were to be stamped on one side with the Roman figure for the smaller coin, and the other with the figure ten on one side. And on the reverse sides the words "Oregon Territory" with the date of the j'ear aroiuid the face, with the arms of Oregon in the center. The officers of this mint were James Taylor, Director, Truman P. Powers, treasurer, W. H. Willson, melter and coiner, and George L. Curry, assayer. These officers, however, did not coin any money. And to supply that, a partnership was formed, called the "Oregon Exchange Company," which at once proceeded to coin gold on its own responsibility. The members of that company were : W. K. Kilborne, Theophilus Magruder, James Taylor, George Abernethy, W. H. Willson, W. H. Rector, John Gill Campbell and Noyes Smith. Rector made the stamps and dies, and acted as coiner. The engraving of the five dollar die was done by Hamilton Campbell, and the ten dollar die was engraved by Victor M. Wallace. The total coinage was $58,500 — $30,000 in five dollar pieces, and $28,500 in ten dollar pieces. The initials A. and W. standing for Abernethy and Willson, do not appear