The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-11-28
THE DEBTORS OPT On.

option -that Is giving 10 tue oeopoi 'N
option to pay in the cheaper metal, and
thus preventing either from ever becoming
much more valuable than the other. Its
value consists in preventing currency cor
ners and in enabling the purchaser to con-
suit his own convenience and interest, the
debtor TO tender the coin which he can
most easily secure, and the capitalist to
lend the coin which he has on hand or
which be can obtain on tbs most favorable
terms The option, thus construed, Is al
ysntsgeous TO all although it has teen
called the debtors option" it operates, &c
cording 10 circumstances, as favorably for
the lender as the borrower. ii IL reported
now that Secretary Sherman has loaned
the power and influence OF his position TO
the gold ring Tor the purpose Of destroying
the debtors option" Of giving to the cred
itor the option that belongs to the debtor,
and thus annulling law Of Congress by
virtually demone,izing silver. In refer
eace to this fact, the Chicago Trttune
says:
Secretary sherman has abandoned the ira
dltionaI construction of the double or option
al STANDARD, which was restored by the ie-
Inoneiization Of the silver dollar, and an
uouuces his Intention 10 inauguraie 'cred-
Itor's option /" and make those who borrow
cheap money repay in Gear money, and this
in violation of law and Constitution, which
establish the double standard end permit
the debtor to pay in either silver or gold at
his option. He proposes to do what the New
York Clearing House alone would fail to ac-
complish, viz: to nulify the act OF Congress
restoring the silver dollar, enforce settle
ments on an exclusive gold basis, and pre-
vent silver from being monetary factor in
the transac ion Of business.
We should be slow TO believe that Mr..
Sherman would lend the influence of his
name and the power OF his Office TO aid the
gold ring in carrying TO successful issue
their conspiracy against the people, but the
facts, as published over his own signature,
show that he is working with the associa-
ted banks Of New York to defeat the opera
ton Of the silver bill, or that, at least, he is
being used by them for that purpose. We
copy further from the Tribune, as follows:
1t is impossible to put any other oonstruc-
ton than this upon the programme which
has been telegraphed all over the country
from Washington, and which purports to
outline Secretary Sherman's policy in carry
ing out tie provisions Of the Resumption act.
It's announced that United States notes will
be redeemed at the Suo-Treasury in New
York, without Limitation as TO amount, in
gold and silver coin CT the option cfthe holder
fue notes. This is equivalent to depriving
the Government OF the option which ii by
law enjoys, In common with all debtors, pur-
chasers, and disbursers, Of paying in either
metal. II is equivalent 10 a declaration that
nobody can obtain silver dollars from the
United States Government except by paying
forthem in gold dollars, because Secretary
sherman proposes to pay them out only
TO those who prefer them over gold dollars.
It's equivalent TO a notification Of the law
at the instance and through the active asen-
cy of the chief finance officer ofthe Govern
ment, VIII Congress permit him 10 thus
trample on the laws and the rights of the
Government?
That il. the associated banks have said,
Eve do not propose to recognize the silver
dollar as the equal Of the gold dollar, not
withstanding the fact that congress has said
the two shall be equal" In or
der 10 carry out this deter
mination il is necessary for
them to have the assistance OF the United
States treasury, for when the times comes fol
resumption, if Mr.. Sherman recognizes the
gold and silver dollars as perfect equals,
and pays demands in both, or avails him.
self OF the debtors option, and pays in sill
yer, it will be impossible for the banks
to discriminate against the silver dollar.
Hence, the Secretary announces that he
will pay in either gold or silver, as parties
may demand, and as the bulk OF all 1e-
mands upon The treasury will be made by
the banks, and as their demands will ell be
for gold the silver dollar will, of course be
depreciated-it will be made inferior to the
gold dollsr-and the law Of Congress de-
claring the two equal, will tbs be an
nulled. Says the Tribune:
The only modification OF this announce
ment that the treasury will pay out no silver
or in preference TO the gold dollars, is the
statement that the silver dollars will be sent
TO subtreasuries outside of New York, in
sums OF 81 go and multiplies thereof, in ex-
change for United States notes deposited for
that purpose in view. This part of the pro.
gramme is thinIy deceptive, and intended TO
he subversive of the intent of the law. The
resumption act PROV ides for the redemption
af KS w her Lad in m as In
as $50. and Mr.. Sherman proposes to redeem
them in gold on that basis. "but If you de-
mand and must have silver" says Mr.. Sher-
man, lyon can have IL only by presenting al
Ieas; 81 900, and this is the only kind OF re
sumption you can have at the West" II is
notorious that the actual circulation of silver
must be in the small transactions, but Mr..
sherman offers to open the way for its egress
from the treasury only through large trans
actions. II Is evident that he intends TO CO.
operate with the New Y ork banks in the ef-
fort TO exclude the silver dollar from COM
merce, and to realize the intention of the
gold clique, viz: that silver shall continue
TO be piled up In the treasury vaults until tue
people tire of this steady elimination of sew
eral millions OF dollars month and demand
arepeal of the law.
coming in conflict with Congress, and cannot
avert defeat and humiliation, il he shall I'M
dertake 10 carry out the programme which
has been credited to him. The law restoring
the silver dollar, and the double standard,
and the debtors option, was passed by Con-
gress IN direct obedience TO the popular will.
1t was not intended TO be a dead letter, but
was designed to give the American people the
advantage of the double metallic standard
and the debtors option, which can only be
secured by the actual presence OF silver in
circulation a part of the monetary system,
Secretary Sherman, in his capacity Of Cnief
OF the Treasury, has refused TO reserve the
lawful option for the Government in the pay
ment Of interest on the public debt, in pay
ment of salaries, and in other disbursements;
II. I'm addition to this, he shall deprive the
Government of its option in redeeming the
green5acks and at the same time deprive the
people OF their option OF payment by thus
boarding and hiding silver in the Govern
ment vaults which should be put into circu-
lation, IL will be the duty OF Congress to call
him TO account for SO fragrant a violation of
the spirit and purpose Of the law. Congress,
which has already tested public opinion In
this matter, will not be slow TO demand eth |
er an abandonment of Sherman's imperti- |
nent defiance Of law and the interests OF the
Government, or his retirement from the posi- 1
tion which alone would enable him TO NULL
fy the law and defy the people.
1t is passing strange that a man Of Secre- |