The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-01-23
Shcrman,s Notification.

Secretary SnermanS 8 letter 10 tne
Honest Money League is another proc.
lamation by him of his purpose to null
lify the Silver act. That act was pass
ed against the protest of Secretary
Sherman, and passed over the ill-ad-
vised veto of the Executive, and the
whole weight, power, and admins
tration of the Treasury Department
has been directed to defeat the execu-
tion of the law and to render it null
lity. This latest proclamation of the
Secretary declares the purpose of the
Treasury Department to pay out no
silver SO long as there is a gold or
q greenback dollar. The Treasury De-
partment pays out ten millions of dol
lars per month for salaries to public
officers scattered all through the
United States. 1t pays out nearly
thirty millions Of dollars O year for
pensions; it. pays. out many millions
to contractors; it pays eht nearly
ninety millions of dollars a year for
interest; and yetfthe Secretary Of the
Treasury refuses TO- employ the ten
millions of silver dollars in the Treas-
4 ury for any of these purposes. He
dnes this to sustain his unfounded as.
sertion that the people will not take
the silver dollars. and that silver dol
lars being a useless currency their
coinage. ought to be abolished, and
gold made the exclusive currency. He
refuses to pay the silver out, and then
claims the fact that the silver remains
in the Treasury as evidence that the
silver, will not circulate. Does Mr..
Sherman estimate the Intelligence of
the American people SO low as to as
sumo that he deceives any person by
this proceeding, Or that they fail to
recognize his, purpose to defeat the
coinage of legal. tender silver, and
force an exclusive gold coinage?
| The pretext that if he were to pay
out in payment OF salaries the ten or
fifteen millions of silver dollars in the
Treasury would depreciate the cur
rent value of the silver is one of those
shallow attempts at deception which
have marked the whole discussion of
the silver question. A year ago he
sought to alarm the country by declar-
| ing that if silver was remonetized the
public credit would fall, and he would
| not be able to sell q 4 per cent. bond.
That prediction has proved to be an
utter failure. ,.;. 80, ,.,.. +..,.....s..
The silver dollar is legal. tender for
the payment of all the bonds of the
United States. This is written on the
face of the bonds, and never was there
| such demand for them. The silver
| 4 III q
| for 4 per cent. bonds, Is there any
higher redemption that can be pro-
vided for them ! Is there any Govern
ment on earth that offers better re-
demption of coin than is offered by an
exchange at par of national bonds for
its silver dollars?
Gold is legal-tender for all 'pur.
poses, public aud private; greenbacks
are legal-tender for all purposes, and
are eXchangeable at the Treasury for
silver, for bonds, or for gold. The
silver dollar is legal-tender for all
payments, public or private, for which
gold and silver can be used. Why,
then, should silver dollars depreciate?
Who will pay premium for gold or
paper when the silver dollar is avail
able for every purpose that the geld
or the paper is Who is he that holds
a thousand dollars in silver will sell it
at discount when he can use the sill
yer dollars for any and all purpose
that the gold or paper can be employ
ed? The statement that to issue the
silver, dollars will .depreciate. them is
so absurd on its face that it is unwor-
thy place in an official paper by a
Cabinet officer. Even if the issue of
the silver dollars had the effect of de.
preciating their value, they would all
find their way back to the Treasury
in the payment of duties, postages,
and other taxes, SO the depreciation at
best would be brief and trifling., How
can the silver dollar depreciate as re-
CARDS the other forms of money, when
it is receivable at the Treasury in pay
ment oil all public dues, and tor every
purpose that gold can be employed?
The Secretary of the Treasury has
been from the first an advocate of
dear money, and this is impossible so
long as the[presence of silver prevents
q cOrner on gold. The object sought
by :, the American, people from the
foundation OF the Government has
been, to- protectthemseiye against any
changes in the relative value of gold
aud silver, and this protection has
been TO have the double coinage. This
was the end sought by the Rcmoneti-
zatiun act of year ago. The great
antionsl will demanded the re cstab
Ishment of the option 10 pay all debts
in either ccein. That option was re-
established. by the act of 1878, and
Secretary Sherman has deliberately.
persistentfy, and defiantly nullified
the purpose and intent of the act. He
has reversed the law, and, instead OF
maintaining and executing the de ebtors'
option, he has established creditors
option, giving to the latter the right
to demand whatever form of money
he may choose. Even the clerks in
the. Departments and the contractors
are allowed to dictate which of the
three forms of legal-tender they shall
be paid in. 'E en- --- L. '6Isi:f
~ Now, Secretary Sherman is provok-
ing general hostility which he may
find will take the form of aggressive
| legislation. His refusal to use silver
in the expenditures of the Govern
ment is wholly unjustifiable. The
banks do, not want silver SO long az
the Treasury Department will serve
them with gold, and the Treasury De-
parfment is operated in this matter as
mere agency of the banks operated
in their interest and by their direction.
The banks discharge silver so long as
they can get gold, bat if the Secretary
would pay out his silver and make 1t
the current coin of the country, then
the banks would perfoce be compell-
ed to receive ii or go out of business.
The Secretary prefers to borrow
hundred or millions of dollars of gold
at interest, to accommodate tho pre-
ference and profit of the banks, to
coming silver at a profit and without
interest and putting it in circulation.
Such an abuse of power and such
disregard and notification of law de-
mand a second Interference of Congress
ard the early passage of the Lathrop
bill taking the control of the silver
question wholly ont of Mr. Sherman,s