The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-02-07
Secretary FOlger's Trouble.

Deghnt elgnt new vaults nave been putt at
New York, Philadelphia, Baltimore and San
| Francisco. The vaults are now filed, while
under the law the coinage must 20 on at the
rate Of s., 100000 mouth. Since Novem.
Der, 1881, the circulation OF silver dollars
has increased less than 81, 900, 900, while the
amount coined was q, 772075 No more
vaults can be built at San Francisco, and If
the coinage Is continued the silver must be
sent East at cost Of $4,000 per 81 ,000OO0.
What trouble, 10 be surel No more
vault room in San Francisco The rail-
roads will charge $4,000 for bringing
81 100000 from the Pacific to the East /;
and besides the treasures in the East
will not hold any more, even if the roads
were more moderate. There is no al
tentative, says the perplexed Secretary,
but to build more vaults, or stop coin
ing. Nevertheless, there is another
way out Of the dilemma which it seems
would suggest itself as naturally to the
head of the Treasury as Dicks answer to
David Copperfield's venerable aunt when
David came to her all ragged and dirty
Revolving in her mind what she should
do il7 starting the waif on the road of
life she asked the supplemented Dick
what she should do with him. He re-
piled; "Why, if / was you, ! should
wash him" When the Secretary APP
plies to Congress to know what to do to
relieve the overlooking treasury of the
silver dollars, the answer comes as natu-
rally as Dicks: Pay ii out to the govern
menfs creditors
Is it not strange that this perfectly
easy, simple and just way out of the
trouble has not entered the mind of the
Secretary? The law and the contract
have made the way so plain that fool
could not mistake it. The government
owes nearly two billions of dollars. The
debt is payable, principal and interest,
in coin. Coin means gold and silver.
The interest is constantly accruing, and
a considerable part of the principal will
soon be redeemable at the option of the
government. The law and the contract
are set forth in the following resolutions
which passed the United Senate in 1873,
by vote of Al to %. They were offered
by no less distinguished statesman and
lurist than Hon. Stanley Matthews, at
that time Senator from Ohio, and now
one of the Judges of the United States
Supreme Court:
WHEREAS, by the act entitled AN act to
improve the public credit and approved
March IL, 1869, it was provided and declar-
Cd that the faith of the United Suites was
thereby solemnly pledged to pay in coin or
IS equivalent all Notwithstanding obliga-
lions OF the United States, except in cases
where the law authorizing the issue Of such
obligations has expressly provided that the
'ame might be paid in lawful money, or
'ther currency than gold and silver; and
WHEREAS, all bonds of the United States
authorized to be issued by tho act entitled |
An act to authorize the refunding of the |
rational debt, approved July IA, 1870, bv |
he terms of said act were declared to be |
edeemable in coin of the then present
value, bearing interest payable |
eml annually in such coin; and
WHEREAS, all bonds of the United States
authorized to be issued under the act emit. |
led An act t. provide for resumption of |
'peeie payments, approved January IA. |
so, are required to be descriptive OF the |
londs of the United States described in said |
~ OF congress, approved July Ia, 1870, en- |
itled An act to authorize the refunding of |
he national debt; and
WHEREAS, Atthe date OF the passage OF |
aid net of Congress last aforesaid, to,wit: |
he l4th day of July, 1870, the coin Of the |
Inlted states of the standard value of |
nat debt included the silver dollar of the |
weight OF 4l2A grains EACH MS declared hy |
N act approved July is, 1887, entitled IAN |
ct supplementary to au act entitled an act |
stablishinga mint and regulating coins of |
he United states, to be legal tender of |
payment, according to their nominal value, |
or any sums whatever; therefore be il
'IResotped BY the Senate, (the House of |
representatives. concurring thereinl that |
Ill bonds of the United States issued or
authorized to be issued under said acts Of |
congress hereinbefore recited, are payable, |
principal and interest, at the option Of the |
government OF the United States in |
liver dollars of the coinage of the United |
'tates, containing 412k grains each of |
tandard silver, aud that to restore to its
oinage such silver coins rs legal tender in I
'ayment Of said bonds, principal and inter.
st, is not in violation Of public faith, nor
derogatio1 OF the rights Of the public
'reditor."
Silver has been restored to its coinage.
I is legal tender in payment of the
'onds, principal and interest, therefore
here is no occasion whatever for the
dilemma. He has nothing
o do, but to pay out the accumulated
Iollars to the bondholders in interest,
nd the principal when due.
The late Thurlow Weed, a venerable
ather in the Republican Israel short
ime before his death, in reply to the
inquiry, what is to be done with the
apidly growing mountain of silver"
olved the problem without difficulty.
Ie said:
MY answer to the question is, that ODE.
ienee on the part Of federal officers, to the
and laws, would at once solve
he problem In a manner conducive TO the
eneral welfare. When the custom. houses,
ostoffces and land offices receive standard
ollars as they do gold and Creenbacks. in