Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1886-01-14

majority Oh the senate refused last year to
make them receivable for duties, and yet we
permit 81, 600 900 of them to be so received
1 have a bill now before the Finance Com
mittee making 1t legal TO receive them for
custom dues, as believe they ought to be;
yet Insist that no executive officer ought to
be allowed to do anything in violation OF
law, or to be placed in position in which
he feels authorized or compelled TO disregard
Il.
Congress, BY the act of MAY 81. 1878 fsee-
Statutes at Large, Vol. 90 Page 81, made
an effort to retain what was then left of the
legai-tender notes and to preserve them in
such shape that they would be currency in
the hands of the people. We provided, in
substance, that whenever legal-tender notes
are received at the Treasury from any source
they shall not be retired, but shall be Teis-
sued and paid out again and kept in circula-
ton, and that new notes of the same denonl-
inati0n of those returned because too much
mutilated for use shall be issued in their
stead. 1t is obvious that Congress did not
intend to allow any increase of the denom-
ination of the legal-tender notes above what
existed when the act was passed: yet the
table on Page 20 of the Treasurer's report
shows that bills OF the denomination of $500
have increased in the last year nearly Sl0,-
900, 900, while those of smaller denominations
have been proportonally decreased
There can be but one purpose in this at
tack all along the line on everything except
transfer to the holders OF our bonds absolute
power over the currency, which means over
the business OF the country.
NOT WEARING ON BANKS AND BONDS.
desire to state with great distinctness that
am not making war on bondhoidcrs or Ma
tiOnal banks or bankers / voted TO renew
their charters, to repeal all taxes on their
capital and deposits, and will cheerfully vote
for any and all measures necessary to add to
their usefulness, either by increasing their
circulation TO par with the bonds deposited
or, ii it can be done with justice to their COM
petitoiS III business, reduce or repeal the tax
on their circulation But | would require
them to take the same coins. both gold and
silver, that ali other creditors OF the Govern
ment receive. l shall always oppose the
grant or recognition OF any superior rights
or privileges III them or in the obligations
they hold over those of other citizens.
would divorce them from politics and de-
prive them OF power To control or influence
legislation by contracting OF expanding or
by threatening to interfere with on cur
rency, as was done when they obtained
President Hayes veto on 4 memorable oc-
caSion. | would require them to obey the
law and receive the coin which we take at
the ctistom-house and set apart as a special
fund tor their security and payment When
We say by law, as We have done, that no
National banking association shall be q
member OF any clearinghouse in which such
silver certificates shall not be receivable in
the settlement of clearinghouse balances"
would forfeit the charter of any bank that
dared to diSobey the law, as would fine and
inIprlSOn any officer of any of them who
would certify checks when the funds were
not actually in the bank at the time.
In short no set of men should be allowed
to exercise privileges prohibited by law, nor
have rights given 10 them in regard to the
character and quality of tine c.iin in which
their debts shall be paid which are denied to
all other equally meritorious creditors; and
no set of men should ever have power to
regulate or control as their private interests
NAV be affected, the currency or the business
OF the people. If that power Is yielded or
conceded TO them. with Iegal-tender notes
and silver certificates withdrawn and gold
paid to them. and to them alone, for their in
terest and bonds. congress would be power
less to resist any demands our bondholdeiS
and bankers might make. | know their
power and appreciate the adroitness with
which they can have their claims presented
Even the president in his message has been
induced to say that up to the present time
only about 20, 600 900 Of the silver dollars we
have coined have found their way into circu-
lation. He modified that statement by show
ing that a large amount OF silver certincates
was outstanding.
But the press of the country have taken up
the first statement, leaving out all the quail
fications. and parade it before the country as
| conclusive evidence that too much silver has
already been coined. and that all OF IL IS an
| incumbrance except about $50, coo, 600. They
| utterly ignore the fact, which the official re-
| ports show that at the close OF the last flScal
| year. June 30, 1855, out OF q total coinage or
500, 5000 $40 000000 in round numbers
was in active circulation inthe form of silver
| certificates, in addition to the coin III the
hands of the people, of which certificates
| S44, 600 900 was paid to the government for
customs dues during the last fiscal year at
| the port of New York al0ne-more than was
paid in gold and gold certificates combined.
Why is not the coin represented by these
certificates as much in active circulation as
| il 1t was passed from hand to hand as often
as the certificates aTer | ask, is it fair to
complain of the silver held in the treasury
as being expensive and useless under such
circumstances. and yet not utter one word OF
complaint in regard to over Sl37, OOOO OO of
gold coin locked up at the same time and In
the same way, represented by the same sort
of certificates most of them in Tar less
useful form? Ii our officials would unlock
the treasury vaults and pay our interest-bear-
ing debt with the money they are complain
ing of being overwhelmed with they would
be doing their duty more satisfactorily than
by the course they are now pursuing
ADMINISTRATIVE EFFORTS.
"a special effort has been made by the sec
rotary of the treasury to increase the amount
of our silver coin in circulation.
GEO ooo nnn n e., ooo oo he racevad for o,,S
.s,,S 49, ond ,h;oh ba b,c NO ,,ea Gov in
~ ,,n,a,t ~ nterest and in the reJemntion
a@ ', ,,,n hc,,ds NOW radnamahle and the nr,li.
~, ~ ,ansae III tho trove,nment will leen
tho vanjfs reasonably clear of ali not reure-
scented by certificates or bills, which the peo-
PIC nav iat.' ~ no;n NJ n,,blic nrodisnr
iig ucpos.t Vi III poi.
other ,haI tiic uolluhu " li''o eNsi coh-
pialIieu "lieas p.;st 10 ti', .'i, md;
sse, VI ,.s,ied ~ ~" s.p, eonnide,tio
soi p, aie 1880 ~ o,, bonds We ne tax'
az ny ,,,i arc not interested in laan;ng
Pr i ho,,,iis 81 nor cont above mar when ,ye
-. vu o,, bu,, tbem ,v,b our snr,,lus rove.
nue., nme" ''o'' Wy
7. ,,,,et -, NO fo,-yo:tan ttat all tho gold
coin deros;tad for sIvrr certjtcates became
80 ,,,a az ,.,onart,- of thn limited States. II
az s,aS ~ bald IN tho treasury far their re.
Sdo !ioe he,a -, o,s.N',,t - .iiar -,
ueIipllol; AZ I'LL a ,,r ~ 49, Mn
LOOK l.s place loi III. ne sn",b and r,ast
VINO ownsu soi.. ~ W =, T, III
ID LOUISVILLE iiutaii"pv'e, = oi stlie, sI ~
otner places, as wen u ti'ose .s s hai,cu ~
me report sent t.ei Spal :, I, y"
pense 10 the assls.aN css'is y, III "a
IA oluci ~ ii"sS -. ,-,,,. ~ bo,,a vi
70 tnein 10. ., usc a. ~, h',it;o,, ,,l ~ d
a u, ny -, snia - i.st ~ No, Cont ,Sore
~ holVn ~ y, - 80. -, y ho;,,.r ,'r,.;r
tldu an Wy s,;sa ~, wv
ua;a3 Sc .t.,t ,IJ ,a la.,ying tho ean;,,rv
u .. ..aa' So,u da,,,,,a, sta,,dord ~
.aads ,,d .h't r. co;ns,,e ,n,,st no Stonr.ed
or its weight increased. 81 ruin would speed
ily be upon us because of its depreciation in
the London markets.
The facts.I have stated overthrow all the
speculation of the theorists. Our business
mon GLADLY pychanVpI tln.F gold coin for