The advocate., 1890-07-16


ury no cause iOr apprehension Of lts not having
gold enough for some time 90 come, and while
making The above request can only reiterAte oar
entiIp Willingness iD nealn come i0 the MD 0i le
government Whenever, In the opinion Of the
banks, the eXgency requires that ald should be-
Afforded In order 10 protect the banking Interests
Of the whole country.
Awaiting your favorable reply am, your Obe.
dlcnt servant, j, ID. NERMlLYE,
Chairman Clearing House Committee.
To Hon, Dnniel Manning Secretary OF the Treas
TREASURY DEPARTMENT
OFFICE OF rHE SECRETARY,
WAsHiN0TON, ID, g., October 3i, 1896.
Sm,-l have tO acknowledge the receipt NJ
your letter Of the 3Oth instant, submitting that
the banks OF the city Of New York he permitted
tO deposit with assistant treasurer Of the United
States In exchange for lawful money, large pOr.
ton Of the amount Of fractional silver coin which
they had previously received from that officer IN
exchange for IKE amount Oi gold the banks
being unable 30 distribute the silver through the
country as originally intended by them
In rOply YOU are Informed that no special per
mission VI the department IN required In lhls
ease, As under the provisions ~ act OF Congress-
approved june o, 1870, the holder Oi any of the
silver coins Of the United States, In smaller de-
nomination than ono dollar may, on presenta.
tlOn Of tho same In sums Of twenty dollars or any
any assistant treasurer VI tho United Stnies re-.
Cplye therefor lawful money Of the United States
Very respectfully o. y. FAiRCHILD,
Acting Secretary.
10 Mr.. !. d. Vermllye, Chairman CLEARING House
Committee, New York CITY.
The above transaction would not have
been made public, but that one bank that
refused to 20 into the plot and gave the
whole thing away. II was intended as a
secret usurpatlon Of power and an unlaw-
ful evasion OF statute law, The treasury
department became party to this trans
action without any authority Of law
whatever. This being true Of one trans
action, may II not be true Of many others
Of similar charactorY When the treasury
department Conspires with the banks to
violate the plain provisions Of law, where
shall the people look for honesty in the
public seryiceY The entire breach Of
trust was committed for the purpose Of
avoiding the possibility Of paying silver
MS interest or principal on the bonds.
The law provides they are payable in
coin Of Il certain standard OF ilneness.
This means either gold or allver as the
bill was passed In 1870, and silver was
demonetized In 1873 II men In high
places are permitted 10 commit such
crimes and escape punishment, what
may not bc expected from those occupy
ing mere subordinate positlonsH A care
ful examination Of all the facts connected
with this transaction, its motives and
probable results, will probably convince
any person that the desires Of Wall street
are the supreme law Of the land. nJune
30, 1886, just twenty days prior TO this
transaction, there was held in the treas
ury TO redeem greenbacks, contrary TO
law, @lOO,OOO,0OO In gold, and at the same
time there was loaned 20 the banks with
out interest SlO,924,liSA7. What posi-
BILE excuse can be given for this unlawful
proceedlngH