The advocate., 1890-04-16

uAAW MNAWhH HMWWNg ~ AAhN Nff"Af NA"fNa "NNfNNF"
statements OF the register Of the treasury
with reference TO tho Issues Of new bonds
reported for the last fiscal year. Tho
following from The National Economtsi,
gives samples OF some unrepcalcd laws,
as we'll az tho true character Of some
laws that do not provide as the people
have been made 10 believei
"sonator Reagan introduced bill 70
repeal the act for the sale Of bonds 10 re-
deem the legal tender notes (greenbacks)
II may surprise some persons 10 learn
that such a law Ia yet on the statute
books, since an act was passed In 1878
Eorbldding any further retirement Of
these legal tenders, Itmight be well 10
explain that all the old acts Of congress-
by which the present reign Of plutocracy
has been inaugurated are still unropeal-
ed, and are ready 70 duplicate their condi
tions al any time. The following com
mont Is clipped from New York paper;
"The law for their redemption In coin,
II any holder chooses 10 demand pay
ment contains the condition that they
shall be relssuod, and 10 was thought nc
first that the greenbacks might be pre-
sented again and again when the govern
ment might not have sufficient coin on
hand. Il would be necessary 70 provide
FOR selling the bonds In order 10 be pro-
pared to meet the claim Of any holder Of
qreenbacks. Hence the secretary Of the
treasury was given power 10 sell bonds
OF any OF tho clnsses provided for by Che
refundlng act OF 1870 and 1871 70 any
amount which should be found necessary
in order TO maintain the convertbility or
the treasury notes into coin u ia admit
ted by organs OF tho TREASURY policy tlnt
authority given is very large, and that
there is no Sign OF any necessity Tor ita
exercise, but they urge that tho secretary
should still have tho power to borrow
money.
"Just such financial teaching as thlq
has led the people 10 believe that thero "a
and has been statutory resumption d
specie payment, and then any poraci
could 90 to tho United States treasury.
or any sub treasury or national bank, ant
legally demand and receive gold In cyl
change for greenbacks suchio not th'
case now, and has never been. Here x
tho law covering that point Section : y
the act to provide for the resumption q
specie payments provides;
"And on and after tho first day Of Jai
uary, Ammo Dominl eighteen hundret
and sevonty-nine, the secretary 0l tbl
treasury shall redeem, in coin, tho Unite}
States legal tender notes then outBtar'
D ing, on their presentation for redempf
, at the Office Of the assistant treasure
the United States, In the city OF
York, In sums Of not less than 800.
! "This act stands to-day as when il y
passed, and ls consequently tho ID
I This plainly says that nowhere outside
: the sub treasury in New York, and u
: only in sums Of $50, can resumption
. legally enforced. The fact that gt
backs may be converted into coin
most any locality does not make thf
u Of resumption universal. II 10 by ri
consent and not authority OF law
Q act, like every other act, was paSsot
) the interest Of the banks The baI
u Of New York with $50 or moro couA
tain gold for greenbacks, but the g
OF Michigan or the planter Of Gf
with but B45 or less must be a.
with paper money. There never "
full legal resumption Of specie payni
y and there is none at the present h
/ The people, those who made resunf