The Iola register., 1891-10-30

| the 0Onos In the oepr0caoto0 money.
This idea is embodied in the credit
strengthening act
The fifth conspiracy" of what she
calls "this Internal scheme" was the re-
funding Of the national debt. This pro-
cess Of refunding is regarded by all
intelligent statesmen as q measure OF
the highest value, conducted with re-
markable success. At the date Of the
passage of the refunding act, July IA,
1870, We had outstanding bonds bearing
5 and per cent interest for about 81,
500, ,000,006. BY the wise providence OF
congress we had reserved the right of
redeeming portion this debt within
five years and portion of it within
ten years, so that the debt was in the
main, redeemable at our pleasure. 1t
was not possible to pay it in coin and it
backs. especially as that could only have
been done by issuing new greenbacks
far beyond the volume existing during
the war, and which would at once de-
preciate in value and destroy the pub
lie credit and dishonor the country.
We, therefore, authorized the exchange,
par for par, bonds bearing 4, At and
per cent interest for the bonds bearing
a higher rate OF interest. The only
contest in congress upon the subject
was whether the new bonds should run
five, ten or fifteen years or ten, fifteen
and thirty years. I advocated the
shorter period, but the house of repre-
sentatives, believing that the new bonds
would sell at par unless running for a
longer period, insisted that the 4-per-
cent bonds should run for thirty years.
Greenbackers like Mrs. Emery, who
now complain that the bonds run so
long and cannot be paid until due, are
same people who insisted upon making
the bonds run thirty years. 1t required
some ten years to complete these re-
funding operations-of which the larger
part was accomplished while | was
secretary of the treasury-and they re-
suited in saving Of One-third OF the
interest on the debt So far from it be.
ing in the interest OF the bondholders,
it was to their detriment and only in
the interest of the people of the United
States.
| The next conspiracy" complained of
is the alleged decentralization of silver.
| By the act revising the coinage in 1873,
the silver dollar, which had heeu sus.
pended by Jefferson in 1905, and practi-
| Cdily lCOO, duu
ed by minor coins in 1853, and which
was issued in later years as a conven-
lent form In which to export silver, and
the whole amount OF which, from the
beginning OF the government to the
passage OF the act referred to, was only
IS, 600, 000-this silver dollar was. upon
the petition of the legislature OF Cali
| fornia, and upon the motion Of her sem
ators and by the unanimous vote OF both
houses OF congress, without objection
from any one. dropped from our coin
age, and In its place was substituted the
trade dollar, containing few more
grains OF silver. A few years alter
wards, silver having fallen rapidly in
market prices, congress restored the
coinage of the silver dollar, limiting
the amount to not exceed 1000, 0O0 nor
less than 1000, 900 ' month, and under
this law in period OF twelve years we
iAued over over 400, 900, 900 of silver
dollars, fifty times the amount that had
been coined prior TO 1873. And now
under existing law we are purchasing
81, COO, 0G0 ounces OF silver year; 50
so that what she calls the demonetiza-
tion OF silver has resulted in its use in
our country to an extent more than fifty
fold greater thau before it's demoniiiza-
tion. In spite OF all and growing out
of the increased supply of silver aud
the cheapening processes OF its produc-
ton, it is goiug down in the market,
and is only mair taired at par with gold
by the fiat o. the different governments
coming it. Now the deluded people be.
longing to the class of Mrs. Emery are
seeking to cheaper the purchasing pow
of Aha 11l1 ~ fha 1n ofA L.,
farmer and laborer by the free coinage
of silver and the demonetization of gold.
Silver and gold should be used and
maintained as current money, but only
on par with each other, and this can
only be done by treating the cheaper
metal as subsidiary and coming it only
as demanded for the use of the people.
i The seventh financial conspiracy" is
the pride and boast Of the government
of the United States, the restoration OF
our notes long after the war was over TO
the standard OF coin: in other words,
the resumption of specie pay ments.
} This measure, which met the wild op-
position of such wild theorists as Mrs.
Emery, has demonstrated its success in
the judgement of all intelligent people,
not only in the United States, but in all
no standard for paper money, except
coin. The United States post
poned too long the restoration of its
notes to coin standards. Since it had
the courage to do this under the re-
sumption act, on the 1st of January,
1879, we have had in the United States
standard of gold with coins of silver,
nickle and copper maintained at that
standard by the fiat of the government,
and paper money in various forms, as
United States notes, national bank
notes, gold certificates, silver certifi-
Gates and treasury notes all at par with
gold. To call this a conspiracy" or an
"infamous plot" is misnomer of terms
which will not deceive any intelligent
man, but it is rather the glory and
pride Of the people of the United States
that it not only has been able in the
past thirty years to put down great
rebellion and to abolish slavery, but to
advance the credit of the United States
to the highest rank among nations, to
largely increase the currency OF the
country. to add enormously to any pro-
ductive interests and to develop our re-
sources of the mine, the field and the
workshop to degree unexampled in the
! history of nations. Intelligent people,
who reason and observe, will not be de-
ceived or mislead by the wild fanati-
cism and the gloomy prophesies of Mrs.
Emery. Temporary conditions grow
ing out of the failure of any portion of
our crops will not discourage them; the
exagerations of the morbid fancy will
not mislead them. A candid examin-
alton of the great financial measures OF
the last thirty years will lead people to