Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-09-21
THE SUB-TREASURY.
1T WOULD CAUSE A FINANCIAL
PANIC AND NOT RELIEF.
Treasury Notes and Greenbacks Defined.
Do the Sub-Treasury Advocates
Know Their Functions?
ALE, TARRANT COUNTY. TEX, |
Sept. 10, 1891.
Editor Gazette.

| purchasing medium OF the produce. 1 lie
money, the paper money, that is to work
its way into the pockets of the farmers,
who, the scheme presupposes, will be SO
well supplied with the stun that they will
furnish every other class with an abun-
dance gratis. do not think it speculative
in the least to say that the followers OF the
sub-treasury scheme know less about the
function that green back notes or bills pur-
port to fill than anything else about the
! financial system of the government. Every
utterance from the vocal organs of the
third party sub-treasury greenback
preachers (declaimers) is self-evident that
they know no more about it than hog
does about the Fourth of July. If anyone
| doubts 1t ask one of them what conStitu-
tional money is, and listen to his definition
and you'll be satisfied.
In considering this subject it will be
necessary to bear in mind the definitions
and references made about money in my
| article on the constitutionality of the sub
treasury, in Fort Worth GAZETTE on 18th inst
| Treasury notes. or greenback bills, repre-
sent United States bonds, or gold or silver,
| or the bullion Of either, deposited in the
treasury of the United States. have as
serted that all treasury notes or greenbacks
| issued were equivalent to borrowing an
amount of money on the faith Of the gov
| eminent equal to their lace value, and that
| they come under the powers of co DgresS,
| VIZ: Art. l, sec. S, clause 2, ''to borrow
money on the credit of the United States"
| Now let's examine the laws on this subject
and see if it will bear me out in the asser-
| ton.
Statute I, chap. 8, sec. Dune 30, 1872
| sThat the president of the United States
be, ana he is, hereby authorized to cause
treasury notes for such sum or sums as he
| may think eXpedient to Oe
! prepared, signed and issued - Sec.
| 4. and the secretary of the
| treasury is further authorized, with the ap-
| probation of the president of the United
| States, to borrow from time to time, not
| under par, such sums as the president may
| think expedient on the credit of such
| notes -
Statute II, chapter 81, section Deb. 25,
1873. That the president of the United
States be authorized TO
| cause treasury notes K to be pre-
| pared, signed, issued That the
amount OF money borrowed or obtained, by
| virtue of the notes which may be issued by
| virtue Of this section, shall be deemed and
held to be in part of the sum of sl6,-
O'CLOCK authorized to be borrowed by virtue
OF the act to that effect, passed during the
present session of congress-
Sec. s. " The secretary of the
treasury is further authorized to
borrow from time to time, not under par
such sums as the president may think eX
pedient on the credit of such notes 40
Sec. 10. - and the said COM
missoners are further authorized to make
purchases of the said notes, in the same
manner as of other evidence of the public
debt < -
Statute Ill, chapter II, section l. de
cember &c, 1S14.) Secretary of treasury,
etc, so To cause treasury notes to be
prepared, signed and issued, for and in lieu
of so much of the sum authorized TO be bor-
rowed on the credit of the United states,
Sec. 4. "That a sum equal to the whole
amount OF the treasury notes issued by vir-
tue of this act, to be paid out of any money
in the treasury not [etc. shall be
and the same is hereby appropriated for the
payment and reimbursement of the princi-
pal and interest of such treasury notes, ac
eording to contract, and the faith of the
United States is hereby pledged to provide
adequate funds for any deficiency in the APP
preparation herein maden
Statute 3. chapter So, section l February
"a. 1870. Secretary, etc I" = be and
he is hereby authorized to cause treasury
notes for a sum not exceeding s25, 900, 600
to be prepared, signed and issued at the
treasury of the United States. "
Sec. s. :" and to deposit portions
of said notes in the loan Office or in state
banks for the purpose of paying the same
to the public creditors rs aforesaid, and to
borrow money on the credit of said notes.
ACT OF OCTOBER -, 1887
Sec. l. THAT the president of the United
States is hereby authorized to cause treas
ury notes for such sum or sums as the
exigencies of the government may require
to be prepared, signed and issued
in the manner hereafter provided
Sec. .. THAT the said treasury notes au-
thorized to be issued by the first section of |
this act. shall be reimbursed and redeemed |
by the United States, at the treasury there |
of, after the expiration Of one year from the |
dates of said notes. :"
Sec. l. s'* And the secretary of |
tee treasury is further authorized, with the |
president [etc to borrow, from time to |
time, not under par, such sums as the presi- |
dent may think expedient, on the credit of |
such notes.
Sec. 8. "* And as much of any |
unappropriated money in the treasury as |
may be necessary for that purpose, is here
by appropriated, for paying principal and |
interest on said notes.
ACT OF MARCH 81, 1910.
Sec, 2. 90 Treasury notes may be |
ISSUED in lieu of others hereafter or hereto.
fore redeemed, but not to exceed in the |
amount of notes outstanding at any one
time, = and to be redeemed sooner
than one year, if the means of the treasury
will permit, y"
ACT OF JANUARY 2S, 1s47.
Section l. Provides that the president |
is authorized to issue treasury notes ac-
cording as the exigencies of the government
may require.
Sec. 9. "That the said treasury notes au-
thorized to be issued by the first section of
this act shall be reimbursed and redeemed
by the Uuited States, at the treasury
thereof = y"
Sec S. 60 y = And the said secretary
is further authorized to make purchases Of
the said notes at par for the amount of the
and interest due at the time of
purchase on such notes. And so much un-
appropriated money in the treasury as may
be necessary for that purpose is hereby APP
for paying the principal and in
terest Of SAID notes"
See sections l, 2 and of act of December
Il, 1860, which is about the same as the last |
quotation; also sections l. Z and of the
act of July II, 1861 (vol. Il, p. 259). Also
joint resolution of January II, 1868 (vol. Il,
p. S22).
Act of March 8. 1863 (vol. Il, p. 7O9).
Sec. 5. THAT the secretary of the treas
ury is hereby authorized to receive deposits
Of gold coin and bullion with the treasurer
or any assistant treasurer of the United
States Gn etc. and to issue certificates
therefor Gin etc. The coin or bullion de-
posted for or representing the certificates
Of deposit shall be retained in the treasury
for the payment Of the same on demand.
Act of June 80, 1854 (vol. IS, p. 2lS), Sec.
J. That the secretary Of the treasury may
ssue on the credit Of the United States,
and in lieu of an equal amount OF bonds