The advocate and Topeka tribune., 1892-09-21

secretary, VINO 10 10 draw the line be-
tween the currency and the non.cur-
rencyS And shSll lt be drawn above or
below the 1905? Gen. Logan draws il
above. Many able men agree with him.
And many Thousands Of business men
and ex-sOldiers, now above sixty years
old, agree with him. The people drew
the currency line as Gen. Logan did,
above the 7 30s, including Che 1905 as
money. No historic fact ls truer than
this. Although they may have been and
were treated by the treasury department
as bonds, yet, when disposed Of by the
department, there was no power able to
prevent their circulation as money. The
fact that they drew interest did mot pre-
vent it; 1t is not unusual for interest
bearing obligations TO circulate az money.
The circumstance that some of them were
not legal tender did not prevent 1t, as the
same lack Of tender would stand against
all bank notes, which circulate az money.
There ls but one practicable and effect
i've way Of preventing non-Eegistered
government obligations from circulating
as money. Il is to fund them into reg
istersd bonds. They then becomeS y fixed
investment, beneficial 10 the bond-hold-
ers and burden to the people. Hence,
the unseemly haste Of the agents Of the
money power to fund all the obligations
OF the government into longtime regis
tered bonds. They carried the scheme
fully against the 7.30 treasury notes, and
other forms Of temporary obligations,
and even had some success against the
greenbacks.
Mr.. Secretary, on page 9 Of your "let-
ter" you quote from Secretary Nc
Cullough In 1857, as follows:
Thus the condition Of the country and the
treasury determined the policy Of the secretary,
which has been to convert che interest bearing
notes, temporary loans, ETC., Into gold-bearing
bonds, and 70 contract the paper circulation by
the redemption OF United States notes,
After that quotation, Mr.. Secretary,
you say:
That the conversion Of interest bearing notes
Into gOd-beaTiDg bonds was not contraction Of
the currency, Is made plain by this brief quo
tatiOn.
Here we have the "brlef quotation"
from Secretary Mccullough In 1867, to
prove that there had been no contraction
Of the currency. On the other hand, we
have the experience of the American
people, showing that contraction and its
bsleful results had proceeded to such
cruel and alarming extent, that, in 1858,
the people demanded and obtained a re-
peal OF the contraction law Of 1866. IL
appears, you say, that the various classes
Of securities paid off or converted into
long time bonds prior to December /,
1853, amounted to $1,265,s15,O81. Now
desire to add, that such portions Of that
Jum as were funded into registered |
ponds, were taken from che monetary |
circulation Of the country, and were to
hat extent q contraction Of the currency.
The recorded experience Of mankind at
arge, and Of the American people, is bet
or authority than the written words Of
wen q secretary Of the United States
reasury. You admit Mr.. Secretary, that
here was q contraction Of United States
lotes to the extent Of s5s, 100000 between
April 10, 1885, and February 4, 1883. In
II conscience, sir, when We consider the
apId expansion Of the country and pop
llation by natural growth and enterprise,
nd the additions Of states and peoples
rom the south, all requiring monev, as
described by Senator Logan and PreSI-