Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1892-05-05

yer purchased by the issuance oil
treasury notes is required to be coined
and used for the redemption of such
notes. Has the President made any
attempt to extend the use of silver BY
coming and using it or having i,
ready for use as required by law? On
the contrary. has he not sanctioned
the action of the Secretary Of the
Treasury in denying to silver the use
provided for it by the act Of 1890?
The act provides that the treasury
notes issued for the purchase OF silver
bullion shall be redeemed in either
gold or silver coin, at the option of
the United States, not at the option
OF the holders of such notes. The act
declares that the Secretary of the
Treasury "shall (not 'may') coin OF
the silver bullion purchased under the
provisions of this act as much az may
be necessary to provide for tho re-
demption of the treasury notes herein
provided for"
This the Secretary has refused to
do, and he has also refused to require
the redemption of such Treasury notes
in silver ooin under any oircumstan
On tho contrary, he declares that
rather than pay out silver as required
by law, he will sell bonds, buy gold,
and increase the national debt for the
purpose of redeeming treasury notes,
and let the silver bullion purchased
for that purpose lie idle in the vaults
of the Treasury.
On the 18th OF November, 1891,
when the Secretary made his custom.
airy visit to New York to ascertain the
wishes of the gold associations or
trust, he faithfully promised to vic.
late the law. He said that
The resumption act confars author
ity upon the Secretary of tho Treasury
to issue bonds to any extent he may
feel called upon to do TO increase OF
maintain tho gold reserve. Tho act
of July IA, 1890. commands him to
preserve the parity between gold and
silver. 1t has always been tho custom
of this country to pay its obligations
in gold. (Applause.) Therefore.
should there be any trouble about
this, and tho present hundred millions
of gold or reserve fund, a. We call it,
he intrenehed upon. it was in his
power under the law to ISSUE bonds
for gold paying 5 per cent, and re-
place or increase the reserve fund.
The resumption act cenfers no such
authority. 1t simply authorized the
Secre tary to sell bonds to obtain gold
to redeem any lrgal>tender treasury
notes which might be outstanding on
the LIST day of January, 1879, but did
not authorize the sale Of bonds to buy
gold for any other purpose. The act
of 1890 provided for different class
of treasury notes, which were not out
standing on the first day of January,
1879, and also provided for the coin.
age Of silver with which to redeem
them. The promise which the Secre
tary Of the Treasury made to his gold
associates at Delmonico's on the 18th
of November last was approved by
the President in his message of De-
cember last, in the following words:
Under existing legislation it is in
the power of the Treasury Depart.
ment to maintain that essential con.
dition of national finance as we'll as of
commercial prosperity-the parity in
use OF the coin dollars and their paper
The assurance that
these powers would be freely and unhes.
,tatingly used has done much to pro-
duce and sustain the present favorable
business conditions.
Was the refusal of the Secretary OF
the Treasury, with the approval of the
President, to obey the law and provide
for the redemption of treasury notes
by the coinage Of silver treating silver
coin as money? Was it not a mani.
fest violation OF the party pledge to
use both gold and silver as money?