The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-04-04
THESE ARE FACTS.


obligations, as the treasury designates
them, was 2,783, 100000 We have
paid on the principal about 81, 800, OOO,-
900, 50 600, 600, 900 as interest and $72,-
600, 900 as premiums on bonds bought,
or grand total of about S., 900, 900, 900,
or nearly twice the amount Of the
original debt, and are now threatened
with. an additional issue of bonds.
These bonds are to be issued not for
the purpose of liquidating an obiiga
tion, but for the purpose of buying gold
to hoard in the treasury. Such propO-
sition is neither honest nor lawful, and
should meet with the seveTest con
demnation from every one. These
bonds are to be sold for gold to main
tain, as it is alleged, gold payments,
while there is not a bond Or any other
form Of indebtedness that is not pa
able in coin, which means either gold
or silver.
Hon Edward Pierrepont, Attorney
General of the United States, and min
istcr to England, in letter to the New
York Times of April Is, 1884, says:
There is not an outstanding bond,
coupon or greenback issued by the
United States which may not be law
fully paid in silver Not one of them
authorizing the issue, or in declaration,
or in resolution of Congress, has any
prCvis) that they shall be paid in gold
And the act of February %, 1878
directing the coinage of silver dollars,
declared that such dollars shall be
| legal tender at their normal value for
all debts and dues, public and private,
except where otherwise expressly stipu-
| lated IN the contract
The most conclusive evidence of all
is the following resolution. This com,
! plCtely explOdes the idea Of single
standard of gold in payment for bonds.
The following resolution passed the
United States Senate January 25, 1873,
and the House of Repre- 5entatives
January %, 1873, by vote of 42 to 90
in the Senate and SO to 70 in the House:
"That all the bonds of the United
| States issued or authorized to be issued
under the said acts of Congress herein
before recited are payable, principal
and interest, at the option of the gov
ernment of the United States, in silver
dollars of the coinage of the United
States, containing 412t grains each of
| standard silver; and that to restore to
it's coinage such silver coins as a legal
tender in payment of said bonds, prin-
cipal and interest, is not a violation Of
the public faith nor in derogati0n of
the rights Of the public creditor"
The following is the contract on every
bond of the United States outstanding
at the present time except the rate of
interest on those extended at 3 per
cent:
''This bond is issued in accordance
with the provisions of an act of Con
gress entitled AN act to authorize the
refunding of the national debt, ap-
proved July 14th, 187O;" amended by
an act approved January 20, 1871. and
ia redeemabIe at the pleasure of the
United States, after the first day Of
July. A D., 1902, in coin of the stand
ard value of the United States on said
July Il, 1870, with interest in such
coin from the days of the date hereof
at the rate Of 4 per centum per annum,
payable quarterly on the first day Of
October, January, April and July in
each year. The principal and interest
are exempt from the payment of all
taxes or duties of the United States, as
we'll as from taxation in any form by
or under State, municipal or local au-
thority."
Mark the language, "in coin Of the
standard value on said July IA, 1870. .
What was that value? Just the same
as now-4124 grains of silver or 25 $40
grains Of gold-nine parts fine. That
is the contract to day. The United
States notes or greenbacks are also re-
deemable in coin, as plainly sta,ed in
section 8, of the resumption act Of 1875.
That act directly provides that the
| Secretary of the Treasury shall re-
deem in coin the legal tender notes
then outstanding" and the Law cannot
be warped to include the notes issued
under the silver purchase act OF 1890.
With these cold facts standing squarely
before us may we not ask why this
purchase Of gold? The answer comes
at once, it is not to maintain gold pay
ments at home, but to continue gold
payments abroad. This crime against
the people is perpetuated for the bene,
fit of the alien, and for no ether reason,
The facts are that our own nation has
for years refused to furnish its people
with sufficient volume Of currency