The state herald., 1893-03-17
SENATORS FOR SILVER
THE QUESTION OF GOLD BONDS
Tho sloo. 1000. 900 Gold Reserve Nsse
Not Bo Retained Intaot-slivsr
Men Will Control the Senate
Finance Committee. ~

A Washington dispatch OF the 9th sayse II
Secretary Carlisle this morning authe n
the announcement that he would exeruheQ4
the power and discretion vested in him 70 49,
hold the credit Of the government and mali /
tain the parity Of gold and silver. This state. :
ment was made TO brush away the ruuoss
that have gain cd circulation, but declined b
say as to what he would do In the main, or a.
to the issuing Of bonds, or as to paying United
States notes and United States treasury notes
In silver when the free gold was exhausted,
etc.
The example In Denver In Offering el,000-
900 gold yesterday for treasury notes has
been followed by Chicago bankers, who to-
day offered 500, 900 In gold for United'states
notes. Az the treasury department 10 Is
thought the bankers In other cities will do
likewise. ~
Some time ago when the question Of thqsi
power Of the secretary Of the treasury 70 usSs
any part Of the 500 900 900 gold reserve waes.
under consideration, Solicitor General AID
rich wss instructed by the attorney general
TO look up the matter. Mr.. Aldrich's opinion
In brief Is:
"First-The secretary of the treasury hiss
the continuing power to Issue bonds to re-
deem the legal tenders Of 1869 and 1853, and
rc-issucd under the act Of May 81, 1878, but
] am Of the opinion that II is not at oil neccs-
sary.
"Sccond-Thcrc is no requirement In the
redemption Of legal tender to be made Ia
gold. As to the policy of using silver am
not prepared to urge this action. 1t might
cause panic, but II could undoubtedly be
done.
"Third--The secretary Of the treasury has
no power to issue bonds not redccmable In
either gold or silver. The law stipulatcs that
they shall be redeemed In coin, which means
either gold or silver now, and did 40 mean At
the time Of the passage Of the law"
This opinion while asked and prepared was
not delivered, owing to the fact that occasion
did not demand It.
MIR. Aldrich says: "Thc belief that there
Ia no positive provision Of the law requiring
that 800 900, 900 reserve shall be kept is, in
my opinion, correct. 1t is also true, under
the law, as I understand 1t, that all legal
tender notes may be redeemed In coin. {
"This was the case ut the period fixed foe
the redemption Of specie payments, to-wits
January /, 1879, under the law Of 1875" =
Enough has TRANSFERRED In the doings Of The
Democratic senatorial caucus committee ~
show pretty conclusvely that the Democrats
of the Senate will oppose Mr.. Cleveland %!
the silver issue. 1t is stated that the finance
committee will be made up so that II vii
stand six for free silver and Ave against. Orc
Democrat (AcPhcrson), will be az ainst free
coinage and one Republican. tJones), will b
for It.
It Is understood that the finance COMMITTEES
will be constructed not with regard to The
Cleveland Idea Of reform, but on silver an4
anti.silvcr lines. The caucus committee =
strong enough to put anti-silver men on the
coinage committee, but the frec-silvcr mcn
say they will make fight In the caucus, and
they have no doubt Of their ability to win.
Bricc, Villas, Gray and other gold standard
men have been rejected. Brice will all the
vacancy Of the appropriations committee and
become the chairman OF the new committed
TO be designated Is the committee on Pacific
railroads. !,