Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1893-08-16
The President S Message.

1898, is a most remarkable docu-
ment. Congress has been convened
in special session, the terms of the
cali indicating a desire to dictate to
Congress what laws they should
make or unmake.
Upon the converting of Congress
he presents a message in the nature
of special plea for the repeal Of the
Sherman law without any substitute,
aud supports his plea by giving
what he terms reasons why this
should be done His so-called rea-
sons are based upon Measurements,
and u total disregard of the facts,
and no man occupying his position,
with the facilities at his command
for full and complete information
upon the subject, would advance
such reasons, were he not either la
mentally ignorant or thorough
knave
We will treat them seriatim in as
terse a manner as possible, as it
would be impossible in u newspaper
article to elaborate upon each branch
of the argument
He first finds fault with the Sherman
law, because it fails to maintain the price
OF silver.
The Sherman law was a forced
compromise measure-bad because it
treated silver as a commodity-but
the manner of its execution by the
Treasury Department is largely re-
sponsible for it's failure TO maintain
the price of silver
They have persistently hammered
the price of silver down, through
collusion with brokers dealing in
silver bullion certificates on the New
York stock exchange, where the
price of silver bullion has been man
fpulated ever since the Sherman law
took effect, HAVE REFUSED TO COIN
SILVER FOR THE REDEMPTION OF
THE CERTIFICATES, as prescribed
by the law, ana by redeeming the
Treasury notes in gold, endeavored
to give the impression to the people
that silver was not good money, and
finally refused to buy the amount as
prescribed by the law.
Second, he claims that failure to re-
deem these certificates in gold would have
resulted in their depreclationand dis
credit.
How does Mr. Cleveland reconcile
this statement with the fact that on
July |, 1893, there were 1926. 489, 1913
of silver certificates in circulation
among the people, and 81, 1853, 339 OF
same in the Treasury, which certifi-
Gates are redeemable in silver dol
lars, and cannot be redeemed in any
thing else, and which are not and
have not been discredited or depre-
ciated, being in volume over twice
the amount issued under the law of
1890, and having been in constant
use and circulation since 1878, and
thus stood the test of time
Third, he states that between May /,
1892, and July Is, 1898, Ssh 900, 900 OF Treas
ury notes Sherman law were issued in
payment OF silver bullion, and during the
same period Sio,OoO,OO) were redeemed in
gold thus draining the Treasury gold and
encroaching on the reserve.
The statement of the Treasurer of
the United States shows that on
July 1st, 1898, only So, 528, 533 of
these certificates were on hand in the
Treasury, there being $40, 66l, 694 in
circulation among the people, the to-
tai issue being sl47, 1870, 227, and none
having been destroyed what, then,
has become of this $40, 600, 900 which
have been redeemed The law pro-
vides that they may be reissued and
they have been used to pay the obi
CATIONS of the government aside
from the purchase of silver, aud if
tho Treasurer had not had these GER
tfcates to use he would have been
obliged to have paid in gold or other
forms Of currency, consequently
there has been no change in the gold
holdings of the Treasury by the pres
ence of these certificates or the oper-
alton of the law.
Fourth, that the operation Of this law
has rendered the depletion of our gold
easy, and other nations have taken advan-
tage Of it to build up their gold holdings.
In answer to this it is only neces-
sary to say that there are 1920, S75,-
683 of United States notes or green
backs in circulation. which anv one