The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-03-17
THE ST. LOUIS REPUBLIC.
ft VIII Have to Turn a Back Somersault
or Flop Ia to the Peoples Party.

It VIII Have to Turn a Back somersault
or Flop to the Peoples Party.
After certificates of deposit have been
| issued by the treasury on silver bullion,
stored and left uncoined, we are told
that the government must borrow gold
| at interest to redeem these certificates
that it will be reputation to take
them up with the same silver they were
issued on.
1t is hard to conceive how any propo-
sition could be more nonstrous than
this, made with such insistence by the
money dealers who are attempting to
take control of this country. 1t is mon
strous in its absurdity, and if carried
| out it would be monstrous in its injus-
tice., And it would soon bring on the
country all the evils of currency con-
tracted to the gold basis, with gold cor
nered and virtually taken out OF
circulation.
Let us repeat the terms of this prop
osition-or rather demand, for it is
made with all the insolence of de-
mapd from men who do not intend to
brook refusal:
Under law which allows the s,cre-
| tary of the treasury to redeem in silver
| coin certificates of deposit issued on
silver bullion, it is proposed to borrow
gold and pay interest on it rather than
use the silver bullion to make coin to
take up the certificates of deposit issued
on the bullion itself
1t is hard to believe that such a thing
as this could have been seriously pro-
posed, but it is known that it has been
and is now being urged on the secretary
| of the treasury by men with whose
purposes he is in entire sympathy.
The men who make this demand are
responsible for the Sherman act; for
the criminal method in which it has
been put in operation. and for the sue
cess of the raids made on the gold in
the treasury They are men who con-
troll very large capital, and the country
has seldom in time of peace been more
seriously menaced than it is by their
determination to control the treasury
in the interest of their attempt to con-
troll the gold supply and force its price
still higher than the eXtravagant figure
to which they have forced it already.
Common sense and common justice
demand that the certificates of deposit
! issued on silver shall be redeemed in
silver. Storing silver bullion in the
vaults merely rs means of increas-
| ing the demand for gold is crime
against the people, and while this is be-
ing done it is do'ably n crime to propose
| to borrow gold at interest to be paid by
| the labor of the country to the Shy
locks who have captured control of the
treasury and have imposed on the coun-
try this rninous policy of using a small
gold supply as & means of locking up
silver bullion in the vaults.-St Louis
Republic.
| With the exception that it uses the
/ term certificate of deposit" where il
| should say treasury note" the Repnb-
| lie is eminently correct in it's state
mentS
''The law for the purchase of silver
bullion, and the issue of treasury notes
! thereon, directs the secretary of the
| treasury to purchase from time to time
! silver bullion TO the aggregate amount
| of 4,500, 900 ounces, or SO much thereof
as may be offered in each month, at the
market price, rot exceeding 81 for
312 25 grains of pure silver and to
issue in payment for these purchases
of silver bullion treasury notes of
! the United States in denominations
not less than 81 nor more than 81, ,OoO in
such form as the secretary may pre-
scribe. These treasury notes are re-
| dcema BILE on demand in coin at the
treasury of the United States or at the
! office of any assistant treasury clerk
| When SO redeemed they may be re-
| issued, but no greater or less amounts
| of such notes shall be outstanding at
| any time than the cost of the silver
| bullion and the standard silver dollars
| coined therefrom then held in the
| treasury purchased by such notes.
/ These treasury notes are legal tender
in payment Of al, debts, public and pri-
vate. except where otherwise expressly
| stipulated in the contract. They are
receivable for customs, taxes and all
| public duty, and when SO received may
| be reissued. Such notes, when held by
any national banking association, may
be counted as a part of its lawful re-
serve. Upon demand of the holder OF
| any of these treasury notes the secre-
tary of the treasury, under such regula-
| tions as he may prescribe, is required
| to redeem such notes in gold or silver
| coin at his discretion This provision
| is supplemented by the declaration
| that it is the established policy of the
| United States to maintain the two
metals on q parity with each other
upon the present legal ratio or such
ratio as may be provided by law. The
secretary of the treasury is required
each month to coin 1000, 600 ounces ot
the silver bullion purchased under the
| provisions of the act into silver dollars
until July l, 1892. After that time he
is to coin as much as may be necessary
to provide for the redemption of these
| silver treasury notes, and any gain in
seigniorage arising from such coinage
is to be accounted for and paid into the
| treasury. The silver bullion purchased
under this law is subject to the require.
'mepts of existing Law and the regula.
tions of the mint service governing the
| methods of determining the amount oi
! pure silver contained and the amount
| of charges or deductions, if any, TO be
| made.
$50 much of tine act of February %
| 1878, which is known as the Bland act
as requires the monthly purchase and
coinage of not less than $4,000, 900 nor
more than $4,000 900 worth of silver
bullion is repealed. Upon the passage
| OF the act the balance standing with
! the treasurer of the United States tc
the respective credits of the national
| banks for deposits made to redeem the
circulating notes of such banks and all
deposits thereafter received for like
| purpose are required to be covered into
| the treasury as miscellaneous receipt
| The treasury redeems from its general
| cash the circulating notes of these
| banks which may come into the treas.
urer's possession subject toredemption.
! Upon the certificate of the comptroller
of the currency that such notes have
been received by him and that they
have been destroyed and that 10 new
| notes will be issued in their place reim