People's voice., 1893-04-21
THE TREASURY.
Effect Of the Suspension Of Gold
Certificates.
The Act of Secretary Carlisle Calls At
tention to the Findings of the
House Judiciary Com
mittee.
Gold Bonds.

WASHINGTON, April 1.-THE suspen-
sion of the issue of gold certificates by
Secretary Carlisle recalls the represent
ations made last July by the Judiciary
committee Of the house upon the reso-
luton introduced by Mr.. Dockery, of
Missouri. The resolution instructed
the committee to inquire and report
whether under the act to provide for
the resumption Of specie payments
the secretary of the treasury has the
right to use the proceeds of any
money in the treasury arising from the
sale of bonds or otherwise, as author
lied under section of said act, for any
of the purposes other than those men
toned in said section 3. The majority
said: There is no limitation upon the
authority of the secretary of the treas
ury to sell bonds for the purposes of re-
demption under The act of 1879, but the
proceeds from such sales cannot be
used for other than redemption pur-
poses" They also said that it was
the intention of congress to fix the min
imum amount of this reserved fund at
100000, 900 gold and gold bullion, and
to maintain it at that sum. Up to
and including the year 1891, the total
amount of gold certificates issued un-
der the act of 1882 was 1869, 9,225,O 900
and the majority said: These gold
certificates could not have been lawful
ly issued unless at the time of issuance
the reserve fund of 800, 900, 900 gold coin
and gold bullion was in the treasury"
As to the replenishing of the reserve
fund in case of a diminution below the
sum of 500. 100000. in the absence of
available surplus revenue, by the re-
demption Of legal tenders, the commit
tee says that the sum should be re-
stored from the current coin receipts of
government, not otherwise apprOpri-
ated, and when such revenues are
transferred to the reserve fund they
are not subject to be used for any other
purpose"
Mr.. Ray, of the minority committee,
submitted report upon the resolutions
in which the operations of the treasury
under the acts referred were shown at
considerable length and with great de-
tail. The purposes of the laws were
also discussed at considerable length,
and the minority came to the following
conclusions:
First That there is nothing in the resump-
tion act requiring the secretary Of the treasury
to set apart anv reserve fund for the redemp-
tion Of the United States notes
Second-That the only fund actually provided
for the redemption Of United States notes is
the proceeds Of the bonds sold from time to
time for redemption purposes, and that such
proceeds may be used at any time for that pur
pose, but for no other.
Third-That the power TO sell bonds still eX-
lists and is limited only by the amount of United
States notes outstanding, less the proceeds OF
bonds sold for that purpose and applied or now
on hand
Fourth-That the secretary Of the treasury
has no power to set apart or reserve, or hold as
against appropriations made by congress or for
expenditures authorized by law, any part Of
the surplus revenues Of the government for the
redemption OF United States notes. He may
use such surplus for such purpose, but herein
his power ends