Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-03-22
THE ST. LOUIS REPUBLIC.
1t VIII Have to Turn a Rack somersault
or Zion Into thu RannIa,s ParfH.

stored ana lett 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 monstrous 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 ali 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-
maDd from men who do not intend to
brook refusal:
Under law which allows the secre-
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
on the bullion itself
1t is hard to believe that such 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 it's 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 as a means of increas-
ing the demand for gold is a crime
against the people, and while this is be-
ing done it is doubly 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 ruinous policy of using small
gold supply as a means of locking up
| silver bullion in the vaults.--St Louis
| Republic
With the exception that it uses the
- i -
should say treasury note" the Repub-
| lie is eminently correct in its 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 $500, 900 ounces, or so much thereof
| as may be offered in each month, at the
market price, not exceeding 81 for
| 372. 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, 900 in
such form as the secretary may pre-
scribe These treasury notes are re-
| deemable 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 a legal tender
in payment of all 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 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 2, O00, 600 ounces of
the silver bullion purchased under the
| provisions of the act into silver dollars
until July /, 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
ments of existing law and the regula-
| tons of the mint service governing the
| methods of determining the amount of
pure silver contained and the amount
of charges or deductions, if any, to be
made
$50 much of the 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, 00a woEth Of silver
bullion is repealed. Upon the passage
of the act the balance standing with
| the treasurer of the United States to
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
urers possession subject toredemption.
| Upon the certificate of the comptroller
of the currency that such notes have
been received by him aud that they
have been destroyed and that no new
notes win be issued in their place reim-
bursement of their amount Is made to