Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-25
STEWARDS DAY.
THE NEVADA SENATOR PRE-.
DOTS AN AlTAcK ON SILVER.
no Declares that No Authority Exists for
sho Issuance Of bonds 20 Pur.
chase Cold.

Washlutou. April "a Senator Stewart
OF Nevada Is very indignant az the eX.
pressions q the New York bankers who
iNNor tho Issuance Of bonds TO rrpicnish
the gold reserve. an1 who oppose the
estoppel b. the issuance Of gold certih.
eatcs. Setator Stewart Is one Of tho
leading free coinage advocates In con.
gross. and he sees In ths distance
rdii upon silver by the present ndnnnls.
tratipd with Wow 10 forcing the repeal
OF The silver purchasing act lie does
mo- relish very naturally tho way Secre-
ury Carlisle refers to silver a. belonging
TO The catogoy q lead. iron, or any
senator Stewart quotes the law and
declares That there Is no authority Tor
issuing bonds under the present cundi-
ton, That the resumption net only au-
thouEoe the secretary Of tho treasury
10 issue bonds 10 buy coin (silvsr on
Eold) to an extent necessary 10 rCdeNm
outstanding s,trcnbacks. He expressly
declares that there Is hut one Outstand-
ing ohligntioa which must be redeemed
in gold and that N tho gold certihcats
The groenhacks are redeemabAs W silver
or gold
and Secretary Carlisle also-thcre cannot
be bonds issued at this time. "a there are
plenty OF silver dollars with which "a
rcdocm tie Erccuhacks, and there Is an
abundance of gold I'm the StOO.OOOOO0
reserve to redeem outstanding void Gers
tlhcatcs. lt h now plain To everybody
that there viii ho nO bonds issued Sens
ntor Stewart reminds the administration
chat thoro IN mo- authority for issuing
bonds under any condition. merely 90 re.
plcniAh tho gold reserve. Coin" says
Sontur stewart, ''ia the term or Uhmse
used Ia describing the redemption meth
od for greenhucks, and II WIS wholly un-
] e. NIa mt al NaU linn
When there Is not sufficient coin. In the
| tVrsury for the redemption " other
| grecuhucks Or tronsuy notes. the scrre-
| tnry has the pI,yCr 10 make up the do
| hcicncy. When there Is not sufficient
| coin IN the treasury Ia redeem green
/ backs he may sell bonds and buy coin
/ for that purpose undor uie redemption
when thore isn't sufficient coin for
/ redemption Of treasury notes, Issued un-
/ der the act of 1870. he must coin silver
/ for That purpose, When there IN sufficient
| Of either gold or silver IA the Treasury
| Tor The purpose OF redemption. he Inns
NO right 70 sell bonds. There Is NO pos.
| slhlr authority or excuse for bond
| issue now. and none will bc made
There are over SbO,OOO.0OO Of silver
/ coin aud bullion subject to coinage In
excess of the silver certificates aud trcns
uy notCs outstanding which N applicable
amount is accommodating every month Co
| the extent of the difference between tho
/ coined value aud the market value Of do
| l,lOODOuO ounces of silver bullion ncquir-
| ed monthly under tho act OF 1890 All
| this excess can be- used for the r-lcmp.
! ton NJ grVnhncka aud leave sufficient
! silver In the treasury 90 be- coined for the
| rrdciantiOn 0f Treasury noics issued un-
| der the act Of 1890,
! "lhc fact that other secretaries hava
| exercised their discretion 20 furnish gold
for export aud retain the silver In the
treasury, or pay Il out 30 the people for
u-o iu thin country, does not change tina
law or authorize the bankers Of New
York or anyone Hao to dcmnnd redemp-
ton for either grccnhnckH or treasury
nOlrs Of The net of 1870.
'lhc bankers should understand THAI
Mr.. Carlisle iH the first lawyer who hna
| hpeu secretary of tho treasury for many
years, aud that his education AMI train
ing VIII not allow him 10 disregard thu
! law nH un executive officer ile hnr nm-
pie means at hg command 10 comply
With every obligation of the government
without increasing tue public debt %
adopting any other extraordinary o. He
gal proceeding lt n high time Tor tho
treasury department 10 observe the laws
Of the United States, which arc ample
10 protect the treasury aud comply with
very obligation Of the government No
other government Ia the world manages
~ inancea for the accommodation OF
spectators Ia gold. All obligations OF
France, the Same ms thUae of the United
States, are payable Ia either gold on
silver coin
France viii not pay out gold Va largu
quantities. for export but answers every
domnnd Of thpt kind by an offer b. pay
IN silver Germany pnrsues the same
policy The Bank of England protects
her gold 10y favorable rHfea of exchange
aud by au Increase Of exchange and by
an increase Of the rate Of interest when
ever there N an undue export Of gold.
The United States alone has been made
subject TO Che beck and cil Of the money
changers by the administration " tho
treasury department aud not By tha
legislation Of congress-