People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-05-12

ueuIpI1Ou VI treasury uOUeS issued
under the act OF 1890.
The fact that other Secretaries
have exercised their discretion to
furnish gold for export and retain the
silver in the Treasury, or pay it out
to the people for use in this country,
does not change the law, or author
lie the bankers of New York or any
one else to demand gold redemption
for either greenbacks or Treasury
notes of the act of 1890.
The bankers should understand
that Mr.. Carlisle is the first lawyer
who has been Secretary Of the Treas
ury for many years, and that his ed
ucation and training will not allow
him to disregard the law as an exc
cutive officer. He has ample means
at his command to comply with every
obligation of the government without
increasing the public debt, or adopt
ing any other extraordinary or ille-
gal proceedings.
The promise of ex-Secretary Eos
ter, made to the bankers of New
York on the 18th, of November,
1891, was a gross violation of law,
and no trained lawyer could make
such promise. He said:
"The resumption act confers au-
thority upon the Secretary of the
Treasury to issue bonds to any extent
he may feel called upon to do to in
crease or maintain the gold reserve.
The act Of July IA, 1890, commands
him to preserve the parity between
gold and silver. 1t has always been
the custom Of this country to pay its
obligations in gold. Applause.
Therefore, should there be any
trouble about this, and the present
hundred millions of gold, or reserve
fund, we call it, be intrenched upon,
it was in his power under the law to
issue bonds for gold, paying 5 per
cent. and replace or increase the re-
serve fund. y Speech at Delmon-
ico's.
The resumption act does not au-
thorize the assurance of bonds to any
extent to increase gold reserve or to
increase them at all. 1t authorizes
the sale of bonds to the extent neces-
sary to buy coin (not gold) to redeem
greenbacks outstanding on the
1st day of January, 1879, and to no
other extent and for no other pur-
pose.
The act of July IA, 1890, does not
command him (the Secretary of the
Treasury to preserve the parity be-
tween gold and silver; nor does it
command him to do anything. 1t
simply recites, alt being the estab-
lished policy of the United States to
maintain the two metals on a parity
with each other upon the present
legal ratio or such ratio as may be
provided by law.
1t says nothing about the parity
between gold and silver coin. That
parity is established by legislation
which makes both a legal tender in
payment of all dues, public and pri-
vate. 1t declares it to be the policy
of the United States to maintain the
parity between the metals, which can
only be done by legislation, and the
only legislation which ever has &C
complshed or ever can accomplish
that is the coinage of silver upon the
terms and conditions which are APP
plicable to the coinage of gold.
It is true that it has been the GUS
tom of the Treasury Department in
disregard of the statute, to pay the
obligations of the United States in
gold, but that is no reason why the
law ought not to be obeyed. It is
not true that if the so-called $780,
100000 reserved fund is intrenched
upon the Secretary of the Treasury
has power under the law to issue
bonds to replace or increase the fund.
He can only issue bonds, as before
stated, to the extent necessary to
purchase coin mot gold coin but
either gold or silver coin), to redeem
the greenbacks which were outstand-
ing on the 1st of January, 1879.
1t is time for the Treasury Depart
ment to observe the laws of the
United States, which are ample to
protect the Treasury and comply with
every obligation of the Government.
No other government in the world
manages its finances for the accommo-
dation of spectators in gold. All
obligations of France-the same as
those Of the United States-are pay
able in either gold. or silver coin.
France will not pay out gold in large
quantities for export, but answers
every demand of that kind by an
offer to pay in silver. Germany pur-
sues the same policy.
The Bank of England protects her
gold by favorable rates of exchange
and by an increase of the rate of in
terest whenever there is an undue ex-
port of gold. The United States
alone has been made subject to the
beck and call of the money changers
by the administration of the Treasury
Department and not by the legisla-
ton of Congress.
AG. O. P. Going