Mexico weekly ledger., 1893-04-27
TIE TREASURY SITUATION.
Lucid Explanation Of 1t by Congress-
man D0ckery.

Lucid Explanation or 1t by Congress-
man Doekery.
GALLATIN, Mo-, April 25.-Rep-
resentative Dockery, who has given
much thought to the Treasury stu
alton, makes the following statement
to a correspondent:
"The available cash resources of
the Government on the first of the
present month amounted, in round
numbers, to $762, coo, 900. while
the demand liabilities, exclusive of
greenbacks, aggregated 1857, 000,-
900, thus saving a net Treasury bal
anee of 1926 600, 900. OF this bal
ance 500, 600, 600 consists of what
is known as the gold reserve fund
and is not available for the payment
of current liabilities, but, in contem-
plation of law, and sanctioned by
the public opinion, it is held for the
redemption of the 1916, 0O0, 900 out
standing greenbacks. The only
outstanding demand liability on
April l., required by statute to be
paid in gold, was the $116, 0O0, 900
of gold certificates. Of the remain
ing demand liabilities 1928 ,00O, 900
of silver certificates are payable in
silver, while the other evidences OF
Indebtedness are payable at the
option of the Secretary of the Treas
ury in either gold or silver.
DISCRETIONARY POWER.
"The power conferred upon the
Secretary in this respect is discre.
tionary, but under the recent admin
istration Treasury notes issued un-
der the Sherman act of July IA,
1890, amounting to about $4,000.
900, were treated in every essential
particular as gold certificates; that is
to say, although the certificates were
paid in gold whenever the demand
for such payment was made.
"The resumption act of January
IA, 1875, authorized the Secretary Of
the Treasury to issue coin bonds to
inaugurate and maintain resumption
resumption under the act contem.
plating the actual redemption and
destruction of greenbacks. The
rapid contraction of the currency,
however, under this law, 80 intimi'
dated the business interests of the
country that Congress was compelled
to pass an act %forbidding the further
retirement and cancellation of green
backs. The volume of greenbacks
outstanding at the time of the pas
sage of the amendatory act was, as
now, $346, 900, 900.
THE SITUATION SUMMARIZED.
"To summarize the situa ton i
may be well to again state that the
liabilities of the Government which
are required to be paid in gold alone
are the gold certificates, issued il
exchange for gold bars or gold coin.
The Sherman Treasury notes ar,
payable in coin, the greenback cir
culation being also redeemable il
coin. The administration cannot
therefore, insist upon the paymen
in gold alone ofthe Sherman note,
and other Treasury obligations which
are payable in coin without at tn
same time discrediting silver and il
effect su ~bordinating it to gold. Golt
and silver stand before the law upor
an equal footing, clothed with equa
powers and charged with like re
sponsibilities. 1t follows, therefore
as a conclusion which cannot be es
capped, that the Secretary of the
Treasury should courageously con
tinue to resist the demand of the
conspirators who seek to coerce the
administration and increase the in
terest bearing debt of the United
States. Secretary Carlisle should
stubbornly refuse to issue bonds
and wherever the law invests hin
discretionary power he should en-
ploy both gold and silver in meeting
the obligations of the Government,
There is no occasion for undue APP.
prehension on account of the inva.
sion of the gold reserve fund. Il
was provided for an emergency such
as now confronts the country and
will be found entirely adequate to
maintain the credit of the Govern,
ment without resorting to the vic
ious expedient of an issue Of
bonds"
SUNDAY school, CONVENTION.