The Caucasian. (Clinton, N.C.) 188?-1913, 1893-03-02
THE REFORM PRESS
ASSOCIATION EXPOSES sHERIAs's
BOND SCHEME Bill Now HI
FoEE CONGRESS-.

silver law. He did this at the request
OF Grover Cleveland. Senator Stew
art and other silver senators fought
this bill which would have contracted
the currency and brought the country
down to q gold basis. We published
Sherman's speech in full. The bill
was defeated. But the gold bugs
nothing daunted at once put another
scheme on foot and got Sherman
TO champion it also. When the ap-
preparation bill was up before the
senate last week, Sherman offered
"a little amendment in the interest
OF economy and hoped there would be
no objection to it," The amendmen:
passed the senate before anyone kneS
what it meant. 1t slipped through
like the bill to demonetize silver in
1873. The National Reform Press
association was in session in Wash
ington at the time and Immediately
appointed a committee to investigate
the nature and effect of the amend
mcnt. The following is the
COMMITTEES REPORT.
Your committee, to whom was re-
ferred the matter of the further Is
sue of bonds, beg leave to report
the following:
WHEREAS, The following amend
ment to the sundrycivil appropriation
bill has passed the Senate, to enable
the Secretary of the Treasury to pro-
vide for and to maintain the redemp-
ton of United States notes accord
ing to the provisions of the act APP
proved January 10, 1873, entitled
IAN act to provide for the resump-
ton of specie payments" $50, 900,
and at the discretion of the Secre-
tary he is authorized to issue, sell,
and dispose of, at not less than PAT
in coin, either of the description or
bonds authorized IN said act; or bonds
of the United States bearing not to
exceed per cent. interest, payable
semi-annually and redeemable at the
pleasure Of the United States after
| five years from their date, with like
qualities, privileges, and exemptions
provided in said act for the bonds
therein authorized, to the extent
necessary to carry said resumption
into effect.
And whereas this amendment is
not only ambiguous and subject to
forced construction in addition to the
PLAIN proposition of a further issue
Of bonds and a consequent increase
in the burdens of taxation.
And whereas there is in the Treas
ury of the United States at the pres
ent time $10S, 100000 in gold and
bout $3.50, 900, 900 of silver, the en-
tire aggregate of which can be law
fully and justly applied to the re-
demption of United States notes.
And whereas this position is sus-
tanned by the following eminent
authority, to wit:
Hon. Edwards Pierrepont, Attor-
ney General of the United States
and minister to England, in a letter
to the New York Times Of April Is,
1884 says:
There is not an outstanding bond
coupon or greenback issued by the
United States which may not be law
fully paid in silver. Not one of them
on its face or back, or in the statute
authorizing the issue, or in declara-
ton, or in resolution of Congress, |
has any provisio that they shall be
paid in gold. And the act of Feb
ruary %, 1888, directing the coinage
of silver dollars, declared that such |
dollars shall be a legal tender at their
nominal value for all debts and dues,
public and private, except where
otherwise expressly stipulated in the
contract.
And whereas, this position is furth-
er strengthened by the following
resolution passed by the United |
States Senate, January %, 1878, and
the House of Representative Janu-
airy Is, 1878, by vote of ~ to 20 in |
the Senate and 189 to 10 in the |
House:
THAT all the bonds of the United
States issued or authorized to be is
sued under the said acts of Congress
hereinbefore recited are payable,
principal and interest, at the option
of the Government of the United |
States. in silver dollars of the coin
age of the United States, containing
4l23 grains each of standard silver: |
and that to restore to its coinage
such silver coins as a legal tender in
payment of said bonds, principal
and interest, is not in violation of |
the public faith nor in derogation |
of the rights of the public creditor"
And whereas the amount of bonds
authorized by the refunding act have
been exhausted and there is no law
authorizing further issue;
Therefore resolved, by the Reform
Press Association
LIST. That we consider this amend
ment as covert attempt to obtain
authority under the false plea of |
economy.
Ind. That We look upon the pas
sage of this amendment as a crime
against the people of this country.
an attempt to fasten the shackles of !
industrial slavery more firmly. and
an open challenge of money against
manhood.
5rd' That we urgently request our
Senators and Representative in
Congress to do all in their power and
resort to every means known to legis-
latlve obstruction to defeat the en-
actment into law of this monstrous
piece of financial vilIainy.
18th. That a copy of this report be
sent to each Congressman and Sena-
tor.
n. A. DUNNING, Chairman.
j. Ell. MCDOWELL,
MARION BUTLER.
The bill is now before the House.
The reformers and friends of the peo-
pie are fighting it. If it fails to pass
the Reform Press Association will |
deserve the credit for sorn1;, Al