The comet. (Johnson City, Tenn.) 1884-1916, 1893-06-01
GOLD AND SILVER.
UNJUST CRITICISM OF THE SEC.
RETARY OF THE NATIONAL
TREASURY.
In Paying Out Gold He has Strictly
Observed the Law.

Washington, May 26.-The Sec
retary of the Treasury is made
the subject of adverse criticism by
the advocates OF free silver because
he permits gold to be paid at the Sub
treasury at New York for Treasury
notes. Those who aae finding fault
with the Secretary do not seem to uu-
derstand that he is obliged by sound
public policy, as we'll as by the letter
of the law, to pay in exchange for
Treasury notes gold or silver at
the option of the party presenting
the notes. The criticism that the
Secretary of the Treasury is helping
to degrade and demonetize silver is
really preposterous when the facts in
the case are considered from reason
able and intelligent standpoint. Here
is the situation plain and simble:
The act of July IA, 1890, which di-
rected the Secretary of the Treasury
to purchase 100000 ounces Of silver
every month and pay for it by the
issue of coin Treasury notes, declared
it to be "the established policy of the
United States to maintain the two
metals on a parity with each other up
on the present legal ratio, or such
ratio as many be provided by law"
1t is the duty Of the Secretary of the
Treasury to maintain this policy, and
it must be evident to every one that
he can do so by forcing the holders Of
Government obligations to take gold
if they demand silver, or to take sill
yer If they demand gold. To do this
would be to assert or at least to recog-
nize, officially, difference between
the value of the two metale, for il the
Secretary insited upon paying gold
and the holder of the obligation pre-
ferred silver, or vice versa, it would be
equivalent to declaration that the
metal in which he refused to pay was
regarded by him as Of greater value
than the other. In order, therefore,
to maintain the parity of the two met
ais as required by the declaration oi
Congress, the Secretary must treat
the two metals precisely alike, thai
is, pay in gold if gold is demanded
and pay in silver if silveris demanded
This is what he haa done and is now
doing.
This is not discrimination agains
silver, anv more than it is discrimina
ton against gold. No one has been re
fused silver if he demanded it, or ever
if he was willing to take it; in fact
extraordinary efforts have been made
by the Government from time to tins
to get the standard silver dollars int
circulation among the people. 1t hai
even paid all the expenses OF trans
portation in many instances, in orde
to induce the banks and others tt
take silver in exchange for currency
and in this way it has succeeded il
putting into circulation large amount
which otherwise would have remain
; ed in the Treasury.
1t is not a fact, as appears to be sup
posed in some quarters, that the Sec
retary of the Treasury has been pay
. ing silver certificates in gold, or tina
he has redeemed silver dollars in golC
:. The silver certificates call specifcall
for the payment of so many silver do
! lars, and they are redeemed by th
a delivery of silver dollars. The ol
Treasury notes, or greenkacks, an
the coin Treasury notes issued for th
v purchase of silver bullion under th
! act OF July IA, 1890, are the obligation
Q upon which the Government pa,
l. gold when demanded.