People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-02-24
TO ISSUE BONDS

On motion of John Sherman, an
appropriation bill from the House has
been saddled with an amendment
authorizing the issue of $50,000,000
of 3 per cent bonds, to be sold for
gold to maintain the parity of treas
ury notes issued against silver. The
fate of the amendment when it comes
back to the House for concurrence is
predetermined. No doubt the first
step of the House will be to non-con-
cur, after which it will go to a joint
committee. Here the probability is
that it will be accepted and finally
become law, just as suspension of
silver coinage did in 1873.
Mr.. Bland, of Missouri, in an inter
view, expresses himself staunchly for
the people, but it is gravely doubtful
if he be not in a minority in his own
party on this question. He says:
The Treasury is now empty owing to
the extravaganza appropriations of Con-
gross, and hence there is no surplus I'M
der the resumption act TO be used. This,
however, is not the fault Of the coinage
of silver, nor of the greenback nor any
financial legislation, but is the result of
extravaganza appropriation of the public
money. Consequently the issue OF $780,
100000 bonds for the purpose Of main
tanning the parity Of greenbacks and the
silver currency is wholly unnecessary.
There is no difficulty about our green
backs nor our silver, nor our gold it is
all at par to-day and will remain SO. If
anyone wants gold for his greenbacks
there is that $780, 900. 900 gold in the
Treasury, put there for the purpose Of
being paid out when called for.
IT this 800, 100000 was reduced to $780,
600, 900 there is still sufficient for resump-
ton purposes and to meet all emergen-
cies. The time might come if it should
run below that to make provision such
as is now proposed, bat it is evident to
any one that the plea for issuing bonds
for the purpose of maintaining the parity
of our currency is a mere pretext, the
real object being to increase the bond
debt of the country as basis for per-
manent national banking system IF the
$50, 100000 of bonds are issued and they
are sold for gold, the gold may be paid
over one counter and the greenbacks
presented at the next, and the gold re-
TUNED again to the banks and the Treas
ury would have no more gold than it
would have at the beginning. This pro-
cess could be repeated without end until
$1,000, 600, 900 of bonds were issued, or
50, 600, 900, 900, or as many as you choose.
In all probability if the law is enacted
and the bonds are issued on the conyen-
ing of the next Congress the gold will be
gone and Wall street will again be in the
same panic she pretends TO be in now
and demand the issue of 500, 200, 900 !;
and on the issue of 800, 900, 900 one day
they could take it up the next with
greenbacks. 1t is deep laid plan to fix
upon the country a permanent bonded
debt in the interest OF national banks
When it Is considered that the en-
tire bonded debt of the country is
payable in coin of the weight and
fneness, fixed by law when the debt
was created, and that under the con-
tract the silver dollar is a legal ten
der for payment equally with gold,
the glaring criminality Of the con-
templated issue of bonds should
rouse every citizen to a forcible pro-
test. But no protest will be made,
and we may expect the amendment
to become law.