The herald., 1893-10-29

faith to keep it rs good. That is what
has done it. Mr.. Barrows, there is not
a law on our statute books that discrim-
mates against a coined silver dollar.
There was a law that limited its pay
ment to amounts not exceeding $5 but
that law has been long since repealed.
You 20 on and say in regard to this silver
already coined. And it's place must be
filed by an equal amount OF gold." Mr..
Bsrrows, don't you know that there ia
not dollar that has ever been coined
by the United States that is not now
in use as potential money? II 30,
where is it? II is certainly not in the
treasury OF the United States, the only
place it would be. No one else would
store away coined silver as useless when
they can present it to the treasurer OF
the United States and get gold for it.
Let us see if any of these millions of
coined silver not in uee are in the treas
ury OF the United States. Under date
of August Is, 1893, the secretary of the
treasury in communication presented
to the senate, says: Recently gold
coin has been presented at an office of
this department and silver dollars asked
in exchange therefor, and that exchange
WAS not made for the reason that all the
silver dollars in the treasury at the
time were required under the provisions
of the laws relating to currency, to be
held in the treasury to cover outstand-'
ing certificates and treasury notes issued
under the act OF July ID, 1890. At
present the department would not and
could not exchange silver dollars for
gold coin il requested to do 30 by hold
ers, for the same reason" That would
eeem to be pretty conclusive evidence
that the $500, 100000 of already
coined silver" or any part OF it is not
in the United States treasury. Where is
1t, Mr.. Barrows? The fact of the matter
is it is not true. There has been, how
ever, and is e deliberate and persistent
purpose on the part of the money power
to prevent the coinage of silver,
not to neutralize any already coined,
and this has been carried to
such an extent that there is not a single
dollar in the treasury of the United
States to redeem gold or greenbacks
with, as there should be. And the pur-
pose OF this is quite manifest. All our
government bonds eau be paid in silver
as well as gold, and these bondholders
have been instrumental in go shaping
the finances of our government that the
coined silver dollar is and has been just
as good ae gold.
There are $3.50, 600, 600 OF United States
bonds which fall due iu 1907. And
when that day comes it is the purpose
OF these people to have our currency on
gold basis, so that they can get gold
or It's equivalent for these bonds, and if
they have to take silver they intend to
see that it is just as good as gold. Mr..
Barrows makes great mistake when he
asserts that these people are trying to
neutralize or dlscredit this coined sil-
yer. They are straining every nerve to
prevent it, and to limit it's coinage, and
to prevent the increase of money in any
manner, except national bank notes,
because the issuance of every dollar OF
national bank notes means that the
government is paying them interest on
one dollar and the people are paying
them interest on 80 cents on the same
dollar, which will be increased
TO one dollar as soon as the
present bill before the Senate to in
crease the national bank circulation ia
passed. and there is no danger that our
president will veto it. The payment OF
this installment OF bonds alone with in
terest to maturity would require more
gold than is in our country. The ordi-
nary citizen believes that when the gov
ernment pledged it's faith to pay these
bonds in coin, the bondholders having
paid about 40 to, 80 cents on the dollar
these bonds and. thereby doubled their
holdings, thay should shasss been salts.
| fed, but they we're not. They. .deliber-
ately planned toa prevent the further
coinage of the silver. dollar, and other
wise limit the further use Of silver for
coinage purposes, and when these bonds
are due. if gold bullion ia worth twice as
much as silver bullion, then they will
double their money again. Masking a
dollar they they get get IS will
chase four times as much as the dollar
which they used in buying greenbacks
with which to pay for the bonds and on
every 40 to 60 cents paid when they
bought these bonds they have been
drawing interest in gold from the gov
ernment on one dollar; but this may
seem pretty hard but 1t is as nothing
compared with the condition in which
they have plunged our country by the
contraction of the currency which they
have brought about to accomplish this
purpose. The ultimate effect OF
the policy which has been foist-
! ed on our country is to re-
duce our people to state of indebted
nese, in which the rich will grow richer
and the poor poorer.
Did any one ever hear of bondholder,
capitalist or q money lender who op-
posed the borrowing of money by the
government when the government could
coin it instead? or who did not oppose
the issue under proper safeguards of a
limited amount OF paper money and
thereby increase the currency and save
the payment of interest and save our
people from an increasing load of in.
debtedness, neither OF which is accom-
plished by borrowing money. When
the government horrows money instead
OF coming it or issuing it, the circulation
ia not increased as the money is with
drawn from circulation to loan to the
government. All propositions from the
money power involves the issuance by
the government of more bonds, that the
government and the people may become
further indebted TO them, and tnat these
bonds may be used as the basis OF a
farther increase of national bank note
circulation, and that the number of
dollars ehall not be increased. They
have thrown every impediment in the
way Of any financial policy that looked
to our ultimate return to prosperity,
which would accrue to us by in
creasing the amount of money
in circulation. II any one says
this is not true ne has not been a
student of current events. 1t is un-