The farmers' union. (Memphis, Mo.) 1891-1895, 1894-02-15
THEY DEFY THE LAW.
INFAMOUS PROCEEDINGS OF
THE ADMINISTRATION
No Law which Requires the Government
to Keep s1OO.OOO.OOO In Gold Oh Hand
with which to Redeem Grcenbacks-The
lnlaw full Bond scheme.
CarIisie's Crime.

Carlisic's Crime.
There is no law which requires the
government to keep &lOO,OOO,OOO OF
gold on hand with whic.l to redeem
grecnbacks. There is no law which
requires the government TO keep any
special amount. of any kind of money
on hand with which to redeem green
backs. The little battIedore-nndsiilt-
tle-cock game whereby investors rob
the treasury OF gold by .rcsenting
grecnbacLs for redemption: then lock
up the gold till the government calls
it from ITS hiding place by the Issue Of
bonds. is as unlawful as it is infamous.
Now let us see. All the law there. is
for the redemption OF grcenbacEs. I'M
der the color of which this slUC, nD0, 600
is kept in the Treasury, is what is
known as the Resumption Act of Jan.
IA, 1875. After providing that the
Secretary Of the Treasury snail redeem
greenbacks by retiring $50 for every
800 OF National Bank notes aided to
the National Bank circulation. til the
volume OF grcenlacks should be cut
down to 500, 900. 900 it says. Sec ion ,:
tIi and after the list GaE of .IatI ~. A. ID.
49,, the Secretary Of the Treasury shall r.
deem III cons the tEited States legal tender
mote : then outstanding on their presentation
for redefHlt on at the ot11Ce of Assistant Treas
u-er III the nited States in the city # New
York. IL sums of not less than so And To en-
able the secretary IF the Treasury to prepare
ana provide for the redemption in tliS act
authn lied or re,iu red. he is authorized to use
any surplus revenue nom tine t. time III the
Treasury not 9th -rwi,e appropriated and to
iss;ie. sell and dispose OF. ut not less than par
IN CON, either oi the d .,criptiou of Ond- of
the Unite! States described i'll act of Congress
J,11v had
authorize ths. rounding of the national debt
with like privilege ana exemptions. to the ex
tent Necessary To carr: this act into effect. and
t. use the proceeds thereof for the purpose
Aforesaid. And AL provisions of law l,lcon
sistcnt with the p, DIVISIONS of this act are here
by repealed
by the above act the Secretary of the
Treasury Is authorized to use ANY sur
plus revenues from time to time i'll the
Treasury not otherwise appropriated.
But then there is no specified amount
required to be kept on hand. There is
not il word nor an intimatiOn tina: there
shall be 100000. 900; nor $40, 900. 900 !;
nor $50, COO.OU Nor is there so much
~ Il qualification, saying that there
shall he II sufficient" quantity; or any
quantity whatever. He may not only
use any surplus revenue (the law evil
IDENTIFY meaning that he shall use what
ever unappropriated revenue there may
be in the Treasury before selling
bonds but he is authorized to sell and
dispose 81. ut not less than par IN COIN,
EITHER OF THE DESCRIPTION
OF BONDS OF THE UNITED
STATES DESCRIBED in the act of
Congress approved July ii. 1870, en-
titled An act to authorize the refund
ing of the national debt, with the like
privileges and redemptions, etc.
And now let us see what that Act
Of July ii, 1870" was. Let IT'S see
what kind of bonds were DESCRIBED.
The act OF July Ia. referred to. says:
The Secretary of the Treasury Is hereby
authorized to issue III u SUM or sums not eX-
cee.ltng in the aggregate two hundred millions
OF dollars. coupon or registered bonds of the
United States III such form he may pre-
scribe. and OF denominations OF fifty dollars or
some multiple OF that sum. redeemable IN com
OF THE PRESENT STANDARD VALUE, at the
pleasure Of the United States after ten years
from the date OF their issue. and bearing in
terest payable seini-annually In such com at
the rate OF per cent. per anil,,nn; also sum
pr Sims not exceeding in the aggregate three
hundie ed million dollars of like bonds. the
same III All respects. but payable at the pleas
ure %; the United States. after fifteen years
from the date of their issue, and bearing in
tere>i a; the rate OF four and a half per cent
per aHnuin: also u sum or sums not exceeding,
In the aggregate one thousand millions of like
bonds the same in ali respects but payable at
the pleasure of the United States after thirty
years from the date of their issue. and bearing
interest at the rate OF four per cent. per an
mum: al! of which said several classes OF bonds
ami the interest thereon shall he exempt from
the payment of all taxes or duties OF the United
States Is well as from taxation i'll any form
by or under state. municipal. or local author
ity; ard the said bonds shall have set forth
and expressed upon their face the above spec
ltied conditions, and shall. with their coupons.
be made payable at the Treasury of the Cnitet,
.n,r IN force. shalt be construed II outho,i-e
my increase uhdtster OF The toAdea debt % Ns
tnhtd states.
The above quotation contains all
that is saiu in reference to the differ
emit kinds of bonds to be issued and
sold III order to redeem greenbacks
Is there line or word about issuing
gold bonds? Ave, hut it says distinctly
that they (the bonds shall be redeem
able IN COIN tC-O-I-Nl Of the presen,
standard rd'ue." What was the
standard value" of coin in 1870? 1t
was tue old-fashioned gold dollar and
the ,old-fashioned SILVER DOLLAR. But.
says some one, that was in 1870; that
was before silver was demonetized in
1873. Nay. but the act of Jan. a.
1875 (the Resumption Actl, makes
special reference to the bonds de-
scribel in the act Of July il. 1870, -
going back to the law prior to the ac,
demonctiZing silver in 1878. In Other
words. it ignored the act of 1873, de-
monetizlns silver. And still more
this act of 1875 expressly declares tina,
All provisions OF law inconsistent Will
the provisions of this act are hereb,
repealed" Query: Could it not b,
construed to repeal even the law de
monetizing silver?
And here is another point. And i
is good point. The act of Jan. IA
1879. refers to the act of July. 1870
and thereby makes the two acts de
pendent upon each other. Therefore
let lis again refer to the act of July IA
1870. 1t says in words as plain a
those of Holy Writ:
But nothing in this act or in any other la'
now in force. shall be construed TO au;hori2