The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-02-03
WE ONO DEMOCRAT SATURDAY. FEB. 3. 1894

with Democratic silverites to Grip
pie the operations of the Treasury
Department. Re-echoing the sent
timent Of Senator Quay in recent
interview, the Pennsylvania Con-
gressman says: "Secretary Car
Isle is responsible for the Wilson
bill; and we believe that this hill
is the chief A,use OF the existing
Treasury deficit" "Therefore," Mr..
Stone goes on to say, Mr.. Carlisle
"cannot expect us to support u
policy designed to decrease the
revenues and to supply the deficit
by the issue of bonds"
This language, so palpably false
in its description of the financial
situation and of the policy Of Sec
retary Carlisle, betrays the dis
honorable and seditious attitude
of the Republican members of the
House Judiciary Committee. These
men know full we'll that the object
of Representative Bailey and his
cheap money associates in their
effort to embarrass the issue Of
bonds is to force the coinage of the
silver seigniorage in the Treasury.
While protesting to favor honest
m oney, they do not hesitate to ally
themselves with the Populists and
Silverites in obstructing the efforts
of Secretary Carlisle to maintain
the public credit. And their shah
by pretext for this course of incl
vism is that Secretary Carlisle is
responsible for the Wilson Tariff
bill! While they prate of the
"sacred" character of the $100,O00,-
600 gold reserve, they do not men
tion in their report the fact that
for months the Secretary has been
obliged to grasp this fund in order
to meet Government obligations.
Why has not the illegality of this
action been deemed worthy of con-
sideration by the House Judiciary
Committee in its excess of sudden
love for the sacred" gold reserve? :?
For the rest, it would be no easy
matter for financial experts to de-
termine what the reserve fund is,
and what gold has flowed into it
under the Resumption act of 1875.
In truth, the'law has never fixed a
special redemption fund of $780,
100000 in gold, or any other sum,
greater or less. Under the Re-
sumption act the Treasury sold
bonds for gold to the amount of
$92 100000, and the free gold in its
vaults has frequently been consid-
erably above $1OO,OOO,OOO. A pro-
vision of an act passed in 1882
authorized the Secretary to sus-
pend the issue of gold certificates
when the reserve of gold for the
redemption of greenbacks should
fall under $lOO,OOO,OOO. On this
ground it is claimed that the re.
serve must never fall below this
sum. But it has fallen much be-
low this figure, and the Govern
ment has done nothing to maintain
it until now, when Treasury de-
felt has compelled Secretary Car
Isle to issue loan of $4,000, 900.
Such is the brief history of a
fund which has suddenly become
"sacred" in partisan eyes when a
preteXt could be found-in tito en-
barrass the administration of the
finances. But there are $346,O0O.-
600 of outstanding greenbacks, and
these greenbacks, as fast as re.
deemed, can be issued again under
the law. Hence, should the Bailey
resolution pass both Houses it
would be likely to fail in it's pur-
pose of obstructing the operation
of the Treasury. The whole man.
euver in the Judiciary Committee
of the House shows that we have
fallen on days of small things and
mall men. While. Secretary Car
isles appeals for authority ia
maintain fgold payments and to
preserve the!public credit are treat.
ed with Indifference and neglect, il
not with downright hostility, in
both branches of Congress, the Re.
: publican members of the House
Judiciary Committee unite with
the Democratic championsof cheap
silver to cripple the public finances
by disparaging the $50,OOO,0OO loan
in advance of its issue. The cOun,
try cannot contemplate but with
disgust this alliance of PARTISAN
ship and cheap money fanaticism