Omaha daily bee., 1894-02-11

any and all purposes. may be 5000, 600. 600
Republican Or. John Sherman says there Is
no limit.
AS shylock says: Fifty million dollars
and up for ten ycars and the people OF the
United States bound. Well, the people OF
the United states are good security.
But. see now, Jack FalstaG Carlisle and
Jack Falstaf Sherman ct al. "how a plain
tale Of the law shall put thee down" in
your pretended right to issue these bonds
and further rob this people.
Here is the law: The act to provide
for the resumption OF specie payments, APP
proved January II, 1875:
Section T.. Provides for the purchase Of
bullion and coinage OF subsidiary silver to
redeem and replace the then outstanding
fractional currency, in amount, at that time,
between sac. 0O0.O00 and Si7, 0O0, 900.
Sec. 2. Removes the then existing charge
or seigniorage OF one-ifth Of 1 per cent for
coming gold. making 1t free.
Sec. 3. Removes all of the previous limit
on the aggregate amount Of national bank
notes and limits and reduces the United
States legal tender notes (grcenbacks) to
$500, 600, 900. II provides that as bank notes
may be increased, so per cent Of the amount
in greenbacks shall be redeemed and can
celed" by the secretary of the treasury until
no more than $500, 600, 900 Of said notes shall
remain outstanding, this operation to begin
at once. The timated aggregate amount
OF these notes then outstanding was $3S2,-
OO,OO0. But ION and after January I,
1873, the secretary of the treasury shall re-
deem, in coin, the United States legal
tender notes then outstanding on their pre-
sentation for redemption at the Office OF
the assistant treasurer of the United
States in the city Of New York, in sums of
not less than $50
Observe in the first portion of this law
the order is to redeem and cancel" in
the second 1t Is only to redeem on and af-
ter January |, 1879. That by the term re
deem as here used was not meant to can
cell and destroy, is shown by the fact that
during the panic OF 1873, when n similar pro-
vision of law as in the first instance existed,
10000 900 of this legal tender greenback
then in the treasury was paid out by the or
der of the secretary to the
national banks to save the banks and to stay
the panic. Otherwise this act of the sec
rotary was a violation of the law.
Again, the resumption act says: "And
to enable the secretary of the treasury to
prepare and provide for the redemptions
in this act authorized or required. he is
authorized TO use any surplus revenue, from
time to time in the treasury not otherwise
appropriated, and to issue. sell and dispose
of, at not less than par in coin, either of
the descriptions of bonds of the United
States described in the act of congress APP
proved. July IA, 1870, entitled. AnAct to
Authorize the Refunding of the National
Debt, with like qualities, privileges and eX-
emptions. to the extent necessary to carry
this act into full effect, and to use the pro-
ceeds thereof for the purpose aforesaid"
Then follows the usual repeating clause.
The refunding act Of July IA, 1870, referred
to, and which the bonds authorized by the
resumption act were to be like, authorizes
the refunding of all the then outstanding
bonds and other interest bearing obligations
Of the government, and to issue instead,
bonds expressly payable in coin of the then
standard weight and fineness, as follows:
! Two hundred million 5 per cent ~ten-year
bonds; 5000, 900, 900 AZ per cent fifteen-year
bonds, and 81 900, 900, 900 4 per cent thirty
year bonds. 1t also says:"But nothing in
this act or any other law now in force shall
be construed to authorize any increase what
ever of the bonded debt of the United
States"
The act to forbid the further retirement
of United States legal tender notes green
backs approved May 81. 1878. commonly
known as the Fort BILL" reads as follows:
."Thatdrom aud after the passage of this act
1t shall not be lawful for the secretary of the
treasury, or other officer under him, to can
eel or retire any more of the United States
legal tender notes (greenbacks), and when
any of said notes may be redeemed or be
received into the treasury under any law,
from any source whatever, and shall belong
to the United States, they shall not be re-
tired, Cancelled or destroyed, but they shall
be issued and paid out again, and kept in
circulation, provided that nothing herein
shall prohibit the cancellation or destruction
of mutilated notes and the issuance of other
notes of like denomination in their stead,
as now provided by law. All acts and parts
of acts in conflict herewith are hereby re-
pealed. Approved May 81, 1878"
At the date of this act there was a little
over $346,I 900, 900 of these legal tender green
backs yet outstanding. The resumption act
was cut short in it's intended destruction
of these notes SAG, 000, 900.
Where now in these laws, and they are all
there are on the subject, is a word that can
be tortured into an authority to sell bonds
in any amount for the purpose of a current
fund or to supplement a deficient revenue?
Where is there one word of authority or
call for the maintenance of a permanent
and full 500, 900, 900 gold redemption"
fund? Or of any other sum? 1t Is all a fc-
ton.
Could language be more emphatic than
that of the Fort bill" in repudiating the
resumption act and prohibiting any further
'redeeming or retiring" of the legal-tender
notes-in making these greenbacks perpetual
money of the United States? The law says:
when any of these notes may be redeemed"
they shall not be cancelled or retired, but they
shall be reissued and paid out again and
kept in circulation"
What then becomes of, or is meant by, re-
deeming this legal tender perpetual money
and the purpose Of this full 500 .OOO,0 900 gold
reserve at an expense of millions OF interest
on bonds? 1t is for the sole purpose of
maintaining. as it has for the past fifteen
years, the biggest bamboozle and humbug
of the ages-the fiction and destructive force
of converting one money or currency into
another on demand by force of law.
VI HoI tNtiy iliiiiO 'iliHt SNoP anu
examine this '~redeeming, "'converting'' bust
ness for a moment? 1t is not so compli-
Gated. Examine as to who profits by it
and who does not. For what purpose does
any citizen Of the United States, working
man or business man, want or have to "con-
vert" one money Of the United States into
| another, so long as both or all are equally
a legal tender and receivable by the govern
ment for everything? By what means can
any person be forced to pay a premium for
one money over another, so long as these
conditions exist? There is none. So long as
the money authority is equal in either sill
yer, gold or paper money, there can be no
possible choice or difference of value in
them as money, except that paper is lighter
and more convenient to handle, gold next.
Since citizens of the United States,
except money shavers, have no need to
have their money redeemed" or
converted one into another, for
whose benefit is this 500, 900, 900 gold
redemption fund maintained in New York,
which Secretary Carlisle ~pretends to have
authority of law to sell interest bearing
bonds to replenish? 1t is for the benefit of
foreigners solely-importers, free traders, in
~vestors, holders of United States securities,