Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-11-08
THE SILVER QUESTION.
CONTINUED from last week
n Appendix to Mr.. Battelrs letter.


securities of the United States, held by
individuals, corporations or assoca
/, tiOns within the United States, shall be-
exempt from taxation by or under
State authority" This provision was at
innovation and, with the high rates Of
interest offered, should have been un
necessary. 1t, too, was doubtless in
spred by the parties holding, or hoping
to secure the obligations.
The supreme court held that this ex.
emption included United States notes
Igreenbacksl ], but the act of Aug. ID
1894, repealed the laws exempting these
from taxation.
TREASURY NOTES OF 1890.
The act of July If, 1890 (lnown as the
Sherman AcD directed the secretary of
the treasury to purchase monthly H.
800 900 Oh. of silver bullion, or so much
thereof as might be offered, at the mar
ket rate, not to exceed 81 for 81
grains of pure silver (the weight of
pure silver in the standard dollar. 1t
also directed for the payment of such
bullion, the issuing of treasury notes of
denominations not less than s. or more
than $1,000.
These notes were made payable in
coin and might be reissued. "But no
greater or less amount of such notes to
be outstanding at any time than the
cost of the silver and the bullion stand
ard silver dollars coined therefr0m.
then held in the treasury purchased by
such notes" These notes were legal
tender except when otherwise expressly
stipulated in the contract and might be
counted as part of the reserves of any
national banking association.
We now have inserted, at the end of
section ,, the following: "That upon
demand of the holder of any of the
treasury notes herein provided for, the
secretary of the treasury shall, under
such regulations as he may prescribe,
redeem such notes in gold or silver coin,
at his discretion. it being the established
policy of the United States to maintain
the two metals on a parity with each
other upon the present legal ratio, or
such ratio as may be provided by law"
This clause was evidently inserted by an
enemy for some sinister purpose. 1t is
again the work of an assassin to destroy
what he could not prevent; and has
since been used as authority for multiplying
the express provisions and whole spirit
of the enactment. The title of the law
"directing the purchase of silver bullion
and the issuing of treasury notes hereon,"
and the Sd section of the law "That the
secretary of the treasury shall each month
coin 100000 on. of the silver bullion
purchased under the provisions of this
act into standard silver dollars until the
first day of July. 1891, and after that
time he shall coin of the silver bullion
purchased under the provisions of this
act as much as may be necessary to pro-
vide for the redemption of the treasury
notes herein provided r,"-is proof pos
Tive, that it was the expectation and in
tent of the law that the treasury notes it
created should be redeemed in silver.
About $3.50, 100000 of silver bullion was
purchased and i held. coined or uncoined.
in the treasury expressly and solely for
this purpose. The law did not provide
gold, or in any other manner. nor has any
law since provided in any other manner
for the redemption of these notes. But the
secretary of the treasury has borrowed
gold at great expense to the government
with which to redeem these notes. instead
of redeeming them with the silver held
in the treasury for that purpose.
The act of Nov. /, 1893, repealed that
pant of this act requiring the purchase
and coming of silver, adding "that it is
again hereby declared to be the policy Of
the United States to continue the use of
both gold and silver as standard money
and to coin both gold and silver into
money of equally intrinsic and eX-
changeable value, such equality to be
secured through international agree
ment, or by such safeguards of legisa-
zion AS will insure the maintenance of
the parity in value of the coins of the
two metals and the equal power of every
dollar at all times in the market and in
the payments of debts. And it is here
by further declared that the effort of the
government should be steadily directed
to the establishment of such safe sys-
TEN of bimetalism as will at all times |
maintain the equal power of every dol
lar coined or issued in the market and in |
the payment of debts"
This last part of the act of Nov. l
1898, is without practical significance,
as no international agreement has been
obtained or safeguards of legislation
to secure the objects referred to.
But the permission given in the law of
1890, to the secretary OF the treasury,
10 use his discretion to redeem
In,