Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1895-02-20
The Presidents Message.

1893. is a most remarkable document, |
Congress has been convened in spec
ial session, the terms of the call indi-
eating desire to dictate to Congress
what laws they shall make or I'M
make.
Upon the converting OF Congress
he presents message in the nature
of special plea for the repeal OF the
Sherman law without any substitute,
and supports his plea by giving
what he terms reasons why this
should be done. His so-called rea-
sons are based upon misstatements,
and total disregard of the facts,
and no man occupying his position,
with the facilities at his command
for full aud complete information
~.pon vIIc ouDjecJ, wouiu auVaDce
such reasons, were be not either la
mentally ignorant or q thorough
knave.
We will treat them seriatim in as
terse manner as possible, as II
would be impossible in newspaper
article to elaborate upon each branch
OF the argum emit
He first finds fault with the Sherman
law because it fails to maintain the price
OF silver
The Sherman law was q forced
compromise measure-bad because it
treated silver as a commodity-but
the manner of its execution by the
Treasury department is largely re-
sponslole for its failure to maint tain
the price OF silver.
They have persistently hammered
the price Of silver down, through
collision with brokers dealing in
silver bullion certificates on the New
York stock exchange, where the
price OF silver bullion has been man.
ipulated ever since the Sherman law
took effect, AND HAVE REFUSED TO
COIN SILVER FOR THE REDEMPTION OF
THE CERTIFICATES, as prescribed by
the law, and by redeeming the Treas
ury notes in gold, endeavored to give
the impression to the people that sill
yer was not good money and finally
refused to buy the amount prescribed
by the law.
Second, he claims that failure to re-
deem these certificates In gold would have
resulted In their depreciation and dis
credit.
How does Mr.. Cleveland reconcile
this statement with the fact that on
July l, 1898, there were 1926, 49,
165 OF silver certificates in circula-
ton among the people, and i,463,-
339 OF the same in the Treasury,
which certificates are redeemabe in
silver dollars, and cannot be re-
deemed in anything else, and which
are not and have not been depreciat-
ed or discredited, being in volume
over twice the amount issued under
the law of 1890, and having been in
constant use and circulation since
1878, and thus stood the test Of time?
Third he states that between May I,
1892, and July Is, 1893, $54 900 II Treas
ury notes sherman law were issued In
payment Of silver bullion, and during the
same period. $4,000, 900 were redeemed in
gold, thus draining the Treasury gold and
encroaching on the reserve.
The statement OF the Treasurer of
the United States, shows that on
July lst, 1898, only s6,52S, 533 of
these certificates were on hand in
the Treasury, there being $40, $751;
694 in circulation among the people,
the total issue being STAT, 1870, 227,
and none having been destroyed;
what, then has become Of this $40
900, 900 which have been redeemed?
The law provides that they may be
reissued and they have been used to
pay the obligations of the govern
ment aside from the purchase of sill
ver), and if the Treasurer had not
had these certificates he would have
been obliged to have paid in gold or
other forms OF currency, consequent
ly there has been no change in the
gold holdings of the Treasury by the
presence of these certificates or the
operation of the law.
Fourth. that the operation Of this law
has rendered the depletion of our gold |
easy, and other nations have taken advan-
age Of it to build up their gold holdings.
In answer to this it is only neces-
'ary TO say there are 1920, S75, 693 of
United States notes or greenbacks
n circulation, and the presence of