The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-09
THE GOVERNMENTS OBLIGA-
TONS

Section of the Sherman silver pur-
chase law under which the treasury
notes were issued which the administra-
ton now declares must be redeemed in
gold, reads as follows:
1.-THE secretary of the treasury shall
each month coin two million ounces of
the silver bullion purchased under the
provisi on of this act into standard silver
dollars until the frat day of July, 1891,
and after that time he shall coin of the
silver bullion purchased under the pro-
visions of this act as much as may be
necessary to provide for the redemption
of the treasury notes herein provided for,
and any gain or seigniorage arising from
such coinage shall be accoun ted for and
paid into the treasury"
If this does not mean that the treasury
notes are reasonable in silver, what
does it mean? If the silver thus pur-
chased was not intended to be used for
the purpose of redeeming the notes is
sued in payment of such purchases, why
was its coinage in such quantities as
might be necessary for the purpose, pro-
vided for in the law? Section reads:
"That upon demand of the holder of
any of the treasury notes herein provid-
ed for, the secretary of the treasury. shall
under such regulations as he shall pre-
scribe, redeem such notes IN gold or ST.
yer coin at his discretion. it being the
established policy of the United States to
maintain the two metals on a parity with
each other at the present legal ratio, or
such ratio as may be provided BY law"
This is the section which Secretary
Carlisle has persistently and systemati-
cally violated. In exercising the discre-
ton herein permitted the secretary has
destroyed that very parity between the
two metals which the law by its ex-
pressed terms was designed TO maintain.
Neither of the sections above quoted was
repealed. Only the purchasing clause
was stricken out by Mr.. Cleveland's CON
gress.
Not satisfied with this, however, Mr..
| Carlisle stated at the recent millionaires'
banquet held in New York that the sill
yer certificates also rest upon the shifting
and uncertain basis of the gold reserve.
| The lie is given to this assertion
| by the certificates themselves which
state that silver dollars equivalent to the
| face of the certificate have been de-
posted with the government and are
| payable to the holder on demand. If
| silver certificates were intended to be re-
| deemabls in gold why were they not
made legal tender as gold is. There is
just as much reason to say that gold GER
tificates are redeemable in silver as that
silver certificate are redeemable in
gold.
It will be difficult to understand what
the secretary of the treasury meant in
the speech above referred to when he
spoke of ''the few years of recent free
coinage" He certainly knows as every
body else knows there has been no free
coinage of silver since 1878 Yet
he referred to this imaginary era
of free coinage az resulting in
forced loan extorted from the people of
the United States by private silver own
ers When it is considered that under
the Bland law the government bought
the bullion of the mine owner at its own
price and coined it profit of from 20 to
% per cent it is difficult to see whore the
forced loan came in. The silver owners
doubtless would have greatly preferred
to have been permitted to take their
bullion to the minis and had it coined in
the old way. asking nothing from the
government but the placing of its stamp
upon the metal.
It is evidence of very poor case when
the advocates of gold standard are
forced to bolster up their cause, not only
by deception but by absolute falsehood.