The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1895-02-16
Gold Bonds.

Since the gold reserve was replenished last
November New York bankers and spectators
have Systematically attacked it. until only a
little above forty millions are left The Pres
ident and Secretary of the Treasury became
alarmed at the situation and Mr.. Carlisle ne
aotiated with London and New York bankers
the sale of sixty-five millions of bonds for
gold. STIMULATING that one half of the gold
should be shipped from Europe Asa further
step to the use of gold exclusively and the
abandonment of silver. the bankers agreed TO
take the bonds at three per cent. interest. It
principal and interest were made payable ln
gold. It the bonds are made payable ia
..coin. as our laws authorizing the issue Of
bonds require. then the bankers demand 81
per cent. interest. The difference In interest
amounts to about S58a.000 annually, and in
thirty years to Sl6,o0o,O00.
To save this interest Mr.. Cleveland seat
message to Congress asking that authority be
given 10 the Secretary of the Treasury 90 issue
bonds PAYABLE in gold resolution cmhody-
inc the President, recommendation was pre-
sented to the House on Wednesday but was
defeated by a. majority after five hours be
bate
The proposition looked very fair on IT'S face,
but il meant more than the saving Of inter,
est-it meant making every public obligation
PAYABLE in gold. and finally contracts between
individuals would be similarly made. for The
money power would be able 20 force g. Gold
would become dearer and harder 10 get.and the
debtor class would be still harder squeezed
The resolution did not have plain sailing.
The Committee Of WAYS and Means that re-
ported the resolution, was divided on o.
Democrats and Republicans were divided
and their were majority and minority reports
on it. while the debate in the House was an.
mated.
The minority report was signed by BRYAN,
Of Nebraska. and Whiting. Of Michigan, and
here is an extract from it:
the i..t,s az laBsi. OF snv kind is only uccle,l SEQ
repleuish the gold reserve aua The Ens1 Tt-sr's =
only needs rCplculshing h,entsss fhy -scr 'try ~
the Treasury r-eeBls Unli,si states ns;s ana tras
M note iu the ku 81 coin selected hN i1c utg-
holder The notehaidcr has un eral tt-a'l in 5atH-
tbe coin III " hich she obligation shall ~ rlga''
but has been r-srIuited To cNerctSe iai right n,
policy iuaugnrates by The Treasury Department 90
~ spon after the date % The resumption n >g-'c
Treasury NJ carlisle neeeutiy giyru. IS r'far nI-an
This point ... 7-..-.- t.
now hy law tse right % redeem ssEal sei'I 49,
by the payment u either gold ~ silver eoiu y l,
ever j. most convenient for us Egfefi.tA. ~ So
believing that thr eNerrtse % thLs r'Aai ht ~
-,ertarv % she Treasury g. absolutely Necessary ln
protect The government trum orsauiEfvl adj Htaf-
grained rstis ufsHn the coin TesfF't ri Att 4.
administrative puligE "a htth has iftt I ave- ta'
mt financial conditions Neither arg all.
tir hy authorizing t0nsis frr ttc purr1'. ~ c..l
to pledge the government 90 a policy Nhteh Hi'.
criminates against silver a. q stilia5l f'.,es ~
demf,f{5r - lnsg. A. the uo;ehofef S allowed g.
chatsSn the cola tu which De s % tc frt' ~ .atE
wiz S. D. futile 60 aitcmIf Z" maintain <'' W
Recent Experience shows ti.s gold ssgurcl bg iae
issue a. iasr3s Is A. uurr drawn QUA ls th''st io
Interested IN having in"Fe '.'tii>
thus The pgiblic debt l. Increased 90 tt aciriiseil
81 the aNtayrr and for the trneai % ahl3 moss
who desire safe investment ff surplus ianis We
N, nst f.,lieye that any rial advantage w+ia De-
gained hy securing gold shroaa
Ne have no hesitation lu declaring if a. oslE a''n
viction that there s. remedy permanent pa .1f
acier ur promising In results except az llAbttAte
exercise hy the scyrciNry ~ ihe irst>'irn ri ",
right 20 rtaeeu United states Hoies ah4 Treasury
note, in standard silver coin hsneFrf 81 7 llgst
convenient for the government 20 90 50 am 81 e
nlrther t~ssleEt lla gag Ettal'ss ,l.,l-ss ~. go
possibly attend Such ct''ir~s = lHAultFiA - .tlA"
The evils which arr ccrtstn O" follow au aAAef'.f
% tlsc present policy
five were willing % auihriEe tirr issue e aAils
al this tiuie sn IgIFCll., gold wUid siil p "l-
posed a. baslis payable specifically 10 sqA tt''--
an issue az such bond, would either pledge the
eminent 70 the redemption ri Al u gaiil'iis o. gd
OF make discrimination against rHin uhl lAai4Nte
uoW outstanding There Is no qne>lt.it ms i"t
issue ~ gold bonds would az Uncr p nasA ~
by dcmsnd Tor az act making existing t-aods pa
able tn gold and IL " oud D. urgcd That q H oiiti
H. asirsl 10 dersr from ile policy Of gold i.fis
hen once naugtgnatei Just a. W IS nuw urEt-A liai
t will D. disastrous for the government iu rsiiilc 9
discretion " hich has been temporarily >aFgeie1f-i
20 the uotehodeT 10 j. impossible % uFrrsit l E.
the evil influence " hich wnuid h. excrto1 hY The
issue of gold bonds by the government. hsl1lse
snch action would naturally and necessarily en-
courage Il not actually compel the issue q Cu.i
bonds by al public ana private corporation ana
ally