Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-07
TIE CRIME or 1891.

The following extract from an edi-
torial In yesterdays Times recalls to mind
the history Of the treacherous throwing
open OF the United States Treasury by
Charles Foster, President Harrison's Sec
Rotary Of the Treasury, a history with
which few people are familiar:
The action CT 1880 commonly called the
Sherman law pledges this government 10
keep all of its dollars at parity wits
each other, and the government has,
from the day II was passed. until to-day,
let 1t b. known that IL would take what
ever action was necessary TO accom-
plish that end. and 1t has actually done
80. But the only actual step that II has
found necessary was to give gold for
what are known as the Sherman notes
whenever gold was demanded.
Let US see how il was found neces-
sary."
When silver jumped from p 10 80 under
the operation OF the Sherman act. it be-
came necessary for those interested in
gold TO do something to check it, and they
found their friend in Charles Foster
Secretary of the Treasury under Presi-
dent Harrison. 1t was he who opened
=
United States Treasury 10 the gold raid
ers The Treasury notes were legal
tender, and redeemable lat the dis
erection Of the Secretary of the Treasury"
jn either gold or silver No Secretary Of
the Treasury before his time had ever
thought of giving the holders OF these
notes the option. of which metal they
AZ Hs. nv
law. Not one Of these Treasury notes
had ever been presented for redemption,
until Mr.. Foster advertised in a letter
10 the Republican Club of MASSACHUSETTS.
dated October TO- 1891, that Treasury
notes are redeemable in gold when so pre-
scented for redemption at the Treasury.
or any Assistant Treasury Of the United
States" This bold move to open the
Treasury to raiders. which put the gold
reserve Of the government at the mercy
of Wan street and other spectators. and
thereby sent gold higher up and silver
down lower, was promptly taken ad-
vantage OF. as the following kilograms
will show
Boston, Mass, October 10, 1891.
Noticing in your letter OF October 10th
20 Republican Club. published here this
morning. statement that Treasury-notes
are redeemable in gold at any Assistant
Treasury, sent N,O00-note to Sub-Trea-
sury here this morning. requesting such
redemption In gold. This was refused
II your letter correctly states policy of
the Treasury, will you please send instruc-
lions TO Sub-Treasurer here TO redeem
notes in gold? An early answer earnestly
requested. PHINEAS PIERCE,
''32 Summer street
r'IIon Charles Foster. Secretary of the
Treasury, Washington. ID. c.
Here was the answer:
october II. 1891
"Phlneas Pierce. 30 Summer street,
Boston. Mass:
Acknowledgement Kennard has
been Instructed to redeem Treasury notes
In gold CHARLES FOSTER,
Secretary.
Charge Department"
And then Secretary Foster sends this:
october II, 1891.
Assistant Trs asurer Boston. Mass:
Why didn't you apply so United States
Treasurer for instructions when Treasury
notes are presented for redemption in
gold? CHARLES FOSTER,
Secretary"
This is the reply OF Mr.. Kennard:
''Ofiice OF
Assistant Treasurer United States.
Boston, Mass. October H. 1891.
80: 1 have respectfully to own 10 lhe
receipt OF telegram of Treasurer United
States. Redeem Treasury notes In gold.
n presented and a demand made for such
redemption: also. 10 your dispatch OF
even date. Why didn't you. apply to
United States Treasurer for instructions
when Treasury notes are presented Tor
redemption IN gold? TO which ! wired
the following reply: AS no general de-
mend has been made for the exchange OF
Treasury notes In gold, the occasion had
not arisen for askins for specific instruc-
sions. Very respectfully.
M. p. KEsSNARD.
Assistant Treasurer United States
'Hon. Charles Foster. Secretary OF the |
Treasury. Washington. d. G."
Three years after SIS occurrence Mr..
Eennard wrote history OF II and Of It's
rsAs''fs 70 MISUNDERSTANDING Hamlin. !