The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1896-10-10

Such Is the inevitable result OF tn
policy to preserve the gold standard
In proof, 1 refer to house bill 1904
passed by the present house Dec embe
%, 1895, entitled 'tAn act to maintain
and protect the coin redemption fund
ETC." This bill gave to the serretar.
of the treasury, in addition to IN
present authority, the authority to issue
sell and dispose of at not less than pal
in coin, bonds of the United States, t.
an amount sufficient to redeem tn,
United States legal tender nOies, tt
bear not exceeding 3 per cent interest
Iu the senate the democratic Der,
of the finance committee, with the aiC
of Senator Jones, of Nevada, and Vol
colt, of Colorado, reported 4 substitute.
for the free and unlimited coinage o
silver dollars, equally with gold, anC
no final action was had. Many of thu
republican members of the present
house, who voted for this bill, are
candidates for reelection, and may he
elected to the fifty-fifth congress, anC
will be committed To such j measure
FIRST DECLARATION o GOLD.
In tho history of political parties in
this country the republican party is the
first and only one which has ~repndiated
bimetatlism, favored by the American
people both from tradition and their
own best interests, and proclaimed in
favor OF the British gold standard. For
the first time in the history of The re-
publican party IN Missouri, it has
Endorsed the gold standard plank of the
national party in unmistakable Ian
guage-"We most heortiiy approve
each and every plank of the national
republican platform " y and pledge
our best efforts to carry into effect and
maintain the principles, policies and
pledges therein contained"
However costly and disastrous the
gold standard may be, h republican
party of this state is pledged 10 main
tain it, and a vote for its nominees is q
vote for the gold standard.
What does the gold standard meant
1t means that gold coins alone shall be
the money for the final payment of all
debts, public and private, and for the
| redemption of all other kinds of money
currency, whether silver or paper.
This republican policy, the existing
gold standard, has been the exact poll
cy of the present executive administra-
ton since November l, 1898, and has
been tried. To its further mainten-
ance there are insuperable objections.
Before discussing these objections, let
us settle some questions beyond any
doubt.
1 now quote from Treasury Circular
1913, issued by Secretary Carlisle, July
/, 1896, for the information of the
people, good gold standard authority {:
1.-THE government has never issued any
bonds payable by their terms, either
principal or interest, in gold coin or
silver coin. Before the war, the Obli-
cations of the government contained
no statement as TO the kind of money
in which they should be paid, and none
of the war obligations contained any
such provision except the certificates of
temporary loan and the $50 notes of
1864 and 1865, which were all payable
by their terms in lawful money" All
the outstanding bonds of the United
States have upon their face these words
in print: ssRedeemable " . in coin
of the standard value of the United
States on said July IA, 1870, with in
terest in such COIN" The United
States note. called greenback, reads:
"The United States will pay the bearer
five dollars" or whatever other sum
may be uamed. The treasury note
issued to purchase silver bullion under
the law of July IA, 1890, have these
words; "The United States of Amer
lea will pay to bearer five dollars in
COIN" No kind of obligation of the
government whatever calls upon its
face for gold coin, except the gold GER
~tIficates. ] now quote again Circular
1873: "~Standard silver dollars are
legal tender at their nominal or face
value in payment of all debts, public
and private, except whore otherwise
expressly stated in the contract"
t'Neither silver certificates nor silver
dollars are redeemed in gold"
ssGOLD COINS and STANDARD
SILVER DOLLARS, being standard
coins of the Uunited States, are NOT
REDEEMARLE."
Clearly, justly and legally the gov
eminent has just the Same right to pay
the principal and interest of all its
bonds, and to redeem its greenbacks
and treasury notes in standard silver
dollars IS in gold coin, and the choice,
the option to pay in silver dollars or
| gold coin, or either or both, is with
treasury officials. In response to a
telegram from Phjneas Pierce, a banker
of Boston, Secretary Charles Foster, a
republican, under President Harrison,
on October IA, 1891, sent this telegram
to Banke Pierce.
s'Assistant Treasurer Kennarn has
been instructed to redeem treasury
notes in gold"
Thus the rightful option of the gov
eminent was meekly surrendered to
Banker Pierce, and Pandora's box OF
financial Ills was thrown wide open.
Secretary Carlisle has meekly followed
the policy of giving the option to the
holder to demand gold.
A DISASTROUS FAILURE.
What are the objections to the repub-
lican gold standard, which has already
| been triedP 1t has proved a costly and
| disastrous failure. To maintain this
ssexisting gold Standard and the i'm
| agiaary one hundred millions of gold
| reserVe-theTe is no law requiring it,
and no sum whatever has eVer been
set apart and kept in the treasury, all
funds being kept in n general bal
ance-the present administration has
issued and sold one hundred millions
of 1O-year 8 per cent United States
bonds-ffty millions IN February and
nifty millions in November, 1894, for
over one hundred and seventeen mil
lions of gold, and in February, 1896,
over sixty-two millions of 30-year 4 per
cent bonds, under the nov famous, il
not otherwise, Rothschild-B Belmont
Morgan syndicate contract, to guard
our sacred treasury gold, for a little
over siKty-8ye millions of gold, being
at the rate of $l04.50 per 800 in
bonds, and in January, 1895, another
one hundred millions of 30-year 4 per
cent bonds, making in all $262, 315,-
408, Interest-bearing bonds, and thus
increased our bonded debt from $685.
0Ol $50 to S847,316,7 $50. When we
shall have paid bonds and interest so
issued to maintain the gold standard,
we will have paid over $500 900, 900.
Truly 1t bias proved costly and disas-
astrOus. So will it prove in the future.
Another fatal objection to this repub-
lican gold standard is that there is not
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