The people's journal. (Pickens, S.C.) 1891-1903, 1896-01-09

Secretary OF the Treasury. Mr.. Speak.
| or, there is o vast difference between
selling bonds for coin, which meana
obligations Of the United States for
gold bullion.
assunae that all OF our present diff
culttes would be eliminated and further
legislation upon this subject unneces-
sary II we had Secretary of the
Treasury who would obey the law now
upon the statute book Of tho nation.
There is to-day not bond, coupon,
obligation, or debt OF any character
against the United States which Is not
payahlo, principal and interest, in coin;
and coin to-day means just what it has
since tho foundation Of the govern
ment- both gold and silver.
Now, Mr.. Spea ker. with the vaults
with the great plain people struggling
beneath q load OF debt and distress, T
assert that it 10 unfair, unjust, wholly
uncalled for, that interest bearing
oonds, in time of peace, should be sold,
to further impoverish our people, and
through this interest levy tribute upon
their hard toll, while there are lying
idle In the Treasury ono hundred and
fifty millions Of silver. (Applause.) J
Let tho Secretary of the Treasury
obey the law. Let him treat alike all
obligations of the government. Lot
him consider tho debt of tho hum
light that he docs tho debt duo Tho
alien money lender. All arc paya ole
in coin, and all should alike bo paid
In coin.
If II could be announced tomorrow
that an American policy of finance
would be tnaugurated and the further
domination of allen money lenders re-
sisted, the same enthusiasm and pa
triotic response would come from tho
people to the support Of the admins
tration tnat was witnessed whom tho
President 80 forcibly reanlrr,cd the
Monroe doctrine and notified Eug and
to encroach no further upon American
soil. a similar announcement on the
financial situation would infuse new
life Into the Democratic party from
which hope has been crushed by tho
financial policy OF the present ad
istration.
Let the United States, like France,
begin the payment of silver for the
paper money whom presented for re-
demption, and tho necessity for an
other bond issue would vanish. Lot
us also initiate the example Of France
in refusing to furnish gold for export
In doing this We would simply be put
ting into practice that grand rule of
human government, equal rights to
all, special privileges to nome"
There is another point, Mr.. Speaker,
that seems to have been overlooked.
1t ie claimed by tho Secretary in his
last report that there is in circulation
among the people four hundred and
eeventy-6ve millions In gold coin.
| From the report of the Comptroller OF
| the Currency 1t is learned that not
over one hundred and fifty millions ie
hold by the banks, leaving three hun.
dred and twenty-five millions among
the people. If the Secretary of the
Treasury would expend as much enorgy
in exchanging with the people green
backs for this gold that he docs in OK
changing gold for greenbacks with
alien financiers, am of the opinion
that the exigencies of the Treasury
might be relieved without further
issue Of bonds.
The gentleman from Maine (Mr
Dingley) advanced the proposition to
socure this gold by an issue of interest,"
bearing certificates of indebtedness.
In my judgment the object might be
attained at far less expense by OK
changing greenbacks which como into
the Treasury for this gold among the
people.
In order to moet the temporary do
fciency in the Treasury. instead of
interest-bearing obligations to become
n burden upon the people, + would sug-
gest certificates be issued against ev-
cry idle ounce of silver left in tho
Treasury. This would give instanta-
neous relief and would put into circu-
.1tion among the people, without tho
burden Of interest, kind Of currency
chat none would refuse and all be glad
to got. These, in briot, are my OBJ.
jections to the bill. believe they are
valid.
1 can see no good reason why the
taxpayers, the producers and toilers
Of this country, should be forced to
pay an interest tribute extending to
generations yet unborn when the sim
pie application Of justice and common
sense would obviate the necessity Of it
all. Loud applause on the Democratic
side.)