The broad ax., 1896-04-25
AS BAD AS TREASON.
PAYING OUT GOLD TO RETIRE
THE oREENBkCKS
when Gold Was Nc . Premium OF ESQ
the Common People Were Prosperous
The EndIess Chain ~ . Weapon
An nlustration.

II tnere - paper IN Ine counHS -
can be fairly said to be gold blind
it II the Times-Herald. II Is 30 men
tally dazzled by the glitter OF Its idoi'
gold. that the rules Of logic, the prin-
ciples Of Justice, the doctrines Oh
Sound finance" and even the difference
between truth and falsehood. are all
deemed wholly inconseQuential In It's
discussion Of the silver question.
For example, in its issue OF the l2tn'
It begins an editorial with the follow
Ing statement:
Assistant Treasurer Conrad J. Jor-
dan. Of the subtreasury at New York,
should be disciplined by his official
superior. In accordance with law and
practice, a broker named Zimmerman
successfully presented greenbacks at
the subtreasury at New York for gold
with which to buy some Of the new
bond issue. That is one OF the lawful
functions OF the greenback. Under the
existing law the greenback may be pre-
scented at the subtreasury for redemp-
ton In gold, and when gold Ii asked as
redemption money the subtreasurer Is
bound to pay It out so long as Uncle
Sam has any gold in his possession"
Then It proceeds to describe how
Zimmerman repeated the transaction.
drawing out gold three times. and de-
livering It to his client, who used It in
purchasing bonds, until finally Jordan
refused to let him have any more gold.
For this refusal the TImes-Herald, In
q feeble attempt at Righteousness. chides
Mr.. Jordan for usurping the preroga-
tives Of the 81 per cent OF the popula-
ton Of the United States above the age
Of ten years. saying: such a monetary
system is theirs by choice, and he had
no business to check a picturesque IL
lustration OF its logic, its symmetry and
its necessities"
Faceriousness is all we'll enough In
Its way. but when 1t is based upon
premeditated falsehood, one |
needs an abnormally developed sense
OF humor to fully appreciate It.
The statement that the treasurer is |
legally bound to pay out gold as re-
demption money on demand does not
contain even the smallest grain OF
truth. There IS no law upon the statute
books OF the country which makes gold
the exclusive money OF redemption.
The treasury department does not
pretend that there is. II there were,
Mr.. Jordan could have been manda-
unused and compelled to pay It, no mat
ter how many times Zimmerman pre-
sented greenbacks for redemption.
The treasury department in paying
but gold exclusively does so, 1t is
IN pursuance of the statutory
declaration that It is the established
policy OF the United States to main
ain the parity Of gold and silver.
This is merely declaratory OF the
purpose Of the United States, and It is
Is different from a mandate TO pay
,old on demand as any one thing can
,e from another.
When the secretary is confronted by
hat declaration. the question which In
family arises is, How shall the parity
'e maintained? OF course, he must | ,
Ict according to his sound discretion
n deciding. Instead Of doing so. be
his discretion" absolutely ,
o the creditor, and allows the latter to
ay which coin he will take.
Under such circumstances, II gold be-
cmes in the slightest degree preferable
D silver, the creditor will naturally de-
hand gold, and each additional demand
pom that metal makes the difference
reater.
The whole aim Of the gold standard
IT has been to break down silver and
cost up gold. In this delectable work
be treasury department has been a
trong ally. Not Secretary Carlisle
lone. but his predecessors, Foster,
and others, have constantly
ooken and acted upon the assumption
lat silver is inferior. debased and de-
raded money. v
The creditor has been told, In effect. :
lat gold is the only good" money, and
lat IL he wants gold, he can have Il. n
! short, the treasury has carried out a
Ie policy Of maintaining the parity be- II
Eeen gold and silver by keeping the r
liver idle in its vaults. d
II Is claimed, Of course, that II gold
I'd been refused, the silver would have n
'preciated. How? Why. they say, o
ose wanting gold would have to 20 to II
e banks and pay premium in order Ct
get It But conceding that this Nigh, b
}, 1t would not constitute a deprecIa-
On Of silver. 1t would be merely a pl
mixers commission for making the m
change. II the silver maintained fits bi
Irchasing power. 1t would not be de oil
eciated"-the difference would repre- b
Mt premium on gold. The goldite ju
Is constantly sought to enforce the
ca that premium on gold meant ruin
our finances And yet we have re-
ntly seen geld at a premium of IL n
r cent in New York, and only a few h,