The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1896-08-11
ANSWERS
To Live Questions Some Things
in Which We are All
Interested.


is we'll wo, tn reading by any man who
desires to inform himself on matters
that are now so prominently before
the country.
One asks: by what acts of Con-
gress was the gold standard es-
tablished and when passed? FL
Answer-The astounding fact is
that the gold standard has been estab-
lished in this country, not by acts OF
Congress. but by unauthorized decis-
ions and acts of Presidents and Secre-
taries of the Treasury. 1t is very i'm
portant that the people of this country
northumberland how their elected
representatives have been acting in
this matter. Our monetary history
for 80 years:bears evidence of stead
fast, unwavering attempt on the part
of certain persons and interests to Gre
ate scarce money in this country, to
make money dear by limiting its vol
ume. Everybody now knows, or
at least ought to know, that all bonds
of the United States are payable in
coin. Part of these bonds were issued
under an act OF July Ia, 1870, which
act provided that the bonds should be
payable in coin of the then standard
value.i lfAll bonds issued since then
have been required to be the same kind
of bonds as those of July II, 1870. In
1870 theslaw provided for both gold
and silver coins at the rauo of to 16.
The pretense, therefore, that these
bonds were understood to he payable
in gold alone, is absurd. In order to
remove any doubt on this point in
lS77-7S lighthouses of Congress passed
q joint resolution expressly declaring
that the bonds, principle and interest,
were payable in either silver or gold
coin, as the Government of the United
States might elect. Charles Foster,
John G.. Carlisle, and William Nc
Kipley all voted for this resolution.
See editorial in The ENRUIRER, July
80. Reproduced in THE ADVOCATE o
August A. In 1873 silver was clan
destinely dropped. In 1878 it was
again made full legal tender, and is
such to-day. The next step in the
conspiracy was the creation of the
$100,000,000 gold reserve for the re-
demption of the greenbacks. Perhaps
you may be surprised to know that
Congress never passed a law author
izing and directing such a reserve
fund. Such, however, is the fact.
The then Secretary of the Treasury
started this fund on his own RESPONSE
bilitY. Its affect of course, was to lock
up $lO0,000,0O0 10 the Treasury, and
thus make money scarcer by that
amount. But why was the reserve of
gold alone? Why not of silver or of
both gold or silver? Did you ever
read greenback? One lies before me
and 1t says; FThe United States will
pay the bearer five dollars" All
the greenbacks were issued prior TO
1873, and every person knew, or ought
to have known, that at that time d6..
lars were made Of gold or silver. A
greenback, therefore, at most was
promise to pay either gold or silver,
The Secretary of the Treasury, how
ever, redeemed them in gold alone.
BY the Sherman law of 1890 the Sec
rotary of the Treasury was command
ed to purchase monthly 100000
ounces of silver, and to issue therefor
Treasury notes redeemable on demand
in gold or silver coin at the discretion
of the Secretary of the Treasury. Sec
rotaries Foster and Carlisle both dis
eliminated against silver, and paid
out gold in redeeming Treasury notes.
When the bankers and spectators had
cornered gold President Cleveland is
sued 262,000,000 worth of bonds and
sold them to the bankers at their own
price, whereby they pocketed profit
of 100000 to 100000. Congress,
however, true to its uniform policy of
the past, refused to make these bonds
payable in gold, alone. In the face of
this action of Congress, the Admins
tration is paying out gold alone tor
greenbacks: and Treasury notes, but as
there is Presidential election in No
vember, the New York banks have
agreed to let up until that time. They
are afraid that another issue of bonds
at this time would provoke such a
storm of popular indignation that they
would never again have an opportuni-