Evening star., 1896-08-13
GOLD CONTRACTS.
Government Obligations and the
Money Called for by Them.

Government Obligations and the
Money Called for by Them.
correspondent Of The Star, signing him.
self Hard Facts" writes:
In The Star of Tuesday evening, "a high
official of the Treasury Department. un-
dertakes to tell what obligations the gov
ernment must pay exclusively in gold. He
uses a good many vague phrases, but
makes no definite statements. He tells
what the credit Strengthening act CON
templates" but is careful not to tell what
1t says, for that would settle the matter
and show that he is trying to convey an
Incorrect impression. That act. which may
be found on page l. vol 16, U. 8. Statutes
at Large, says:
THE faith of the United States is SOL
emily pledged to the payment In coin or it's
equivalent of all the obligations of the
United states not bearing interest known
as United States notes, and of all the in
terest-bearing obligations of the United
states, except In cases where the law au-
thorizing the issue of any such obligations
has expressly provided that the same may
be paid In lawful money or other currency
than gold and silver. The faith of the
United States Is also solemnly pledged to
make provisions at the earliest practicable
states notes in coin.'
The lawful money mentioned Is green
backs, In which there was, at the time of
the passage of the act. a strong demand
that the bonds should be paid.
The only contracts of the government
payable exclusively in gold are the gold
certificates, of which there Is q compara-
lively small amount l challenge any one
any other government contract payable
exclusively in gold. 1t is true several Sec
retaries of the Treasury have usurped the
powers of Congress and passed credit
strengthening acts of their own. making
the bonds end greenbacks payable in gold
only, but the last time the matter was be-
fore Congress, about two years ago, that
body rejected proposition to make GER
tain issue Of bonds payable in gold only,
and the bonds were made payable In coin,
as usual
AS to the dreadful calamity of the
governments paying Its other debts in sill
yer. 1t has for years been paying all it's
employees. il not in silver dollars in prom
1ses to pay silver dollars, that is. silver
certificates, and the employees don't con-
slider pay day a calamity. The bankers
and brokers who present bond coupons
and greenbacks for payment at the sub
treasury in New York are not entitled,
either In law or equity, to any preference
over those who work for the government.
Another writer says. ITO say that gold
has not appreciated. is to ignore all that
constitutes or pertains to value. AS value
involves comparison. so do appreciation
and depreciation.
These terms mean only a relative in
crease or decrease in one Of the terms of a
ratio. All other things have fallen in
value as compared to gold. and it is equal
ly true that gold has risen in value as
compared to all other things. People may
1usgle with words AS they may, but this
can rot do away with the patent fact that
when dollar will command in exchange
a greater quantity Of other things 1t is
more valuable than when 1t commands
less. If becoming more valuable does not
constitute appreciation then what does,
or what meaning Is there in the English
language?"