Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-06-11

Which to Buy Gold - Ruined the
Party.
There is no law on the statute books
authorizing the secretary Of the treas
ury, or any one else to issue bonds to
buy gold for any purpose whatever.
Wherever there is any law authorizing
the issue Of bonds to buy any kind Of
money 1t stipulates "coin." Every Sec
rotary Of the treasury from John Sher-
man down has made a law unto him
self" that coin means gold. The section
Of law authorizing the issue Of bonds
for resumption purposes reads as fol-
lows:
And on and after the LIST day Of jan
uary, A. d. 1879, the secretary Of the
treasury shall redeem in coin, the Unit
ed States legal tender notes then out
standing ON their presentation for re-
demption at the Office Of the assistant
treasurer Of the United States in the
city Of New York in sums Of not less
than $50, and to enable the secretary
OF the treasury to prepare and provide
for the redemption in this act author
lied or required he is authorized to use
any surplus revenues from time to time
in the treasury not otherwise appro-
priated, and to issue, sell, and dispose
OF at not less than par in coin either Of
the descriptions of bonds of the United
States described in the act of congress,
approved July IA, 1870, entitled. IAN
act to authorize the refunding Of the
national debt" with like qualities,
privileges and exemptions, to the extent
necessary to carry this act into full eff
feet.
This law says that ION and after the
LIST day Of January, A. D. 1879, the
secretary of the treasury shall redeem
in coin. the United States legal tender
notes then outstanding on their pres
entation for redemption.
The law does not say to redeem in
gold, but in coin. Nor did that law
contemplate the redemption of other
notes issued afterwards. But the sec
retarles of the treasury decided to turn
over to the holders of the notes (the
bankers) the option of demanding gold
payment. Besides, Mr.. Carlisle has un-
dertaken to redeem notes not named or
contemplated in that law. That both
the law Of 1875, and that of 1870, author
izing the issue Of bonds contemplated
payment in either gold or silver at the
option Of the government, we quote the
following resolutions introduced in the
United States senate in 1878, while
John Sherman was kicking up such a
racket about gold payments. The reso-
lutions are as follows:
Whereas, by the act entitled "An act
to strengthen the public credit" APP
proved March 10, 1869, 1t was provided
and declared that the faith of the
United States was thereby solemnly
pledged to the payment, in coin or its
equivalent, of all the interest bearing
obligations Of the United States, except
in cases where the law authorizing the
issue Of such obligations had expressly
provided that the same might be paid
in lawful money or other currency than
gold and silver; and
Whereas, all the bonds of the United
States authorized to be issued by the
act entitled "An act to authorize the
refunding Of the national debt" ap-
proved July IA, 1890, by the terms Of
said act were declared to be redeemable
in coin of the then present standard
value, bearing interest payable semi
annually in such coin; and
Whereas all bonds of the United
States authorized to be issued under the
act entitled "An act to provide for the
resumption Of specie payments" ap-
proved July IA, 1875, are required to be
of the description Of bonds Of the Unit
ed States described in the said act of
congress, approved July IA, 1870, en-
titled Gan act authorized refunding Of
the national debt; and
Whereas, at the date of the passage
Of said act Of Congress last aforesaid,
to-Wit, the 14th day Of July, 1870, the
coin of the United States of standard
value of that date included silver dol
lars of the weight Of 412k grains each,
declared by the act approved January
IS, 1887, entitled "An act supplement-
airy to the act entitled An act establish
ing a mint and regulating the coins Of
the United States" to be a legal ten
der Of payment according to their nomi-
nal value for any sums whatever; there
fore,
Resolved by the Senate THE House Of |
Representatives concurring therein), |
That all the bonds issued by the United |
States, issued or authorized to be issued |
under the said acts Of Congress herein
before recited, are payable, principal
and interest, at the option of the gov
eminent of the United States, in silver
dollars Of the coinage of the United
States, containing 4121a grains each of
standard silver; and that to restore to
its coinage such silver coins as a legal
tender in payment of said bonds, prin-
cipal and interest, is not in violation OF
the public faith nor in derogatlon Of the
rights Of the public creditor.-Congres-
5ional Record, volume Z, part l, Forty
f1fTh congress, second session, page 564.
The above resolution was introduced
by Stanley Mathews, one of the best