Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-10-02

ILeO HOWARD center the OCler even
ing. The Cr7sco concert troupe sang
a song about bonds which was just
as applicable to one gold standard
party as the other.
The next act was an extempore
speech by the gymnastic johnson
who lauded Harrison's administra-
ton and said II think that more of
the public debt was paid then, than
during any other administration. !"
Here are the facts: The amount paid
during Cleveland's first term, to retire
the bonds a nd pay the public debt,
was $3.50, 4l9,053; Harrison paid for
the same purpose $292, 953. 436. The
amount above the gold reserve turned
over by Cleveland to Harrison was
$50, 627, 100. The amount turned over
at the end of Harrison's term to Mr..
Cleveland was only $24, 1873, 6s7. Again
the Harrison administration extended
bonds that matured Sept. /, 1891,
amounting to 500, 1864 800 They also
defaulted in paying $40, 00O, 900 due to
the sinking fund. By such acts they
managed to sneak through with their
little surplus of ss4,00O,OO0.
The pro-republican, prevail street
policy of exclusive gold redemption of
greenbacks and treasury notes, in
augurated Oct. IA, 1891, caused the
depletion of the gold reserve and the
issuance of bonds. Here is letter
from secretary Foster to the chief OF
the Bureau of Engraving and Print
ing:
Treasury Department Office of the
Secretary.
Washington, d. G., Feb. 20, 1896.
Sir: You are hereby authorized
and directed to prepare designs for
the three percent bonds provided in
a senate amendment 10 the sundry
civil bill now pending. The denomi-
nations which should first receive at
tention are S100s and $l00O's of the
coupon bonds and $10O's, s1000's and
$10,0O0's of the registered bonds. This
authority is given in advance of the
enactment in view of pressing con-
tingencies and you are directed to
hasten the preparation of the designs
in every possible manner.
Respectfully yours,
CHARLES FOSTER, Secretary.
Mr.. johnson said that "the pres
ent tariff placed debt of $500, OOO, 900
on the country" So? From Cleve-
lands Inauguration down to the be-
ginning of the present year the ex-
cess of expenditures over receipts
was $S5, 197, 967 while the bond sales
amounted to $262, 800. 900 not all to
meet the deficiency in revenue sure
ly.
Speaking of money he said that the
commercial ratio depends on the law
Of supply and demand. OF course it
does. He dwelt at some length on
this law and its effects on the price
of all commodities remarking that
there was difference between value
and price" Certainly the silver in a
dollar is just as valuable as 1t ever
was.
His declaration, that the law of
1902 made two units, q gold dollar
unit and silver dollar unit, was
promptly challenged, he fun.bled
around for awhile, found the law
read part of it, purposely omitted
the important part, on pratext that
he couldn't find it, but still insisted
that he was right. OF course the gold
men cheered him.
Well, here is the law:
Sect 8. And be it further enacted.
That there shall be from time to
time struck and coined at the said
mint, coins of gold slv err and copper,
of the following denominations, val.
ues and descriptions, y Dol
lars or units-each to be of the value
of a Spanish milled dollar as the same
is now current, and to contain three
hundred and seventy-one grains and
four sixteenth parts of u grain OF
pure, or four hundred and sixteen
grains of standard silver.
Roswell g. Horn, in his debate with
Harvey said: ''The silver dollar was
made the unit of value; there is no
doubt about it. (see page 81 of print
ed debate.) Ridpath, the historian
says: "Not a single dictionary or cy.
clopedia in the English language be-
fore the year 1888 ever defined dollar
in any terms other than of silver. In
that year the administrators of Noah
Webster, deceased, cut the plates OF
our standard lexicon and inserted a
new definition that had become lee.
cessary in order to make the bond in
rrigue, in congress and out of it, con-
sistent.
He insisted tn the people, the
congress and the president knew at
the time that silver was demonetized.
Then Allan Ct. Thurman. James G.
Blaine, Senator Allison and others
are liars. Mr.. Allison said "But
when the secret history of this bill of
1878 comes to be told it will disclose
the fact that the house of representa-
tives intended to coin both gold and
silver, and intended to place both
metals upon the French relation in
stead of our own, which was the true
scientific position with refeIence to
their subject in 1878, but that the bill
was afterwards doctored. 1t
was changed after the discussion and
the dollar of 420 grains was substitu-
ted for it. "-Copgressional Record,
Volume VII, part two, forty fifth
congress, second session, 1885.