The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-05-07

how much of these two metals is in ex-
| lstence within the whole United States
and what portion of it is in the govern
ment treasury. On this point the report
of the secretary of the treasury for last
March shows:
| Silver, general stock, coined
and issued ;. -. -. $499, sos, 491
Silver bullion in the treas
| ury lZo,l IL $50
Total silver -. -. 49,. . 1923, O69,S77
Gold, general stock, coined
and issued :. :. -. $780,, $3.50, sos
| Gold bullion in the treasury 26,S21 ,4S4
Total of gold -. :. $5S9, 455, 142
Therefore, the aggregate amount of
"coin"-standard money-silver and gold
| in the treasury and out of it within the
whole United States on the LIST day of
| last March amounted to $1,062 $50, 149,
| or to $1OO,000,0O0 less than the debts of
the government which must be paid with
in the next eleven years. Now, suppose
| the United States owned or could COM
| mand at will, every piece of gold and sill
yer within her whole limits, how could
she pay her debts according to contract?
| Ii these debts are not to be paid accord
| ing to contract how shall they be paid
| BY what principle of justice or impulse
of honesty or rule of law shall the con-
tract be changed or repudiated? Will
striking down silver help out? Will
doubling the debts increase the ability to
pay, or will it be right to the people? If
| so, ON what principle?
Take notice that these debts are not
| all the demands on this small stock of
coin. This same treasury report shows
| that there are outstanding against it the
| following claims:
| Gold certificates circulating
as "money" -. -. -. $44,3S4, 4S9
| Silver certificates crculat-
ing as money" -. -. 344 ,377 ,504
Bonds due in 1925 -. -. 137,567 $50
| Certificates of deposit :. :. 33,070,000
To which add the last bond
| issue $3.50. lOO,OOOOUO
| 'o'oi PoOo, llO,o-o
| These legitimate demands, added to the
other government obligations, amount to
over S6OO,000,0O0 more than all the
"coin'-silver and goblin the whole
United States. And yet many honest but
deluded men cry out that the Sixteenth
one-ers' want to pay off debts in cheap
money-in 50-cent dollars! They seem
| to lose sight of the contract and to for
get the fact that the gold money in the
United States amounts to over $50, 000,-
900 more than there is of this so-called
cheap silver money. They seem also to
forget that if the government owned and
| had in her treasury every piece of both
silver and gold within the limits of the
| United States, the obligations just men
toned could not be paid by over 81 ,0OO,-
100000.
Then if this silver is so cheap that it
can be had at so cents on the dollar.
what objection can there be to the govern
ment paying off her debts according to
contract in silver. This question raises a
howl of holy horror. The business ele-
ment' say this would be reputation pure
and simple. Then the logic of their
statement is that it is reputation 10 "pay
according to contract" Following up
this logic to its legitimate end, we find
them driven to the sad position that ''it
is not reputation to pay in some other
way than according to contract" Re-
spending they dodge and say "This is
not SO; these bonds were payable in
payable in silver If they are correct ct
in their position, then l am willing to
see them paid in gold, for it would be un.
adulterated dishonesty to violate these
contracts. So, the issue is presented or
the allegations made that these bonds
are payable i'm gold. | deny it. How
will we settle it? Will not the law and
the expressed will of congress determine
the controversy? Now watch these
same 'sound money" advocates these
critics who find pleasure in calling my
sort cranks, fools, anarchists, fiatists, re-
pudiators and enemies to the govern
ment-watch them founder and sputtel
when | read the law and what congress
long ago said on this very subject. The
act of congress to strengthen the public
credit passed in March, 1869, is as fol
lows:
''Be it enacted, by the senate and house
of representatives of the United States
of America, in congress assembled, That
in order to remove any doubt as to the
purpose of the government to discharge
all just obligations to the public credi
tors, and to settle conflicting questions
and interpretations of the laws by virtue
of which such obligations have been con
tracted, it is hereby provided and declared
that the faith of the United States is
solemnly pledged to the payment il
coin, or it's equivalent, of all the obliga.
tions of the United States not bearing
interest, known as United States notes
and of all the Understanding obligations
of the United States, except in cases
where the law authorizing Tne issue oil
any such obligation has expressly pro.
vided that the same may be paid in lawful
money or other currency than gold and
silver. But none of said interest-b bearing
obligations not already due shall be re-
deemed or paid before maturity unless al
such time the United States notes shall
be convertible into coin at the option of
the holder or unless at such time the
bonds of the United States bearing a
lower rate of interest than the bonds tC
be redeemed can be sold at Tar in coin
And the United States also solemnly
pledges its faith to make provision al
the earliest practicable period for the re.
demption of the United States notes in
coin"
And the act of 1870 authorizing the re.
funding Of the national debt, among other
things, provides: "That the secretary OF
the treasury, in sum or sums not ex.
ceeding in the aggregate S200,000,00C
coupon or registered bonds of the United
States in such form as he may prescribe
and of denominations of $50. or some
multiple of that sum, redeemable in coin
of the present standard value, at the
pleasure of the United States and
the said bonds shall have set forth and
expressed ON their face the above speci-
fed conditions"
Under and by virtue of this law every
bond of the government has been issued
even including those executed so recent,
ly by Secretary Carlisle You rpcollact