The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1896-03-27
AS BAD AS TREASON.
PAYING OUT GOLD TO RETIRE
THE CREENBACKS.
When Gold Was at n Premium OF ESQ
the Common People Were Prosperous
The Endless Chain as u Weapon
An Illustration.

II there is paper in the country that
can be fairly said to be gold blind"
it Is the Times-H Herald. 1t Is SO men
tally dazzled by the glitter of its idol,
geld, that the rules of logic, the prin-
ciples of justice, the doctrines OF
sound finance" and even the difference
between truth and falsehood, are all
deemed wholly inconsequential in its
discussion of the silver question.
For example, in its Issue of the 18th,
ing statement:
Assistant Treasurer Conrad j. Jor-
dan, OF the subtreasury at New YORK,
should be disciplined by his oihciai
superior. In accordance with law ana
practice, broker named Zimmerman
successfully presented greenbacks at
the subtreasury at New York for gold
with which to buy some OF the new
bond issue. That is one Of the lawful
functions of the greenback. Under the
existing law the greenback may be pre-
scented at the subtreasury for redemp-
tior in gold and when gold is asked as
redemption money the subtreasurer is
bound to pay it out so long as Uncle
Sam has any gold in his possession"
Then 1t proceeds to describe how
Zimmerman repeated the transaction,
drawing out gold three times, and de-
liveripg it to his client, who used 1T in
purchasing bonds, until finally Jordan
refused to let him have any more gold.
For this refusal the Times-Herald, in
feeble attempt at righteousness, chides
Mr.. Jordan for usurping the preroga-
tives of the 81 per cent of the popula-
ton of the United States above the age
of ten years, saying: Such monetary
system is theirs by choice, and he had
no business to check picturesque il
lustration of its logic, its symmetry and
its necessities"
Righteousness is all we'll enough in
its way, but when it is based upon
downright, premeditated falsehood, one
needs an abnormally developed sense
of humor to fully appreciate it.
The statement that the treasurer is
legally bound TO pay out gold as re-
demption money en- demand does not
contain even the smallest grain OF
truth. There is no law upon the statute
books of the country which makes gold
the exclusive money of redemption.
The treasury department does not
pretend that there is. If there were,
Mr. Jordan could have been manda-
unused and compelled to pay it, no mat
ter how many times Zimmerman pre-
scented greenbacks for redemption.
The treasury department in paying
out gold exclusively does so, it is
claimed, in pursuance of the statutory
declaration that it is the established
policy of the United States to main
tain the parity of gold and silver.
This is merely declaratcry of the
purpose CT the United States, and it is
rs different from a mandate to pay
sold on demand as any one thing can
lie from another.
When the secretary is confronted by
tlat declaration, the question which in
stantly arises is, How shall the parity
be maintained" Of course, he must
act according to his sound discretion
in deciding. Instead of doing so. he
surrenders his discretion" absolutely
to the creditor, and allows the latter TO
say which coin he will take.
Under such circumstances, il gold be-
comes in the slightest degree preferable
to silver. tho creditor will naturally de-
mand gold, and each additional demand
uron that metal makes the difference
greater.
The whole aim of the gold standard
list has been to break down silver and
boost up gold. In this delectable work
the treasury department has been n
strong ally. Not Secretary Carlisle
alone. but his predecessors, Foster
Window and others, have constantly
spoken and acted upon the assumption
that silver is inferior, debased and de-
graded money
The creditor has been told, in effect
that gold is the only good" money, and
that IL he wants gold, he can have IT,
In short. the treasury has carried out
the policy of maintaining the parity be-
tween gold and silver by keeping the
silver idle in it's vaults.
It Is claimed, OF course, that IL gold
had been refused, the silver would have
deprecated. How? Why, they say,
those wanting gold would have to go to
the banks and pay premium in order
to get it. But conceding that this migh,
be. it would not constitute a deprecia-
ton of silver. 1t would be merely a
bankers commission for making the
exchange. II the silver maintained it's
purchasing power, it would not be de
preciated difference would repre-
sent premium on gold. The goldite
has constantly sought to enforce the
idea that premium on gold meant ruin
to our finances. And yet we have re-
Gently seen gold at premium of IL
per cent in New York, and only a few
days ago it was at premium of nearly