New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-05
BRYAN A REPUDIATIONIST.
HIS ELECTION WOULD AT ONCE DESTROY
THE PUBLIC CREDIT.


THE "BoY ORATORS" RECORD IN CONGRESS-
SHOWS coNCLUsIvELY THE POLICY HE
WOULD CARRY OUT IF CHOSEN
TO THE PRESIDENCY.
tDY TELEGRAPH TO THE rRrBuNE1
Washington, Aug 4-Among the consequences
Of the election of William J. Bryan to the Presi
dency would be the driving of the United States
to a silver basis and the utter destruction Of its
public credit. and these consequences would re-
suit within twenty days after the publication OF
the election returns in November. This Is not
a rash statement. but one that can be fully
substantiated by his own testimony. given when
he Representative in Congress and a
member Of the Committee on Ways and Means,
less than eighteen months ago. II he has set
tied conviction on any subject. except that he
is the greatest orator the world has ever seen,
II Ia that the obligations Of the Government
It's bonds, for which gold has been received. and
the interest thereon; its greenbacks and It's
Treasury notes and every other obligation-are
payable in silver>doars commercially worth at
this time about 53 cents each). at the option OF
the Government, instead of the option OF the
holders.
He contends and II he were elected and In
augurated President Of the United states ne
would maintain that 1t was his duty. as Wei
as within his power and tlat Of his Secretary
Of the Treasury (whc would probably be Richard
P Bland Of MissourD, TO exercise this option,
thus reversing and repudating policy which
for nearly twenty years has sustained the pubic
credit Of his country. In regard to this there is
no room for doubt.
HE WANTED BONDS PAID IN SILVER
When Mr. Bryan's career as a National legis-
lator was nearing its end two important meas
ures to sustain and maintain the National credt
and National honor were brought forward ana
disposed OF I'm the House OF Representatives.
The first was the Currency bill reported from
the Committee on Banking and Currency, Tor
which Mr. Reed offered substitute when au-
thorized the sale Of per cent coin bonds to MAIN
tain the specie reserve and the issue or GER
tihcates Of indebtedness to meet current ana
temporary deficiencies in the revenues TO TINS
substitute Mr.. Bryan offered. on FEBRUARY =
1895 this amendment:
Provided That nothing herein shall be construed
as surrendering the right Of the Government OF the
United States to pay al coin bonds outstanulns IL,
declared by the following joint resolution. adopted
in 1873 by the Senate and House OF representatives
of tho United States OF America, to-wlt:
"Tba ali the bonds OF the United States issued, or
authorized to be issued, under the said act OF Con-
ElesT M a. the option OF the Government Of the
United States in silver doars Of The coinage OF M ne
Inifed states containing 4l22 grains each OF stand
ard silver: ard that 10 restore 10 It's coinage sucn
silver coins as eEa ,en'sr IN n % Of the
public faith in derogation OF the rights Oh the
public creditor
II Is perhaps worth noting that the boy Ora
tor" was ignorant Of the fact, or chose to Ignore
It. that the resolution he quoted was not joint
resolution at all. but concurrent resolution
which expressed simply the opinion OF the
XLVth Congress- and had no binding force wha'-
ever upon any succeeding Congress He was also
nrobablv ignorant Of the fact that Mr.. Conk-
ling's motion to amend the concurrent resolution
in the XLth Congress, so as to make 1t joint
resolution which, if approved by the Executive.
would give Il the force Of law. rejected by
vote Of % yeas TO 80 nays-the author OF the
concurrent resolution being recorded in the mega
tive That the concurrent resolution did not ex-
nress the opinion Of the House of Representa-
tives of the LID Congress was shown when
Bryan's amendment to the Reed substitute was
roisctad nv the decisive majority Of Al In total
Of 295 votes
OPPOSED A GOLD BOND ISSUE
The Currency bill having failed. Chairman Will
son Of the Ways and Means Committee, report
od on February 13 1895 a joint resolution au-
thOriZing
coin bonds to ar amount not exceeding S6o.116.-
OH In opposition to this resolution Mr. Bryan
uho was a member of the committee. submitted
",doys q, the minority prepared by himself,
y.bicb we're subscribed by him and Mr.. Whltng,
OF Michigan. Following are some pertinent eA-
tracts from that document;
The issue OF bonds Of any kind is only needed to re-
rlenish the gold and the gold reserve only
ppnadS renlonishing because the Secretary OF the
Treasury redecns United states notes ana treaSufy
l,fp1 of
holder The note holder has no legal right 10
choose the coin In which the obgation shail De re-
right by policy inauguraled by the Treasury De,
partmen at soon after the date Of resumpton ol
~ pocy ~ this time will embarras snent. II
that that be ,ru rt the policy and by those who have
adhered IT in spite of the clear intent ad Iet'er
esr to resume an exercise of rights preserved by
existing laws to aggrayate our present diffcui-
ties by delaying relief and entering upon new ex-
,a,l,ncn,s we have no hesitation In declaring 1t
as our conviction that there is no remedy perma-
nent in character or promising In results except an
i,ro odiste exercise by the Secretary Of the Treas
iirv of the right redeem United States notes and
q, ,oor, Convenient for the Government to do So and
we further believe that the greatest dangers which
han tn The evils which are certain to follow an ad-
herence to the present pohcy
Mfr Brvans speech in opposition to the Joint
resolution was mainly an amplifcation Of the as
sertions and arguments which he had submitted
in the views Of the minority" taste of its
oualitv may be found in the following brief
tract:
We who believe that greenbacks and Treasury
notes are retleemabe in either gold or silver at
the option OF the Governmcnt-we who believe In
The right of the Government TO redeem It's coin
bonds in either gold or slver-we, ! say. can OBJ
,ect n gold bonds as a violent change In our mon
etary policy but those who insist that greenbacks.
Treasury notes and coin bonds are all payable In
gold on demand have far less reason to criticise
tho President .
In the foregoing extracts Is embodied the
policy that would guide and control Mr.. Bryan
if he should be elected President Of the Unitel
states and an option should remain to be ex-
ercised by the next Administra ion But long
before his Inauguration the option would have
ceased to exist. and the solemn pledge Of the
1870 a.r. h.. Laar o. azAll ND