The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-10-09
PAYING GOLD.


that the obligations of the government
he paid in silver as well as gold. 1t is
true that this charge usually comes
either from the holders of these untaN-
cd obligations or from their hirelngs,
but unless answered it is liable to fool
honest but uniformed men.
No man has ever become the owner
of a government obligation without
express notice that it was payable IN
"coin." In 1878 some of the bondhold-
ers who wanted gold, raised the ques-
ton whether it was not the duty of the
Secretary of the Treasury Ito pay these
obligations in god. Early in that year
the late Stanley Matthews, then Unit
ed States Senator from Ohio, intro
duced a resolution concerning the
whole question, which passed the SEN
ate January 25, 1879, and the House ON
June 2Sth. After referring to the act
of March IS, 1869, entitled: IAN act
to strengthen the public credit, pledg-
ing the government to the payment in
coin, or it's equivalent, of interest
bearing obligations; to the refunding
act of 1870, 10y the terms of which the
bonds of the government were declar-
ed to be redeemable in coin of the then
| present standard value; to the resump-
tion act of 1875, which authorized
bonds of the same character as those
provided for in the act of 1870; and af-
ter reciting that ait the time of the pas
sage of the refunding act of 1870 the
coin of the United States of standard
value of that date included silver dol
lars, the resolution proceeds:
BE it resolved by the Senate
(the House of Representatives con-
curing. therein), That the bonds of
the United States issued or author
lied to be issued, under the said
acts of Congress hereinbefore re
cited, 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 412A
grains each of standard silver; and
that to restore ito its coinage such
silver coins as legal tender in pay
ment of said bonds, principal and
interest, is not in violation OF the
public faith nor in derogation OF
the rights of the public creditor"
Among those voting for this resolu-
ton were Carlisle and Mckinley. Then
they stood together as the representa-
tives of the taxpayers of Kentucky
and Ohio, true TO the people they rep
resented. They We're denounced then
as "repudiationists" by the Wall street
clique, an attempt to control them by
| the return of millions of dollars worth
of bonds from Europe was made,
and the usual methods of bull-dozing
in vogue now, were resorted to, but
without results. Carlisle and McKin-
ley had not then been in public life
long enough to be bought by money,
driven by threats, or cajoled by prom
ises.
To-day these two men, leaders of
the Republican and gold-bolting Dem
ocratic party, are loudest in their de-
nunciation of the men who believe that
the Stanley Matthews resolution,
which they supported, ought to be
faithfully observed by the Secretary
of the Treasury. Mr.. Carlisle said only
two years ago, i'm answer to a question
by Mr. Si'bley that if the practice of
paying all obligations in gold had not
been begun, it would have been easy
to have paid in both gold and silver.
Not only are the silver advocates sup
ported by the Matthews resolution in
their position, but at the last session
of Congress when Mr.. Cleveland adj
dressed special message to Congress,
asking for authority to issue ''gold"
instead of 'coin' bonds, on the ground
that they could be placed at a lower
| rate of interest, Congress, by declining
| to authorize "gold'' bonds, served no.
tice on the world that all parties pur-
chasing bonds must expect their pay
ment in "coin" and not in gold. There
is no authority of law for paying them
in gold, and the payment in gold is a
violation of the letter and the spirit
of the contract. 1t has doubled the
burden on the taxpayers to the en-
richment of the holders of the bonds,
and helped to the appreciation of gold
and the depreciation of everything
else. The silver men whom Mckinley
and Carlisle denounce as anarchists"
merely want the government to pay
its obligations in 100 cent dollars, as
was contemplated, and not in 200 cent
dollars, as Sherman and Carlisle pay
them.
| SICKNESS OF HON. C. B. WATSON.
The wires have continued for two
days to bring us news of the sickness
of our standard-bearer, Hon. c. B..