Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-07

WHICH, IKE al the rest Oh tuis ntSstit' -
part OF the record OF the United States
Senate:
| c'Personai)
"Sub-Treasury United States.
Boston, Mass. October n, 1884.
Dear Mr.. Hamlin: ! have the pleasure
| Of replying to your note OF the 18th In
slant. The date OF the incident referred
| to was October IL. 1891. not 1880. as your
note has 1t. when l returned TO this
office In January, 1891, found the Urea
sury notes then in current circulation. and
without other Instructions they were is
sued and accepted on all sides as the rep
resentativcs OF silver rather than OF gold
Till otherwise advised, and, I'm the Ian
guage Of the law. redeemed at the discre-
ton OF the Secretary
mo specific instructions were ever re-
ceiyed as TO their redemption in gold, nor
had the question ever been raised. The
notes. IL was tacitly understood. had IN
herited their silver character from the act
Of Congress which created them. and
which explicitly directed the Secretary OF
the Treasury TO purchase the silver bull
lion from time to time and TO issue
these notes in payment for such pur-
chases.' Up 10 October Is. 1891 there was
not a bank officer in town that ever en-
tertained the idea OF receiving gold In eN-
change for those notes. My predecessor,
Alr. Aldtich. confirms this. The current
sentiment was that they would ultimately
supersede the silver certificates (the Sec
rotary controlling the aiternative), ana
this Office was alternately supplied with
both without comment. Gold notes were
then abundantly available for all require
ments and always rendered for gold coin
without friction.
1.-The exigency for the test Of the exact
bearing OF these notes had not arrived till
mischlevously forced by the Continental
Bank, the president Of which subsequent
~ Informed me that had he been present
II would not have occurred.
'rhere was then a public sensitiveness
as to the government gold reserve. The
banks saw this, and that the redemption
Of those notes in gold opened the doors 10
nearly G0O0o, 900 OF them then in circula-
ton. That demand OF the Continental
Bank was so unusual that the well-in-
formed chief teller of this Office. Of more
than twenty-five years service. came TO
my desk for instructions. and as there
was no precedent. and In the absence OF
any instructions from the department.
decided ! had no right to redeem such
notes with gold until further advised.
On the 14th ] was instructed1by the
Treasurer by wire TO redeem Treasury
notes in gold IL presented and demand
made for such redemption
This was the first intimatlon 10 this
office from the Treasurer that those Urea
sury coin notes should be so treated
Faithfully yours, NJ p. KENNARD.
'Hon. c. s. Hamlin. Washington, d. c."
This is an official and ugly history OF
the opening Of the United States Urea
sury 10 the gold spectators, a piece Of
official treschery that has caused the
United States 10 increase its bonded debt
1862 O0O, 900; that has kept the government
year after year a buyer of gold. and
that has put 100000 more OF annual in
terest on the people And all this that
the gold men might make money. This
is the gold standard Of patriotism"
Our readers have often heard of the
"crime Of 1873" but the "crime OF 1891"
OF which the above is an official history,
and the facts of which are not so well
known. is its fit companion.