The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-05-31

administration. and the public debt
would now he smaller by some $240,-
100000. 1t was sticking TO a gold stand
ard and refusing to pay silver when
it should have been paid under the
law which made these bond issues inn
perative
why Carlisle should have turned
his back on plain law and taken the
course he did | don't pretend to say.
He had not only the law, but prece-
dent to encourage him in another
course What was done is the more
remarkable when we reflect that the
same coterie of bond-hunters at
tempted to bleed the gold reserve and
force bond issue when Manning was
Secretary of the Treasury, during
Cleyeland's first term, and Manning
defeated them. Manning stood firm
ly by the Eaw, like a soldier to his gun.
and beat them off. There was no bond
issue with Manning. There need have
been none with Carlisle if he had done
as Manning did--enforced the law.
1T was in the summer of 1855, 1 be-
lieye, when the bond clique came after
Manning. They began to drain his
gold just as they later drained Car
isles.
Manning watched their proceeding
n bit, and then sent them all word to
meet him in New York on a day he
named. Manning was there the bond
clique was there-every member-the
same men, too, many of them, who
later bought bonds of Carlisle. / can
quote YOU Manning's exact words. for
"a, ,I,,,-
them down, and ! have copy of them
here. At one crisis in the discussion
Manning said:
Gentlemen, the Treasury is will
ing to furnish gold for any Legitimate
demand, but if you attempt to draw
upon the Treasury gold after to-day,
as you are now doing, for boarding or
speculation, / shall adopt an effective
remedy for the protection of the gov
ernment's reserve. We have a cash
balance of over $150,000,000. Not one
of YOU doubts for a moment the ability
and purpose of the government to
maintain specie payment. But if you
continue to draw gold ] shall at once
order that YOU be paid 10 per cent in
silver coin the first day, the second
day you will be paid 20 per cent in
silver and the third day 30 per cent,
and so on until one-half is paid you
in silver
but exclaimed bankers. this is
i'm violation of the implied obligation
that the government will pay in gold
"'Make no mistake about that, gen
tlemen,' replied Manning, the law says
COIN and the Treasury will exercise
its undoubted prerogative'
Comment on Manning's stand is
unnecessary. 1t spoke him the honest
and the fearless man he was. Silver,
law and Manning saved the day. No
bonds were issued, the gold reserve
was protected, the bond clique baffied
and the country saved from its bleed
ing"
This is historical, and as the Balti-
more Sunday Herald was the only Bal
timore paper, | believe, that published
it, it may be valuable information for
many readers of the Mirror. If Mr..
Manning were alive and Secretary of
! the Treasury, either he and Mr.. Cleve-
land would part company or he would
suffer a transformation as violent as
/ that of Mr.. Carlisle. Mr.. Campbell
made a fine stroke for the Democratic
nomination at Chicago when he con-
sented to that interview, and had it
sent broadcast over the country. If
/ Mr.. Stevenson or some presumably or
actually straightOut free coinage man
be not nominated at Chicago, Camp
bell may be the compromise stand
ard bearer, unless Grover Cleveland
and the single gold standard be pro-
claimed, leaving Shylock in possession
of both great parties-James r. Ran
| dali in Catholic Mirror.