The San Francisco call., 1896-04-21

at the market price thereof and
70 issue In payment OF such purchase of silver
prepared by the Secretary of the Treasury In such
| form and of such denominations as ne may pre-
scribe and sum sufficient to carry into effect the
PROVISIONS ofthis act is hereby appropriated. 3
Sec 2. That the treasury notes issued in accord
ance with the provisions of this act shall be re-
Geemaoie on demand. In coin. at the treasury of
the United States, or at the Office OF any assistant
treasurer OF the United States, and when so re-
deemed may be ressued, and such treasury
notes shall be q legal tender in payment Of
all debts, public ana private, except when
Otherwise expressly stipulated in the con-
toms taxes and all public dues, and when
noes when held f BY apS 9e and such
ton, may be counted a parl of its lawful re-
serve That upon demand Of the holder of any Of
tary of The United States shall, under regulations
as he may prescribe, redeem such notes in gold or
lished policy of the United States to maintain the
two metals On parity with each other upon the
present legal ratio, or such ratio as may be ro-
Sec. 8. That the Secretary Of the Treasury shall
each each month coin 2,0o0.o00 ounces of the silver
act. into standard silver dollars until the LIST of
July, 1921. and after that time he shall coin the
silver bullion purchased under the provisions of
this act as much as may be necessary to provide
for the redemption of the treasury notes provided
for, and any gain seigniorage arising from such
coinage shall be accounted for and paid into the
treasury.
1t will be noticed that section in making
provision for the coinage of the bullion pur-
chased under the provisions of this act pro-
vides: "There shall be as much coined as may
be necessary to provide for the redemption
for"
Does that language imply that the Secretary
OF the Treasury shall sell bonds to secure gold
wherew,th to pay these notes? l hardly think
so. The act repeating the law authorizing the
purchase OF silver bullion and the issue of
treasury notes in its payment did not repeal
any other part OF the act of July Ia, 1890, but
expressly stipulated as follows:
"And it is hereby declared TO be the policy
OF the United States to continue the use of
both gold and silver es standard money, and
to coin both gold and silver into money of
equal intrinsic and exchangeable value, such
equality to be secured through international
agreement, or by such safeguards of legisa-
ton as will insure the maintenance OF the
parity in value of the coins of the two metals
and the equal power of every dollar at all
debts"
by the advocates of monometallism that the
action OF the treasury in selling bonds to
maintain the gold reserve was taken for the
purpose OF maintaining the parity of the two
metals. The absurdfty of such claim may be
ascertained by reference to the mint report OF
1885, wherein the value of silver bullion is
given as follows % for the following years, re-
1893 $500; 1894, 1856; 1895, the highest
was 52.6S and the lowest was 1927.
As will be seen by these figures the methods
maintaining the parity of the two metals with
a vengeance.
In the finance report issued by the Treasury
department in 1873, at which time Senator
Sherman was Secretary OF the Trea sury we
find the following:
The Secretary deems it proper to state that in
the N lntime, IN execution OF the law as IL nov
stands, he will feel it te his duty to redeem ali
United states notes presented on or after January
!, next at the oince OF the assistant treasurer OF
the United States in the City OF New YORK in sums
OF not less than $50, with either gold or silver
com, as desired by the holder, but reserving the
! legal option of the Government; and to nav ont
United States notes for all other demands on the
treasury, except when coin is demanded on coin
liabilities ''
Mark you, by this declaration he distinctly
states tnat he reserved the legal option of the
government to redeem them in siiyer.o do
not lnink IL necessary to make any other ref
Government liabilities. AS will be seen bv The
extracts have quoted, there can be no aues.
ton as 10 the duty of the Secretary of the
treasury 10 exercise his option in the payment
OF opilgatlons in either gold or silver, and in
making such payments il is his duty to main
tain the avowed policy of the Uhited States
TO continue the use Of both gold and silver as
standard money" and it is absurd 10 claim
that that policy can be maintained by using
only the one metal as money of final redemn.
tion and degrading the other.
1t may be claimed that II the Secretary
snoula aaopt the policy OF paying ont silver al
in refutation of such claim we have the his
tory of the administration of the Treasury De.
partment under Mr.. Sherman, when he pub
licly announced his intention to exercise that
option, and every member of Congress knows
that no such result followed
By all means let US first have it understood
whether this is Government of the people,
by the people," or whether tits a Government
of departments run in the interest of money
changers. After we have had trial of admin
istering the intent OF the laws as they now are