The silver blade. (Rathdrum, Idaho) 1895-1903, 1896-04-18


have been issued under President Cleve-
lands orders has the silver reserve in
the treasury alone been less than $780,
metallist in congress nor disciple Of
Blackstone who is familiar with the
law will pretend to claim that any OBJ
legation of this government is absolute
ly payable in gold except gold certif-
Gates. If greenbackS and silver certlfi-
Gates are equally redeemable in gold
with gold certificates why should there
be a difference in their form? Such a
proposition is not worthy of considera-
ton. Everybody who is informed on
this subject knows that the action OF
the present secretary Of the treasury
has been taken solely in the interest of
bondholders and those who deal in gov
eminent securities.
"The senate of the United States on
the 25th day of January 1878, and the
house Of representatives on the 2Sth
day of the same month and year passed
the following concurrent resolution
THAT all the bonds Of the United
States, issued or authorized to be is
sued under the said acts of congress
| hereinbefOre recited, are payable, prin-
cipal and interest, a the option of the
| government of the United States, in
| silver dollars, of the coinage of the
| United States, containing 412M grains
/ each of standard silver; and that to re-
| store to it's coinage such silver coin as
! a legal tender in payment of said bonds,
! principal and interest, is not in viola
ton of the public faith. nor in deroga-
! ton of the rights of the public cred-
! tor
/ W.T.. IN, he,
| senate by over a two-thirds vote, and
| it passed the house of representatives
| by a vote Of 1S9 yeas and 70 nays. In
regard to the treasury note, the law
simply provides that It is payable in
! coin.
Section Of the act Of July IA, 1890
! provides that upon the demand of the
holder Of any of the treasury notes here
| in provided for, the secretary Of the
! United States SHALL under such regula-
tions as he may prescribe, redeem such
| notes in gold or silver coin, at his dis
erection, it being the established policy
of the United States to maintain the
| two metals on a parity with each other.
| upon the present legal ratio or such fa-
ito as may be prescribed by the law.
Section 3 of the same act provides
| that the secretary of the treasury shall
coin as much of the silver bullion pur-
chased under the provisions of this act
as may be necessary to provide for the
redemption Of the treasury notes pro-
vided for.
THE act repeating the law authoriz-
ing the purchase of silver bullion and
the issue of treasury notes in it's pay
ment did not repeal any other part of
the act of July IA. $780, 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 silver as standard
money, and to coin both gold and silver
into money of equal intrinsic and ex-
| changeable value
SHERMAN IN 1878
I'm the finance report issued by the
treasury department in 1873, at which
!, time Senator Sherman was secretary
of the treasury, we find the following:
The secretary deems it proper tt
E state that in the meantime, in eXecu
5 ton of the law as it now stands, he viii
feel it to be his duty to redeem all Uni
| ted States notes presented on or aftel
January next at the office of the as
sistant treasurer of the United States il
) the city of New York, in sums of no
, | less than $50 with either gold or silve
: coin, as desired by the holder, but re
2 serving the legal option of the govern
t ment; and to pay out United State
: notes for all other demands on tn
: treasury, except when coin is demande,
S on coin liabilities
. Mark you, by this declaration n
S distinctly states that he reserved TIL
+ legal option of the government to re
: | deem them in silver AS will be seel