The Irish standard., 1896-08-15

whereas they might find profit in driv-
ing one of the metals t. a premium it
| they could then demand the dearer metal
The right of the debtor to choose the coin
In which payment shall be made extends
to obligations due from the government
as well as to contract between indiVid-
uals. A government obligation is simply
Gebt due from all the people to one CT
the people, and it is impossible to justify
policy which makes the interests OF the
one person who holds the obligation SUI
per:or to the rights of The many who must
! be taxed to pay it. When, prior to 1873,
silver was at premium, 1t was never con-
tended that national honor required the
payment Of government obligations In sill
yer, and the Matthews resolution. adopted
by congress in 1875 expressly asserted the
right of the United States to redeem coin
obligations in standard silver dollars as
well as in gold coin. Upon this subject
the Chicago platform reads:
1--WE are opposed to the policy and
practice Of surrendering to the holders of
the obligations OF the United States the
option reserved by law to the government
Of redeeming such obligations in either sill
YER coin or gold COIN"
1t is constantly assumed, by some that
the United States notes. commonly called
grenebacks, and the treasury notes issued
| under the act of 1890, are responsible for
the recent drain upon the gold reserve,
but this assumption is entirely without
before the house committee on appropria-
lions Jan. q, 1895. and quote from the
printed report Of his testimony before the
committed: ~ -
MFR. sibley-I would like to ask you
(perhaps not entirely connected with the
met tier under discussiom what objection,
there could be to having the option OF
redeemlng either in silver or gold lie with
the treasury instead of the note holder? y
Secretary Carlisle-If that policy had
hccn adopted at the beginning of resu,np-
tion--and / am not saying this for the
purpose Of criticising the action Of any CT
my predecessors or anybody else--but IL
the policy Of reserving to the government
at the beginning Of resumption the option
Of redeeming in gold or silver all It's paper
presented. believe it would have worked
benef1cially and there would have been no
trouble growing out Of it, but the secre-
taries Of the treasury from the beginning
of resumption have pursued a policy of
redeeming in gold or silver at the option
Of the holder Of the paper, and Il any sec-f
rotary had afterwards attempted to
change that policy and force silver upon
man who wanted gold, or gold upon
man who wanted silver. and especially IL
he had made any ATTEMPT OF such a criti-
cal period as we have had in the last two
years, my judgment is it would have been
very disastrous"
do not agree with the secretary that it
was wise to follow a. bad precedent, but
from his answer it will he seen that the
treasury notes, but rather with the execil-
tive officers who have seen fit to surrender
q right which should have been exercised
people. This executive action has already
been made the excuse for the issue OF more
than s259,ooo 900 bonds, and it is; Impossible
hereafter be issued IL this policy Is c6itin-
ued We are told that any attempt upon the