The Caucasian. (Clinton, N.C.) 188?-1913, 1896-02-13

) this government is pay able In silver IL
it Is To the interest or pleasure OF this
government to 50 pay them. There
has been but one law relating to this
matter passed since 1873, and that vas
the act of lssso. which expressly makes
il the duty Of the Secretary Of the
Treasury in paying these coin obiiga-
fions TO exercise the option which the
government reserves to pay these obii-
cations in either coin. and to pay them
out SO As to maintain the parity be-
tween the two metals.
| And thus the matter stands to-da ,
that every obligation which this gov
ernment oxes, except few gold certi-
ficates, is payable, at the option Of this
| government. in either gold coin or in
silver coin Of the same standard value
as that in use and authorized by the
strange to say, for some reason hey oni
human comprehension, Mr.. Carlisle,
present Secretary of the Treasury, re-
| fuses To exercise this option on behalf
OF his own government, which he has
sworn To support, but pays out gold
| alone and at the option Of the creditor.
He did this until he drained the
Treasury Of gold, and then, instead of
| exercising the option which it was his
duty to use in the interest of his gov
| ernment and the people, and TO pay
| out silver coin which he had in the
Treasury, he proceeds to issue more
bonds to buy gold, simply because the
bondh0lders demand gold.
That this is a betrayal of the high
trust which he holds, it seems to me,
should be plain and conclusive to every
fair and unprejudiced mind Of even or
binary intelligence.
1t can not be claimed by any one
that any bondholder has ever had any
reason to believe that he had any legal
right to demand payment in gold. Not
Orly is the existence of our statutes on
| this question sufficient notice to them
and to all the world that these bonds
may be paid in silver, but when the
| President made his bond deal with the
syndicate February, 1895, he sent a
special message to Congress, under
date of February 8, 1895, and urged
this body to authorize him to issue
gold bonds, saying that If the pur-
chasers Of these bonds could know that
they would receive payment in gold
that he could sell the bonds for $l6,-
OOO, 600 more than he could get for
them as coin bonds.
| call special attention to the follow
ing paragraph of the message, which
l ask to have read by the Secretary.
Let him read the part that is marked.
| The PRESIDING OFFICER Mr.. Frye in
the chair). The Secretary will read as
requested.
| The Secretary read as follows:
| The privilege is especially reserved to the
government to substitute at par within ten
/ 1ox 10 1ofo in Of 10 A inf
coin bonds, other bonds in terms payable in
gold and bearing only per cent interest," if
the issue of the same should in the mean
time be authorized by the Coneress.
The arrangement thus completed which,
after careful inquiry, appears in present
jects desired to be the best attainable, de-
velops such difference in the estimation of
investors between bonds made payable in
coin and those specifically made payable in
gold in favor of the latter, as is presented
by three fourths of a cent in annual inter-
est. In the agreement just concluded the
annual saving in interest to the government,
if 3 per cent gold bonds should be substi-
tuted for 4 per cent coin bonds under the
privilege reserved, would be $539, ,159,
amounting IN thirty years, or at the matu-
rity of the coin bonds, to SIG, 174,77O.
Of course there never should be doubt in
any quarter as to the redemption in gold of
the bonds of the government which are
made payable in coin. Therefore the dis
elimination in the judgment of investors
between our bond obligations payable in
coin and those specifically made payable in
gold is very significant. It IS hardly neces
sary to suggest that whatever may be our
views on the subject the sentiments or pre-
ferenCes of those with whom we must negO-
tiate in disposing our bonds for gold are not
subject to our dictation.
/ Mr.. BUTLER. The President of the
United States in that document admits
that this great government is in the
hands of and at the mercy of these
gold gamblers. That is no doubt true
with Grover Cleveland in the White
House; but that such humiliating
condition could exist if we had an An
drew Jackson for President every true
, American will Indignantly deny.
But what wish to call special atten-
ton to is that in the very contract
which the President then made with
the gold trust there is distinction
made between a gold bond and a coir
bond to an amount exceeding SIG, ,OOO,.
1000.
Now, if these bondhOlders were will
ling to give certain sum for this issue
of bonds, providing they we're to b.
payable in gold, but were willing tt
give and did give $lG,l74,770 less be-
cause they were not to be payable il
gold, then wish to ask any Intelligent
men in what money should these bOnd
, be paid?
Mr.. MITCHELL, of Oregon. May
ask the Senator from North Carolina
question?
Mr.. BUTLER. Certainly.
f Mr.. MITCHELL, of Oregon. If the,
!, should be paid in gold would they no
on their own confession and their owl
+ admission receive bonus of just tina
amount more than they say they ar
. themselves entitled to?
Il Mr.. BUTLER. Certainly. That i
f plain to any man of ordinary intelli
: gence. l am sorry that our Secretar
Z of the Treasury and our President Cal
t not see it. Their stupidity in this, a
in other matters, has already cost tn
people millions of dollars, and almos
bankrupted the nation.
C Mark you, the bondh0lders offered
gold price for these bonds and then OF
e fered price $16,174,770 less as col
K price, which they said meant silver
j. Therefore, say that there is no legs
T or moral obligation OF this governmen
to pay these bonds in gold, or any par
Va ohCA III 6OAu, OuV ~ o0o CVCAy AOSc
e and moral right, and it is the duty &
: this government, to pay every dollar &
l. them, principal and interest, under th
!. circumstances, in silver, and l cha
l. lenge any Senator on this floor to COZ
r. tradict the correctness of this state
l. ment.
d A few days ago the Senator frol
4 New York (Mr. Hill), in a speech o
is this floor, attempted to justify the Ad
i, ministration in pursuing this sucid,
d course. Now, i would like to ask hill
y a question, OF, rather, to put plail
6 simple, business proposition to him.
,r is this: Suppose on January 1, 1895,
e, mad given my note to the Senator frOl
:; Ohio (Mr. Sherman), in which prom
1t ised to pay him on January l, lSa
I, either 1000 bushels of wheat of 2,0(
le bushels of corn at my option. SUI
o. pose on the 1st day of June my bus