Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-14
Gold-Bug Methods.

Our United States Bonds are Paid in
Gold" makes such an envinus and
misleading answer to correspondent
who propounds a query, as to the iul.
meaning of the word "coin," the
money III which these bonds were TO
he paid, that we feel called upon to
cite few fact. which show thai our
city contemporary is entirely at sea in
It's assumption that the word, as it il
used in the statute, was intended to
mean only gold coin. 1t says:
All the existing bonds OF the United
StateS have been issued under the au-
thorlty OF a law which simply requires
that they shall be paid in coin But all
OF them are gold bonds in the sense
that the money borrowed by the United
States for which the bonds were given
Of these bonds took them in exchange
for thoii gold il was with the under
standing that the government should
pay them IN the same money it re-
ccived"
That any such understanding existed
at the time the bonds were placed
upon the market is mere assumption
OF the Pioneer-Press, for the reason
that gold and silver were then travel
ing hand-in- hand, and neither metal
had at any time varied much from the
other in value-in fact silver had been
almost invariably at a premium prior
to 1878. and the plot to construe the
meaning of tie word "coin" to mean
only gold, a money easily cornered"
by the money combination, had not
entered the brain OF man.
1t was not till several years after
wards that it WAS clearly demonstrated
that the scheme might be made retro.
active in its scope, and to apply to the
bonds already issued, and the few who
stealthily laid the groundwork by de-
monetization of silver, were classified
as "conspirators" by Carlisle, when he
first discovered the insidious work that
had been done.
1t was not till 1878 that the object
became 80 clearly defined that Con-
g'ess interviewed to give expression to
Just what was meant by the word coin"
In the acts authorizing bond issues
Stanley Matthews, a Republican Sena-
tor from Ohio, and afterwards one of
the Justices OF the Supreme Court of
the United States, to settle the matter
introduced the following resolution in
the U. S. Senate:
ResolUed, That all the bonds of the
United States issued or authorized to be
issued, under the said acts of Congress
hereinbefore recited, are payable, prin-
cipal and interest, at the option of the
Government of the United States in sill.
yer dollars, of the coinage of the United
States, containing four hundred and
twelve and a half grains each of stand
ard silver; and that to restore to its
coinage such silver coins as legal ten
der in payment of said bonds, principal
and interest, is not violation of the
public faith nor in derogation of the
rights of the public creditor.
The demands of the goldbugs was
understood by the Fraudulent Presi-
dent, Mr.. Hayes, and according to the
authority from which we quote
Blaine's Twenty Years of Congress"
presented the subject in his message
to Congress, Dec. 3, 1877, holding that
at [silver] should only be used ct its
commercial value. IT," said he, {" the
United States had the undoubted right
to pay its bonds in silver coin, the lit
tie benefit from that process would be
overbalanced by the injurious effects
OF such payments if made or proposed
against the honest convictions of the
public creditors"
Secretary Sherman was, of course,
in line with the conspirators," and
in his annual report submitted at that
time, said, according to this same YER
acious record: CAS- the government
exacts in payment for bonds, their full
face value in coin, it is not anticipated
that any future legislation Of Con-
gress, or any action of any department
OF the government will sanction OF toll
crate the redemption of the principal
of these bonds, or the payment of in-
terest thereon, in coin of less value
than the coin authorized by law at the
time of their issue-being gold COIN"
ain direct hostility to the recon-
mendatiOns of tho Ohio President and
Ohio Secretary of the Treasury" says
Mr.. Blaine, Gan Ohio Senator, MI.
Stanley Matthews, moved q concur
rent resolution in the Senate declaring
that all bonds of the United States are
payable in silver dollars of 4124 grains
and that to restore such dollars as a
full legal tender for that purpose, is
not in violation of public faith or the
rights of the creditors" The resolu-
ton to which Mr.. Blaine refers is given
in full above.
Now mark the opposition that en-
sued upon this at the time debatable
ground, by the enemies of silver.
Again quoting from Mr.. Blaine:
Mr.. Edmunds moved an amendment
declaring that the bonds are payable in
gold coin or its equivalent and that any
other payment without the consent of
the creditor would be in violation of the
public faith 1t was defeated-ayes IS,
noes "A. On the passage of the resolu-
ito / in the Senate the ayes were 43 and
the noes %. In the House of Represen-
tatives the resolution was passed under
suspension of the rules-ayes lS9, noes
76. This proclamation of the financial
creed OF Congress was made complete on
the 29th day OF January, 1873.
son the 9th of the previous Novem-
Der, during the extra session the HOuse