The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-01-08
A POWERFUL LETTER.

THE FALSE POSITION OF SUSTAIN
ING THE PUBLIC CREDIT BY SELL
IN BONDS FOR GOLD.
Editor Representative.
y The President and all his Cuckoos pro-
fess the greatest anxiety about preserv-
ing the national credit and justify the
Migrant violation of law committed by
increasing the public debt to borrow gold,
y to maintain a reserve of gold in the
by law. The whole pretense of main-
tanning the credit of the government is a
sham, an idle illusion. Its per cert
bonds are away above par in the market.
1t Is not our governments credit which
concerns the London bankers and their
! New York allies, for they will pay a big
premium to get more bonds. Their con-
.cern is for a broader field of investment.
= The vast volume of railway Indebtedness
represented by bonds payable principal
and interest in gold, based upon prop
erty which can now be said to represent
in actual value not more than so per cent
OF the amount for which the bonded debts
call for, in other words, they could be
. rebuilt and equipped for so per cent of
the debts they owe. BY insisting upon
the maintenance of the gold standard
sustain the market for such securities.
The public credit is unimpeached. The
! only danger threatening it lies in the
etreacherous. unreasonable policy of the
administration, which after doing more
ito sap the very fountains Of the wealth of
\ our country, by paralyzing it's industries
from which all wealth comes, than a
y great foreign war would do, now walls for
the aid of congress to help maintain the
public credit by authorizing the issue of
more bonds.
s Could anything appear more monstrous
] to people who understand the nature Of
our difficulties than this open attempt at
!. deception and fraud. to cover up and
conceal the fragrant violation of law on
the part Of the President and his financial
secretary?
B Why a French minister Of finance could
not hold office three days who permitted
what our government openly invites
NThe French government honors it's ma
tional money. and it does it by freely re-
ceiving it. and freely disbursing it-paper,
silver and gold alike. No citizen is there
: permitted to dishonor it. Mr.. Cleveland
y publicly dishonors that which the law
u says Is money, and has converted the
national Treasury into a brokers' shop
to swap dollars for other dollars; and he
has his kitchen cabinet selected from the
.renegades who have betrayed the people.
who for their high places bend the sup
PIE ANiScS VI Tie NHee lLItl may IOl-
!. low fawning.'' This is a grave charge
yet the following facts sustain it:
The resumption act provided for the re-
tirenent of the greenbacks, a large pro-
portion of all. 1t also authorized when
Unnecessary The sale of bonds for coin, to
redeem them, not gold. but coin. Later,
20 law was passed forbdding any farther
s.retirement of the greenbacks below the
4 amount of $346, 100000, those unredeemed
II It has no power to redeem another dol
liar, and that part Of the act was thus
llnulNfied which authorized the sale of
!. bonds. The law expressly stated that
when received by the government the
5greenbacks should be reissued. Now it is
~ fundamental principle that money
which will lawfully pay all debts requires
mo redemption other than the creditor
gives when he receives 1t. The money
fredeems itself in fulfilling it's function
\ as . debt payer. The Cuckoo journals