Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-11-09

backs with gold bonds; and to give our
whole currency over to the control of
the national banks.
What a glorious series of PROPOSE
lions is this-FOR THE GOLD RING!
But let us go into the details OF
this plan of Secretary Gage, which has
been rehashed by Mr. Bullitt. The
Secretary makes a plausible effort to
justify the policy of Foster and Car
Isle, which started the endless chain,
by saying that the parity between the
two metals cannot be maintained, ac
cording to the policy laid down in the
act repeating the Sherman silver pur-
chase law, except by giving the gov
eminent creditor the option of what
kind of money he will have to satisfy
his claim. Yet he plainly points out
that the government does not exercise
the creditor to whom tariff taxes are
due.
Secretary Gage proposes to refund
the coin" bonds with "gold" bonds.
The coin bonds were issued to refund
the bonds payable merely in dollars"
During the war greenbacks, because of
their limited legal tender character,
being not good for tariff dues or in
terest on the public debt, deprecated
until they were worth at one time
about 35 cents in gold and 80 cents in
American silver. American silver
dollars at that time were worth 103
cents in gold. When the government
sold bonds it did not recognize the
deprecated condition of the green
backs. A $1,000 bond could be bought
with $1,000 in greenbacks, which in
turn could be bought with $3.50 in gold
or 800 American silver dollars, and
many bonds were so bought.
In 1869-70 these bonds, payable in
dollars" were refunded with bonds
payable in coin" In 1879 specie re-
sumption" took place-that is, for q
bond bought with $3.50 in gold during
the war the fnancier was able to get
81 900 in gold. The bond was almost
trebled in gold value. That was the
price paid to the bond buyers for their
patriotic support of the government.
In 1873 the infamous crime against sill
yer and the people was committed. Sill
yer was secretly cut out of the coinage
was secretly cut out Of the coinage
law. Since then the supply Of primary
money has been cut in two-and prices
have gone down one-half. With the
81 600 bond the patriotic bond dealer
acquired during war times for $3.50 in
gold he can now buy what in 1870
would have cost him $4,000 or more.
Now comes along this proposition to
refund these coin bonds of 1870
with "gold coin" bonds. This, we are
comfortably told, would remove an
ambiguity from our contract obliga-
tions;" that as Congress has pledged
itself to maintain a parity between
gold and silver, the word coin" evil
IDENTIFY means gold or something
equally as good.
John Sherman, acting for the bond
holders in 1877, asked the then Attor-
ney General, Mr.. Devens, if the word
coin did not mean gold coin, be-
cause by the act of 1873 there was no
authority for having any money except
gold. The Attorney General replied
that in 1870 the law provided for the
coinage of both gold and silver; that
the coin bonds were issued that year,
and that coin then meant gold and sill
yer and by their terms they were ana
are yet payable in gold and silver.
Secretary Gage is wrong in saying
there is ambiguity. If he does not
personally know what the word coin
means, as Secretary of the Treasury
he should know that in 1877 that ques-
ton was raised by John Sherman, the
then Secretary of the Treasury, and
decided by the Attorney General, which
decisions governs him until there is
another decision.
Refunding coin bonds with 'sgold"
bonds would be very good, fat thing
for the bondholders. who. Mr.. Gage
says, are in great doubt as to what
kind of money they are to receive.
They need not be. The law is plain.
Mr.. Gage talks about the disparity of
gold and silver Between gold and sill
yer money there is no disparity. Be
tween gold bullion, which has the
privilege of free coinage, and bullion
silver. commodity which has had
no coinage privilege since 1878, there
is naturally disparity, but there was
none when silver had similar coinage
privileges With gold. Then its price
never fell below 81 q per ounce