Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-09-09

uOJeS arc FeuSelnhOle Exclusively IN
gold and then assume the right to is
sue more bonds to maintain a gold re-
serve is to virtually make all claims
against the government payable in
gold. When an official receives his
salary, or contractor his pay in green
backs, he can simply hand them back
to the treasury and demand gold in ex-
change For the government to say
to an employee lyon cannot have gold
for yonr salary, but you may have
greenbacks or Sherman notes, and then
exchange them at the treasury for
gold" is to make a rather shadowy
distinction
But such has been the policy which
the gold men have forced upon us.
The Sherman law expressly author
ICES the secretary OF the trearsury 70
coin silver for the redemption of the
notes issued Hereunder.
Section 3, which has not been re-
pealed, reads as follows:
"Sec. 3. That the secretary Of the
treasury shall, each month, coin two
million ounces of silver bullion pur-
chased under the provisions Of this act
into standard silver dollars until the
first day of July, 1891, and after that
time he shall coin, of the silver bullion
purchased under the provisions Of this
act, as much as may be necessary to
provide for, and any gain or seignior-
age arising from such coinage shall be
accounted for and paid into the treas
ury."
If that does not mean that it is the
duty of the secretary to redeem such
notes in silver whenever the condition
of the treasury makes it necessary, then
the language is wholly devoid of mean
ing.
The preceding section authorizes
him to redeem such notes in either
''gold or silver coin at his discretion,
but that does not mean that he may
completely surrender the option to the
holder of the notes.
at the most 1t intends no more chan
to give him the right to pay out golden
demand when the condition of the
treasury is such as to justify it
To hold that he could legally allow
the treasury to be Systematically rob-
bed of its gold time after time and then
buy it back again by the issuance OF
interest bearing bonds is equivalent to
saying that the law permits him to lit
orally bankrupt the nation by loading
it down with u mountain of debt which
it can never pay. If such an interpre-
tation had been allowed when the
Sherman law was under consideration
it would never have gone into our stat
ute books.
The discretion" which is given to the
secretary was intended to be exercised
with an eye to the state OF the treas
ury. As the law would say it is a
Sound discretion, NOT an arbitrary
one.
Exclusive gold payments have been
made and hundreds Of millions Of dol
Jars in bonds have been issued, not in
pursuance of law, but in obedience to
the command of Wall street
AS Harper's Weekly says, "meh
pledged to the gold standard have been
in control, and it can be safely affirm
ed that the control" has been exercis-
ed for their own interests and regard
less OF the law,
Every American citizen will do well
to lay aside party feeling and false
sentimentality and reflect upon the
significance of the question here pre-
sented
Every man who claims that our
monetary system is not "sound" in
effect admits that the gold standard
has been maintained in defiance Of
law. And yet the friends of silver
restoration are termed anarchists. -
The National Bimetallist