The Southern herald., 1898-03-18

contract. The very object and Pur-
pose Of the stipulation to pay any
money the standard Of 8 particular
date was to guard against possible
changes in cur coinage system.
The hundred million dollars Of that
debt was contracted quite recently,
and it is not only payable in silver
by the contemporary action Of Con-
gress at the time when the loan was
made.
There was a bill introduced in
Congress then to change the law
and make these new issues Of bonds,
then about TO be offered, and fur
ihsr issues payable in gold. This
bill was defeated by large major.
ity. Then the President, backed
BY the Secretary OF the Treasury,
sent a special message 10 Congress
advising that these bonds should be
made psyAblein gold; that il given
the authority to Insert gold" in.
stead Of "eOin,n a be could nrgO-
tate them, in the market ut a saw
ing of SIC, 100000. This PROPOSE.
tiOn Was also rejected.
The gentleman from Iowa Mr..
DOlhVerl has stated: There is no
creditor Of the United States, and
no creditor anywhere in the world,
public or private, who has any OBJ.
jeclion to receiving the coined ell.
ver dollar Of the United States o.
to-day" Then why was it that
Mr.. Cleveland made this appeal
TO COngressH And why should
these two hundred and sixty mill.
IONS of bonds have been sold when
at the time Of theirRale there were
millions Of standard silver dollars
in the Treasury as the following
extracts from the messages Of Mr..
Cleveland to Congress will show:
There need be no fear that We
can pay our current expenses with
such money as we have. There is
now in the Treasury a comfortable
surplus Of more than sixty.ihree
millions, but il is not gold, and
therefore does not meet our diff
culty.-January %, 1895.
Atno time when bonds have been
issued has there been any conFid.
Grafton Of the question Of paying
the expenses Of Government with
..a>iI p.Oceeds. There was no ne.
cessi,y 10 consider that question.
At the time Of each bond issue W.
had a safe surplus in the Treasury
for ordinary operations, exclusive
Oflhe gold in our reserve. In Feb
ruary, 1904, when the first issue
Of bonds was made, such surplus
amounted to eighteen millions. In
November, when the second issue
was made, it amounted TO lnore
than forty.two millions, and in
February, 1895, when the bonds
for the third time were issued, such
surplus amouniedt to more than one
hundred millions. Ii now amounts
to s9S,072,4 ,42S 30.-Decembvr 5
1895.
II may be said, however, that
this surplus was not in silver and
could not be used in paying of the
Governments obligations. The
books Of the Treasury Department,
show that more than half Of the
revenue that has been received in
the last five or six years has been
paid in silver certificates, which
can be exchanged in that Depart
ment for silver dollarp; besides, a,
that time there was on hand A
large amount Of silver bullion, the
seigniorage on which, if il had
been coined, as vac required by
law, would have amounted 10 more
than $4,000, ,OOOI
The law Of 1879, which provides
for the redemption et United States
legal.tender ndtfs(or greenbacks),
authorizes the Secretary Of the
Treasury ito pSs any surplus reve
nue. from tims'o ting q the Treas.
ury not otherwise appropriated"
aud "'.tp 4t not lass isD par in
"coin" either Of ths descriptions
of bonds described in the act Of Ju.
ly "A, 1870, for the purpose afore.
said. Now. welbaxs shown that
at the time of this bond sale there
was from sixty 10 one hundred
million dollars of silver in the
Treasury; so il seems that there
are creditors" whs are oppused
ito receiving the coined silver dol.