The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-27
THE GOLD MEN WORRIED.

! causing the SOlQ STANDARD IIlen SOIns
uneasiness. The New York Times ad
vises the sound money senators in the
debate on Mr. Teller's resolution t.
waste very little time in talking about
the law of the case. 1t is unfortu-
nately true, continues the Times, that
since the passage of the silver coin
/ age law of 1878, silver has been a legal
tender for debts due by the govern
ment of the United States. 1t then de-
clares there are outstanding bonds is
sued under the refunding laws previous
to that date which cannot legally be
paid in anything but standard gold coin
of the United States. But the fact of
real significance is that for twenty
years, during which the political char
acter of the national administration has
been changed four times, not a dollar
of the United States debt, whether
bonded or not, has been paid in any
thing but gold when the creditor de-
manded gold. Under the guidance of
Hayes. Garfield, Arthur, Cleveland,
Harrison. Cleveland again, and McKin-
ley, no secretary of the treasury has
ever even suggested so monstrous and
disgraceful a proposition. The govern
ment, says the Times. with unbroken
fidelity to the honor of the republic has
declared, year after year, that. no mat
ter what the technical right may be,
the debt of the United States must be
honestly paid. And it has been so paid.
The impression sought to be con-
veyed is that the bonds of the United
States are specifically payable in gold,
or that all issued prior to 1873 were.
The impression is a false one; they
are payable in coin" and coin means
and has meant gold and silver or
either
Silver was demonetized by the act of
February p, 1873, by disseminating the
coinage of the silver dollar and limit
ing the legal tender quality of subsid-
larry silver coins. All silver dollars
coined up to that date We're and still
are legal tender. The act of February
2S 1878, authorized the coinage of not
less than S2,0OOOOe. nor more than a.
600, 600, OF silver per month, and these
dollars were made legal tender. being
of the same weight and fneness as pro-
vided in the coinage act of January IS,
1887.
The Times says that it is "unfortu-
nately true" that since 1878 silver has
been legal tender for debts due by the
government of the United States. Can
the Times name a time when silver dol
lars have not been a legal tender for
debts due by the government of the
United States?
The interest bearing debt of the
United States on November go 1897,
was SS47, 800. go. All of that debt was
authorized under laws enacted prior to
1873. or laws enacted for the purpose
of refunding it. except the sum of $685.,
359, go; and of that sum 1852, S15, AGO was
issued under authority of the act of
January Il. 1875. These issues We're
made, S1OO, 600, 600 in 1894, and $162, S15,4OO
in 1895, during Mr.. Clevelands admin
and for the purpose OF main
tanning the gold reserve. 1t is mat
ter of common knowledge that when
the first part of the issue of 1895 was
made the Morgan syndicate offered to
pay a very much higher premium for
the bonds if thes were made payable
in gold.
The Times says that there are out
standing bonds issued under the refund
ing laws previous to 1878 which cannot
legally be paid in anything but stand
ard gold coin of the United States. The
Times will scarcely contend that bonds
issued under authority OF the various
acts passed in the COS We're gold bonds.
The 5-20's of 1862, the 1O-40's of 1854 and
the 5-2O's of the same year, were not
even coin bonds. They simply stated
that the United States We're indebted to
or assigns in the sum of One
Thousand Dollars. or whatever the de-
of the bond. The per cent
funded loan of 1881 made the bonds
payable in coin of standard value of
The United States" The funded loan |
If 1891 did the same thing, while the 8 /
per cent loan of 1882, which was in the |
interest of the national banking sys- /
EN-, simply named dollars"
The United States are under no obi
cations, moral or legal, to pay their |
ponds in gold coin, and the government /
should have, and exercise, the right /
o pay its obligations in gold or silver.
Is shall be to its best interest. If paid /
n silver, the debt of the United States
will be honestly paid. because it is pay
lble in coin of standard value of the
United States"