Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-21
TWELVE PAGES
TUESDAY, NOVEMBER 81. 1899.
A MIsAPPRoPRIA OF
$25,0O0,000.

Mr.. Gage, who Is President McKin-
ley's Secretary Of the Treasury. is the
principal clerk Of that department, and
in no sense Minister. OF the member
Of a constitutional cabinet; and he Is
only one of those principal officers OF
departments of whom the constitution
says the President may require the
opinion, in writing, upon any subject
relating to the duties of their respect
i've Offices In course of time, by grad
ual encroachment and allowance. es-
pecially during and since the war, these
chief clerks in the executive depart
ment, have assumed much authority
and great pretensions, though they are
really nothing more than head clerks
Of the President, with no power. NOR re-
sponsibility, except as such subordi-
the constitution and laws being vested
solely and exclusively in the President
himself.
Yet Mr.. Gage announces, over his sig
nature as Secretary, that the Treasury
Department Of the United States is
ready to purchase any part or all OF
s25,000,000 in government bonds of the
4 per cent. loan of 1907, or the per cent
loan of 1901; the former at 1925 cents
on the dollar, and the latter at Ill cents
on the dollar. He has no lawful au-
thority at all. to make such an an.
nouncement In his name, and IL the
President has any such authority, he
should have signed the notice, or Mr..
Gage in his name and by his authority.
AS 1t is the President Is not mentioned
nor referred to in this important doc
ument, proposing to expend S25, 0O0, 900
in gold from the Treasury, at q rate for
u. S. bonds much greater than that
promised by the bonds, or authorized
by Congress- Not only so, but the
bonds are offered to be paid by Gage,
respectively, FIVE and eight years be-
fore maturity. when Congress promised
to pay them. Where did President Nc
Kinley find the lawful power to pay
these bonds before they are due and
promised to be paid. and to pay them
In gold>at a much greater sum than
will be due on maturity?
The alleged stringency OF the money
market In New York Is the excuse for
taking this vast sum of gold coin from
the Treasury and paying 1t out In
larger amount than is promised, and
before any Of the principal Is due; and
this, though the Constitution express
ly says that mo money shall be drawn
from the Treasury, but In consequence
of appropriations made by law. Has
Congress made any appropriation Of
! this 100000 for Mckinley or Gage to
dispose of in the way Indicated? Has
! Congress made appropriations already
: for the loans OF 1904 and 1907? We
< reckon not; and yet here Is Gage, or
he and Mckinley. drawing money from
the Treasury and anticipating loans
wholly without any warrant OF law
from Congressl True, they plead the
necessity OF the country; but neither
Gage, nor Mckinley, has shown the
slightest disposition to relieve the real
need Of the country by favorlng the
nndoing Of what has contracted the
currency to this construction. which
grows worse among the people, the
further we go from New York. and the
8 money-centres: and this unlawful dis
position Of s2b.ooo.ooo of the peoples
Z money is not for. their relief, but to en-
able spectators to prey on them more
actively.
We shall be told that Gage Is Offer
ing only the market-rates for the
S bonds, and that he could not obtain
!; them for less }; but. obviously, IT, that
Y the case. there 10 not the least sha.,.