The Washington weekly post., 1900-09-04
Mr.. Schurz's View of Secretary
Cages Recent Warning.
DUTY OF REPUBLICAN CONGRESS
IL the CoHteetion BE Well Founded that Nr.
Bryan, if Elected, Could Put the Country
en- a silver Basis, the New Currency Law
Is Therefore Deficient and the Party In
Power Must. Of Course, Enact AmeBda-
tory Legislation at the Coming Session.

reference to the SecreLary's recent pubic
statement concerning the danger of ini-
mediate silver payments In the event OF
Mr.. Bryan's election, was to-day given to
the press:
Dear Sir: The newspapers of August ee
published an interview with you in which
you were quoted as saying that there is
no doubt Mr. Bryan Of elected PresidenU
could order his Secretary of the Treasury
to make payment In silver of all the pub
lie debt payable in com, and for all cur
rent disbursements of the government as
well, which amount TO 81. 10000 to $l.750,-
CO. per day; and that he would give such
an order, too, is very certain, il he is in
the same mind that ne was in 1886 You
went on TO say that although Mr.. Bryan
would have great difficulty in doing that
at once owing TO the small silver re-
sources OF the government, yet he might
accomplish ii in time, as the mere an
nouncement Of such purpose would stop
the inflow of gold or at least very largely
diminish payments in gold and corre-
spondingly increase payments into the
Treasury of silver and silver eertifcates;'
that this would practically put the gov
eminent on silver basis. ruin its credit,
and bring incaiculable disaster upon the
DuSluSSS INTERESTS Ol country.
Having for a great many years taken a
deep and somewhat active interest in the
establishment of a sound monetary sys-
TEN in the United States, l may withou.
improperly publicly address to you a few
remarks in reply to your public state
ment. L emphatically deny, Mr. Secretary,
that the danger set forth by you in your
| interviews really exists, and that any
pFpCi0pnf will he ahI 70 10
might be done, unless the Republican par
ty in control of the government in both
| its legislative and executive branches,
proves Itself utterly dishonest In its pro-
| fessed purpose 10 maintain the gold STAN
/ dard.
This denial is not based upon the rea-
soning of thOse of your critics who seek
TO show oy figures that a President desir-
ing ever so much 10 put the country upon
| a silver basis, would lack the means for
doing so. On the contrary, for argI-
lnents sake, l will accept all you say on
that point But you omit to mention d
fact of decisive importance.
Is There Flaw in the CURRENCY Lave
III the Executive. as you say, processes
the oiscretion or paying silver in settle
Hient Oh All interest on the public debt not
/ PNy eNDiC III SOIOy ana OF MAKE
ing Its daily disbursements to its creditors
In silver it is owing to a Jaw in the
currency law passed at the last session
OF Congress- law which, as the spokes-
man Of the Republican party promised.
was to put the gold standard upon an i'm
pregnable basis. 1t was suggested at the
time by some of its critics that this law
was purpOsely so manipulated by Repub-
| iican politicians in the Senate as to leave
| the possibility of the subversion of the
| gold standard by executive action open.
| in order to enable the Republicans in the
/ present Presidential campaign to say
that the election of Republican Presi-
| dent was absolutely necessary TO save
| the gold standard and 10 prevent dreadful
| economic disaster. Whether any such
scheme entered into that legislation, |
do not assume TO determine Certain IL
is, however. that this feature OF the law
is now so used, and that you, Mr.. Secre-
| tary. actually do so use il for the evident
purpose of alarming the business COM
munity and the possessing classes gen.
orally
4 hardly need to say to you that the
spreading OF false alarms of this kind is
| a very questionable and responsible thing
| for anybody. and especially for a Secr.-
ldFy OF the treasury. AND | call gDtIr
prediction of the possibilities specified by
you and Of the disasters sure TO follow a
false alarm for a very simple reason
| Whoever may be elected President on
November 6. there will be another session
of Congress before he will take Office on
March 4. 1901 The Republicans will have
| strong matorities in both houses Of that
Congress. the Executive too, will be In
their hands. They will, therefore, be
able to make such laws as they please.
They will thus have full power and am
pie opportunity before the Inauguration of
the next President to pass any Iegisla-
! ton required To make Ii utterly impossi-
be 10 any President to break down the
gold standard I'm the way you Mr. Secre-
| t3ry, describe in your interview A simple
enactment in two or three lines substar-
TALLY providing that IL shall be the duty
OF the Secretary of the Treasury TO pay
In golo or silver. at the option Of the
| creditor, all kinds OF Indebtedness of the
United States now payable I'm coin, may
| be sufficient. And II there should be an
other flaw in the Present law dangerous
10 the gold standard in any other way.
YOU, Mr.. Secretary. able financier as YOU
are, will surely detect IL and find a legIs-
Iative remedy and have IL ready In ths
shape of a weli-ma tuIed bill 70 be sub
mitted 10 Congress at the opening Of the
session.
Ample Time 10 Avert Danger.