The Penn's Grove record., 1900-03-02
The PENIS Grove Record
D MARCH 2, 1900.

friday, MAftCf1 q, lSuU.
THE GOLD STANDARD LAW.
A Revolution in the Money Laws to
Benefit Money Kings.
AS a elimination Of the conspiracy
of the bond holders of the country be.
gun thirty years ago to destroy half the
metallic money of the world @(silver) as
standard money and to make their
bonds and gold more valuable, that is.
purchase more of other products, the
House of Representatives passed a bill
to make gold the only standardo of value.
on December 18th. On February 18th,
the u. S. Senate passed another bill.
The two bills went to a conference
committee of the House and Senate
and this committee formulated a new
bill and reported it to the Senate last
Friday. The first section of the bill
which clinches the gold standard upon
the people reads as follows:
ssThat the dollar consisting of 25.0S grains iof
gold, nine.tenths fine, as established by section
351l Of the Revised Statutes of the United States,
shall be the standard unit of value, and allforms
OF money issued or coined by the United States
shall be maintained at a parity of value with
this standard, and it shall be the duty OF the
Secretary of the Treasury to maintain such par
ity."
The second section makes all the u.
S. notes redeemable in gold coin and
provides that a reserved fund Of $780,
100000 shall be set apart for that pur-
pose. When the reserved fund falls
below 500, 000, 900 the Secretary of the
Treasury shall sell interest bearing gold
bonds for gold, as Cleveland did, and
which was condemned so much at that
time by the Republican party.
While this is a revolution in the laws
Of the country it is what has been the
customary practice of every Secretary
of the Treasury siLce the Civil War,
because the bankers have owned or con-
tr0lled them.
The first coinage laws of the country
passed in 1892 provided for the free
coinage of the "Dollar or unit-each
to be of the value of a Spanish milled
dollar to contain 371.25 grains of sill
ver,'' the same as our present silver
dollar. The law also provided for the
free coinage of gold into eagles, half
and quarter eagles, the $40 gold piece
to contain 279 grains Of standard gold,
that is, q grains to the dollar. "All
the gold and silver coins shall be a law
full tender an I'LL payments subatsoeve1
according to their respective values
herein declared"
Thus it will be seen that all bonds
and notes were payable in silver as well
as gold coin.
In 1887 a law was passed making
25.8 grains to the gold dollar.
In 1878 the law was passed closing
the mints to the coinage of silver dol,
lars. In 1878 the Bland-Ailison ACT
and in 1890 the Sherman act were pass.
ed which provided all the 450, GOO, 600
dIver dollars We now have. When
J Bland-Allison act was passed the
Hey Matthews resolution was rass-
khich provided
That all the bonds of the United States issued
2 Or quflOrizQ d fn hQ iccrQd I1pdor cold ont III
Congress hereinbefore recited are payable,
principal and interest at the option of the Gov
eminent of the United States, in silver dollars
of the coinage OF the United States, containing
412% grains of standard silver; and that to re
store to its coinage such silver coins as a legal
tender in payment of said bonds, principal and
interest, is not in violation of the public faith
nor in derogation of the rights of the public
creditor.
The act of 1893, to repeal the Sher-
man purchasing act passed with this
added.
"And it is hereby declared to be the policy Of
the United States to continue the use of both
gold and silver as standard money, and to coin
both gold and silver into money of equal intrin
sic and exchangeable value, such equality to be
cCSuACO tulOuSu u tldblOudl dST6Cl1CUt, Oh UA
such safeguards of legislation as will insure the
maintenance of the parity in value of the coins
Of the two metals, and the equal power of every
dollar at all times in the markets and in the
payment of debts and it is hereby further de
clared that the efforts ofthe Government should
be steadily directed to the establishment of such
a safe system of bimetallism as will maintain al
all times the equal power of every dollar coined
or issued by the United States in the markets
and in the payment of debts"
All the acts provided for bimetallism
up to the present act. but because the
Secretary of the Treasury has refused
to use silver dollars with which to re.
deem U. S. bonds and notes, and used
gold only some declare we are on the
gold standard.
Henry M. Teller in the U. S. Senate
on Feb. 10Th, said, I'VE are not legal
ly on the gold standard to-day. and we
have not been legally on the gold stand
ard. Practically we have been forced
to the gold standard by Executive
usurpation, by a refusal to obey the
law. 1t was by usurpation, the trans.
erosion of the law, that we were put
upon this Standard
The bill does not say how the Secre.
tary OF the Treasury shall maintain the
parity, but leave it to him to redeem
silver dollars in gold dollars. The U.
s. Constitution recognizes silver as
legal tender money, and this bill is the
first to pass in the history ofthe United
States to make all bonds and notes pay,
able in gold only.
WHY is IT DONE?
In 1895 when President Cleveland
offered $50, 1000, 900 of q. S. coin bonds
for sale the shrewd fnanciers who tool
the coin bonds at 1041 with interest
payable at a per cent, offered to take
the bonds at par if the word ..gold'