New-York tribune., 1900-11-04
BRYAN, ARTFUL DoDGER.
HOW HE WOULD ENFORCE THE LAW
AS TO COIN OBLIGATIONS
LIZ HAS ALWAYS ASSERTED THAT THE GOV
ERNMENT HAD THE RIGHT TO
PAY THEM IN SILVER.
lpv TELEGRAPH TO THE rRlBrxK,I

PAY THEM IN SILVER
IRy TELEGRAPH To THE TRIBUNE.l
washington Nov 3.-To the oft repeated
or,estton will you IL elected President direct
YOUR Secretary of the Treasury to pay the coin
obligations of the Government in silver? Mr.
Rryan. forced 10 make some sort Of reply has
essayed an answer which is as dsingenuous as
=, IS ingenious This is what he said recently at
Wilmington, Del;
7 want the Republicans who want that ques-
lion answered first find out what the law re-
oures and then / want them to know that II
elected President l will enforce that law.
But you ask me TO construe Republican law
I reply that I shall not construe a Ia" uillll IL
becomes my duty to enforce IT.
What is the law TO which the Democratic can
didste refers? Undoubtedly Mr.. Bryan intend
cd to convey the impression to Gold Democrats
that he meant the act of March IA, lSoo, the
cold Standard law But that law. While II
established the countrys finances upon gold
basis de lure simply recognized what had long
existed de facto and did not alter. amend or re-
peal the laws under which the coin oohgatohs
OF the Government were created.
THE LAWS AS TO COIN PAYMENTS.
What are these laws? First. the act of March
IS 1863 entitled AN act to strengthen the pub
Tic credit" This act provided and declared tna'
the faith of the United States was soiemniF
rledged to the payment in coin or its equivalent
Of all the interest hearing obligations OF the
United States. except in cases where the Ia"
authorizing the issues of such obligations hao
expressly provided that the same might be paid
in lawful money other currency than gold or
silver
Second the act Of July Il. 1870. entitled, An
act to authorize the refunding of the National
debt by which all the bonds OF the United
States authorized be issued thereby were
declared to he redeemable in coin of the then
present standard value, bearing interest pay
able semi annually in such coin.
Third, the act Of January a. 1873. entitled
AN provide for the resumption OF specie
payments which required alI bonds issued
hereunder to he of the description of the bonds
described IN the Refunding act.
Now. there absolutely nothing said in
these acts about who should have the option in
the selection Of the kind Of coin or it's equiva- =
lent, the Government or the holder OF the ohliga-
tion In fact, the option given to the lat
Ter. and that is what Mr.. Bryan and every other
ardent silverite have always strenuously Oh
jected to. claiming that the law had been
Violated by not giving the option to the Gov
ernment. The famous Teller resolution Of 1898.
which passed the Senate. it will be remembered.
cited the laws above mentioned, and declared il
10 be the sense of Congress that the bonds is
sued hereunder payable, principal and in
terest, at the option OF the Government in silver
dollars at the ratio of 16 10 /. The Teller reso-
luton only reaf1rma ton of the equally
famous Stanley Matthews resolution, which Mr..
Bryan himself attempted to have tackled to
the Gold Bond bill just before he retired from
Congress. In the discussion of those resou-
tons the fact emphasized that the laws re-
ferred TO lad not been substantially altered or
repealed, did the legislation of the last ses-
sion of Congress effect the coin" obligations
created Hereunder. for the obvious reason that
the provisions of the Gold Standard act not
and could not be retroactive, changing the nat
Of and thereby virtually abrogating the
contracts theretofcre solemny entered into be-
tween the Government and the holders of its
paper.
HOW THE LAWS HAVE BEEN CONSTRUED
Now let us see how those laws have been con-
strued and administered. then how Mr.. Bryan,
had he been in power. would have construed
and administered them. and what may
pect according to his own statement if he
should he elected.
On January 81. 1895. Secretary Carlisle be-
fore a Congressional committee in reply to a
question as 20 what objection there could be to
having the option of redeeming either in silver
or GOLD lie with the Treasury instead Of the
note holder, said IF the policy of reserving to
the Government at the beginning of resumption,
the option of redeeming in gold or silver all its
paper presented had been observed" he believed
I'll would have worked benefcialy, and there
would have been trouble growing out OF
f. bur the Secretaries of the Treasury from
The beginning of resumption have pursued
q policy of redeemng in gold or silver, at
the option of the holder OF the paper, and
II any Secretary had afterward attempted
70 change that policy and force silver upon
g man who wanted gold, gold upon
who wanted silver my Judgment Is
It would have been very disastrous. There is
vast difference" added Mr.. Carlisle, between
establishing a policy at the beginning and re-
versng a policy after it has been long estab-
Ished. and especially after the situation mas
been changed
BRYAN'S RECORD IN CONGRESS.
Now what did Mr.. Bryan think of this policy
pursued by Secretaries of the Treasury from
the beginning of resumption under the laws re-
ferred To? In a minority report (No. I'o-4
Third Session. LIIId Congress. 1880 from the
Committee on Ways and Means on the Goid
Bond bill Mr.. Bryan said:
The noteholder has legal right TO choose
The coin in which the obligation shall be re-
deemed but has been permitted to exercise that
night by a policy inaugurated by the Treasury