Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-09-04
AN OPEN LETTER
To the Hon. Lyman j. Gage, secrc-
tary Of the Trersury

published an interview with you In which
you were quoted as saying that there is
no doubt Mr.. Bryan Of elected PdesidenD
could order his Secretary of the Treasury
TO make payment in silver OF all the pub
lie debt payable in coin, and for all cur
rent disbursements of the government as
well, which amount to 81 $685. 900 ID St.7J0.v5
a day; and tina, he would give such an
order. too. is very certain. If ne Is in the
same mind he was in 1896" You went on
to say that although Mr.. Bryan would
have great difficulty in doing so at once"
owing to the small silver resources OF
the government. yet he might accomplish
it in time as the mere announcement OF
such a purpose would stop the inflow CT
gold or at least very largely diminish
payments of gold and corresnondingly in
crease payments into the treasury of sill
yer and silver certificates" that this
would practically put the government on
silver basis, ruin its credit and bring
incalcuable disaster upon the business
interests of the country.
Having for a great many years taken a
deep and somewhat active interest In the
establishment of a sound monetary sys-
tenn in the United States. i may without
Improperly publicly address TO you few
remarks in reply to your public state
ment. emphatically deny. Mr.. Secretary.
that the danger set forth by you in your
interviews really exists, and that tho
President will be able to do what you
say might be done unless the Republican
party in control of the government in both
its legislative and executive branches,
prove itself utterly dishonest in It's pro-
fessed purpose 10 maintain the gold STAN
dard.
This denial is not based upon the reason
ing of those of your critics who seek TO
show by figurs that a President desiring
ever so much 10 put the country upon
silver basis, would lack the means for
doing so. on the contrary, for arguments
sake. / win accept all YOU say on that
point. But you omit to mention fact OF
decisive Importance.
If the Executive, as YOU say. processes
the discretion of paying silver in settle
ment of all interest on the public debt not
specifically payable In gold, and of maxi
ing its daily disbursements TO It's creditors
in silver" it is owing TO flaw in the
currency law passed by the last session OF
Congress-a law which. as the spokesman
of the Republican party promised, was to
bic basis 1t was suggested at the time by
some of its critics that this law was pur-
posely so manipulated by Republican pol
| iticians In the Senate>as TO leave the pos
sibnity of the subversion OF the gold stan
dard by executive action open in order to
| enable the Republicans in the present
Presidential campaign TO say that the
election of a Republican President was
| ahS
standard and to prevent dreadful economic
| disaster. Whether any such scheme en-
tered into that legislation, l do not as
sumo TO determine. Certain 1t Is, how
ever. that this feature Of the law is now
so used, and that you, Mr.. Secretary, ac-
tually do use 1t for the evident purpose OF
| alarming the business community and tho
possessing classes generally.
l 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 Secre-
tary of the Treasury. And | call your
prediction of the possibilities specified by
you and of the disasters sure to follow
a false alarm for very simple reason.
Whoever may be elected President on No
vember 6, there will be another session OF
Congress before he will take office on
March A, 1901. The Republicans will have
strong majorities 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 ample OPP
portunity before the Inauguration OF the
| next President 10 pass any legislation re-
| quired to make 1t utterly impossible to
| any President to break down the gold
standard in the way you, Mr.. Secretary,
describe in your interview. A simple en-
actment in two or three lines substantial
| ly providing that II shall be the duty OF
the Secretary of the Treasury TO pay In
gold or silver at the option of the credit
or, all kinds OF Indebtedness OF the United
States payable i'm coin, may be sufficient.
And If there shopdd be another flaw in
the present law dangerous to the gold
standard In any other way, you Mr.. Sec
rotary, able financier as you are, will
surely detect It, and find legislative rem
| edy and have II ready In the shape OF a
well matured bill TO be submitted 10 Con-
gress at the opening of the session. In
short the Republicans controlling both
| the legislative and executive branches OF
the government, will, next winter, have
| ample power and opportunity to do what
| they ought to have done at the last SEES
| sion-to put the Currency Law in such
| shape that the gold standard cannot pos
siby be shaken by executive action no
matter who may occupy the Presidential
| chair-and thus remove. TO that extent at
least, the basis Of our monetary system
| from the changeful game O: party politics.
| Do you see any reason for doubling that
| Congress at it's next session will do this?
| II is quite evident that II there is any
| substance at all in your predictions of dis
| aster. the Republicans in Congress canncN
refuse 10 do It without proving that the
| prefessed solicitude OF the Republican par
| ty for the maintenance Of the gold STAN
dard is arrant hypocrisy. But II there be
any wavering / am convinced public opin-
| ion will. in case Of necessity. compel them
| TO take the necessary steps.
| You will thus have to admit. Mr. Secre-
| tary. that when you sounded your note Of
alarm, that you had overlooked the most
| important fact that you and your party
| friends. that IS, the Republican majority
in Congress. led by the administration -
which you form SO influential a part, viii
| be able to easily and promptly remedy
\ -