Republican news item. [volume] (Laport, Pa.) 1896-19??, 1900-09-06

public debt payable in coin, and for
all current disbursements of the gov
ernment as well, which amount to
from $l,500.000 to Sl.750,000 a day.
That he would give such an order. too.
is certain, if he is In the same mind
that he was in 1896. for he was then
quoted as saying: If there is any one
who believes that the gold standard is
a good thing. or that it must be main
tained. want him not to cast his vote
for me, because / promise him it will
not be maintained in the country longer
than am able to get rid OF it."
do you think it would be practica-
BILE to control sufficient volume of sill
yer to make the payments you refer
to?"
He would have great difficulty In
doing that at once. The treasury of the
government at the present time Is very
firmly established upon a gold stand
ard. Including the reserve Of $780,
100000 held against the legal tender
notes, the government owns and con-
trolls over 10000 900 in gold coin and
bullion. while Il owns and controls
only about $l6.000000 In silver. the
rest of the silver being out In cireula.
tion among the people. either In the
form OF silver certificates or silver coin.
CHECK INFLOW OF GOLD.
"The announcement by the treasury
department OF its purpose to pay silver
in settlement Of all interest on the
public debt not specially payable in
gold. and to make It's daily disburse-
ments to its creditors In silver. would
stop the inflow of gold. or at least very
largely diminish payments In gold, and
correspondingly increase payments
into the treasury OF silver and silver
certificates. 1t. therefore. might be an
ticipated that with good deal of per-
verse ingenuity. the time would come
at no distant day when all the revenues
of the government would be paid to II
in silver dollars or silver certificates.
and all disbursements made by II would
be made in silver dollars or silver GER
tifcatss, There would thus be estab-
lished @ circuit of silver out of the
treasury into the hands of the people.
from the people into the banka. frpm
the banks into the custom house ana
into the hands OF the collectors Of In
ternal revenue.
THE government. then. would be
practically on a silver basis, would II
not?"
THAT would. no doubt. be accom-
plished. and the government. properly
speaking. would be on a silver basis"
How would this affect the credit OF
the government
Most disastrously, l have no doubt.
The movement inaugurated as pro-
posed would give sense OF insecurity.
the outstanding grenbacks that are by
the law redeemable In gold would be
presented at the treasury for redemp-
tion. and the treasury notes OF 1890
likewise. or these two there are $780,
900. 900 outstanding. Against these the
government holds. under the law,
$3.50 000. 900 in gold. II does not re-
Quire much sagacity to see that IL the
gold reserve were not entirely exhaust
cd Il would be soon reduced below the
el00. 600 900 mark. which the law has
established AS a minimum. Il being the
duty Of the secretary of the treasury
when that point is reached To restore
the reserve To $3.50 000, 900. Under the
adverse influence upon general busi-
ness Affairs business would soon be de-
pressed. industry checked. aud the
governments revenues would be very
much diminished. Instead of sur-
plus. We would probably witness q de-
hcieney. In restoring the gold reserve.
To which I have just referred. the Law
directs the secretary Of the treasury, u
necessary. TO sell bonds. payable In
gold. redeemable In one year, payable
In 20 years. at rate Of interest not Ia
exceed 3 per cent year. With the
impairment to the public credit and
with the loss of revenues. a. Just indi-
Gated. Il Ii very doubtfui whether
bonds within the Limitation Ut Interest
permitted In the law could be cold. II