El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-09-01

II Mr.. Bryan lie elected he can break
down the gold standard and put ia ef-
feet, through an executive order, his
financial ideas In spite of existing
Liquidation.
This 10 the opinion OF Mr.. Gage, Sec
Rotary Of the treasury. expressed, ssys
. Washington dispatch, in q lengthy
interview which he prepared In answer
to she question addressed to him In this
language:
"In ths case of the election OF Mr..
Bryan, could he order his secretary OF
she treasury to pay interest on coin
bonds and the matured bonds them
selves, In silver? If 80, would our
credit be injuriously affected thereby,
"Ar. Gage ssid:
There 10 NO doubt Mr.. Bryan could
order his secretary of she treasury to
make payment In silver OF all Of the
public debt payable In coin, and for all
current disbursements of the govern
msns - we'll, which amount to 81, 600,
600 to sl.750. 900 per day. That he
would give such an order, too, is very
certain. If he 10 10 the same mind that
be WAS In 1896, for he Was shen quoted
believes that the gold standard is . good
thing, or that Is must be maintained, 1
want him not to cast his vote FOR ne,
because / promise him IL will aos be
mainssined in the country longer than
1 am able to get rid of IL
"He would have great dificulty In
securing . sufficient volume of silver
- make the payments AZ once. The
treasury Of the government at the
present time is very firmly established
upon gold standard. Including the
reserve OF $50. 600, 900 held against the
legal tender notes. the government
owns and controls over 1920, 00o, 900 In
gold coin and bullion, while is owns
and controls only about SIC. 900. 900 in
silver, the rect of the oliver being out
in circulation among the people either
In the form Of silver certificates or
silver coin.
but the announcement by the
treasury department OF It's purpose to
pay silver In settlements OF all Interest
on she public debt not specifically
payable in gold, and to make It's daily
disbursements to it's creditors In sill
var, would stop the inflow of gold, or 1t
least very largely diminish payments
in gold, and correspondingly increase
payments into the treasury Of oliver
and silver certificates.
SIT therefore might be anticipated
shat with good deal OF perverse in
genuisy the time would come at no dis
rant day when all the revenues of the
government would be paid to IL in sill
yer dollars or silver certificates, and
all disbursements made by it would be
made in silver dollars or silver oerti-
dcAtes.
"There would thus be established q
circuit Of silver out Of tho treasury in
70 the hands Of the people, from the
people into the banks, from the banks
into the custom house and into the
hands OF the collectors of internal re-
venue.
The government, properly speak.
ing, would be on . silver ba sis and the
credit Of she government would be sf-
footed most dissstrously, l have NO
doubt. The movement inaugurated -
proposed would give . sense of ineecur
ity, she outstanding Rreenbaoks that
are by the law redesmable in gold
would be presented at the treasury for
redemption, and the treasury notes of
1890 likewise. OF these two there are
s430. 600, o0O outstanding. Against
these she government holds, under the
Law, $50. 900, 600 In gold.
"It does not require much saRacity
to see that II the gold reserve were not
entirely exhausted il would soon be
reduced below the 500. 600, 600 mark,
which the law has established % .
minimum, It being the duty of the Sc
cretsry of the treasury when that
point IL reached to restore the reserve
TO $3.50, 0oO, 900.
''Under the adverse influence upon
general business affairs business would
b. depressed, industry checked and
the governments revenues would be
very much diminished. Instead of q
surplus we would probably witness a
deficiency. In restoring the gold re-
serve to which l have just referred the
law directs the secretary OF the treas
ury. IL necessary, to sell bonds, payable
In gold, redeemable in one year, paya-
BILE In twenty years, at q rate of interest
not to exceed per cent per snnum.
with the impairment to the public
credit, and with the loss 10 revenues as
j ust indicated, 1t IL very doubtful whe-