The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-08-28
SILVER PAYMENTS ! !.
Bryan, II Elected, Could Easily Bring
Them About.
STATEMENT BY ssEc'Y. GAGE.
Government Coin Obligations Could
DO Met With Cheap Money--Im.i
D portant and conyincing-Would
Practically be on a Silver Basis.
Our Credit Would bo Ruined. Il 81

"a
WASHINGTON. D. c., Aus. 27.-The
4 Star spys:@ a representative OF The
/ Star to-day secured from Secretary
I Gage q highly Important interview on
n the question whether Mr.. Bryan, Il
elected President. could break = down
the gold standard. Many, inquiries
4 have recently been made Of The Star as
to what, Mr.. Bryan could do in this az
rectlon. One reporter Of The Star snsk-
( ed this question: In case of the cleo
ton OF Mr.. Bryan, could he order his
secretary OF the treasury to payiiutsr-
est on coin bonds. and the .matured
bonds themselves, in silver? II SO.
4 would our credit be lnjuriously affected
gthereby?" l, z, K. { q
What an Executive Order Can Do. /
In answer to this and other ques-
lions Secretary Gage said: 5 (
There is no doubt Mr.. Bryan could
order his secretary Of the treasury to
make payment, in silver of all of ;ithe
+ public debt payable in coin.s and for, all
current disbursements OF the govern
ment as well, which amount to a mill
i lon and three-quarters dollars per day.
That he would give, such an order, too,
Is very, certain. II he Z Is In the same
mind that he was In 1896, for he was
then quoted as saying: II thereis any
one who believes that the gold stand
& ard is q good thing. or that It must be
maintained. want him not to cast his
vote for me. because promise him 1t
will not be maintained in the country
longer than am able to get rid Of it,
do You think It would bcipracticable
{ to. control a sufficient volume Of silver
to, make the payments you referred
. tor.
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; s15o, 0oO.-
600 held against the: legal tender notes.
the government: owns and controls over
s29Q.OOo. 0ooin gold coin and bullion.
while 1t owns and controls only about
$4,000. 900 In silver, the rest ofsthe! sill
yer being out in circulation among the
J people. either in the form OF silver.ce
tlacates sor silver coin. 3.
-; What the Result Would Be. ~!
But the announcement by the treas
ury department OF its purpose to pay
silver in settlement or all interest on
the public debt not specifically payable
s in gold. and to make Its daily disburse-
ments to its creditors in silver, would
stop, the Inflow of gold. or at least very
largely diminish payments In gold, and
Z correspondingly increase payments in
Z TO the treasury OF silver and silver, GER
t!flcates. It therefore might be ant!ci-
lpated that with good deal OF per-
i Verse ingenuity the time would come
s at no distant day when all the revenues
{ OF the government would be paid to It
In silver dollars or silver certificates
and all disbursements made by It
& would be made In silver dollars or sill
yer certificates. There would thus be
established n circuit Of silver out OF the
treasury into 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 in
ternal revenue"
The government them would be
practically on silver basis, would Ut
note"
That would no doubt bey,accomplish-
ed. and the government, properly
speaking, would be on q silver basis"
Disastrous to tho Country's Credit.
Chow would this affect the credit Of
the government" i.!55:
Most dsastrously, have no doubt.
The movement inaugurated as propos-
ed would give sense OF insecurity, the
Z outstanding Greenbacks that are by
the law redeemablc in gold would be
presented at the treasury for redemp-
ton, and the treasury notes of, 1890
likewise. or these two there are $780,,
100000 outstanding. Against these the
government holds, under the law,
$3.50, 600 in gold. It does not require
much sagacity 10 see that II the gold
reserve were not entirely exhausted 1t
woIld be soon reduced below the $780,