The Detroit times., 1908-01-16
silver Dollar Not Redeemabie, strictly
Speaking, Hut The Times VIII
Tuke IL ON Subscription.

To the Editor OF The Times;
For several years l have been very
much interested In the subject OF
money, coinage and currency. ana the
article in yesterdays Times by Charles
r. Russell naturally attracted my at
tentioE. as did also your editorlal on
the Same subject
we are today suffering from lack
OF Intelligent knowledge OF this very
Important question, ana X Mr., rus us
subject whereby the average reader
Will be able 10 better understand the
effects OF good and bad Iegislatlon,
right and wrong currency and coinage
principles the publication of series
OF his articles In The Times VIII DE
blessing TO the community, but III, on
the other hand. his articles turn OUT
10 be erroneous and misleading. then
their publication VIII have bad Ell,
feet on the average reader and still
more befog his already impertect
understanding OF the subject.
l assume that IL is not your inten-
ton TO knowingly mislead the reader
or TO make a statement that cannon
therefore very respectfully call your
attention 10 one statement Ia your
editorial that 90 misleading. REFER
to the paragraph where you say;
"In the possession OF silver
dollar or dollar bill you simply
hold the pledge or your govern
mont; its promise 10 redeem the
silver or paper, 10 the amount or
the denomination. In gold.
The government has never pledged
Itself TO redeem a silver dollar, elther
In gold or anything else. the silver
IL was coined. Redemption Money,
on an equality with gold. and Il Is a
legal-tendcr- for all dehts-- pnhllc-and
private, where not otherwise express
--tiptrfrt-u-frr--tf r--costract5- butts
never redeemable In gold
silver certificates are redeemable
only in silver dollars and are not
legal-tender.
Gold certificates are redeemable only
In gold coin and are not legal tender.
National bank notes are redeemable
I'm lawful money GOLD, silver or
as "GreenbacksD National bank
notes are not legal-tender for any
amount whatever
Treasury notes OF the act OF July
1fth. 1890. are legal-tender for all
debts public and private, except where
otherwise expressly stipulated In the
contract and are redeemable In coin.
either gold or silver.
United states notes are legal tender
for all debts. public and private. ex-
cept duties on imports and interest on
the public debt. and are -redeemable'
like the Treasury notes above men
toned, in coin" either gold or silver
at the option of the treasury depart
ment
tary OF the Treasury: "GoId coins and
standard silver doIinrs, being standard
coins OF the United States. are not re-
deemabie" (The words In bold type
are used by the secretary as l have
given them.)
From the above, you can see that
the government is not obligated TO re-
deem In gold the silver dollar. or any
paper money, except gold certificates.
which are simely receipts given by
the treasurer of the United States GER
tifying that there has been deposited
specified amount In gold coin pay
able the bearer of the certificate.
Thus the gold certificate. which Is
seldom seen I'm circulation east OF the
Rocky Mountains, Is the only kind OF
money we have that the government
is under obligation to redeem in gold.
l.. DE AUBIGNE HARRIS