The Southern Mercury. (Dallas, Tex.), Vol. 13, No. 32, Ed. 1 Thursday, August 16, 1894 Page: 2 of 16
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SOUTHERN
AUG. 16,1894.
The Farmeri* Rally.
zoa topsis.
Farmers, see your moving harvests
Eaten by the worm and bug;
See your bread and butter stolen,
By Greed's sleuth-hound on Wealth's
rug;
Killing birdling? Fighting mildew?
TheEO do not your land oppress,
Plutocratic voting will you,
This is causing your distress.
Chorus—
Itally, farmer*; shout the slogan,
Make the welkin ring again;
Rally, farmers; charge your foeman,
Bid your ballots eay, Amen!
Crush this worm which gnaws in se-
cret
Usury upon you preys—
'Tie the "gold-bug" eats your harvest,
Know you not his crooked ways?
Stand you steadfast, farmers' toll sons,
Coucord's heroes sound the note;
Let your ballots—not your death-guns—
Echo freedom; aim your vote!
Votes, I say, from morn to evening,
Softly dropping, one by one;
Thwart your fot raen, round them
weaving
Meshes ne'er to be undone,
Vote till all your foes are vanquished—
Waste not powder In a gun—
You will see then valor languish,
You will get them on the run.
1213 Missouri, avenue, St. Louis.
Is There Law for Coining Silver?
The Advance has asserted—and
been criticised therefor—that the sec-
retary of the treasury now has no au-
thority of law to coin silver dollars
and to this position it still adheres.
The national infamy passed through
congress by British gold in 1873, drop-
ped the silver dollar from the mintage.
It was restored in a measure by the
Bland-Allison act, yet not to the posi-
tion it occupied under the laws up to
1873. Then In 1890 the Bland-Allison
la v was succ3eded by the law known
as the Sherman law. This law is as
follows:
"That the secrotary of the treasury
is hereby direc ted to purchase, from
time to time, sliver bullion to the ag-
gregate amount of 4,500,000 ounces, or
so much thereof as may be offered in
each month, at the market price, not
exceeding $1 for 371.25 grains of pure
sliver; and to issue, in payment for
such purchase of silver bullion, treas-
ury notos of the United States to be
prepared by the secretary of the treas-
ury, in such form aud of such denomi-
nations, not less than $1 nor more than
$1000, as he may .prescribe; and a sum
sufficient to carry into effect tho pro-
visions of this act is hereby appropri-
ated out of any money In tho treasury
not otherwise appropriated.
"Sec. 2. That the treasury notes is-
sued in accordance with the provisions
of this act shall be redeemable on de-
mand, in .coin, at the treasury of the
United States or at tho office of any as-
sistant treasurer of the United States,
and when so redeemed may be reissued;
but no greater or less amount of such
notes shall be outstanding at any time
than the cost of the silver bullion and
the standard silver dollars coined
therefrom, then held In the treasury
purchased by such notes; and such
treasury notes shall be a legal tender
in payment of all debts, public and pri-
vate, except where otherwise express-
ly stimulated in the contract, and shall
be receivable tor customs, taxes and
all public dues, and when so received
may be reissued; and such notes, when
held by anv national banking associa-
tion, may be counted as a part of its
lawful reserve. That upon demand of
the holder of any of the treasury notes
herein provided for the eecretary of
the treasury shall, under such regula-
tions as he may prescribe, redeem such
notes notes in gold or silver coin, at
his discretion, it baiog the established
policy of the United States to maintain
the two metals on a parity with each
other upon the present legal ratio, or
such ratio as may be provided by law.
"Sec. 8. That the secretary of the
treasury shall each month coin 2,000,-
000 ounces of the silver bullion pur-
chased under the provisions of this act
into standard silver dollars, until the
1st day of July, 1891; and after that
date he shall coin of the silver bullion
purchased under the provision of this
act as much as may be necssary to pro-
vide for the redemption of the treasury
notes herein provided for; and any
gain or seigniorage arising from such
coinage shall be accounted for and
paid Into the treasury.
"Sec. 4. That the silver bullion pur-
chased under the provisions of this
act, shall be subject to tho require-
ments of existing law and the regula-
tions of the mint service governing
the methods of determining the amount
of pure silver contained, and the
am <unt of charges of deduction, if any,
to be made."
If the reader has carefully scanned
the above law he can see that it gives
the secretary of the treasury the power
at his discretion to redeem the treas-
ury notes issued on this silver bullion
purchased monthly in gold or silver.
Please bear this in mind.
Then in section 3 it gives the secre-
tary of the treasury instructions, posi-
tive in their nature, to coin, after the
1st day of July, 1891, "of the silver
bullion purchased under the provis
ions of this act as much as may be nec-
essary to provide for the redemption
of the treasury notes herein provided
for."
It is noted that the seeretary of the
treasury is given discretion to redeem
the treasury notes issued, for the pur-
chase of silver bullion under the act,
in either gold or silver. He determin-
ed to and did redeemed thom in gold,
as he did not want any silver to re-
deem the notes with, he was relieved
from the obligation in section 3, as he
had no use for the silver. Thus the
secrotary was actually given discre-
tion whether or not he should coin a
dollar of silver. He has not coined a
dollar of this silver as far as known.
The extra session came and pass : d
the following, repealing the purchas-
ing clause of the Sherman act hereto-
fore given. This bill was prepared by
Senator Voorhees of Indiana, and will
ever remain a monument to his folly,
tho collossal humhug Of modern legis-
lation and a standing infamy of the
two houses of congress. It is as fol-
lows:
"That so much of the act approved
July 14, 1890, entitled 'An act direct'
ing the purchase of silver bullion and
issue of treasury notes thereon, and for
other purposes,' as directs the secre-
ary of the treasury to purchase from
time to time silver bullion to the ag
gregate amount of 4,500,000 ounces, or
so much thereof as may be offered in
eaon month at the market price there-
of, not exceeding $1 for 371.25 grains
of pure silver, and to issue in payment
for such purchases treasury notes of
the United States, be and the same is
hereb7 repealed.
"And it is hereby declared to be the
policy of the United States to continue
the use of both gold and silver as stand-
ard money, and to coin both gold and
silver into money of equal intrinsic and
exchangeable value, such quality to be
secured through international agree-
ment or by such safeguards of legisla-
tion as will insure the maintenance of
the parity in value'of the coins of the
two metals, and the equal power of
every dollar at all times in the mar-
kets, and in the payment of debts.
"And it is hereby further declared
that the effort of the government
should steadily be directed to the es-
tablish meni of such a safe system of
bimetallism as will maintain at all
times the equal power of every dollar
coined or issued by the United States
in the markets, and in the payment of
debts."
This Voorhees amendment was pass-
ed at the extra session and was de-
signed especially to Etop the purchase
of 4,500,000 ounces of silver monthly
by the government. As it stopped the
purchase of silver it also stopped the
issuing of treasury notes thereon as the
law provided for, and as the Issue of
treasury notes was done away with, it
naturally follows that the coinage of
silver dollars for their redemption also
ceased. or the option of the secretary
of the treasury to coin silyer dollars to
redeem these notes was abrogated.
No one will claim that the secretary
can now continua to issue treasury
notes under the law when the grounds
for Such issue, namely, the monthly
purchase of silver, has been stopped
by the repeal of that clause of the law.
On the same parity cf reasoning it can
be maintained that the power of the
secretary to coin silver dollars falls
with the cessation of the issue of treas-
ury notes. The secretary had discre-
tionary power to ¡.coin silver dollars to
redeem these treasury notes. Stopping
the issue of treasury notes, consequent
upon the cessation of silver purchase,
necessarily does away with the coinage
of silver dollars for their redemption.
It can only be concluded that the
secretary obeyed the law, although
that proposition is doubted, and there-
fore provided for the redemption of
every dollar of treasury notes issued
up to the date of the repeal of the pur-
chase clauso of the law. There is,
therefore, none of these treasury notes
now unredeemed or without redemp-
tion, provided, therefore, the secretary
has no need for silver dollars for that
purpose.
There is no provision in the law au-
thorizing the coinage of silver dollars
In a general sense or for any purpose
save and except to redeem the treasury
notes, if the secretary decided to use
them. This being true, there is no
other reasonable conclusion to be ar-
rived at than that the discontinuance
of the purchase of silver stopped both
the issue of treasury notes and the
coinage of silver dollars. It follows
then that there is no law on the stat-
ute books now authorizing the coinage
of silver dollars. Precisely the same
conditions exist now that did following
the passage of the law in 1873, drop-
ping the silver dollar from the mint-
age. The sllvor dollar is to-day unau-
thorized by law and a dollar coined,un
til provision is made therefor by con
gress would be an unwarranted act on
the part of the secretary and lay him
liable to proceedings of impeachment.
—The Advance*
It Is Not
What We Say
But What
Hood's Xm Does
That Tells the Story. Its record is
Unequalled in the history of medicine.
Even when other preparations fail,
flood's
Be Sure to Get
Hood's.
Sarsa~
parilla
£ures
Hood's Pills are purely vegetable. 26c.
Refer to Southern Mercury when you write.
A Perfect Stampede.
Tho outlook could not be more prom-
ising than it is at the present time for
the populist party, not only in the ag-
ricultural districts where the greatest
strength has been developed hereto-
fore, but in the cltiea, where the most
surprising changes in public sentiment
are now occurring.
In the city of Chicago old party lead-
ers are standing aghast at the situa-
tion.
Nothing in the way of a political
revolution has ever been known that
compared with the present movement
in this city.
Instead of the shifting of a few votes
in such direction as the "inner circle"
thought proper and which has been all
that there was in politics heretofore,
tbey are now confronted with a situa-
tion that leaves them' absolutely help-
less.
Labor unions and workingmen's or-
ganizations all over the city are re-
solving themaelves into people,s party
club3.
Public meetings are held every even-
ing in various parts of the city, and are
attended by thousands whose enthusi-
asm at mention of the people's party is
unbounded.
Leaders of both old political organi-
tions are stranded and look up with
hopeless despair and astonishment.
Former workers and committeemen
are now active members of the people's
party.
The democratic "Times," several
days ago, conceded that we would have
50,000 votes in Cook county.
The "Record" of Tuesday admits
that there is no use to longer disguise
the facts, and that at present it is im-
possible to calculate the extent of the
movement.
Those who know whereof they speak
and have the figures on which to base
the statement, place the populist vote
of Cook county at not less than 80,000.
The stampede from the old parties is
like a sweeping cyclone gathering
strength as it proceeds.—Chicago Ex-
press.
The necessary funds have been se-
cured from a London syndicate to con-
struct a line of railway from Vernor,
Tex , to Albuquerque, N. M., through
Oklahoma.
Thomas Baring of the firm of Baring
Bros., London bankers, arrived in New
York on Tuesday last. His visit is in
the interest of the London syndicale
whose American securities have been
jeopardized by the late labor troubles
and the dilatory actions of our congret'
•ional blokes.
V
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: A
Ti'il
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 13, No. 32, Ed. 1 Thursday, August 16, 1894, newspaper, August 16, 1894; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185574/m1/2/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .