Puslapio vaizdai
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Iron or steel ingots....

Iron, rolled, in beams, girders, etc..

Jellies, jams, and preserves..

Jewelry, for adornment.

Knit goods....

Lard, cottolene, etc...

Leather, calf, sheep, etc...

$2 per ton. .$7 per ton. .34c. per fb.

.30 per cent. .35 per cent. .2c. per fb. .17% per cent.

Lime juice and other fruit juices, with more than

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Rye

Salt, fine, in bulk, and coarse salt..

.10c. per bu. .5c. per 100 lbs.

Salt, in bags, barrels, and other packages..72c. per 100 lbs.

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[From the report of the Secretary of the Treasury, 1897.]

The word "coin," now used to express the obligation in the public debt, is an ambiguous word. It is no doubt understood by the more discriminating public creditor to mean gold coin, and the solemn act of Congress pledging the maintenance of silver coin upon a parity with gold coin makes it impossible to construe the word "coin," as therein used, to mean anything other than gold or

its full equivalent. Yet as this is a conclusion of logic rather than a clear statement of fact, the simpler and more humble investors or would-be investors in the public debt are confused and doubtful, and the public credit is the weaker therefor.

The earlier issues of our Government bonds were payable in "dollars." With greenbacks a legal tender, with gold and silver on a substantial commercial parity, but both at a large premium over paper money, a similar question arose, What did "dollars" mean? And in 1869, "to remove all doubt upon the subject," an act was passed solemnly pledging the faith of the United States to the payment in coin or its equivalent of all its interest-bearing obligations, except when otherwise expressly provided in the law. The commercial disparity between our "legal-tender dollars" and "coin dollars" was not then essentially greater than the present commercial disparity between silver and gold. This act of 1869 was judicious. To refund our outstanding bonds now payable in coin into bonds payable in gold would strengthen and confirm the public credit and put us in a position to command the markets of the world for our securities on the most advantageous terms.

VALUES OF FOREIGN COINS, 1889-1898.

[Prepared by the Director of the Mint.]

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a. The "British dollar" has the same legal value as the Mexican dollar in Hongkong, the Straits Settlements, and Labuan.

GENERAL GRANT SAID "COIN" MEANS "GOLD."

The Democrats and their allies, Populists and Silver Republicans, declare that the word "coin" in the redemption of Government obligations may be legally construed to mean silver as well as gold, and they would accordingly pay the bonds of the United States and the greenbacks and Treasury notes in the white metal if they had the power to do so. Let us see where the Republicans get their inspiration for construing the word "coin" as equivalent to gold. They get it from the history and record of the times when the debt was contracted, as interpreted in the first inaugural address of Ulysses S. Grant as President of the United States, who was elected upon a platform requiring the Government of the United States to make good its promise to pay its debts in dollars which every human being at that time understood to be the goldcoin dollars of the United States. What did General Grant say?

"To protect the national honor every dollar of Government indebtedness should be paid in gold, unless otherwise expressly stipulated in the contract."

What bond issue of the United States, made to provide money to carry on the civil war, contained the express stipulation that it was to be paid otherwise than in gold? In a letter to Minister Washburn, from Paris, in 1878, General Grant wrote:

"The whole Democratic party cried itself hoarse over the outrage upon the Constitution when the nation in its desperation adopted the "legal-tender note." Now the whole party seems to be willing to issue an unlimited quantity of this money in spite of their previous declaration, in spite of the solemn promise that above a certain amount-four hundred million-should not be issued, in spite of the solemn obligation that those issued should be redeemed in coin, understood at that time to be gold coin."

Yet it is to-day claimed that the contract to pay in paper was wickedly changed so as to make paper bonds payable in coin, and the word "coin" wickedly changed to mean “gold."

What are the facts?

The loan act which authorized the 5-20 bonds became a law February 25, 1862. Jay Cooke & Co. were the loan agents of the Government. By the authority of the Secretary of the Treasury these agents advertised a 6 per cent loan, interest and principal payable in coin. There is not a loan bill on the statute books by which the kind of money in which coupon or principal is payable is mentioned, and yet the hard-money policy of the Government has been uniform.

The question was not raised during the finance debate of 1862. The evidence is overwhelming that these bonds were to be paid in

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