People's Pilot, Volume 5, Number 22, Rensselaer, Jasper County, 21 November 1895 — GOLD NOT WANTED. [ARTICLE]

GOLD NOT WANTED.

A Ruling to Prevent Patriotic Citizens Sending their Gold to the Government Treasury. AJi EXCUSE FOR MORE BONDS Practically Demonetizes All Gold Coins of Eight Weight Without Authority of the Law. It is Really Unsafe to Use Gold in Making AnyPagmrntt to the Government, Even in the Purchase of Postage Stamps or Payment of Revenues. TO DISCOURAGE PATRIOTISM. Straws show the direction of the wind. Possibly some democratic friend will disagree with the unqualified assertion, that the administration does not want the gold reserve in the treasury maintained. Cleveland and his co-conspirators want an excuse for issuing more bonds, and are doing all in their power to discourage the patriotic efforts ot citizens to replenish the fast falling gold reserve. A ruling has been promulgated requiring all subtreasuries to reject and stamp with the letter L all light weight coin. This ruling practically deprives light weight coin ©f its legal tender quality, when the law expressly provides that they are legal tender for their face value less the abrasion. The effect of the ruling is to keep business men from offering gold to the gov•ernment in exchange for greenbacks. If the government would accept the gold at its weight va lue no protest would be made, and millions of gold would be turned over to the government for paper money. All large transactions in gold are made by weight, and banks are careful to drop all suspicious coins in the scales and deduct for any shortage. Now if a coin is presented to the government it is returned marked, if it is light, and the holder, to get anywhere near its true value, must express it to the government mint, and when that snail moving institution unwraps its superabundance of red tape it will send a check or new coins for the amount to the remitter, possibly a year after it was received. Gold coin is received for its full face value at the subtreasuries when its weight does not fall below one-half of one per cent of its standard value. This on a ten-dollar gold piece amounts to 5 cents and on a double eagle to 10 cents. The following is the language of this remarkable ruling: “You are hereby instructed to reject and place a distinguishing mark upon all gold coins of the United States presented at your counters for deposit which may be found below the “least current” weight and limit of tolerance provided by law for the single piece. Although the law makes such coins legal tender at valuation in proportion to their actual weight, it is found to be impracticable for public officers generally who receive them to determine the exact valuation.

“The true valueof light-weight gold coins can only be ascertained at the United States mints of Philadelphia, New Orleans and San Francisco and the assay offices at New York, where they will be received, their value determined and proper amount of coins of legal weight or a check therfore returned. “This action is taken to avoid the necessity of testing the same coins more than once, experience having shown that when a light-weight coin is handed back to a depositor without placing thereon some distinguishingmark a cashier or teller may in the course of business handle and reweigh the same coin several times.” This regulation was based on section 3,505 of the revised statutes, which reads as follows: “Any coins of the United States, if reduced in weight by natural abrasement not more than one-half of on§ per centum below the standard weight prescribed by law after a circulation of twenty years, as shown by date of comage, and at a ratable proportion for any period

less than twenty years, shall be received at their nominal value by the United States treasury and its officers under such regulations as the treasury may prescribe for the protection of the government against fraudulent abrasion or other practices.” It may strike laymen that the secretary of the treasury might find difficulty in getting authority from the aforementioned statute, but that makes no difference. The regulation was issued and is in effect, and from it there is no appeal in practice. The department advances the proposition that if it were to be abrogated the conn try would be flooded with lightweight coin. It therefore stands pat even at the risk of offending a great many business men and bankers who are honestly desirous of turning their surplus gold iuto the treasury. The excuse is lame, and will not fool those who understand the facts in the case. The ruling will not prevent the creation of light weight coin, for the thieves who practice abrasion and mutilation will go on pass ing their coins on the unsuspecting just the same as before.