...of paying them in silver, even to holders desiring gold, but for the fact that the law declared it the established policy of the United States to maintain the two metals at a parity. This clause, to quote Mr. Cleveland, "had the effect of transferring the discretion of...

...connection with existing laws, in particular with a section of the Act of July 14, 1890, decreeing it to be "the established policy of the United States to maintain...legal ratio, or such ratio as may be provided by law," the measure proposed might fairly be designated : "A bill to grant the demand of the fiercest advocate...

...treasury, at his discretion, to redeem these notes in gold or silver coin, it being, the act continues, "the established policy of the United States to maintain...legal ratio, or such ratio as may be provided by law." The legislation in question doubtless exerted an important influence in decreasing the gold and increasing...

...it in use as part of our circulating medium equal with gold. . . to maintain the two mete-is- upon a parity with each other upon the present legal ratio, or such ratio as may be provided by law. ... It does not take a wise man to see that if a dollar, worth only eighty cents, coined without limit,...

...full legal tender for all debts public and private and were lawful reserve for National Banks. lished policy of the United States to maintain the two metals on a parity with each other. For a year, 2,000,000 ounces a month were to be coined, after that, as much was to be coined as was...

...provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin at his discretion, it...legal ratio, or such ratio as may be provided by law. It is difficult to determine just what the above quotation means. It may be interpreted to mean almost...

...gold or silver, it being declared in the act "that the established policy of the United States was to maintain the two metals on a parity with each other upon the present legal ratio [sixteen to one] or such ratio as may be provided by law." Although the new act provided for the purchase...

...Sherman, former Secretary of the Treasury, however, succeeded in having inserted a clause stating it to be "the established policy of the United States to maintain the two metals at a parity with each other", presumably an implied mandate to the Treasury to maintain the gold standard....

...provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it...policy of the United States to maintain the two metals 1890] 595 on a parity with each other upon the present legal ratio, or such ratio as may be provided...

...directly. It is safe to say — even without the express declaration, wedged into the act, that it is " the established policy of the United States to maintain the two metals on a parity on the present legal ratio " — • that every administration, in the future as in the past, will...