The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-07
ELATNS BULLION BILL.
4 Measure More Comprehensive
than demonstration.
Help for the Debtor Interest from an
Unexpected Quarter.

4
Washington Special to the n. z. Graphic
Sufficient attention has not been
given to the fact that Senator
Blaine embodies in his scheme a
plan for utilizing our bullion reserve
which Is far more radical and far.
reaching than the Bland Bill Sen
ator Blaine is well aware of the diff
fcuIties under which the country is
suffering. In a speech delivered by
him before the Presidential nomina
ton was made, he pointed out the
enormous indebtedness of the coun-
try, more especially the burden i'm
posed upon the nation by swollen
municipal and local debts. To the
immense debtor interest Senator
Blaine appeals, in measure which
he has proposed in. the Senate.
The substance Of his proposition
is in the following bill, which was
proposed by Nathaniel 2. Banks in
the House of Representatives or
March 20, 1876. The bill is as
! follows:
a bill to utilize tie product Of gold and
silver mining ia tie United States.
Be 1t enacted by the Senate and
House of Representatives Of the
United States of America in Con
gress assembled, that the Secretary
of the Treasury is hereby directed
to establish in the great mining dis
tricts of gold and silver additional
repositories and refineries of these
metals, and to receive from miners
and owners at such places all gold
and silver or coin upon certificate
of Government assayer, and to
issue therefor in convenient form
and size certificates of deposit,
which shall bear upon their face the
amount of pure gold and silver for
which they are issued and the
worth of the same in-dollars and
cents. Said. certificates shall be
made payable to bearer, of such de-
nominations as the depositor may
desire; and when issued for over
$500 in a single certificate, they
may be made payable to order at
the option of the deposition. Each
bill or certificate shall also promise
the return of the amount of pure
metal called for by its face at the
place of deposit; and these certifi-
Gates shall be legal tender for all
transactions throughout the nation
The Secretary of the Treasury shall
hold in trust and the Government
shall be liable for its saiekeeping
the metal thus deposited until the
certificates or bills are presented for
redemption, when it shall be deliver
ed to the holders or owners thereof,
anu the bills received and cancelled.
But IN case the United States be-
come the owner of such bill by 9th
er means than the redemption, then
the metal becomes the property of
the nation. The Secretary of the
Treasury is also hereby authorized
to issue similar bills upon ali the
gold and silver now on hand, or
that may be obtained, and use them
in place of the metal whenever re-
quested SO to do; but the metal shall
be held against such bills till they
are received into the Treasury or
redeemed.
Should the bill pass. and there is
undoubted majority for it in both
houses Of Congress, it IS predicted
that it would az once bring to US a
remarkable revival of prosperity, as
under its provisions all our gold
and silver resel.e could be made
Immediately available for CONNER
cial purposes. The certificates
which would represent the bullion
would be available for purchasing
any kind of property, and with the
certainty Of an advance of prices
the amount of paper money now IN
circulation-$73O,OO0,OO0 in all
would become Immediately avaiIa-
bic for the payment of debts or the
purchase of property. In other
words, we're the bill, proposed by
Blaine, to become a law Immediate
ly after the passage of the Bland
bill, there would be no need to wait
for the slow process of coinage.
Our bullion would at once become
practically money; it would be no
initiation, but a genuine stimulus to
business that would bring to the
United States a prosperity beyond
all precedent. Senator Blame has
shown in this matter a wise states
manship, aud it is predicted that he
is the only one among the Eastern
Senators who viii gain any glory or
chance for political preferment out
of this silver controversy.