The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-02-01

| AN A0&AD O4A ~ ~ OoDV~s
In the United States SENATE, On the
aeth inst, Mr.. Allisoa, of Iowa, intro
duced - bill to provide reserve fund
for the redemption q United States
notes, and for other purposes. It pro
vides that maximum reserve fund not
exceeding sl.O, 0o0, 900 shall be Get apart
in the treasury for the sole purpose Of
rcdeeming United States notes, three
fourths Of which shall he in gold coin
and bullion and the remainder In stand
ard silver dollars. Any holder Of gold
coin may deposit the same with the
! Treasurer or Assistant Treasurerin sums
| Of not less than SO and receive therefor
gold certificates of not less than SO
each, corresponding with the denomina-
ton Of the United States notes. The
coin deposited or representing the Ger
tificates shall lie retained in the treasury
for payment Of the same on demand.
| The certificates shall he receivable for
! customs, taxes and all public dues, and
when received may he reissued. Such
certificates. and certificates issued under
authority Of the standard silver dollar
&C. II February, 1878, may be counted
as part Of the lawful money reserve Of
the National hanks, and may Ike accept
cd in settlement "f clearinghouse hal
ances. The Till also provides that gold
and silver certificates shall not be issued
when the reserve fund falls below $l3O,-
CM,.ss', or when it is Restored TO that
amount. The hill was referred to the
Finance COi:n,istce.'
This is Il measure calculated to restore.
to sol,e extent, silver to its former inn
portancc as circulating medium. Since
resumption. the Government has pur-
sued tie policy Of retaining in its vaults
i, per cent. OF its legal tender notes, in
coin. for their redemption. This reserve
has been found to l,e far in excess Of the
requirements Of safe banking. and it is
stated that not single note has been
presented for redemption i"r the past
eighteen ::MntIls. and that the reserve.
amounting to nearly $40, MN,.tEs,, las
been practically idle in the vaults, while
the Government was paying interest on
Il like amount Of its bonds. Senator
Alli$on's bill docs not very materially re-
.lucc thi. reserve. hut is a concession
to Tie scniinl. ut that demands an asldi-
tOi,al security to the notes Of Gov
crnn.rn, HAT is c"n:l ':cuo,lsly solvent.
There is 40 doubt that the notes of the
Government would !. Just as good with
n;.t this reserve and the country might
10. relieved Of the interest charge upon
the like anDoun: Of the Government
bonds.
But the feature Of the hill that must
H.. gratifying I" si!vcr-proslucing coun-
trio; is the provision that On,-folrth of
this reserve is to he il standard silver
d"!lar>. The bill also provides for re-
turn to the policy 0; issuing gold certiii-
Gates; and the objection Of the Secretary
o: III" Treasury, that national banks
might present treasury note, for gold
and then take gold certificates, and thus
wipe out the grccnback circulation, is
met by providing tina; the reserve shall
never fall below 4 fixed sunni short
that gold certificates shall only repre-
SOB; tie ""!'! :"r which they may have
been ISSUED. This, in effect. destroys
the fiction o: ;hr necessity Oc Il reserve,
AMI docs away with resumption o:
specie !::.Enrn!. except when il,err may
ban "N"s =; - 80 siDj, aE, in thc vaults
q: :;,r treasury. This reserve is Il tic-
,;n:, That has mere 81 the sentimental in
i,' r"ml,'>iti"n than reality, anil
w;s"! Ia" Government shall have
taken the decided position that its
n"t"- are good. because the government
j. solvent, an! without any cxtr,mCv,is
advertisement! t" holders that their good
ness CONSISTS in money r..s.rvc, it will
I" better 'or 10Th the government ANA
tn" people. TIL. fact that. under III.
provisions OF H.. l;l!. gold ami silver
certificates may 'i; counted rs lawful
money in certain tran .:.,tiu:<. is an i'm
r"ri:'n; '"'lc>s>;rn t" .!r >il:yr-,.rn!,lc-
ing int rest.
IT Is important to note j.. hi. conu:2-
i''n. III answer t. Tic cl.;,r.c~ al! a.. anti
>!:rr I"arna! al this place. TIA. ,!.c au
lhnrHi I'll" BIZ herein nr,i". j. an
~, 4 Il
that MOI al: The frit.dIy .i:.:r.,,, "a
the silver uu,>linm are 10 "a Il. "on,i:,a-
t;t E>inMra::" n"n>rn-s. Senator Tri-
Ter another l'v";"in"nt Republican zen
at"r. III discussing the rctun..iny si:I.
declared that tn" Ei.:irri.y o.. Tie He,n,,,-
lean Senators wc:" seeking 20 ,cru.,;,-
ate the national debt in the inter Il .,
the national banks, and lie said he did
n Iiv, Ia, i1N. tl,.,