Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1884-12-04

equal in the markets of the world to its
nominal value.
Some writers have suggested that the cir
culating medium might be based upon the
bullion, both of gold and silver, and the
comptroller is of the opinion that under
certain restrictions and regulations it
would be far more correct in principle to
issue silver certificates based upon deposit
as silver bullion to be valued in exact pro-
portion as silver is to gold than to continue
to issue certificates under the present law.
If this were done silver bars might be
stamped at their market value and held in
the Treasury for redemption. Certificates
which would call for an amount of silver of
equal value to their nominal or face value,
expressed in gold The bullion represented
by certificates should be periodically val
ued at its market price in gold, and a GER
tain prOportionate amount of silver so
held might, perhaps, be coined to provide
means for the redemption of certificates
if redemption was desired for business
purposes. The Comptroller believes that
the use of silver as money in this manner
and it's periodical valuation would have
more influence in appreciating the market
value of silver among the nations of the
world than the present arbitrary coinage of
4125 grains of silver as a dollar issue.
Currency based upon silver should not,
however, be unlimited, and the present
laws making the purchase and coinage of
a fixed amount of silver mandatory are
very pernicious in their effect, as unlimited
and continued issuance of full legal tender
silver coin and certificates based thereon of
intrinsic value less than their face, has al
ready caused the boarding of gold, and
will eventually drive it from the channels
of trade, thereby practically causing sus-
pension Of gold payments. There are many
indications of this, notably the uneasiness
in financial circles in June and July last,
caused by the reserve of gold i'll the
treasury falling so near to the point at
which, under the law, the issuance of gold
certitcatiOn ceases. 1t has also been OBJ
served that during the present year the
national banks throughout the country
have increased their holdings of gold, in
Guiding certificates, in the sum of Sl9,615,-
$50 The Comptroller concludes his re-
port with discussion of the subject of
bank examinations and a consideration of
the financial troubles of May, 1884.
The Appropriation Committee.
WASHINGTON, November 25. - The
House Committee on Appropriations met
to-day at the Capitol to map out their
work for the next session. Chairman Ran
dali, and Ellis, Townsend, Follet and Ryan
were present, and Keifer, Holman and
Forney were represented by others. Esti-
mates for the six annual bills, namely, the
postotfice, Indian, consular, diplomatic,
army and navy, and military academy,
were placed in the hands of sub
committee, and it is expected that one or
more Of these measures will be in readi-
ness for consideration by the whole COM
mittee when the session begins Monday.
The subdivision of the committee, as
agreed upon to-day, is as follows:
Legislative Executive and Judicial bill
Holman, Hancock and Cannon.
Sundry Civil--Randall, Forney and
Ryan.
Army-Forney, Townshend and Keifer
Navy-Hutchins, Randall and Long.
Postoffice- Holman and
Horn.
Indian-Ellis Holman and Ryan.
Consular and DiplOmatic-Burns. Town
shend and Washburn.
Military Academy Keifer, Forney and
Ellis
District of olumbia-Follett, Hutchins
and Cannon.
Deficiency Burnes and Long.
Fortifications-Horr, Ellis and Hancock.
Randall will have a conference with the
Secretary of the Navy tomorrow on the
subject of navy appropriations for tbs final
six months of the current fiscal year. 1t
is thought probable that last years appro-
priations will he continued for that period,
as was done last session fo- the six months
from July 1st, and thus the question of
making an appropriation for the proposed
new cruisers, on which the two Houses
came to deadlock last session, will be
left for the next Congress. Randall, how
ever, would not express an opinion on that
subject or as to any part Of the policy of
the committee, remarking simply that he
did not yet know what would be done.