National Republican. (Washington City (D.C.)) 1872-1888, 1886-02-03
a Measure of Compromise.

by Senator Sherman, "to amend an act en-
titled an act to authorize the coinage Of the |
standard silver dollar and to restore its
legal tender quality" is bill of three
short sections. The first section provides |
that the coinage of the silver dollar shall |
he discontinued from and after the passage |
of the act. This is plain language, aud
easily understood by the people.
The second section authorizes and d.
rects the Secretary of the Treasury to pur-
chase, from time TO time, silver bullion in
bars, not less than ninc.tenths fine, at the
market price thereof, not less than two
million ounces Troy, nor more than four
million ounces Troy per month; and pro-
yides that the Secretary shall issue in pay.
ment therefor coin certificates In not less
than denominations of ten dollars each. 1t
further provides that this bullion shall be re-
tanned IN the treasury for the security and the
payment Of the certificates. 1t limits the
issue Of the certificates TO the amount OF
the bullion so purchased, and provides that
they shall be receivable for customs, taxes,
and all public dues, and when so received
may be reissued II further directs the Sec
rctary to redeem them in coin on presenta-
ton at the Office Of the assistant treasurer
In the city of New York in sums not less
than fifty dollars. The language of this
section also seems plain and easy to under
stand.
The third section provides that standard
silver dollars, or gold coin of the United
States, or gold bullion at its mint value,
may be deposited with the treasurer or any
assistant treasurer of the United States In
sums not less than ten dollars, and coin GER
tiiicates be issued in payment therefor of
like denominations and legal effect as pro-
yided In the second section. The coin mot
the gold bullion) deposited shall be retained
in the treasury for the payment of said GER
tl1cates on demand.
Those favoring the continued coinage of
silver dollars of any weight will oppose
this bill, because the first section absolutely
dlscontinues such coinage. Those who de-
sire TO treat silver bullion and gold bullion
upon basis of equality will oppose this
bill, because It provides for a limited de-
post of silver bullion and the issuance Of
certificates therefor, while no limit is set
upon the amount Of gold bullion which
may be similarly deposited and certificates
therefor be issued.
The points favorable to the bill are that
1t introduces an extension of our currency
system in a new circulating medium, Sc
cured by bullion at market value, with no
cost to the government except that Of
storage and the printing Of the certificates.
| 1t creates greater demand for silver bull
| lion to meet the requirements Of the gov
emment than Is now the case under the
| provisions Of the "Blandn bill for the coin
age of the standard silver dollar. At a
rough estimate the purchases by the gov
value in excess of the present lawful mini
mum. The bill itself has been prepared
and offered as compromise, because
defeat was certain for any bill simply pro-
viding for the suspension Of the coinage of
the standard silver dollar. 1t is the handi-
work Of an expert inancier, skilled in
drafting and executing financial measures.
What advantages might accrue to the
money changers of the world under its
operations the people will never know
until they try it, 1t might be improved by
striking out the first section. This would
and the Sherman bills, the maximum of the
former-S4, 100000 month, or $4,000, 900
year-to supply the peoples money while
the bankers money is being gradually re-
tired.
One thing may be set down as certain
the people will never consent to stop the
coinage of the legal tender silver dollar and
supply its place with currency that is not
legal tender until they have had practical
experience Of the simultaneous issue Of both.
Stripped to absolute nakedncss, the Sber-
man bill is a proposition to stop the issue
Of legal tender money of any other kind
than gold--a proposition that would be
voted against by two thirds of the people Of
the United States II it were submitted to
them for adoption or rejection.