National Republican. (Washington City (D.C.)) 1872-1888, 1886-06-28
SILVER CERTIFICATES.
An Important and Dangerous Amend
ment.


The Philadelphia Ldgcr Of yesterday con-
tains tho following dispatch from Maj. John
Carson, Its Washington correspondent on the
action of tho House In directing the Issue OF sill
YER certificates Of small denominations;
The House to-day placed an amendment on
the sundry civil appropriation BILL which, II
retained, will have an important bearing upon
fiscal affairs. When the bill was resumed this
morning an amendment was pending provid-
ing that hereafter no United States notes OF
large denominations shall be printed 10 take
the place of notes OF small denomination can
celcd and retired. This was ndnpted. Subse-
auently Mr. Bland offered the following: "rhe
Secretary of the Treasury IA hereby authorized
and required 10 issue 81, e.. and - silver GER
tifCates on all the surplus silver dollars now
in the treasury In payinsut of the appopria.
tons OF this bill and othci obligations and OK
penditutCs of the government
The aggrSg@a,S @ amonn. apbrSp.iasHsed aH & Dy the .he
amendment directs that this shall he dlsbursod
In silver certificates. The net amount OF silver
dollars now in the treasury not covered by
outstanding certificates IL over s9JOOWO,
and against this surplus the amendment di-
reefs the Secretary OF the Treasury TO issue GER
tincates of smul denominations in payment OF
public obligations. The evident purpose OF Mr.
Bland and the advocates OF silver in fastening
this mandatory clause upon the bill was 10 re.
quire the treasury TO issue certificates oil small
denominations againt the surplus, regardless
of the volume oil silver certificates now out
standing. which amounts to nearly $50 g,O1J, 100,
and which one year ago was s09,0O,OO0. IN
Issuing the smaller certificates the treasury
would doubtless redeem u large amount OF
those now outstanding OF higher denomina-
tions but the effect OF the clause would be ul-
timatcly to draw all the silver dollar pieces
into the treasury vaults, and substitute certiii-
Gates, because no one, not even Mr. Bland,
would accept tho bulky silver pieces when
the more portable and convenient certificate
could be obtained upon demand. The total
number OF silver dollars coined to date Is
283, ,554 .2s6, OF which less than sb2,0000)O are
in circulation and the remainder In the
treasury vaults. The amendment would lat
once require the disbursement Of 81, ,00O0O) TO
| meet the appropriations contained In the sun
dry civil bill, and the remainder OF the surplus
silver In the treasury vaults, S7l ,00000O would
| shortly thereafter be covered by certificates.
| With this large volume of silver notes In cir
| oulation payments for customs and other pub
| lie dues would be mainly made in silver, aud
| II would not be long before the gold resources
| of the government would be cut OF and the
| treasury gold depleted. The amendment Il
perhaps far more comprehensive than was
| supposed, and the fact that so important a
| proposition was voted into the bill without q
| murmur of opposition and without word oi
| discussion indicates that Its full force was not
| understood. II IS perhaps q debatable ques-
| tion whether the words "and other obligations
| and expenditures of thegovernment' could not
| be construed to include the public debt, prln-
| cipal and interest. IL iB hardly probable that
| the Senate will assent TO this proposition.