, 1889-12-12
BULLION CERTIFICATES
A Scheme Proposed by Seore-
tary Window.
COMPULSORY COINAGE TO CEASE
A Plan That Will Hardly Be
Favorably Received by
Silver Men.

WAsufSeToH, Dec. 4.--In his annual
report Secretary of the Treasury
Window discusses the silver quos.
ton ut great length, and
makes the following recommendations
in place of the various proposed plans as
to the increased, or free coinage of sill
yer dollars: The issue of treasury
notes against deposit of silver bullion
at the market price of silver when de.
posted, payable Oh demand in such
quantities of silver bullion as will equal
in value, at the date OF presentation, the
number of dollars expressed on the face
of the notes, ut the market price of sill.
yer, or in gold, at the option of the gov
ern ment or In silver dollars at the op.
tion of the holder, and the repeal of the
compulsory features of the present coin.
age act.
Ills plan is to open the mints of the
United states to free deposit of silver at
the mai ket value of the saine, not TO ex..
coed 81 gor il2.5 grains of standard sill
ver at the time OF deposit to be paid in
treasury notes, said notes te ho redeem
able in The quantity of silver which
could be purchased by the number OF
dollars expressed on the face of the
notes at the time they are presented for
payment, or in gold, at the option OF
the government, and to be receivable for
customs, taxes and all public dues, and
when so received they may Der e-issued,
and such notes when held by any ma
tional banking association shall be
counted as u part OF the lawful reserve.
The secretary OF the treasury should
have tho discretionary power to suspend
temporarily the receipts ofsilver bullion
for payment in notes when necessary
to protect the government against com
binations formed for the purpose of Civ.
ing arbitrary and fictitious prices TO sill
yer.
Ii the price of silver should advance
between the date of the issue Of the note
and its payment, the holder OF the note
would receive less quantity OF silver
than was deposited, but the exact quan-
tity which could be bought in the mar
ket with the number of gold dollars
called for by his note ut the date Of tho
payment If the price should decline,
hc would receive more silver than he de-
posted, but the quantity which could
he purchased With the number Of gold
dollars called for by his note at the time
it was presented for payment.
The advantage OF retaining an option
to redeem in gold is the secretary says,
three fold. First, it would give addi-
tionai credit to the notes; second, II
would prevent the withdrawal and re-
deposit of silver for speculative purpose
third, it would afford u convenient
method of making change when the
weight of the silver bars does not CORE
spond with the amount oil the notes.
Among the advantages which the sec
retary claims for the measure arc that il
would bring into use all the money
metal of the country. II would give
paper currency a value not subject 10
undue or arbitrary imitation or contrac-
ton. 1t would enhance the value OF
silver and open the way to its FREQ coin
aye. Gold would be relieved of part of
the work required oi it. 1t would meet
the wants of those desiring q larger
volume of circulation, and it would be
advantageous To- the silver producers.
The secretary gives many facts and
figures tending TO support the position
taken by him.