The Butler weekly times., 1890-07-09

not. What he does DO Is 10 Duy the
least amount of bullion the law al
lows him to buy for coinage, name
ly, s2,OOO,O0O per month He could
now do twice as much as he does IN
this behalf for the relief of the peo
pie. If he did all in his power it
would not be enough; but it would
be source of great relief. II he
carried out the law as it is, to the
full extent of his power, he could
add more than $4,000, 900 annually
to our circulation. I say that be-
cause under the law the seigniorage
goes to the government. The seig-
niorage amounts to about 100000
on every 81, 100000 worth of bullion
On $4,OOO,OOO worth of bullion per
month, or $4s, 1000, 900 worth.per year
seigniorage would amount to S14,-
100000 per year. So that under the
present law, the secretary OF the
treasury could add S62,OOO,OOO to
the sum of our money volume.
However, instead of doing that,
this bill is proposed. What will it
do if it becomes law? In the first
place it will repeal the law of 1878.
It will put an end to the coinage of
the $2,O0O,OOO being coined, or the
mandatory coinage of any sum. 1t
will again close the doors of the
mints against silver. Silver will
cease to be coined as money. It will
in effect, demonetize silver again.
That is one thing it will do,and that
will be another triumph of the sim
gle gold-standard people over silver,
another triumph of the magnates of
Wall street.
What next9 The bill directs the
secretary of the treasury "to pur-
chase from time to time silver bull
lion to the aggregate amount
of 100000 worth in each month,
at the market price thereof, not ex-
ceeding 81 for 371.25 grains of pure
silver" That is the specified sum
he is required to purchase. That
amounts to S54,OO0,O0O worth per
year. How is this bullion to be paid
for? The bill provides that the sec
retary of the treasury shall ''issue
in payment for such purchases of
silver bullion treasury notes of the
United States to be prepared by the
secretary of the treasury, in such
form and in such denomination, not
less than 81 nor more than $1,000
as he may prescribe"
That is to say, the secretary shall
buy silver bullion from the produc
er, the mine owner, to the extent o1
S4,5O0,00O worth per month, or S54,
100000 per year, paying thereto,
the market price for bullion, with
this limitation-that he shall never
buy less than 81 Is grains of pure
, silver for 81. To pay for it he is re
quired to prepare certificates o.
treasury notes to the amount OF 81;
100000 per month, land deliver then
to the owner and seller of the sbul
lion in payment therefor.
i Now, what about these treasury
notes. They are to be legal-tendel
for all debts, public and private, ex
cspt when otherwise stipulated il
the contract, and shall be receivable
for, customs, taxes and all public
dues. So far so good. What next
They are made redeemable in tive
ways. First, they are redeemabl'
On demand in coin, at the treasur,
of the United States or at the offic,
, OF any assistant treasurer of tn,
United States; second, the holder o
, the treasury notes may, at the dis
r cretion of the secretary, exchang,
them for the bullion on which the,
were issued, receiving therefor a,
amount of bullion equal thereto il
: value at the market price of bullio,
, on the day of exchange.
3 Now, if this proposed bill shoult
: be honestly executed according t,
8 its apparent purpose, it would resul
0 in adding annually $4,000, 900 o
these treasury notes to the sum o
q our money circulation. Thara is NJ