The Butler weekly times., 1890-07-09

er IN the actual cIIcuihI1ou, OF
the amount of increase, if any,could
be controlled by the banks. 1t will
not do in the light of past experiences
that the secretary will not do
that. Secretaries have conspired
with banks in the past. The
present secretary is opposed to sill
yer. He does not disguise his OPP
position to its further coinage. He
boldly proclaims that any increase
in the coinage of silver-that the
continuance of its coinaSe-is un-
wise and dangerous. The original
bill which we are now considering
came from him. He has instigated
this movement with view to put
ting an end to the further coinage
of silver dollars. Is it vain, there
fore, to presume that he will SO
manipulate the law in it's execution
as to defeat the purpose for which
it was proposed7
But even if honestly administered
what them Is it better than the
present law9 Is it as goods VIII
it add as much to Our circulation as
might be added under the act of
1878, which is now the law! Ger
tainly not. I have already shown
that if the administrator really de.
sired to relieve the financial pressure
on the country the secretary of the
treasury, under the act of 1878,
could increase the volume of money
in circulation to the extent of more
than $62,O0O,O00 per year; while if
you pass this bill, thereby repeating
the act of 1878, you can not add to
our circulation more than S54,OOO.-
900 annually. Under the pretense
of increasing the circulation you
propose to repeal law under which
you can coin 62,OOO,O00 of your
standard, legal tender silver dollars,
in order to enact law under which
you Gun add only 100000 OF
treasury notes of an uncertain and
fluctuating value, and with an inferi'
or legal tender capacity.
say san inferior legal-tender ca.
pacity." By that I mean that the
treasury notes provided for in the
bill can not be used, as silver dollars
may, in the payment of our nation
al bonds. The bonds now stipulate
for payment in coin. The standard
silver dollar coined under the act O.
1878; end which act you now pro
pose to repeal, is coin which car
be used in the payment of our ma
tional debt, while the treasury not,
you are now proposing to issue il
to be legal tender for all debts, pub
lie and private, ''except where other
wise stipulated in the contract.
: The bonds come within the excep
tion. The bonds are fast maturing O
and this bill means that silver coil
is to be got out of the way, so tha
gold only can be paid. It is the bill
of the bond-holder and the money
changer. I know the third section
of the bill authorizes the secretar,
of the treasury to coin any part o
the bullion in his possession which b
may find necessary to use in redeem
ing any of these treasury notes; hu
I would state my salvation withcu
fear of loss that he will never fiud
necessary" to coin a dollar. Sucl
OF these treasury notes as may &c
into circulation will stay in circula
: tion until they are destroyed. The,
will not be presented for, redemI
} tion at all, it will be for redemptio
in bullion by those who may have
purpose to serve. At all events th
secretary has at his comman
: already millions of silver dollars
and he can easily manage it so as t
l use the coin On hand, if he shoul
/ have occasion for it, and thus avoi
the necessity of additional coinage
Mr.. Speaker, I am opposed to thi
} bill, because
l. In effect it will demonetize 81
+ yer and make it mere commodit,
2. It will not increase the circr
, la&iou