South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1892-05-13

OF the United States shall be a legal
tender IN payment of all debts,
public and private. The next par
agraph Of the bill is that 'any hol.
der OF gold or silver bullion of the
value OF 800 or more OF standard
fineness shall be entitled to have
the same Struck into any author
lied standard coins of the United
States free OF charge at the minis Of
the United States"
REAL PURPOSE OF TIE BILL
The provisions Of the law pur-
port TO authorize the free coinage
OF standard silver and arc intended
no doubt by the authors Of the bill
to attract public attention and ere
ate the impression on the public
mind that it's object is to promote
the actual conversion of sill 5er bull
ion into silver coin. the real pur-
pose of the bill is expressed in the
language which now quote: "Or
the owner of the ballion may
deposit the same at such mints and
receive therefor coin notes equal in
amount to the coinage OF the bull
ion deposited, and the bullion shall
thcreupon become the property Of
the government. The coin notes
to be issued to the holder upon the
deposit of bullion at the minis shall
be in denominations not less than
one dollar nor moro than one thous-
and dollars, and be legal tender
in like manner and invested in the
same monetary uses as the standard
gold and silver coins of the United
States"
The wcll-understood effect Of the
passage of the bill will be to make
the United States the purchaser of
al! the silver bullion which may be
offered at the minis at it's coinage
value, which will be s in the coin
notes for each 4l2 grams standard
silver. 1t will be noticed that the
option of receiving the coin notes
upon deposit Of standard silver
bullion at the minis is given to the
holder of the bullion, whose inter-
ests will always favor the acceptance
of the coin notes rather than stan
dard coin, Tho coin notes taken
in exchange for bullion Will be most
convenient ard be worth more than
the standard coin.
UNLIMITED PURCHASES AT HIGH
PRICES.
The obje as well as TIE effect of
the bill will be to require the Uni
ted States to purchase an unlimited
quantity Of silver bullion at its
coinage value, which under the law
is 1929 per ounce, instead of pur-
chasing silver bullion at it's market
value of 81 cents, according to the
New York quotations of yesterday.
Mr.. Bland In his report illustrates
this (See report, page 10Y. At the
present price of silver Sd, 100000
ounces OF bullion will make, (;ost)
about SIS, 900, 900 of dollars at its
coinage value ratc-viz., l 90
This would make about 20, 000,0
an increase of s22, 000,0 In 9TH
or words, the United States could
to-day buy at the present price
"a, 900, 900 ounces of silver bullion
by an issue of legal tender treasury
notes to the amount of $48, 900, 900,
while undcl the Bland bill the pur-
chase of S54, 100000 Of ounces
of silver bullion will require
an issue of 100000 of coin
notes, making difference Of 1922,
600, 900 agains the United States
and in favor of holders Of silver
bullion.
These figures are taken from
BANDS report and were intended
to be only approximately correct,
but at the time they were made the
difference between the market and
coinage value of bullion was about
SO cents per ounce, although ac-
cording to latest quotations the diff
ference is about AZ cents per ounce.
In view Of these facts Senator Tel
Ter Is more than justified in saying
that the "plssagJ of the Bland bill
will add So, 100000 to the silver
output of the state of Colorado
alone"
A GREAT DISASTER AvERTED.
Mr.. Bland has said that the OBJ
ject OF the bill is not the actual
coinage OF silver dolla"s, but it is
to monetize silver, or, to make sill
YER money metal, equal in value
to gold. Ey the bill, as he says, he
intends to tic tho two metals to-
gether, and keep them together, in
value. The actual effect OF the bill
will be that the United States will
issue coin notes for all the silver that
may be offered at the mints, at its
coinage value of S1.2 per ounce,
and issue legal tender coin notes,
nominally payable in gold or silver,
at the pleasure of the secretary of
the treasury, but with an actual
pledge, growing out OF the necesi-
ties of the case, to keep the coin
notes ut par with gold, while the
silver bullion purchased in ex-
change for the coin notes will be
added to tho 1900 tons OF silver
coin and bullion which is now in the
government vaults.
L.