The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-11-21

adverse public sentiment. There Is no
doubt whatever that the orders were
given to A dmiral Irwin.
COINAGE AND CURRENCY.
The Nints Ready for Work and Watt
ing Orders-The Financial Legisla-
tion of the Coming Session.
WASHINGTON, Nov. 14.-Secretary
Carlisle stated to-day that he had made
no change in his announced intention
as to the coinage of standard silver
dollars. The original announcement,
made by direction of Secretary Car
Isle, stated that while the actual coin
age of standard silver dollars had not
been commenced, orders had been issu-
ed to the mints at New Orleans- and
San Francisco to prepare the ingots and
blanks 30 as to be ready for coinage at
moments notice. The mints are
now in readiness, and await only the
explicit orders to begin. When these
will be given Secretary Carlisle does
not care to say. They may not be
given at all, or they may be given any
day. He will be guided, as he ex-
presses it, by the emergency of the
situation. He simply wants to be pre-
pared.
The object of the proposed coinage,
as was stated at the time, was to uti-
lize the seignorage arising from the
coinage. This seignorage, with the
mintage facilities available, would not
amount to more than $500, 900 Il month,
at the present. 1t was hoped, by in
seignorage up to $1,O00,000 a month.
The coinage of the seignorage thus
obtained is no innovation. 1t has been
going on under this administration as
we'll as former ones. AS q matter of
fact, 1856, 600, the profit, or seignorage,
arising from the coinage of subsidiary
silver coin, was last week put into the
Treasury assets, as has been done from
time to time for years. At no time
has it been the intention Of Secretary
Carlisle, nor Is it his intention now, to
toll off the seignorage and coin it. He
is convinced that the Secretary of the
Treasury has not such authority to do
SO, and that it can only be done by an
act of Congress. This matter will pro-
badly be one that will engage the
carly attention of Congress in Decem-
ber.
AS the subject is now understood at
the Treasury, Congress will be asked
to give the Secretary of the Treasury
this power to toll off the seignorage
and coin it. AZ he may in his discretion
seignorage is not desired. BY coming
this seignorage, the Treasury, it is
pointed out, would gain from $500, 900
to 81 900 900, in silver per month. AT
present the Treasury net balance
hovers about the 0O,0U0,OO0 mark,
and for the past ten days or so has
been one day above it and the next day
below it. Receipts continue disap-
pointing, and fears are expressed that
f.D.~ ~ L.
tinue below 800, ,000,0 900. This balance
is made up of $S5, 100000 gold and
$15, 100000 currency. 1t is no longer
question of gold, but a question of
money. In proportion to the net
balance, the supply of gold is greater
than 1t has been for some time; and
even if all tho balance was in gold, it
} would simply have to be paid out to
meet current expenses. No uneasiness
is, however, felt in Treasury circles, as
, until the net balance becomes so low
as to destroy public confidence, no evil
effect can result.
WASHINGTON, d. G., November 15.--
One of the subjects which will engage
the attention Of Congress when it con-
venes in its regular session beginning
in December, will be new banking
|
stiles OF the country have reached such
an acute condition that radical legisla-
, tion on this subject has become an Inn
mediate probability.
For the past two weeks Congressman
Springer, of Illinois, chairman of the
House committee on banks and cur.
rency Senator Voorhees,, of Indiana
, chairman of the Senate committee or
= finance; Congressman De Witt War.
ner, of New York, and others promi
nent in legislation on this subject re.
, Gently, have been engaged in frequent
consultations with the president, the
secretary of the treasury, the comp
troller of the currency and other finan
. cial officers of the administration, with
O view to legislation which will pro
vide larger and more convertible circu
: lating medium without involving the
4, financial and political embarrassment
l that would grow out of a revival OF fla
. money days.
Chairman Springer, of the House
= committee on banking and currency
that he will, in connection with hi,
committee, submit to the House i'm
portant legislation on this subject i'm
mediately after the reconvening o
t Congress.
l. In an interview on the subject, Mr.
+ Springer said:
n I'VE have been engaged severa
o months In the preparation of bill
It which, at the proper time, / will in
/. troduce into the House and have re
u ferred to the committeee on banking
o and currency, of which am chairman
n Our object is to respond as far as posi-
y BILE to the reasonable demands OF tn
Q country for a better system OF currenc
e and to provide q plan by which the Cur
's rency can be placed upon better basis
o Amy effort, Ia my judgment, to retur
It to the system Of State banks, whic
n pr yelled before the war, would b
u II >. Even II tho ten per cent. ta
d on State banks circulation be removed
IT 1t would furnish little or no relief {
d the country. What Is required an
vi demanded by the country is q nations
{. currency which shall at all times b
b convertible into coin on demand ella.
tel tic In scharacter, Sufficient In volume