The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-11-02
a BOND ISSUE.
Wnl It De That or tho Coinage Of tie
Silver Seisnsofage?

Silver seisn.ofase?
WASHINGTON, Oct ga bond or
coinage of the silver seigniorage in the
treasury is to be the plan for meet
ing tho governments deficit Treasury
officials, including Secretary Carlisle,
have been at sea as to how the present
$50, 600. o00 deficit is to Be met. The
secretary is avcrsc to bend issue, and
rather favors the coinage Of the seig-
niorage now On hand, amounting 70
about eso, coo, 900. or the issuance of eer-
tifcates to represent the bullion IN The
treasury. which is really a profit upon
the silver coin rs represented by oue-
standing certificates. There arc men Ia
the senate and the house OF represent
tGtives, however, who object 70 eithex
the coinage OF the seignioragc or the
issuance Of certificates TO represent IL
They contend that this profit of the
government on silver purchases should
be held as such as margin to meet the
fuctuating value Of silver in the COIN
or that now stored up in bullion or rep
resented by outstanding certificates
They regard this in the same light az
they do the gold in the treasury, which
is to meet the outstanding gold certifa-
Gates and treasury notes.
In other words they look upon the
scigniorage rs sacred reserve or trust
to meet the fuctuating value Of out
standing silver oblign tons They con-
tend that If the government should at
any time in the future change it's silver
standard or cali in my Of it's outstnnd-
ing silver coin for redemption 1t will be
necessary to havo this seignioragc Of
profit TO make mp tho loss which must BE-
sustained, as only about IL per cent Of
the par value OF silver dollar Ia found
in the intrinsic or bullion value Of The
coin itsolf. With this view OF the sit.
uaton it would seem that such sturdy
fnenciers rs Sherman, Aldrich, Mo
Pherson, Bricc and q number Of most
prominent eastern democrats In the
house would defeat the coinnge Of che
seignioragc or tho Issuance Of certlfi.
oates 70 represent IL, and that bond
Issue was inevitab BILE.
Senator Henderson, who also opposed
the coinage OF the sciniorage and favors
bond issue, says that it is his UNDER
standing that Senator Sherman has
consented to withhold his bond propo-
sition only until the regular session Of
congress and the administration deter.
mines upon plan for meeting the de-
felt Senator Shermnns proposed
bond will draw per cent interest. will
be in small denominations and will
probably be at tho redemption option
of the government after five years. pos.
sibly ten years, with life limit Of
twenty-five 10 fifty years.
The silver men in both houses say
the bonds must have provision printed
across their face that thcy shnll never
be the basis OF bank circulate other>
wise they shall mover pass Senator
Henderson says he believes the bonds
should ali be issued in small denomina.
lions and sold TO small capitalists,
those who can raise $50 or $500, and
that the interest shonld 10 three sixty
1--WE per cent which would be one cent
day on bonds worth 300 He thinks
this would popularize the londs, and II
they nre plnccd in tho hnnds Of labors
ers. mocha MICS. farmers and small ncrss
chants they would not he the unpopu.
lar Understanding obligation which
tho outstanding bonds have proven II