The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-11-11
A CORRECTION.
Wrong Impression as to the Seignior-
age Coinage.
The Entire soigniorage OF s53.ooO.o00
in the Treasury VIII not lie Put Into
Circulation at Once-An Issu-
ance %: bonds Is Inevitable.

WAsHrSGToN, Nov. 6.-Thcrc seems
to be u good deal of misapprehension
US to the meaning of the announce
ment made Immediately after the adj
journmcnt OF congress that Secretary
| Carlisle would at once resume the coin
/, age of silver. Many newspapers have
| interpreted this to mean that Mr..
Carlisle intends to coin at once and put
| into circulation the entire amount of
seigniorage now in the treasury,
amounting to about fifty'.thrce million
silver dollars
Secretary Carlislc's statement was
explicit enough, it would appear, to
prevent such widespread misreprc-
sentation. What he has proposed to
do is to coin s3000,000 a month, which
is the full capacity of the mints, of the
bullion now in the treasury. OF this
| amount. approximately, one-third or
about 81. 900. 600, would be seigniorage.
| This $1,000, 600 of monthly seigniorage
can not become an available asset of
| the TREASURY under section 8 of the
| Sherman act until it has been minted.
Probably Secretary Carlisle and Mr..
Cleveland are willing enough that their
has been, because they think 1t will
tend to check the drift OF Southern
voters away from the democracy to the
ranks of the populists. In this respect
the announcement of renewed coinage
of silver may serve as good enough,
Morgan! until after the elections" next
Tuesday. AS a matter of fact this
profit to the treasury, amounting to
only 81, 900, 900 n month or S12. 900, 900 a
year, will he only one-fifth or perhaps
one-sixth of the threatened deficit at
the end of this fiscal year of from $780,
900, 900 to s72 100000.
From this it is evident that an issue
of bonds is inevitable. The way for
such an issue has been cleared by the
opinion prepared last spring, by Attor.
ney General Olney, that the secretary
of the treasury has the power to issue
bonds without further authorization by
congress.
The only question now is whether
the administration can postpone a bond
issue until after congress has come to.
gether in regular session on December
: 4. If bonds must be issued, as now
| seems evident the administration
would doubtless prefer to issue them
, when the Legislative branch of the gov
: ernment is in operation, even though
no further authorization by congress
} be required. This would give the presi
dent the opportunity, if he so desired
, of placing the responsibility upon con
t gress by recommending bond issue il
u message.
This week will probably see renewed
> activity on the part of the democratic
members of the ways and means com
mittee in their secret preparation O.
their tariff bill. Chairman Wilson ant
Secretary Carlisle have had many con
situations with President Cleveland a
, to this measure during the past week
: In fact, for number of days Secretar,
Carlisle has given scarcely any atten
D tion to the conduct of the treasury de
j. partment, spending almost all of hi
1 time with the president considering
1 the plan of silver coinage which wa
l announced last week, methods to NEE
g the deficit in the treasury and the gen
: | eral outline of the tariff measure.
, However secretly the ways ant
: means committee may conduct its in
/ tended star chamber proceedings, pub
= licity to it's conclusions has been as
: snred by the adoption of Mr.. Reed
amendment to the Catchings resolr
: ton authorizing the ways and mean
y committee to file its bill and re
e port with the clerk of th
= house during the interval betweel
/ now and the reassembling of con
| gress on December 4. If Mr.. Catching
y had been permitted to have his way tn
d bill and report prepared by the major
r ity of the committee would not hav
y been revealed to the country until re
d ported to the house. Now, however
d the ma ajority bill and report, when file
h with the clerk. must be made know
# to the republican members of the con
# mittee, who will have ten days to pre-
o pare their minority report.