The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1893-11-09
A CORRECTION.
Wrong Impression as to the Scignior-
age Coinage.
The Entire seigniorage of s53,OOO,OOO
in the Treasury VIII not he Put Into
Circulation at ODce-An Issu-
ance of Bonds is Inevitable.

WASHINGTON, Nov. 6.-Therc seems
to be good deal of misapprehension
as to the meaning of the announce
ment made Immediately after the ad-
journment 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-three million
silver dollars.
Secretary Carlisle's statement was
explicit enough, it would appear, to
prevent such widespread misrepre-
sentation. What he has proposed to
do is to coin SO, 900, 900 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, 900, would be seigniorage.
This 81, ZOO, 900 of monthly seigniorage
can not become an availab BILE asset of
the treasury under section of the
Sherman act until it has been minted.
Proba bly, Secretary Carlisle and Mr..
Cleveland are willing enough that their
policy shall be misinterpreted, as it
has been, because they think it 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 matter of fact this
profit to the treasury, amounting to
only 81, 900, 900 month or s12, 900, 600
year, will be only one-tifth or perhaps
one-sixth of the threatened deficit at
the end of this fiscal year of from s6O,-
100000 to s72 900, 900.
From this it is evident that an issue
of bonds is inevita BILE. 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 bond
issue until after congress has come to-
gether in regular session on December
f. 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-
gress by recommending bond issue in
a message.
H., IL hi
activity on the part of the democratic
members of the ways and means COM
mittee in their secret preparation of
their tariff bill. Chairman Wilson and
Secretary Carlisle have had many con-
sultations with President Cleveland as
to this measure during the past week.
In fact, for a number of days Secretary
Carlisle has given scarcely any atten-
tion to the conduct of the treasury de-
partment, spending almost all of his
time with the president considering
the plan of silver coinage which was
announced last week, methods to meet
the deficit in the treasury and the gen.
eral outline of the tariff measure.
However secretly the ways and
means committee may conduct its in
tSuelet pioSCSoihSo, pun
, licity to it's conclusions has been as
sured by the adoption of Mr.. Reeds
amendment to the Catchings resolu-
tion authorizing the ways and means
committee to file it's bill and re-
port with the clerk of the
house during the interval between
now and the reassembling of con-
gress on December 4. If Mr.. Catchings
had been permitted to have his way the
bill and report prepared by the major
ity of the committee would not have
been revealed to the country until re-
rorted to the house Now, however,
the ma iority bill and report, when fled
with the clerk, must be made known
to the republican members of the com
mittee, who will have ten days to pre-
pare their minority report.