The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-07-07
NOT REPEAL, BUT AMENDMENT


point in discussing the proposed
repeal of the act which bears his
name. 1t will not do to repeal it
absolutely and entirely. Nearly |
$15O,OOO,O00 of treasury notes
have been issued under this act
and are now in circulation. There
Is no provision for their redemp
sion outside of the act ITSELF ToI
repeal it absolutely would leave
them in the air. Another clause
of the act repeals the Bland law.
To repeal this law would raise the
question whether the treasury
must not resume the purchase and
coinage of $2,OOO,OoO of silver per
month. If repeal of the Sherman
law could wipe out everything
that has been,done under it, it
would be a good thing. This is
clearly impossible. The notes
emitted under it must still be
taken care of. The one redeem
ing clause in the act is that which
gives them gold value SO long as
the treasury can command gold for
their redemption Oh demand.
This must be retained at all,events.
What is needed is not repeal of
the Sherman act, but amendment.
Purchase of silver should be
stopped, but the credit of the Uni
ted States must. be maintained by
continued redemption in gold, on
demand, of the notes emitted un-
der IT.
The first section of the act di-
rects the treasury to purchase, at
the market price, so long as it
does not exceed $1.29 per ounce.
100000 ounces of silver per
month, or so much as shall be Of
fered, and to issue in payment
therefor treasury notes of the
United States. The second Sec
ton makes these notes legal ten.
der for all purposes, including Gus
toms dues, and available for ma
tional bank reserves, and provide
for their redemption on presenta
ton to the secretary of the treas
ary in gold or silver coin at his
discretion, sit being the establish
ed policy of the United States to
maintain the two metals on a par
ity with each other upon the
present legal ratio or such ratio a.
may. be provided by law" Sec
tions third and 5th repeal the Blanc
act, direct the coinage of 100000
ounces of silver per month VI
to July, 1891, and authorize the
coinage of so much thereafter a
may be needful for redemption o
treasury notes. Section fourtl
places the bullion to be purchased
under the usual mint regulations
and section seventh transfers tn
legal tenders held for redemption
efnational bank notes to the gen
eral treasury fund.
1t would seem to be enough t
repeal the first section, since al
that:is desired is to stop the pur
chase of silver and the issue Q
treasury notes. This would leav'
the rest of the law, which pro
vides for redemption of the silve
already issued, standing. Repea
might be made by a brief act il
terms similar to the fifth section
which repeals the Bland act. Thi
does not repeal those provisions O
the Bland act which relate to tn
standard dollar already coined; i
merely stops the coinage of more
It's words are, "That so much of th'
act Of February %, 1878, entitled
San act to authorize the coinage O
standard silver dollar and to re
store its legal tender character a
requires the monthly purchase ant
coinage of the same into silver dol
lars Of not less than $2,000,000 0
more than $4,OOo,0oO worth of sill
yer bullion is hereby repealed.
The act for repeal of the Sherman