The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-02-10
Proceedings of the Day.

in a tangle this morning after the open
ing. over the Bland bill, several mem
bers insisting that they had been
wrongly recorded.
The House judiciary committee con-
sidered the Mccain resolution, propos-
ing an inquiry into Judge Jenkins in
junction against the Northern Pacific
employees, but adjourned without ac-
ton
1t looked at one time as if yester-
days proceedings in the committee of
the whole might be vitiated. 1t ap-
peared that Babcock, who was record
ed as voting on roll call for going into
committee of the whole, did not vote,
which would have broken the quorum,
but Marshall and Shell, not recorded
as voting, declared that they voted,
which restored the quorum and the in
cident ended.
The House then went into committee
of the whole on BANDS seigniorage
blk Bland explained in a few words
that he had not agreed, as stated in
some of the public prints, to striking
out the second section of this bill,
which provides for the coinage Of all
bullion in the treasury. Aside from
the question of raising the revenue.
he regarded the second section as
more Important than the first. If we
are to deal with the bullion in the
treasury" said he, '1et us deal with
lit as whole We have already re-
pealed the purchasing clause of the
Sherman act. No more bullion will
come into the treasury; why should we
not coin what is there? To coin only
the seigniorage ($55, 000000) would be
-.
should remain there as worthless. 1t
would be dedicated to monetary use.
AS far as 1 am concerned, l never will
consent to stop half way"
What advantage" asked Coombs,
/ OemocraD, of New York, would accrue
from the coinage of this bullion, when
no one wants it?"
1.-The people want every dollar they
can get" replied Bland. 1.-THE difficult
ty is that there is not enough money
in circulation
rs it the intention after this bill
goes into effect, y inquired Tracey Dem
ocraD, of New York, ITO redeem silver
certificates in gold?''
do you understand that the silver
certificates are redeemable in gold?4
asked Bland.
Il do
Well replied Bland, @the secretary
of the treasury never so held. The
secretary of the treasury maintained
that all that was necessary to keet
all classes of our currency at par, was
to keep greenbacks at par They are
gold obligations and therefore, inter
convertible and while silver certif.
Gates have not been redeemed in gold
greenbacks have never been refused fol
them. This keeps all our currency al
par. [ am speaking now from The
standpoint of the gold monometallist. ,
He declared that it was only necessary
to keep enough gold in the treasury
to meet the foreign exchange. Under
the Sherman law he insisted that ev
cry dollar Of treasury notes outstand
ing was redeemable in silver. And i
were secretary of the treasury
should so hold" he added emphatical
lily. Il would not use my discretion il
the interest of the gold gamblers q
this country. This BILL he continued
does not go so far as the ShernaI
bill in this respect. 1t only provides
that having been redeemed Gin golt
Tor otherwise) these notes shall not b.
lre-issued, but be destroyed, and coli
shall take their place. In other words
the holders will no longer be able +,
force their redemption again and agai1
lin gold.' (Applause)
G. W. Stone, of Pennsylvania. at tn
head of the minority committee N
coinage, replied to Bland. He agrees
he said, with Bland, that if the frs
Isection of the bill were passed. III
second section should be- IF we AR
prepared to agree to a practical EN-
bezzlement of a trust fund in The frc
section, we should not hesitate at tn
irregularity contained in the secon,
section" He commended there was n
Iexisting seigniorage; that it was purel
imaginary as yet. 1.-THE seigniorage
he said, was the profit arising to tn
government out of the coinage q
bullion; but the bullion not hayin
been coined, there is no seignioragt
There might be, in time, but there wa
mot now. One might as well take on
lof tank ten gallons of oil. and sa
this is parafine and the other OIL q
lchop off fifty pounds of bullock an
say, this is leather and that is beef
because in the future processes S
: much parafne, or so much Ieathe
Icould be separated from the tank {
oil, or bullock, as to claim there wa
was coined. TO attempt to coin thi
Imaginary seigniorage. would be breal
ling faith with the holders of tn
treasury notes issued against all bu
llion. He declared it should be hel
sacred for their redemption Their
were in the treasury 140 699,S53 ounce
lof silver, on which had been issue
1888, 0S5, Isl in treasury notes. 1t COS
1.-THE government S126, 75S, $50 and il
Z coinage value was S181, 914, 961; il
lpresent market value, but S97, 156, OF
I ITO coin this alleged seigniorage woul
be a virtual embezzlement of $50, 000
Loco worth of bullion behind the treat
Jury notes. His apprehension was thu