The evening world., 1894-03-29

am Jed - believe that the promoters
q the TIL intended IN this section 70
pros. So fur IN" .piraE" - N" bu!Ilon
..nrsut-Hng 'h~ gain, u s"i s"igr!2ras". az
u j. .ai4.-I Into stan lar! s!!Eer dollars,
and g-' there j. positively nothing IN
n" s-rtlyn % prevent its coinage into
a.y description II silver coins nov al
fh.'I2'I .n!-r at% Existing LAY"
-.g,-Js- 'a.- Ton =as also Intend
-! Iu as" ~" I-"!s o' ne Treasury
a1a-! '.- money Il. t-r :aa1 the s-.g,!yr-
as~ hl.,.pr could actually o+ g5!n-l. TO
permit -. .s-l- o' silver certificates In
4svarn@ s. sI-h 0cin4E-. tI' - ar Ia&e
HyIiI sem ~ perru.' ~ issuance - s-ch
c'r'!tra'-- - dgltle tn- an ,Int q
s@iRDlDrag. az stated. on hak q which
would not represent an ounce II silver
~ the Treasury.
Tn. debate upon this section IN the
Ca-gress 4-yllgr.e-t ar earnest an! post
tive Iiff-r-nc. ~ opinion a. to lis object
and meaning. In any event. am clear
that the pr.--.r' r4rt.l@Iit!es and .Tr tar
easements Of the Secretary Of the Treas
ny ougt' not . b@ augmented ty te-
vyiying upon him the execution u q law
- uncertain and crn.Is@!.
Infusion of silver Not Wise Now.
an not willing. however 70 rest my
oh5.g ton 10 this section solely on these
grounds, in my Judgment sound finance
ID-s not command further infusion Of
silver into our currency at this time m
arc )rnpanici ~ further adequate pro-
Vision for the maintenance In our
Treasury I Of safe gold reserve
Doubts also arise as to the meaning of
n" s@cpni section - the BILL ]: the sA;
Yer dollars therein directed TO b. coined
are. NJ s"ctiOn provides. 20 lie held
~ tho Treasury f-r the redemption OF
Treasury notes. II is suggested that,
issued on SUCH coin In the manner now
provided by law because these dollars
are money held in the Treasury FOR the
express purpose of rel=eming Treasury
ts-rr md ~ M l.
narily mean that they "ere set apart for
the purpose Of substituting them for
these Treasury notes.
They ar" not. therefore. held In such a
way TO furnish a basis for certificates
, according t. any provision OF existing
No Character to Certificates.
II. however the silver certificates can
; PROPERLY be- issued upon these dollars.
there is nothing In the section - indicate
i the charaGterist!cs and functions ot
these certificates II they were to be Ot
I the same character as silver certificates
/ In circulation under existing laws. they
/ would al best be receivable only for Gus.
| dor the language Of this section 1t Is. 4
say the least, extremely doubtful
| whether the certificates II contemplate.
would be lawfully received even for such
/ Whatever else may be said Of the
uncertainties OF expression in this bill
/ they certainly ought not TO be found in
legislation affecting subjects 70 i'm
portant and far-reaching as our finances
and currency. In stating other and
/ more important reasons for my disap-
proval Of this section. | shall, however
assume that under its provisions the
/ Treasury notes issued in payment for sil
Yer bullion will continue to be redeemed
as heretofore, in sllver or gold at tbs
they. arr presented for redemption. OF
reach the Treasury in any other man.
ner, there are In the Treasury coined
silver dollars equal in nominal value, tc
case. the notes viii be destroyed and
silver certificates to an equal amount
substituted.
Dangeruus scheme.
] am convinced that this scheme Is III
advised aud dangerous. As an ultimat /.
result OF its operation, Treasury notes
which are legal tender for all debts. pub
IL ana private. and which are redeem
able In gold or silver. at the option o
the holder, viii be replaced by silver Ger
uhcates. which. whatever be their char
acter and description, will have none o
thes" qualities. In anticipation of thi
result, ana az an immediate effect, tn
Treasury notes Will naturally appreciate
In value and desirabilitY.
The fact that gold can be realized upOI
them, and the further fact that their de
-truction has been decr"-d when the.
reach the Treasury. must tend to thei
withdrawal from general circulation. I,
b" Immediately presented fJr gold re
d"rnption rr to be huartiei for presenta
tlon at more convenient season.
deduction OF Gold In TREASURY.
The sequel of both operations will h
IA large addition to the silver currenC,
in our circulation and correspJniln,
reduction Of gold in the Treasury. Tn
argument has been made that thes
things viii not occur at onca because
long tine must .lapse before the coinag
OF anything but the seigniorage can h