The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-03-25
TIE TIMES can ce 1ounu regularly on
ale at the following places:
ROANOKE, VA, MARCH 25, 1894.
THE sEIGNIoRAGE BILL.

The Review of Reviews, in an excep-
tionally able article in the March mum
Der, endeavors to throw some light upon
tho measure now awaiting some action
on the part Of the President-the Bland
bill providing for the coinage of the
seigniorage. Our dispatches
inform US this morning that Mr.. Cleve-
land is in quandary over the effect the
bill will have in the financial world,
and is considering it calmly and dispas.
sionately from all points of view. 1t is,
indeed, q perplexing question, and the
Presidents action upon it is awaited
with much interest. We uote from the
magazine article as follows:
II there should happen to be a reader
OF the Review Of Reviews who does not
understand exactly what is meant.by
Mr.. BANDS proposal to put SIS, 900, 600
into the treasury by coming tho seig-
niorsge he need not feel especially dis
couraged. There are members of Con-
gress who would find it hard TO explain
clearly The word seignlorage has
usually been applied to the mere frac-
ton Of ono per cent. charged at the
bullion ioto coin. A broader definition,
however, and one that is sanctioned by
the Century Dictionary" is as follows:
The difference between the cost of a
msss of bullion and the face value Of
the pieces coined from It,"
Now the Sherman act, it says, called
for the purchase by the Government of
$500 600 ounces Of silver bullion each
mouth at the current or market price
Tor silver bullion. The Government
paid for the bullion in special treasury
notes. Inasmucn as the price of silver
was constantly iuctuating, the volume
of these notes issued from month to
month was never the same, although
-s1en monthly issues were always based
upon practically the same quantity OF
bullion Although, from the time of
the passage OF the Sherman act in July,
1890, up to its repeal on Novcmbor /,
1893, somewhat less than Sl54, 900 600
was issued in treasury notes in payment
for great mass Of silver that now lies
in the Government vaults.
Mr.. BANDS idea is TO expand tho cir
culating paper currency represen led by
this mass of silver from tho outstanding
issue of Treasury notes to an amount
$50. 100000 greater, by treating the
whole of 1t as if it were deposit OF
corresponding paper dollar should be
sent out II this measure should be-
come a law, IT'S effect would be 10 put
S55, 100000 into the Treasury of the
Government to help the Secretary out
OF the difficulties occasioned by the
serious deficiencies in the current rev.
enue.
But. inasmuch as the continued de.
probation of silver has made the mass
brought under the Sherman act worth
in the market 10 day considerably less
even than the Sl54 900, 600 OF Treasury
notes, it is plain that the issue of
additional notes as against the seignior
age so called would be no better than
an out-and- out issue of fat money.
1t is evident that the Review is not
in sympathy with the measure, and in
this it stands with large proportion of
the people of the Eastern States. The
South and West are said to be largely
in favor of it, Notwithstanding the fact
that the passage and adoption of the
measure will act against the silver
cause.