Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-04-12

The Administrators Fidgcts.

The administration seems incapable OF
long enough TO get fair credit for the good
things it does. The seigpiorage veto was
cordially and thankfully met. with a dis
position to overlook the presidents wholly
unwarranted offer of compromise to silver
inflationists, on the ground that they
would not accept it, and that the pres.
dents veto, however Objectionable IL
statement, would practically put an end
to silver and currency agitation. But
now there comes a bill which embodies
precisely the plan of surrender suggested
by the president. 1t is.stated that the
measure is really proposed by the adj
miuistration, and will have its support.
In few words, it would coin the seignior-
age without waiting until any seignorage
has been created.
In his veto message Mr.. Cleveland
stated that, after enough standard dol
lars had been coined to redeem the
treasury notes outstanding. there would
remain bullion enough to coin about So,
600. 900 more standard dollars. which
would be the seigniorage. But without
waiting until the coming process has
seignorage. the new bill proposes 10 coin
that theoretic balance of bullion left. anG
to issue silver certificates against it, This
is for the purpose of placating Demo
cratic congressman enough to get ont q
them a bill providing for the issue OF
short time bonds of small denominations
Standing by itself. and assuming the
presence of an existing and unchokea be
deficit of revenue, the plan to issue small
bonds would have merits. But it has NJ
merits If, as the price of it, silver coinage
must be resumed and the paper circula
ton redeemed in silver only must be
further inflated. 1t has no merit if the
honor of the government must first b.
sacrificed by dishonest diversion t.
other use of part of the bullion now held
as a security for the new treasury notes
Not all the casuistry at Mr.. Cleveland's
command can make such a bargain loot
like respectable or profitable one for TIE
people. The proposal forces men to re
member that no deficit would exist, anC
no borrowing of money would be neces
sary, II Democratic threats of change Of
tariff were out Of the way. The president
will not imagine that this fact will b.
forgotten by business men, or by the
'plain people, whose votes are manifest
ing their hostility to the pending
tariff bill. His obstinacy in urging
that measure, and nothing else undp,
the sun, has placed upon the people
an additional burden of $50, 0)0, 900 in !.
per cent bonds already, and another at.
tempt to borrow would be met with the
indignant question why he does not stop
the attempt to cut off 1905, 900 of the
revenue.
1t is equally clear that the proposed
coinage and issue of more silver certifi
Gates would make it harder to borrow
money on any terms The per cent
bonds hang fire, bankers say, most IN
comfortably. They were taken at III 223
and with two months interest accumu.
lated should bring more than lis in orie,
to avoid loss, but they sold in March al
ll7.S7, have not risen above lis, and new
silver and bond bill would not help them.
Neither is it clear that people would want
TO pay the price demanded for such bonds,
il the initiation of silver paper is to be con.
tinued. There could hardly be a more
absurd plan Of borrowing money than
this union of bond authorization with a
silver imitation bill, but it really appears
TO embody such fnan eial wisdom as the
administration Possesses II ought to
have no chance whatever in congress, for
while most of the Democrats will Oppose
any issue OF bonds, the Republicans
ought TO oppose the coinage and imitation
of silver notes, but it will, in any case.
give renewed impetus to the agitation for
silver coinage and for other forms of
monetary Observation-Disclosures York Tri-
bune.