The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-04-05

OILS attributes were deliberately attached to
these notes at The time OF their issue; they are
fully understood by our people TO whom such
notes have been distributed ~ currency and
bavc inspired confidence in their safety and
value and have undoubtedly thus induced their
cont;n:cd and contcntcd use rs money, instead
II anNi,ty for .h"ir redemption
I:y.l. rc:crrcG 10 eoEie incidents which
'c.1ii relevant 10 the subject, 1t remains for me
| to submit specific statement OF my objections
| to tho Hill now under consideration This BIZ
| consists Of two sections, excluding ono which
merely appro2rateS sum sufficient 10 carry
The act into effect The first scctiO" provides
for the immediate coinage OF tho silver b1ll'on
I in the treasury which represents the so-calcd
gain or se@noragc Which would arise from the
coinage OF al the bullion on HIND which gain
! or scignioruCe this section declares Ia tc Ih'-
15GG al II directs That The Money coined. or
tho certificates issued thereon. shat. be Lscd in
the payment OF public expenditures, and pro.
vidos that II the needs OF he treasury demand
il. the secretary OF tho treas r. may. in his
discretion. issue silver certificates in excess o1
such coinage, not cXcecdi-g The amount OF
segnorage in said section authorized tn be
ccgncd.
The second section directs that as soon as
possible after the coinage OF this Sci"uloriGe
the II malndcr OF the bullion Ec,ti Gy ihc GOV
eminent shall be coined into legal tender stand.
ard silver dollars and that they shall !'c held III
the treasury for tie redemption Of the treasury
notes iSs cd In the purchase OF said bullion. il
provides that as fast ~ tho bullion shall be
coined for The redemption u sad notes they
shall not be rclssued but shall DC Cancelled anu
destroyed in amounts equal TO the coin held ut
any time in the treasury derived from the COIN
are provided for, and that silver certificates
shall be issued on such coin IN the manner now
provided by law. 1t. fOwevcr. especially dc
clarcd in said section that the act Shall not be
construed 10 change existing laws relating to
the legal tender character or node q! rodcmp-
ton OF the treasury notes i,s.od for the pur-
chase OF silver bullion 10 DC coined
The entire bill IS most unfortunately con-
strrctcd Nearly every sentence presents TN
certainty aud invited cn:roversy rs 10 its
meaning ard intent The first section Is cSpc-
cialiy faulty in this respect and il is extremely
doubtful whether its language will permit the
contamination OF It's supposed purposes. / am
led TO believe that the promoters Df lhc bill III
tended in this section TO provide for !hc coinage
OF the bullion constituting HE cain IN scigniOr.
age as it is called into standard silver dollars;
and yet there is positively nothing In the $50
ton 10 prevent its coinage into any description
OF silver coins now authorized unl.'r lny exist
ing law J suppose this section WAS also in
tended, in case the needs OF the treasury called
for money faster than the scisrlora@o bullion
could actually lie coined, To pcrEit The issue o.:
silver certificates in advance OF such coinage:
but its language would seem TO permit the issu
ance OF such certificates to doNbe the amount
scicnoracc rs stated, o,c-hat OF which would
not represent an ounce OF silver in The treasury.
The Il. bate on this section in the congress de-
yclopcl IN earnest and positive difference OF
opinions AZ to its object and me aiming. In any
event nm Clear that the present TcrpeXitieS
and cirDarraSsmentS OF the secretary OF the
treas.;r, ought no, to l,o augmented by d,.Volv.
ing uron him tie execution Of u law so rnccr-
tain and confused
lam rot wiiling, however, 10 res, my objcc-
ton to This section solely on these grounds: IN
my Judgment sound finance docs not commend
further Inf sion OF silver If our currency at
this time Lnacco:ppanicd ly fertilizer adequate
provision trr the maintenance iii our treasury
OF Il s:fc gold reserve. roubt+ also arise rs to
tic meaning and constructs II OF the second
section OF the bill II the silver dollars therein
directed 10 Lc coined are. us thc section pro.
vidcs, to be- held III he treasury for tic re-
dcD;tion OF treasury notes. II i suggested
that. strictly speaking. certificates cannot be
issued on such coin ''iu The ;i.a'ncr no" pro.
vilctl BY luw." because !he e t!"il.rs are money
held in II" treasury for the express purpose OF
rcdecning treasury notes. On demand.
y hntevcr else may he said OF the uncertain
ties of expression IN this; bill they certainly
ought not 10 he found in legislation affecting
subjects 80 important anu fnr.rcach'ne a3 our
finances and currency. In Stain" other and
more !mporinnt relations for my di>apprcva
Of this section, Shall, however, assume that
under Its provisions the treasury notes issued
In payment for silver bullion will continue to
he redeemed ~ here. nore. in silver or god, ut
tltNt -h,
are presented for redemption. or reach the
treasury in any other manner, there are in the
treasury coined silver dollars equal in nominal
value 10 such treasury notes, then ana IN that
case The notes viii he de> troycd and silver Ger.
tiiira:cs TO an equal am1 n. be substituted.
am Convinced that this scheme Is ill.adviscd
and dang ro;s
VIC have now outstanding more than s3:S.cO-
Coz In silver certificates issued ullCcr existing
laws. They are str: in- The purpose OF money
usc:uy and without que liun Oar gold re-
serve, amountin" 10 Il l;ttc no-c ti:an SlJo,'U)-
90. is directly char. y VIII tic redemption OF
$40, Too OF United STAT. nptcs. When 1t IL
proposed 20 initiate our silver currency IT IS d
time for sire: -lhcn;rg or gold reserve instead
Of depicting it. eaLnot c"uct i've OF longer
step toward silver Inonrm 'lallisE than wt take
when We spend our gold IL bay silver ccrtili.
ca.cs fnr circrir,iGn. esp c:ally in view or the
practical diitlcrlt'cS SUI OGft1nS Inc rcpluHlSu-
mcni OF our god.
This leads n 10 earnest Y present the dcsira-
blity OF ran ing 10 The secretary OF Tie treas
nry better power than now exists 10 Issue
bombs 10 protcci II col rrSt rye when for any
rr;,s II j. ,hrlid b. nccc>s ~. Or currency Ia
il such ru,.r SD condition antl OF: financial
Ia;r> arc ap. ~ assume IL; any tine 81 critical
Il position that It seems 10 n.c 3u"E \ course Is
dictated b. ordinary p:ut;r.:cc
lam not inscnS;blc to Inc 2i",cIncI;s IN favor
Of coming tho b iilion S.igni"ra"c no" in The
treasury ,at believe l. COLD G done ap."iy
ard ill advantage ii the trrc!nry OF The treas
urc hal tac power 10 is ne bonds NJ = low rae
Ct i.t.rcs: Under authority III substitution OF
that now existing and better suited 20 the pro-
lection OF in Treasury.
hopea way Will present itself in the near
future tcr tho adjustment Of our monetary az
fairs in s;,ch coE'pr, lrasirc AN. conservative
manner rs VIII accord TO silver It's proper place
in our curr re-: but III The nletnl'in / am cX.
If, m;ly c,Cu> that whatever action wo
take on This l.cct !nay 10 such us 10 prevent
loss ara disbursement 10 or p or'c Il: ZONE
ana II" ii ~ c:on ri co.:iid ice IN or imam
ciaI in:ll,:.,-' ricnt abroad
GECVEr CT. VELAND.
ExrCC ,N,. Ml%SI,N March % 1871.