The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-30
BE SURE ITO READ THE MAG NGMT PAPER wH WILL BE ISSUED T0n0RR0W

IL II II u - u ~ u II
from such coinage shall be accounted for
and paid into the treasury This gain or
seiguiorage evidently indicates So much Ot
the bullion owned 10y tho government Rs
should rcmalu after using a sufficient
amount t. coin aS many standard silver
dollars rs should equal in number the dol
lars represented by the treasury notes is-
Snod in payment of the outiro quantity of
bullion. These treasury uotes now out
standing ana IN circulation amount Sl52,-
g5l, 2S1 and although there has been thus
far bus 4 comparatively small amount OF
tins bullion coined Yet the so,called gain
or seiguioragG as above defined, which
would arise from the coinage ot the entire
mass, has been easily ascertaluci 10 be
quantity Ot bullion sufficient 10 uuAka when
coined -, l5G tSO standard silver dollars.
Considering the present lutrluaic rela
tluu between gold aud silver the mamteu.
auce ot tue parity between the two metals
~ mentioned III this law, eau moan moth
ing less than tho maintenance OF such
parity IN the estimation aud confidence "
the people who use our mouey in their
daily transactions Mauitestly tho main.
teuauco ot this parity can only be accom-.
pN>hed, 50 tar ~ II is effected hy those
treasury notes and IN the estimation pf
tae holders " the same, by giving to such
holders. on their redemption, tho coin
whether IL it Is gOll or silver which they
prefer. lt follows that while IN terms the
law leaves thu choice ot coin 70 be raid ou
such redemption 70 the discretion OF the
secretary vt tho treasury, the exercise ot
this dlScretlou, u oppose to the demands
VI the holder, is entirely Inconsistent with
the elective aud beneficial maintenance "
the parity between the two metals,
IL both gold and silver ara 70 serve us as
money and II they together are to supply
o. CUR people q SAFE and stable CURRENCY.
the necessity " preserving Jhls party is
obvious. such necessity has bssu repeat
sO'y conceded IN the platforms OF both
political parties and ~ our federal statutes,
10 IS nowhere more eml haucAlly recogu-
lz-l than no the recent law which re
Yeal5j the provision uuder which the bul
lou now on hand was purchased This
law Insists upon the maintenance Of the
parity N value OF the CONS Of the two
metals ana 5ae equal power oseyery dollar
a. Sl. times In the markets Sug 10 the pay
weu5 e.. debts
The secretary ot the treasury has there-
.gie fer tha best OF reasons, not only COM
rgu Of these treasury notes m 20 j. but
the present situation, as we'll as the letter
and spirit Of the law, appear plainly to
justify, Il they 10 not suJoil upon him,
continuation q such redemption.
THE PRESIDENTS REASONS.
The reasons Ibaye eldsayored to pre-
sent may b. thus summarized
Flrsc-Ihs government has purchased
and now has on hand sufficient silver bul.
Ion 20 permit the coinage Of all the silver
dollars necessary 90 redeem, IN such dol
lars, the treasury notes issued for the pur-
chase Of said silver bullion and enough,
besides. TO c0lu as gam or seigulorage s.,
lit.5ci additional standard silver dollars
S-crud-Ilsrs ara outstanding and now
IN circulation treasury notes issued iu paw
ment Ct the bullion purchased amounting
90 S.54 y5i. $50. These notes are legal ten
der 10 payment Of all debts public and
private, except when otherwise expressly
stipulated, they are receivable for customs,
taxes and all puolc dues; when held by
banking associations they may De counted
As part Of their lawful reserves, and they
are redeemed by the government in gold
ao 5ha option Of the holders These ad-
7aaracaous attributes were deliberately at
issue. Glsy are fully understood by our
people, TO whom such note have been dis
suou-ed as currency and have Inspired
confidence in their safety and value and
have undoubtedly thus induced their CON
cllGad and c1u-encrd use As money instead
Os anxiety for .lsir redemption.
Having referred 10 some Incidents which
deem relevant 10 the subject 10 remains
for M 10 submit specific statement Of
my objections 20 the bill now under con
siisra.l0u
This bill consists Of two sections exclud-
ing one which merely approprates sum
sufficient 90 carry Inc act into effect. The
first sctIou provides for the immediate
coinage u the silver bullion 10 the treas.
ury which represents tho sO-called gain Of
seiglIorage which would arise from rho
coinage 0t all the bullion on hand, which
gain or seI-ui1rHga this section declares 10
0s $50. 80 ssh I5 directs that The money
90 cgIusd, or the certificates issued there.
On snail 0s used ia tho payment u such
public expenditures. and provides that II
the needs D' the treasury demand it th,
secretary 0S the treasury ma, in MIA dis
creCign. issue silver certificates in excess
Of sGch coinage not exceeding the amount
Of seigniorage 10 saId section authorized
90 BE- coined.
The second section directs that AZ soon
As posstb bile after the coinage Of this saign
forage the remainder Of the bullion held BY
She government shall he coined into legal
tender standard silver dollars, and that
they hall be held In the treasury for tho
redemption Of the treasury notes issued ia
the purchase Of sai1 bullion. II provides
that as fast as the bullion shall DO coined
for the rsdamytion 0f said notes thay
ahalI not bs re- issued. but shall be Cancelled
aud destroyed IA amounts equal 10 ths
coin held as any time In tho treasury do.
rived from the c1lIags provided FOR. ana
shat silver certificates shall be igsuel ON
sgch coin iu the manner now UrgyiIsd by
law. 1t a. however. especially declared
In said section that tho act shall not be
construed 70 change existing laws relating
10 the legal tender character or mode of
REDEMPTION o' tho treasury notes issned
for the purchase Of tho silver bullion 10 be
coiasd