The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-02-10

} Oh themselves. H
WASHINGTON, D. G.. Fob. GA tangle
growing out OF an error in tho import
ant roll call by which tho house ycster-
day went into committee OF tho whole
on the Bland bill opened the proceed.
ings in tho house this morning. Mr..
Babcock, OF Wisconsin, explained that
he had not voted upon that roll call,
and Mr.. Tracey and Mr.. Reed attempted
to mako the point that this broke tho
quorum, and tho subsequent proceed
ings OF yesterday were therefore vitiatcd.
1t was discovered, however, that Mr..
Marshall, OF Virginia, and Mr.. Shell, OF
South Carolina, were recorded as not
voting. As their votes would complete
the quorum, no further objection to the
approval OF tho journal was made.
AFTER some untmportant routine
business, on motion OF Mr.. Bland, the
house went nto committee OF tho whole
Z for. the consideration OF the seigniorage
bill. Mr.. Bland explained in iew
words that. he had. never agreed, as
stated in some Of the public prints, to
striking out tho second section OF this
( bill (which provides for the coinage OF
! all the bullion in the treasury). Aside
from the question Of raising revenue he
regarded the second section as more
important than the first. "If We are to
deal with the bullion in the treasury"
said he, "let us deal with it as q whole.
Il We have already repealed the purchaa-
g ing clause OF the Sherman act. No moro
bullion will come into the treasury.
Why should we not coin what is there?
To coin only the aeienioragc (s55, ,OOo.-
: 000) would be tantamount to declaring
+ that the rest should remain there as
worthless. It should be dedicated to
monetary use. As far as I am con-
cerned ! will mover consent to stop half
way"
THE ADVANTAGE.
"What advantage" asked Mr.. Coombs
Dem, N. Y. J, would accrue from tho
coinage Of this bullion, when no one
4 wants it7'
;"The people want every dollar they
( can get" replied Mr.. Bland. "The
difficulty Is that there ia not enough
money in circulation"
els it the intention after this bill goes
into effect" inquired Mr.. Tracey Dem,
N. Y. Ito redeem the silver certificates
in rold?""l
s5a N. edo you understand that silver GER
{ titicates arc redeemable In gold?" asked
Mr.. Bland In return.
e IT do"
SWELL" replied Mr.. Bland, "the sec
$ rotary Of the treasury has never 80 held.
! The secretary OF the treasury has main
tanned that all that was necessary to keep
all classes Of our currency at par was to
4 keep tho greenbacks at par. They arc
+ gold obligations and therefore intcrcon-
vertible, and while silver certificates
have not been redeemed in gold greon-
backs have never been refused for them.
& This keeps all our currency at par. I
( am speaking now from the stand point
OF a gold monometalist."
Proceeding he declared that it was
Z only necessary to keep enough gold in
\ the treasury to meet foreign exchanges.
I Under the Sherman law he insisted
s that every dollar OF tho trensury notes
outstanding was redeemable in silver.
"And il l were secretary OF tho treasury
I should so hold" ho added emphati-
cally.& II would rot use my discretion
in the interest OF the gold gamblers OF
this country. This bill, however," he
continued, "does not 20 as far rs the
Sherman bill in this respect. 1t only
4 provides that having boen redeemed
2 lin gold or otherwise) these notes shall
not be reissued but shall be destroyed
and coin shall tako their place. In
/. other words, the holders will no longer
bo able to force their redemption again
and again In gold" [Applause.
WOULD DE EMnEzzLEMENr.
Mr.. Q. W. Stewart, OF Pennsylvania,
replied to Mr.. Bland. He agreed, he
said, with Mr.. Bland that II tho frat
section were to be passed the second
section should be. "If we are prepared
Ito agree to tho practical ON.
bezzlemont OF trust fund in tho first
section" said he, "we should not hesi-
tate at tho irregularity contained In
4 the second section!" He contendod
Z that there was no existing seigniorage,
THAT 1t was purely imaginary as ye..
Seigniorage, he said, was the profit aris-
ing to tho government out OF tho coin
ago Of bullion. But tho bullion, not
having been coined, there was no seig-
{.niorage. To coin the alleged seignior-
ago would bo virtual embezzlement Of
$50, 900 worth Of bullion behind tho
treasury notes. His apprehension was
3 that this policy would involve this
J country in financial ruin.
ii S55, 900. 900 of additional treasury
notes were issued rs required by the
provision OF this bill without a dollar
Z, for.which certificates were issued boine
y deposited. In the treasury each certiti.
cate would bear on its face a lion. II
was in effect watering" tho treasury
notes 70 the oxtent OF $4,000, 900 when
\ tho face value of these notes already ex-
4 ceed! heSmarket value OF tho bullion
security behind them by over S5B0O0,-
I OO0.
H Elm conclusion, in speaking Of tho sill
yer, question, he declared himself in
favor OF the larger use OF silver II M
International Agreement could be
rcachcd. q He 4 referred to tho dis.
gturbance in England and Prussia over
SAilYer.
S;.i@',Europe, said he, lis walking the
l,;;t!oor. Let us pursue the Fabian policy
I Of non.action and we can make terms
$fqrstbe uss ot3silycr.n% GApplause.1
N; WHAT M'KEienASwouLp DO. A. Y
I Mr.McKsighan Pop, Neb.) made a
4 ia, silvef ron an y NJ A gold basis and