New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-30

aScertained
icient to make when coined. fifty i've millions one
hundred and hfty-six thousand six hundred ana
eiehty-one standard silver dollars
RELATION BETWEEN GOLD AND SILVER
Considering the present intrinsic relation between
gold and silver the maintenance OF the parity be-
tween the two metals as mentioned in this law.
mean nothing less than the maintenance OF
such parity in the estimation and confidence OF
the people who money in their daily trans
Manlfesty the maintenance OF this parity can only
De aeeomplshed - iar as ~ is GO b o bojTs
of the same. by giving to such holders. on Their
redemption. the coin. whether 1t is goid or siVef
1t follows that. while IN terms the law leaves the
discretion Of the Secretary Of the Treasury the
exercise OF this discretion, If opposed TO the de-
the effective and beneficial man;ena ce of the parity
If both gold and silver are to as money.
and if they together are to supply our ar, people
ing this parity is obvious. Such ity has been
rePeasety conGefe in The pafeTmS Of both r
1t is nowhere more emphaucally recognized than
in the recent law yhich repealed the provision
chased This law insists upon the ''main,enan nee
OF the PARTY he os value S OF e eyerv S e at S
times in the markets and in the payment OF debts.
the best of reasons not only promptly complied
with every demand for the redemption Of these
a! ss %s as "3 the ete !0 ana spirit he law appear
plainly to justify. if they DO no. enjon upon him,
a continue ion Of such redemption.
IMPORTANT CONDITIONS.
The conditions have endeavored to present may
be thus married.:
First-The Government has purchased and now
has hand sufficient silver bullion to permit the
sonase Of al the silver dollars necessary TO r er tba
purchase of said silver bullion and enough DeSi ,d
TO coin. gain seigDiorage, ffty million
and eehiy yv addona al STANDARD silver dollars
eTeaon Trsas ge nSes ne ana
the bullion purchased amounting to VIZ S i;Z@
public and private. excep; when otherwise
pressly stipulated. They are receivable for Gus.
thanking ASSOCIATIONS they may be counted as part
the Government in god at tie option OF me holders
These advantageous attributes were deliberately
they are fully understood by people TO whom
such notes have been distributed as currency, and
and have Undoubtedly thus Induced their continued
and contentcd use of money instead Of anxiety for
STATEMENT OF OBJECTIONS.
Having referred to some incidents which deem
relevant to the subject. it remains for me to submit
specific statement of my objections the bill
under consideration.
This bill consists Of two sections. excluding one
which merely .appropriates sum sufficient to carry
The first section provides for the immediate coin
resents the so-called gain or segniorage or which
would arise from the coinage Of all the bullion on
TO be SJl566N 1t directs thai the money so coined
or the certificates issued thereon shall he used in |
the payment OF public expenditures. and provides !
that if the needs OF the Treasury demand 1t. the
Secretary of the Treasury may. in his discretion !
and exceeding the amount of sesniorage in said
section authorized - he coined
after the coinage Of this segniorage the remainder
of the bullion held by the Government I. ,o shall be
that they shall be held in the Treasury for the re-
dempton Of the Treasury notes issued in the pur-
It provides that as fast as the bullion shall be
in amounts equal to the coin held any time III
and that silver certificates shall be issued sucn
coin in the manner now provided by law; .,..
that they act shall not be construed to change eA
mode Of redepon Of the treasury notes issued for
the purchase Of the silver bullion to be coined.
Nearly every sentence presents uncertainty and in
vites controversy 70 its meaning and intent. The
it is extremely doubtful whether its language viii
permit the consummaton Of It's supposed purposes !
tended in this section to vide for the coinage of the
bullion constituting the gain or seenioraee as it is
positiyely nothing in the section to prevent its coin
lied under any existing law. / suppose this section
was also intended in case the needs of the Treasury
could actually be coined to permit the issue OF sill
yer certificates in advance OF such coinage; but
certificates to double the amount Of seisniorag cas- as
stated one-half OF which would represent an |
ounce OF silver in the Treasury.
vope aS upon hs section in the CONGRESS de-
ION as 10 IT'S object and meaning In any event
am an clear that the present perplextes and embar-
not to be augmented by devolving upon him the
execution OF law so uncertain and confused
WHAT is SOUND FINANCE?
am not willing however. to rest my objection
to this section solely on these grounds In my
judgment. sound finance does no: commend a fur
fhnr inf IF ef,c
time unaccompanied by further adequate provision
for the maintenance in our Treasury of a safe gold |
reserve
Of the Second section of tine b ana 'f fhe
silver dollars therein directed to be coined are as
the section provides be held in the Treasury for
the redemption Of Treasury notes, it is suggt sted [
that, strictly speaking. certificates cannot be Issued
on such coin in the manner now provided by law"
because these dollars are money held in the Treas
Py for the express purpose o. redeetnins Treasury
they were set apart for the purpose of substituting
They are not. therefore. he'd in such way as to
furnish basis for certificates according 10 any
cateS can pHope be- issued Upon these sV ds
there is nothing in the section indicate the char
If they TO be of the same character as silver
certificates In circulation under existing laws. they
and all public dues. and under the language Of this
Whether ths cers m IL dSI6 h
lawfully received. even for such purposes
UNCERTAINTIES OF EXPRESSION.
Whatever else may be said OF the uncertainties
OF expression in tn hill. they certainly ought not
to be found in legislation affecting subjects 50 i'm
portant and far-reachlng as finances and cur
rency. In stating other and more important rea-
sons for my disapproval Of this section SHALL
however. assume that under its provisions the
Treasury notes issued In payment for silver bullion !
will continue TO be redeemed heretofore In silver
or gold at the option of the holders: and that II !
when they are presented for redemption or reach
the Treasury in any other manner there are In the
Treasury coined silver dollars equal in nominal
value TO such Treasury notes. then. and in that
case. Will be destroyed and silver certificates
TO equal amount be substituted.
am convinced that this scheme is ll-advsed and
dangerous. AS ultimate result OF It's operation
Treasury notes which legal tender for all debts
public and private, and which are redeemab,e in ;
gold or silver at the option OF the holder will 10
replaced by silver certificates which whatever may
be their character and description, will have none
Of these qualities
In anticipation OF this result and as an mme date
effect the Treasury notes will naturally appreciate
IN value and desirablity. The fact that gold can
be realized upon them, and the further fact that
aiE das b. A. L. ~ ul -