Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-03-30

i donhtedly thus induced their continued
and copiented use as money Instead oi
anxiety for their redemption.
Having referred To some Incidents
which | deem relevant to tho subject.
It remains for me to submit specific
statement Of my objections to the bin
now under consideration. The bin con.
sists OF two sections. cxcluding ono
which merely apnropriases d sum sum.
client TO carry the act Into erect. The
hrst section provides Tor the immediate
coinage of the silver IN the treasury.
which rcpresents the so-callcd rain or
seigniorage, which would arise nom
the coinage Of all the bullion on hand.
which gain or seleniorage this section
declares to be Sssis6,esl. IL directs
thar the money 80 coined or the Ger.
tlhcates issued thereon shalt be used
IN The payment of public Expenditures,
ana provides that II the needs OF the
treasury demand It. the secretary OF
the treasury may In his discretion is.
sue silver certificates IN cxccss OF such
coinage not exceeding the amount OF
seieniorage IN said section authorized
TO be coined Tho second aection d.
reefs that as soon rs possible after the
coinage Of the seigniorarc tho re-.
maiudcr OF the bullion held by the
government shall be coined into legal
tender standard silver dollars. and they
shall be held in the treasury for the
redemption Of the treasury notes is
sued In the purchase of said bullion.
II provides that as fast as tho button
shall be coined for the redemption or
said notes they hhall not be rclssucd
but shall be cancelled and destroyed
IN amounts equal TO Che coin held at
any time In tho treasury aerlved from
the coinage provided Tor. and thnt sill
Yer certificates shan I've issued on such
coin In The manner now provided by
law II Is, however especially declared
Ia said section that the act shall not
he construed 60 change existing laws
relating to the legal tender character
or mode " redemption OF the treasury
notes issued for the purchase Of the
silver bullion TO be coined
"rhe entire bin Is most unfortunately
constructed Nearly every sentence
presents uncertainty and invites con-
troversy as 10 It's meaning and intent.
The nrst section is especially faulty
in this respect and II is extremely
doubtful whether It's language viii per-
NIT the contamination Of its supposed
purpose l am led 10 believe that the
promoters OF the bill intended IN this
section TO provide FOR the coinage OF the
bullion constituting the gain, or
seigniorage as It IL called. into standard
silver dollars, and yet there Is positively
nothing IN this section TO prevent It's
coinage into any silver coins now
authorized under amy existing laws.
suppose this section was also intended,
in case the needs OF the treasury called
for money faster than the golgnlorago
bullion could actually be coined. to per-
init the issue or silver certificates IN adj
vance Of such coinage, but It's language
would seem 10 permit the issuance or
such certificates 70 double the amount
Of segnlorage as stated. one-hhlf OF
which would not represent mn ounce Of
silver Ia the treasury The debate upon
this section IN the congress developed
an earnest positive difference OF opinion
as to it's object and meaning. In any
event am clear that the present per-
ploxities and embarrassment of the
secretary OF the treasury ought not 10
be augmented by devoying upon him
the execution Of law 70 uncertain and
confused I am not willing. however
to rest my objection 10 this section
solely ON those grounds IN my judy
ment sound finance does not commend
further Infusion OF silver into our cur
rency ut this time until accompanied
by further adequate provision Tor the
maintenance In our treasury Of safe
gold reserve. Doubt also arises az 10
the meaning and construction Of the
second section OF The bill. II the silver
dollars therein directed 20 be coined
are, as the section provides, 70 be held
IN the treasury for the redemption Of
treasury notes, Il IA suggested. strictly
speaking. certificates cannot be Issued
on such coin. in the manner now pro-
yided by law because these dollars are
money held In the treasury for the eN-
press purpose Of redeeminE treasury
notes on demand, which would ordi-
narily mean that they were set apart
for the purpose Of substituting them
for these treasury notes They are not
therefore held in such a way rs TO furn-
ish a basis for certificates. according 10
any provision Of existing law. It.how-
ever, silver certificates can properly be
issued upon these dollars there IL Moth
ing Ia tho section TO indicate the
characteristics and functions Of these
certificates n they were 70 be OF the
character as silver certificates In circu-
iation under the existing law. they
would at best be receivable only for
customs, taxes and all public dues, and
under the language or this section. II
IL 20 ray the least extremely doubtful
whether Il certificates Il oontenplates
would be lawfully received even for
such purposes. Whatever else may be
said of the uncertainties Of expression
In this bill they certainiy ought not 20
be found ia legislation affecting sub
jects 80 important and far-reaching a.
our finances and currency. In stating
other and more important reasons for
my dlsapproval Of this section ! ahail.
however, presume that under rs pf'o-
visions the treasury notes Issued IN
payment for silver bullion viii continue
10 be redeemed as heretofore In silver