Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1894-04-06

e silver dollars and that they shall b
held in the treasury for the redemp
j.. ton of treasury notes issued in pur
Y chase of such bullion. 1t provide
| that as fast as the bullion shall b,
r coined for the redemption of sait
3 notes they shall not be reissued bu
shall be cancelled and destroyed il
: amounts equal to the coin held at any
time in the treasury derived from
coinage provided for and that silver
certificates shall be issued on such
> coin in a manner now provided by
} law. 1t is, however. especially de.
clared in said section that the ACT
shall not be construed to change ex-
listing laws relating to the legal tender
character or mode OF redemption oil
, treasury notes issued for the purchase
OF silver bullion to be coined.
Il THE BILL FAULTY.
The entire bill is most unfortunately
constructed; nearly every sentence
presents uncertainty and invites con-
troversy as to its meaning and intent.
| The first section is especially faulty
in this respect and it is extremely
doubtful whether its language will
Ipermit the consummation of its sup
posed purpose.
| l am led to believe that the promot.
ers of the bill intended in this section
to provide for coinage OF the bullion
constituting gain or seigniorage as it
is coined into standard silver dollars,
and yet there is positively nothing in
the section to prevent its coinage into
any description of silver coins now au.
thorized under any existing laws.
| l suppose this section also was in
tended in case the needs of the treas
uIy called for money faster than the
seigniorage bullion could actually be
coined, to permit the issue Of silver
certificates in advance Of such coinage,
but its language would seem to permit
the issuance of such certificates to
double the amount of the seigniorage
as stated, one.half Of which would not
represent an ounce of silver in the
treasury.
The debate upon this section in
Congress developed an earnest and
positive difference of opinion as to it's
object and meaning.
In any event l am clear that the
present perplexities and embarrass.
ments of the Secretary of the Treasury
ought not to be augmented by devolv-
ing upon him the execution OF law
so uncertain and confused. am not
willing, however, to rest my objection
to this section solely on these grounds.
NO MORE SILVER NOW.
In my judgment sound finance does
not commend the further infusion of
silver into our currency at this time,
unaccompanied by further adequate
provision for the maintenance in our
treasury Of safe gold reserve.
Doubts also arise as to the meaning
and construction Of the second section
OF the bill. If the silver dollars there
in directed to be coined are as the
section provides, to be held in the
treasury for the redemption Of treasury
notes, it is suggested that, strictly
speaking, the certificates cannot be is.
sued on such coin in the manner now
provided by law, because these dollars
are money held in the treasury for the
express purpose of redeeming treasury
notes on demand, which would ordi-
narily mean they are set apart for the
purpose Of substituting them for these
treasury notes. They are not, there
fore, held in such way as furnish a ba-
sis for the certificates according to any
provision of the existing law.
If, however, silver certificates can
properly be issued upon these dollars,
there is nothing in the section to in.
dlcate the characteristics and func-
tions of these certificates. If they
were to be Of the same character as
the silver certificates in circulation un-
der existing laws they would at best
be receivable only for customs taxes
and all public dues and under the Ian.
guage of this section it is, to say the
least, extremely doubtful whether the
certificates it contemplated would be
lawfully received even for such pur-
poses. Whatever else may be said OF
the uncertainties of expression in this
bill, they certainly ought not be found
in legislation affecting a subject so
important and far reaching as our
finances and currency. In stating
other and more important reasons for
my disapproval of this section, I shall
however assume under its provisions
the treasury notes issued in payment
for silver bullion will continue to be
redeemed as heretofore in silver or
gold at the option of the holders, and
that if 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 the notes will
be destroyed and the silver certificates
to an equal amount will be substitut.
ed. ! am convinced that this scheme
is ill.advised and dangerous.
DANGERS.
| As an ultimate result OF its opera
ton treasury notes, which are legal
tender for all debts, public and private,
and which are redeemable in gold or
silver At the option of the holder. will
be replaced by silver certificates which,
whatever may be their character and
description, will have none OF these
qualities. In anticipation of this re-
suit. and ~ an immediate effect, the
treasury notes will naturally sppreci-