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

and that any gain or seigniorage
arising from such coinage shall be ac-
counted for and paid into the treasury
That this gain OF seigniorage evidently
indicates so much of the bullion owned
by the government as remains after
using a sufficient amount to coin as
many standard silver dollars as should
equal in number the dollars repre-
sented by treasury notes in payment
OF the entire quantity of bullion.
TREASURY NOTES OUTSTANDING.
These treasury notes now out
standing and in circulation amount to
1852 ,951 $50, and although there thus
far have been but comparatively
small amount of this bullion coined,
yet the so-called gain or seigniorage,
as above defined, which would arise
from the coinage of the entire mass,
has been easily ascertained to be
the quantity of bullion sufficient to
make coined 81, ,l56,6Sl standard silver
dollars.
HE DISCUSSES "PARITY."
| Considering the present intrinsic
relation between gold and silver the
maintenance of parity between two
metals, as mentioned in the law, can
mean nothing less than the mainte-
nance of such parity in estimation
and confidence of the people who use
our money in daily transaction. Man.
ifestly the maintenance of this parity
can only be accomplished so. far as it
is affected by these treasury notes, and
in the estimation of the holders OF the
same, by giving such holders, on their
redemption coin, whether gold or
silver. which they prefer. 1t follows
that while in terms the law leaves
the choice Of the coin to be paid on
such redemption to the discretion of
the Secretary of the Treasury, the
exercise of this discretion, if opposed
to the demands of the holder, is en-.
tirely inconsistent with the effective
and beneficial maintenance of parity
between two metals. If both gold and
silver are to serve us as money, and il
they are to supply to our people safe
and staple currency, the necessity of
preserving this parity is obvious.
Such necessity has been repeatedly
conceded in the platforms of both po-
litical parties and in our federal stat
utes. It is nowhere more emphatic.
ally recognized than in the recent law
which repealed the provision under
which the b1llion now on hand was
purchased. This law insists upon the
maintenance Of parity in the value OF
the coins of the two metals and the
equal power of every dollar at all
times in the markets and in payment
OF debts.
The Secretary OF the Treasury has
therefore for the best of reasons, not
only complied with every demand for
the redemption of these treasury notes
in gold, but the present situation as
we'll as the letter and spirit OF law, ap-
pear plainly to justify, if they do not
enjoin upon him, the continuation OF
such redemption.
| The conditions l have endeavored
to present may be thus summarized:
A SUMMARY.
First-The government has pur-
chased and now has on hand sufficient
silver bullion to permit the coinage of
all silver dollars necessary to redeem
in such dollars the treasury notes is
sued for the purchase of said silver
bullion and enough besides to coin, as
gain or seigniorage 55,l56,6S1 addi-
tional standard silver dollars.
Second-There are outstanding and
now in circulation treasury notes is
sued in payment OF bullion purchase,
amounting to $152,95l,2SO. These
notes are legal tender in payment of
all debts public and private, except
when otherwise expressly stipulated.
They are receivable for customs, taxes
and all public dues, when held by
banking associations that may be
counted as part of their lawful reserve
and are redeemed by the government
in gold or silver at the option OF hold.
ers.
These advantageous attributes were
deliberately attached to these notes at
the time they were issued, they are
fully understood by our people to
whom such notes have been distribut.
ed as currency, and have inspired con-
fidence in their safety and value and
have undoubtedly thus induced their
continued and contented use as
money, instead OF anxiety for their re-
demption.
| HIS OBJECTIONS STATED.
Having referred to some incidents
which deem relevant to the subject,
it remains for me 10 submit specific
statement of my objections to the bill
now under consideration. This bill
consists OF two sections, excluding the
one which merely appropriates sum
sufficient to carry the act into effect.
The first section provides for imme-
diate coinage of silver bullion in trea-
sury which represents the so-called
gain or seigniorage which would arise
from coming all the bullion on hand,
which gain or seigniorage this section
declares to be $55, 1861. 1t directs
that the money so coined or certifi.
Gates issued thereon shall be used in
payment of public expenditures, and
provides that if the needs OF the treas
ury demand it the Secretary OF the
Treasury may, in his discretion, issue
silver certificates in excess of such
coinage, not exceeding the amount OF
the seigniorage in said section author
lied to be coined.