St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-17

month preceding. and make public an
nouncement Of it. He shall deliver to
the d. positor of silver bullion number
of standard dollars equal nominally to
the value in gold of the bullion deposit
ed. In addition to the number of silver
dollars given OH the gold basis. the de-
positOr Is to receive number of silver
dollars equal to one-fifth of the num-
Der of dollars which the said deposit
may represent in coined silver dollars
over and above the value of the same as
represented in gold COIN" Or. in other
words. he is to receive one-ffth of the
scigniorage inuring to the government.
AT the option OF the depOsitur he may
receive silver certificates instead of sill
yer dollars. The closing section Of the
proposed act torbids the importation of
any silver bullion or coin In the United
States under penalty of forfeiture.
The progress which the demand for
the restoration of free coinage at It's old
ratio has made among all political par
ties makes it a most Imperative duty OF
the coming session of congress to adopt
some plan which will permit the free
a
giving to the producers OF silver undue
advantage over the producers OF other
commodities. and which, on the other.
hand. will not endanger the stability of
our other forms of currency. The main
feature Of Gov. Boutwell's plan. the ex-
change at the mint of bullion for silver
dollars on the basis of the market value
of the bullion. is that which the GLOBE
proposed in 1891. and has occasionally
discussed since. We are unable 10 see
the justice of his proposal to allow the
Gepositor of bullion a share of the
Seigniorage. since he receives for his
product its market value. and is not ell
titled 10 any share in any probable rise
any more than he could be called upon
to contribute to any further deprecla-
ton. This provision is in the nature of
bounty. and is not entitled to any
consideration. The suggestion that
silver certificates might be given to a
dtpos;or in lieu IF standard dollars, and
that of the reissue of silver certificates
redeemed by payment of taxes, will be
load upon the gold reserve of the
country then Just as they are now. even
if made expressly redecmable in silver.
Every political party would be declar-
ing, in its platforms, as they have this
year. for the maintenance of their parity
with gold. which can only mean. OF
! course, their redemption in gold. The
provision that they should not be re-
ceiyable in payment of customs would
stop the fioou of them that now goes
| into the treasury to the entire exclusion
| of gold coin or gold certificates. While.
for the preservation of the integrity OF
the gold obligations OF the government,
| these silver certificates might oe refused
| in payment Cf customs. we still believe
that the safer and better policy is to
provide for the gradual retirement OF
these obligations, by the provision in
the plan suggested by the GLOBE, OF
retiring a number of the certificates OF
1890 first, and subsequently those OF
1878 equal to the standard dollars thai
might be coined and issued. The pres
ent conditions cannot long continue as
they are. 1t is evident that the tide OF
free coinage is rising steadily higher
and higher, and unless some measure
is adopted that will be safe and salts
factory, the country within few year:
will be upon silver mOnometalli'
haSis