The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1894-04-05

section declares to be $B5, Use, 6S1. 1t
directs that the money so coined, or
certificates issued thereon, shall be used
In payment for public expenditures, and
provides that II the needs of the treas
ury demand 1t the secretary of the
treasury may, in his discretion, issue
silver certificates in excess of such
coinage, not exceeding the amount of
seigniorage In said section authorized
to be coined.
The second section directs as soon as
possible after the coinage of this seign-
forage the remainder of the bullion held
by the government shall be coined into
legal tender standard silver dollars and
that they shall be held In the treasury
for the redemption OF treasury notes
issued In purchase of said bullion. 1t
provides that as fast as the bullion shall
be coined for the redemption OF said
notes they shall not be rclssued, but
shall be cancelled and destroyed In
amounts equal to the coin held at any
time in the treasury derived from the
coinage provided for, and that silver
certificates shall be issued on such coin
In the manner now provided by law.
1t is, however, especially declared In
said section that the act shall not be
construed to change existing laws, re-
latlng to the legal tender character or
mode of redemption of the treasury
notes issued for the purchase of silver
bullion to be coined. The entire bill is
most unfortunately constructed, nearly
every sentence presenting uncertainty
and inviting controversy as to Its mean
ing and intent.
The first section is especially faulty
In this respect, and it is extremely
doubtful whether its language will per-
NIT of consummatlon OF its supposed
purposes. am led to believe that the
promoters Of the bill intended In this
section to provide for the coinage of
the bullion constituting gain or seign-
forage as 1t is called into standard silver
dollars, and yet there Is positively moth
Ing In che section to prevent It's coinage
Into any description OF silver coins now
authorized under any existing law.
suppose this section Is also intended,
that in case the needs of the treasury
called for money faster than the seign-
forage bullion could actually be coined,
to permit the Issue of such certificates
to double the amount of seigniorage as
stated, one-half of which would not rep.
resent an ounce of silver in the treasury.
Debate upon this section in congress
developed earnest and positive differ
ences of opinion as to 1t object and
meaning. In any event | am clear that
the present perplexlties and embarrass-
ments of the secretary of the treasury
ought not to be augmented by devolving
upon him the execution of law so un-
certain and confused. am not willing,
however, to rest my objection to this
section solely on these grounds In my
judgment sound finance does not com
mend further Infusion o. silver into
our currency at this time unaccom-
panied by further adequate provision
for the maintenance In our treasury of
a safe gold reserve.
Doubts also arise as to the meaning
and construction of the second section
of the bill. The silver dollars therein
directed to be coined are, as the section
provides, TO be held in the treasury for
the redemption Of treasury notes, 1t Is
suggested that, strictly speaking, the
certificates cannot be issued on such
coin In the manner now provided by
law, because these dollars are money
held In the treasury for the express pur-
pose of redeemlng treasury notes on
demand, which would ordinarily mean
that they were set apart for the pur-
pose of substituting them for these
treasury notes. They are not, there.
fore, held In such way as to furnish a
basis for certificates according to any
provision of the existing law. If, how
ever, silver certificates can properly be
issued upon these dollars, there is moth
Ing In the section to indicate the char
acteristics and functions of these GER
tihcates. II they were to be of the
same character as silver certificates in
circulation under the existing laws they
would at best be receivable only for
customs, taxes and all public dues, and
under the language of this section it is,
to say the least, extremely doubtful
whether the certificates It contemplated
could be lawfully received even for such
purposes. Whatever else may be said
of the uncertainties of the expressions
In this bill, they certainly ought not to
be found in legislation affecting a sinh
ject so important and far reaching as
our finances and currency
am convinced that the scheme of re-
demption proposed is ill-adyIsed and
dangerous. regard this section of the
bill as embodylng plan by which the
government will be obliged to paw out
Its scanty store of gold for no other
purpose than to force an unnatural ad-
dition of silver money into the hands Of
the people. This is an exact reversal
OF the policy which safe finance dictates
II we are to preserve a parity between
gold and silver and maintain sensible |
oimetalism. cannot conceive of
longer step toward silver recommendation
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