Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1894-04-06

Vide fuy the eUhaSe OF the tuli i0ii coilAttttit.
iiig tilH Gain Bf seignorage, as it is called, hi
to standard silver dollars; and yet there is
positively nothing in the section to prevent
its coinage into any description of silver
coins now authorized under any existing law
suppose this section was also intended, in
case the needs of the Treasury called for
money faster than the seignorage bullion
could actually ~ coined, to permit the issue
of silver certitica les in advance of such coin
age; but its language would seem to permit
| the issuance of such certificates to double the
amount Of seigniorage as stated, one-half of
which would not represent an ounce of silver
in the Treasury. The debate upon this Sec
ton i'll Congress developed an earnest and
positive difference of opinion as to its object
and meaning. In any event, I am clear
that the present perpleXities and embarrass-
ments Of the Secretary OF the Treasury ought
| not to be augmented by devolying upon him
| the execution Of a law SO uncertain and con-
! fused.
| Lam not willing, however, to rest MY OBJ
lection to this section solely ON these grounds;
i'll my Judgment sound finance does not COM
| mend a further infusion of silver into our
| currency at this time unaccompanied by fur
Their adequate provision for the maintenance
/ in our Treasury of safe gold reserve.
DOUBT AS TO MEANING.
Doubts also arise as to the meaning and
| construction of the second section of the bill.
IT the silver dollars therein directed to be
coined are, as the section provides, to be held
in the Treasury. for redemption of Treasury
notes, it is suggested that strictly speaking.
certificates cannot be issued OH such coin Sin
| the manner now provided 10y law because
these dollars are money held in the Treasury
for the express purpose of redeeming Treasu-
ry notes Oh demand, which would ordinarily
mean that they were set apart for the purpose
Of substituting them for these Treasury notes
They are not, therefore, held in such way
as to furnish basis for certificates according
to any provision of existing law. If, how
ever, silver certificates can properly be is
sued upon these dollars, there is nothing in
the section to indicate the characteristics and
functions of these certificates. If they were
to be of the same character as silver certif-
Gates i'll circulation under 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
cAtlcluCly UOuDtluI NlCpDVl biic CCi ~
contemplates would be lawfully received
even for such purposes.
Whatever else may be said of the uncer-
tainties of expression in this BILL they cer
tainly ought not to be found in legislation
affecting subjects so important and faY-reach
Ing as our finances and currency. In stating
other and more important reasons for my dis
approval Of this section shall, however, as
sumo that 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 thatif when they are presented for re-
dempton, Or reach the Treasury in any other
manner, there are in the Treasury coined sill
yer dollars equal in nominal value to such
Treasury notes, then, and in that case, the
notes will be destroyed and silver certificates
to an equal amount be substituted.
DANGEROUS.
lam convinced that this scheme is ill-aG-
vised and dangerous AS an ultimate result
Of its operation Treasury notes. which are
legal tender for all debts, public and private,
and which are redeemaole in gold OF 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 result and as an immediate effect, the
Treasury notes will naturally appreciate in
value and deSirability,
The fact that gold can be realized upon them,
and the further fact that their destruction
has been decreed when they reach the Treas
ury, must tend to their withdrawal from gen
10 l>oS 81, {of!
for gold redemption OF to be boarded for pre-
sentation at more convenient season. The
sequel of both operations will be a large ad-
dition to the silver currency i'll our circula-
ton and a corresponding reduction of gold in
the Treasury. The argument has been made
that these things will not occur at offee, be
cause long time must elapse before the coin
age of anything but the seigniorage can be
entered upon If the physical effects OF the
execution of the second section of This bill are
not to be realized until far i'll the future, this
may furnish strong reason why it should
not be passed SO much in advance; but the
postponement of its actual operation cannes
prevent the fear and loss of confidence asNf
nervous precaution whicnwould Immediately
follow its passage and bring about its worst
consequences l regard this section Of the
bill as embodying u plan by which the gov
eminent will be obliged to pay out its scanty
store of gold for no other purpose than to
force an unnatural addition of silver money
into the hands OF our people. This is an OK
act reversal of the policy which safe finance
dictates. If we are to preserve parity between
gold and silver and maintain sensible binle-
| tallism.
MUST STRENGTHEN GOLD RESERVE,
We have now aNtsta nding more than 1888,