Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-02-09
MIR. GLANDS EXPLANATION.
He States Figures and Facts In Sup
port of His SeigniOrage Bill.

He States Figures and Facts In Sup
port of His SeiEniOrage Bill.
At $50 yesterday afternoon after q con-
tinuous series Of roll calls and calls of the
House from II o'clock, Mr. Bland secured
quorum in the House and called up his
seigniorage bill for consideration. The
vote was lie to 4Speaker Crisp voting
with Mr.. Bland
MIR. Bland entered at once upon an ex-
PLANTATION Of the provisions Of the bill, dur
Ing the progress of which he was besieged
with questions from all Sides The first
section Of the bill. he said, proposed to
utilize at once the silver seigniorage in
the treasury to meet the exigencies of the
treasury. According to the statement Of
the Secretary of the Treasury the silver
se:gniorage in the treasury was S55 156, $751;
The first section of the bill made this
amount available Immediately, If neces-
ssry, by the issue of certificates, the COIN
age Of the seigniorage to proceed for the
redemption of certificates. A technical OBJ
lection had been raised, he said, on the
ground that no seigniorage existed until
the bullion was coined. but the Secretary of
the Treasury had held that the seigniorage
accrued the certificates were issued
Under the act of 80 only S2S,0OO,OOO of the
bullion had been coined, 81, 625 94S in excess
OF the amount mandatory upon the Secre-
terry of the Treasury; and. according to the
provisions of that act, S2.625,9+S in GER
tiiicates had been redeemed and Cancelled
by that coinage. He commended that 1t
would probably not be necessary to issue
the silver certificates authorized faster
than the seigniorage was coined. so that
there would always be behind each certi-
ficate silver dollar. But even if 1t were
necessary to issue the SIS, 100000 Of silver
certificates Immediately. there were now
In the treasury 26.677, 553 silver dollars in
excess Of the outstanding silver certificates,
so that there would be in round numbers
90
$4ls.oO0,00O In coin; an amount which he
contended was amply sufficient
The second and last section Of the bill,
Mr.. Bland explained, provided for the coin
age of the rest of the bullion in the treas
ury as fast as possible. and the redemp-
ton and cancellation of the silver GER
tifcates issued thereon as fast the COIN
age proceeded. The fact that the Secre-
tary of the Treasury was today asking
for authority to issue $500, 900. 900 Of short
time bonds to relieve the treasury of the
drain upon the gold reserve by the redemp-
ton Of treasury notes under the act of
1890 and greenback legal tenders ought
to be sufficient justification for the speedy
redemption Of these notes. Behind these
notes there were now two funds. the gold
and the silver coin, while behind all other
classes of currency there was but one kind
of currency. Why should this continue?
Let the treasury notes Of 80 be redeemed
and Cancelled and silver coin be issued in
their stead There would be no contraction
of the currency. This was what the Sher-
man law contemplated eventually by its
very terms
This bill only proposed to facilitate its
execution. 1t compelled what was now
discretionary. In response to volley of
question from Messrs Rayner Hendrix,
Catchings and others. Mr.. Bland main
tanned that this bill would in no wise effect
the legal tender quality of the notes of
80 or their redeemability; it simply provd-
ed that as fast the bullion was coined
they should be redeemed as now. but not
reissued, a silver dollar being sent out to
take the place of each note. Without con-
GLIDING his speech, Mr.. Bland yielded to a
motion that the committee rise. AN arrange
ment having been made that the filibuster
was to cease