The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1894-03-24
UOWARDIOE AT WASHINGTON.

into approving the so called oeig-
niorage Bill.
Democratic Senators and Repre-
sentatives, who upon the merits OF
the issue and in compliance with the
demands of their constituents not
only voted to repeal the purchasing
clause of the Sherman Act, but also
voted against the Seigniorage Bill.
are now importuning the President
to sign the latter bill solely upon the
ground of party expediency, their
specious plea being, that if the Bill
becomes law, 1t will for the time
being settle silver agitation, and
harmony will be restored to the
Democratic party throughout the
country.
That our plain every day readers,
who are generally people of good
common sense, may understand what
the Seigniorage Bill really is, and
what its passage means, a cursory
glance at the history of recent infa-
ton legislation seems timely.
Primarily, the use of the term
"seigniorage" as the title OF this bill
is itself fraud and a deception,
since no such thing really exists, and
which Ex-Mayor Hewitt SO aptly
described as an attempt "to coin a
vacuum"
Legitimately used, the term "seig-
niorage" means, the cost or charge
made by the Government, for the
coinage of silver bullion voluntarily
brought by its individual owners to
the minis. In other words it means,
the accumulated profit or gain the
Government has made, upon the
mechanical act OF converting silver
bullion into coin for the use and
benefit of the individual owners Of
silver-mostly mine owners.
But the fact is, that under existing
law, the silver now in the Govern
ments treasury is not the accumu
lated earning OF gain to the Govern
ment arising from the coinage Of
bullion, but has been purchased out
right by the Government, aud
instead Of being a profitable pur-
chase, it has proved very serious
loss to the Government, since under
the act Of 1890, this bullion has cost
the tresury an average of 92 a. cents
per ounce, while the present market
value of silver is only 5915 cents,
fearful difference of nearly 80 cents
per ounce against the Government.
Upon its silver purchases under
the act OF 1890, the Government
instead of gaining $50, I56, 6S1, has
actually lost S46,34S. 500.
With these figures before us, we
may properly appreciate and fairly
comprehend the initiation purposes
of the Bland Seipniorage Bill, which
Democratic and Populist demagogues
of the West and South, are so indus
triously importuning the President
to approve.
1t coolly proposes to initiate the
currency, by further issue OF
S55,I54,60I of silver certificates based
on an actual loss of $40, $40, 500 sus-
tanned by the Treasury. In other
words it proposes to capitalize a
loss, by an issue OF further Govern
ment obligations in the shape Of
silver certificates, for the redemption
of which it diminishes the security
now existing for the redemption OF
outstanding treasury notes.
This monstrous proposition, OF
which the semi-lunatics who mas.
querade as hnanciers O. in the West,
and whose fanatical fulminations echo
from every Populist mouth both
East and West, the memorial ad-
dressed by the New York Chamber
OF Commerce to President Cleveland
very torcibly denounces, because in
comparison with this operation the
issue of fiat money becomes respecta.
bic, since that at least rests upon the
faith OF the nation. The proposed
new issue is based upon the viola
ton Of the faith OF the nation, in so
far as it dilutes the security which
was pledged under the act OF 1890
for the redemption OF the Treasury
notes issued hereunder. Moreover,
under the act which repealed the
purchasing clause of the act of July
"A, 1896, the faith of the Govern
ment was practically pledged to the
maintenance upon the gold standard
OF all existing Treasury notes, certi.
flcates and currency issued in accor-
dance with the law. The silver coin
and bullion now in the Treasury,
represented either by silver certih-
Gates or by Treasury notes, amounts
to $500, I66,937, in addition to silver
dollars in circulation amounting to
S53,993,5I5, upon which there has
been depreciation in market value
of SI93,2oo,ooo. The Chamber res
pectfully represents that this def.
cheney, which is now practically
guaranteed by law to be made good
in gold, creates an embarrassment
to the public finances of great diff.
Guilty. involving the gravest possible
danger.
That President Cleveland may
resist the appeals made
to him to approve this vicious infa-
ion scheme, every man who values
he national credit, and would defend
he great national interests which