The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-04-11

eminent as should remain after using q
sufficient amount to coin IA many stand
ard silver dollars as should equal If
number Of dollars represented by treas
ury notea issued in payment OF the entire
quantity OF bullion. These treasury
notes now outstanding and in csrcula-
ton amount to $152,95 $50, and
although there has been thus far but a
comparatively small amount OF this bull.
hon coined, yet the so-called gain OF
sesgniorage, as above defined, which
would arise from the coinage OF the
entire mass, has been easily ascertained
to be q quantity Of bullion sufficient tc
make when coined ffty-ive millions, one
hundred and fifty-six thousand six hun.
dred and e%ighty-one standard silver dol.
lars.
Considering the present intrinsic rela-
ton between gold and silver the main
teuance of the parity between the two
metals, as mentioned in this law. can
mean nothing less than the maintenance
of such parity in the estimation and con.
fdence OF the peoplewho use our money!
their daily transactions. Manifestly. main
tenance of this parity can only be accom-
plshed so far as it is affected by these
treasury notes and in the estimation Of
the holders Of the same by giving to
such holders, on their redemption, the
coin, whether it is gold o. silver which
they prefer.
It follows that while. in terms, the
law leaves the choice OF the coin to be
paid on such redemption to the discre-
ton OF the secretary of the treasury,
that discretion, II opposed to the de-
mands of the holder, is entirely %inconsis.
tent with the effective and beneficial
maintenance OF the parity between the
two metals.
If both gold and silver are tc serve us
as money, and if they together are to
supply 70 our people a safe and stable
currency, the necessity of preserving this
parity is obvious,
Such necessity has been repeatedly cor
ceded in the platforms Of both political
parties and in our federal statutes. 1t is
nowhere more emphatically recognized
than in the recent law which repealed
the provision under which the bullion
now on hand was purchased. This law
insists upon the maintenance of the par
ity in the value OF the coins OF the two
metals and "the equal power OF every
dollar at all times in the markets and in
payments of debts"
The secretary Of the TREASURY has, there
fore, for the best OF reasons not only
promptly complied with every demand
for the redemption of these treasury
notes in gold, but the present situation
as well as the letter and spirit Of the law
appear plainly to justify, il they do not
enioin, upon him the continuation OF
such redemption.
The conditions 7 have endeavored to
present may be thus summarized:
flE6I& GUG RONC1AIUV4G u0o EU1Su0SSO
and now has on hand sufficient silver
bullion to permit the coinage Of all the
silver dollars necessary to redeem in such
dollars, the treasury notes issued for the
purchase of said silver bullion, and
enough besides to coin as a gain OF seig-
niorage ffty-ive million onehundred and
ffty-six thousand six hundred and
eighty-one additional standard silver
dollars.
Second, there are outstanding and now
in circulation treasury notes issued in
payment OF bullion purchased amount
ing to $152,951,2sO. These notes are
legal tender in payment OF all debts. pub
lie and private, except when otherwise
expressly stipulated. They are receiva-
BILE for customs, taxes and all public dues.
When held by banking associations, they
may be counted as a part OF their lawful
reserves and they are redeemed by the
government In gold at the op-
ton OF the holder. These
advantageous attributes were deliber.
ately attached to these notes at the time
of their issue. They are fully understood
by our people to whom such notes have
been distributed as currency, and have
inspired confidence in their safety and
value, and have undoubtedly thus In
duced their continued and contented
use as money instead OF anxiety for
their redemption.
Having referred to some incidents
which I deem relevant to the subject, it
remains for me to submit u specific state.
ment OF my objections to the bill now
under consideration.
This bill consists OF two sections. ex.
Guiding one which merely appropriates a
sum sufficient to carry the act into effect.
The first section provides for the immedi-
ate coinage Of the silver bullion In the
treasury. which represents the so-called
gain or seigniorage or which would
arise from the coinage OF all the bullion
on hand, which gain or ~seignforage this
section declares t. be 5 5,156,681 1t
directs that the money be coined, or Ger.
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