The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1894-04-07

their safety and value. and have un-
doubleday thus induced their continued
and contsnted use - money. instead Of
IN anxiety Tor their redemption.
DIRECTIONS TO THE BILL.
Having referred To some incidents
which deem relevant 10 the subject, il
remains Tor me 70 submit Q specific
statement oa my objections 10 the bill
now under confederation. This bill con.
sists Of two sections. excluding the one
which merely appropriatss . sum sum.
Gent TO carry the act into effect.
The first section provides for the i'm
mediate coinage Of the silver bullion in
the treasury, which represents the So
called gain or ssignioraee which would
hand, which gain or srignioFaRe this
sections declares to he t65, l56. 6sl. IL
directs the money 70 coined, or ceFtifi-
Gates issued thereon, shall be ussd In
payment Of public expenditures, and
provides that II the needs Of the treas.
ury demand II the Secretary OF the
Treasury may. In his discretion, issue
silver certificates In excess oil such coin
sge. not exceeding the amount Of the
ssiSniorsge In said section authorized TO
be coined.
COMING THE REMAIsDKK.
The second section directs that n
soon ~ possible after the coinage oil this
sriyniorsxe the remainder of the bullion
held by the government shall lie coined
into legal tender silver dollars, and that
they shall be held in ihe treasury for
the redemption Of the treasury notes
issued In the purchase OF said bullion.
II provides that ~ last ~ the bullion
shall be coined for the REDEEM piion OF
said notes they shall not bs reissucd,
bat shall be Cancelled and destroyed in
amounts equal TO the coin held ss any
time In the treasury derived from the
rninsxe provided for, aud that silver
Certificates shall tsr Issued on such coin
Ia the manner nos provided by iaw. II
10. however. especially declared In said
section that the act shall not lie con-
siyurd 10 change the existing Laws ~.
iAting la the legal tender character Or
mode of redemption Of the treasury
notes issnssi iaf the purchase Of silver
balison 10 tsr coined.
rnH KhrtRs niiL ~ FAULTY,
The entire bill is most unfortunately
Constructed; nearly every sentence pre-
srnis uncertainty and invites oon,ro-
s~sss AZ Is, lie meaning and intent. Tho
hrst ssSi on 10 especially faulty in this
sr~pest. snd IL Is extremely doubtful
shrtiicf its language will permit the
corsulanstiono i its Supposed purposes.
am lei io believe that the promoters
of the ball ihs~nici In this SEXTON TO
provide for the coinage OF the bullion
The gain. or s-ignioragc ~
II 10 called. Into standard silver dollars,
AMI vel there 10 positively noslIspg in
the eession 10 prevent lts coinage into
any description OF silver coins no~ an-
ihosisssi under an. existing iaw. ] sup.
Irsss the ss~.tion to also iutcn.ied. in
vasr The u~tsis ot The treasury called for
nsons. faster than the s~ign,oragc bai.
lion could actually br cpincd. 10 permit
the issue Of silver certificates In advance
ri such coinage ta, ,ts language would
seem Ia permit the issuance Of such crr.
to double the amount Of the
r~ienioragc ~ stated. one-haif Of which
would not represent an ounce Of silver
In The treasury.
orHEs REASONS voR pisarrRorAi.
In stating the other and more impor-
,ans s~asons for nay dIsspproval Of this
section ! shall. however, assume that
under its provisions tho treasury notes
issued in payment Tor silver bullion will
10 he redeemed ~ heretofore in
silver OF gold. ~ the option Of the hold
rrs, and that II when they are presented
Tor redemption or reach the treasury in
any other manner. there are In the treas
ury coined silver dollars equal in nomi-
nal value 10 such treasury notes. the.
and in that case the notes will he de-
a
amount substituted. / am convinced
this scheme 10 ill.advircd and dangerous.
A. an ultimate rceult OF lite operation
.hc treasury notes which arc legal ten
der for all dcbts. public and private,
yer al the option of the holder, will he
replaced by silver certificates, which,
" hsisver may he their character and
description, will have none Of these
qualities. In anticipation Of this result
and a. an immediate effect, the treasury
notes will naturally appreciate In value
and dcsirahility. The fact that gold
ran Ire realized upon them. and the
further fact that their destruction ha.
bcen dccrecd when they reach the treas.
ury, must tend 10 their withdrawal from
general circulation. TO be immediately
presented for gold redemption. or 10 h
boarded for presentation at a more con.
vcnient season.
REDUCTION ov GOLD.
The sequel Of both operations win b
. large addition TO the silver currency In
bur circulation and corresponding ne.
Iluction Of gold In the treasury. Argu.
ment has been made that these thing
will not occur at once, because q long
Time must elapse before the coinage oil
but the seignioragc can be en-.
tered upon. II the physical effects OF
The execution al the second section Of
this bill are not 10 be realised until far
In the future, this may furnish strong
reason why 1t should not be passed 70
much In advance, but the poetponcment
NJ tie actual operation cannot prevent
The fear and loes OF confidence and the
nervous prostration which would immc.
aiately follow lie passage and bring
about its worst consequences.
] regard this section Of the bill A. en-
bodying plan by which the govern
ment would be obliged to pay out its
SANITY store Of gold for no other purpose
Than to force an unnatural addition Of
silver money into the hands Of the peo.
Pile. This 10 an exact reversal Of the |
policy which safe finance dictates, II |
we are to preserve the parity between
gold and silver and maintain q sensible
rhope a way will present itself In the
near future for the adjustment Of our
affairs In such . comprc-
hensiblc and conservative manner "a |
will afford to silver its proper place In |
our currency, but In the meantime. |
am extremely solicitous that whatever
action We take on this subject may be |
such ~ to prevent loss and discourage