The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-03-30

w IL E.ClJ
tion and confidence Of tho people who
use our money In thoir daily transac..
lions. ManifoatlY tho maintenance Of
this parity eau only be accomplished,
90 far Ns 1t is affected by thcqe treasury
notes and in tho estimation OF tho hold
erI oil tho same, by giving 10 ouch hold
nts on their redemption tho coin,
whether II Is gold or silver which they
proicr. II follows that while in torma
tho law leaves the choice OF coin to be
paid on such redemption 10 tho disCro-
ton Of tho secretary OF tho treasury tho
exercise Of this discretion, II opposed to
the demands OF tho holder, Is entirely
inconsistent with the effective and bon
cllcinl maintenance OF tho parity bo'
tween tho two metals. II both gold
and silver AFRO to servo US Rg money,
and II they together nr0 to supply 10
our people snfo und stable currency,
the necessity OF preserving this parity
is obvious. Such necessity has been
repeatedly conceded in tho platforms
Of both political parties and In our iod.
erNl statutes. II ia now hero more ON
piraticaliy recognized than In the recent
law which repealed tho provision under
which tho bullion now on hand waB
purchased. This law insists upon tho
"maintainance Of the parity in value Of
tho Coina OF tho two metals and tho
equal power OF every dollar Mt NIL timos
in tho markets and in tho payment Of
debts"
Tho secretary OF tho treasury has
therefore, for tho bOst OF roasons. not
only compiled with every demand for
tho redemption OF these treasury notes
in gold, but tho present situation rs
well cs tho lettar and tho shirt Of law
appear to justify, II they do not onjoin
upon him, continuation Of such re.
demption.
THE CONDITIONS.
Tho conditions havo endeavoreI to
present may 10 thus summarizcd:
tirst-Tho government has purchased
and now has on hand sufficient silver
bullion to permit the coinage OF all tho
silver dollars necessary 10 redeem in
such dollars, tho treasury notes issued
for the purchase OF said silver bullion
and enough besides TO coin rs gain or
seigniorage 50, l5G,6Sl additional stand.
ard silver dollars.
SGcond-Thore are outstanding and
now in circulation treasury notes is.
sued in paymontsof tho bullion pur.
chased amounting to Slj2, 0jl, 2S0. These
notes arc legnl tender in payment OF
oil debts. public and private. except
when otherwise expressly stipulated,
they arc received for customs, taxes,
and oil public dues; when held by
banking associations thoy may DO
counted as part OF their lawful reserves
and they are redeemed by the govern
meut in gold ut tho option OF tho hold
ors. These advantageous attributes
were deliberately attached to these
notos at the timo OF thcir issue, they
are fully understood by our people to
whom such notes have boon distributed
rs currency and have Inspired conf.
dencc in their safety and value, and
have undoubtedly thus induced their
continued use as money instead OF anx-
iety Tor the redemption.
HIS OuJECTlOSS.
Having referred to come incidents
which deem relevant to the subject, it
remains for me TO subInit n specific
statement OF my objections to the bill
under consideration. This bill consists
Of two sections, excluding one which
merely appropriates sum sufficient TO
carry the act into effect. The first Sec
ton provides for the immediate coinage
OF the silver bullion in the treasury
which represents the so-called gain or
seignioraGe, which would arise from tho
coinsge OF all the bullion on hand,
which gain or seigniorage this section
declares to DO S55, l5B,68l. 1t directs
that the money so coined or the ccrtifi-
Gates issued thereon shall DO used in
the payment Of public expenditures,
and provides that II the needs OF the
treasury demand it, the secretary OF tho
secretary may in his discretion issue
silver certificates In excess Of such coin
aye, not exceeding the amount OF seign-
forage in said section authorized to be
coined.
The Hccond section directs that rs
soon as possible after the coinage Of this
seigniorage tho remainder OF the bullion
held by the government shall bo coined
into legal tender standard dollars and
that they shall be hold in the treasury
for the redemption OF the treasury
notes issued in the purchase OF said
bullion. 1t provides that as fast as the
bullion shall be coined for the redemp-
| ton OF said notes thew shall not DO re.
issued. but shall be cancelled and do.
stroyed in amounts equal to the coin
held Mt any time in the treasury de-
rived from the coinage provided for and
that silver certificates shall be issued on
such coin in the manner now provided
by law. 1t is. however, especially de-
clared in said section that the act shall
not DO construed 10 change existing
laws relating to the legal tender charac-
tor or mode OF redemption OF tho treas
ury notes issued for the purchase Of the
silver bullion TO DO coined.
UNFORTUNATELY CONSTRUCTED.
The entire bill is most unfortunately
constructed. Nearly every sentence
presents uncertainty and invites contro-
versy as to Its meaning and intent. The
first aection is especially faulty in this
respect. and it lie extremely doubtful
whether its language will permit the
consummalion OF its supposed purposes.
l am led to believe that the promoters
OF the bill intended in this section to
provide for the coinage OF tho bullion