The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-04
BLdND'S SIITER BILL
Majority and Minority Reports OF tho House
COMMITTEES Coinage.

COMMITTEE On sotnngr.
WARRINGTON. Feb. 3.-Mr. Bland Of Missouri
Chairman OF the House Committed on Coinage
Weights. and Measures. submitted to the
House to-day. accompanied by report recon-
mendinR its passage. his bill directing the
coinage OF the silver bullion held in the Treas
ury.
The report says that the measure provides
for the issue OF silver certificates. in amount
equal to the gain or seiRniorage that may &C.
crue on the coinage OF the silver bullion now
In the Treasury. purchased under the Sher-
man act OF July. 1890. This seigniorage Is
stated By Secretary Carlisle in his last annual
report to be S55. l5O.SGl. The object
OF the bill is to mako Immediately
available for, the current expenses Of
the Government this amount. The certificates
are authorized to be issued on the bu lion in
advance OF tho coinage should the exigencies
OF the Treasury require il. 1t Is not likely,
however that this will DO necessary. since tho
bullion may be coined at the rate OF eight or
ten million dollars per month II necessary.
There is no question at all that the coinage
can be executed far beyond any probability
whatever OF the demand for the REDEEM ption Of
the certificates in silver dollars
The bill in no respect alters the final result
that would be obtained by the execution of the
law OF 1880. authorizing the purchase and dis
position Of the bullion bought under It,. IL is
dem ption Of the Treasury notes issued in the
purchase of the bullion By tho coinage OF the
bullion Tor such redemption. and that the law
itself provides for the payment OF any gain or
seigniorage into the Trrasnry. The bill! does
spect. but simply hastens its execution.
The fact that the Secretary OF the Treasury
has asked for authority to issue 500 o9t0OO
to use at his discretion. the proceeds for tho
payment Of tho current expenses OF the Coy
ciont reason for the passage OF tho Till. thus
utilizing the assets now in tho Treasury. In
Ionded dsbt. 1t is believed that the amount
OF funds provided by the bill will be ample 10
Congress shall meet next Docember r. By that that
time. We will be in position to estimate with
legislation OF this session will have upon the
Mr. Charles W. Stone rep. Pal filed a re-
son 'ksp, \; p DineiTy Ref. Me. }; IINger
bill. The views Of the minority enbody an
analysis Of tho coinage laws, intended 10
can be any ssignlorage In advance OF actual
coinage or so long as the silver remains In the
%a. Of tho Ss eS.s TnS HGf St 9s
yer bullion + s ~ is real market
seeks to broaden the moaning OF the word
'seignioTaGe" to cover the difference between
the buil I, Got sost and Its estimated coinage
stance, not bullion, not coin. not ANYTHING
tangible or corporeal; IL Is simply the faith
and credit OF tho nation. The intrinsic value
OF the bullion cannot bs increased ny legisla-
ton. Its exchange value may be. by adding
the nations credit: but equal exchange value
m ght be so given to copper bullion. or We
might go further and issue worthless paper
The nations credit ought never To h traded
upon save in an emergency, and then without
juggling TO msiead the people.
No further legislation is necessary, the
minority say. Tor the reason that the existing
law now gives the Secretary OF the Treasury
abunda Mt power to coin the bullion as rapidly
as IL necessary to comply with the terms OF the
trust and make tho seiGn orage available as
statement OF tho difficulty encountered in
keeping in circulation the silver dollars and
certificates Is only another demonstration OF
the impoiey OF at this time forcing the substi-
tuition OF silver certificates for the Treasury
notes in our currency, as contemplate by
hut simply provides for watering . TO the eX-
tent OF lfty-ilye million dollars OF the out |
standing paper. which already exceeds the |
real value OF the bullion by over lity-slN mil !
lion dollars The minority charge that tho |
purposes OF the bill arc 10 authorize an issus
to rsplace the present Treasury notes with an |
exclusively silver obligation. and thus in |
crease the preponderance Of the silver |
element in our currency The straight
forward war TO meet the deficit Is to pTo- |
vide sufficient revenue or issue bonds.
OF the Treasury to redeem Treasury notes in
silver only was one OF the important factors |
which unsettled confidence and produced dis
trust Ia the early months Of last summer. The |
forced and speedy redemption Of these notes
would quickly exhaust the gold store and
force further 6ond Gales or else redemption in
silver alone must follows long stride toward
4 single silver basis.