The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1894-04-06

receipt of price, 81 per bottle. six bottles for
9, express prepaid. Ii Is positively free from
all oplates OF - qgefous drugs.
Ezssz4z-usz.zzu.z.zzsazuu
holders. These advantageous attri-
butes were deliberately 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 in
spired confidence in their safety and
value, and have undoubtedly thus |
induced their continued and conten-
ted use as money, instead of anxiety |
for their redemption.
Having referred to some incidents
which deem relevant to the subject,
it remains for me TO submit specific
statement of my objections to the bill
now under consideration. This bill
consists of two sections, excluding one
which merely appropriates a sum
sufficient 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 seigniorage, or which
would arise from the coinage of all
the bullion in hand, which gain or
seignIorage this section declares to be
500, 1866 1t directs that the money
so coined or the certificates issued
thereon, shall be issued in the pay
ment of public expenditures and pro-
vides that if the needs of the treasury
demand. the secretary of the treasury
may in his discretion issue silver GER
tificates in excess of silver coinage,
not exceeding the amount of seign-
forage in said section authorized to be
coined.
''The second section directs that as
soon as possible after the coinage of
this seigniorage, the remainder of the
bullion held by the government shall
be coined into legal tender standard
silver dollars, and that they shall be
held in the treasury for 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 redemption of said
notes, they shall not be re-issued, but
shall be cancelled and destroyed in
amounts equal to the coin held at any
time in the treasury derived from the
coinage provided for, and that silver
certificates shall be issued or such
coin in the manner now provided by
law.
ut is, however, especially declared
in said section that the act shall not
be construed to change existing laws
relating to the legal tender character
or mode of redemption of the treasury
notes issued for the purchase of the
silver bullion to be coined.
"The entire bill is most unfortu-
nately constructed. Nearly every
sentence presents uncertainty and in
vites controversy as to its meaning
and intent. The first section is es-
pecialy faulty in this respect, and it
IS extremely doubtful whether its
language win permit the issuance of
such certificates to double the amount
OF seigniorage as stated, one half OF
which would not represent an ounce
of silver in the treasury. The debate
upon this section in the congress de-
veloped an earnest and positive differ
ence of opinion as to its object and
meaning. In any event, am clear
that the preset perplexities and en-
barrassments of the secretary of the
treasury ought not to be augmented
by devolving 'pon him the execution
of law SO III rtain and confused.
II am not " ing, however, to rest
my objections to this section solely on
these grounds. In my judgement,
sound finance does not commend
further infusion of silver into our cur
rency at this time, unaccompanied by
further adequate provision for the
maintenance in our treasury of
safe gold reserve.
Doubts also arise as to the mean
ing and constructing of the second
section of the bill. If the silver dol
lars therein directed to be coined are,
as the section provides, to be held in
the treasury for the redemption of
treasury notes, it is suggested that,
strictly speaking, certificates cannot
be issued on such coin in the manner
now provided by law, because these
dollars are money held in the treasury
for the express purpose of redeeming
treasury notes on demand, which
would ordinarily mean that they were
set apart for the purpose of substitu-
ting them for these treasury notes.
They are not, therefore, held in such
a way as to furnish a basis for certifi-
Gates according to any provision of
existing law. III, however, silver
certificates can properly be issued
upon these dollars, there is nothing
in the section to indicate the charac-
teristics and functions of these certifi-
Gates. II they were to be of the same
character as silver certificates in cir
culation under exis ing avs, they
would at best be receivable only for
customs, taxes and all public dues,
and under the Language Of this sec
ton il Is. to say the Ie6ct extremely |
doubtful Whetnz E eSrEiiISSfes ii |
loonti' 1t'Fa