The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-04-06


PAYMENT OF public expenditures, and provides
that Ii the needs of the treasury demand 10.
the secretary ~ the treasury may, ia ms
discretion. issue silver certificates IA excess of
such coinage not exceeding the amount of
solgnioragc IN said section authorized u be
coined.
Tho second section directs that 50 soon ~
possihlc after the coinage OF this scignioraNe
the remainder OF the bullion held ~ ihe gov
crumcnt shall h. eoinc. into legaltenAcr
standard silver dollars. and that they shall to-
held in the treasury for tho redemption ~ the
treasury notes issued ia the purchase ~ bull
lion. II provides that n fast as the bullion
shall he coined Tor the redemption oi said
notes. they shall lpr rei>~iied nut shall he can-
celed aud destroyed in amounts equal - the
coin hold az any time ia the treasury derived
from the coinage provided Tor. anu that SILVER
certificates shall tc issued on such coin IN
the manner now provided 10y law 1t l..
however. especially declared Ia said section
existing laws relating 20 the legal tender
character or mode OF re iemption of the treas
ury notes issued for the purchase OF the silver
The entlrc iill is most unfortunately con
siruetcd. Nearly every sentence presents I'M
certainty and inyiies controversy ~ 10 its
pevially faulty "a this respect. and Il Is ex-
treneiy doubtful whether its language will
permit the consummation OF It's suppose puT-
poses am lei 10 believe that the promoters
OF the hin Intended Ia this section to PROV de
Tor the coinage ~ the bullion constituting the
gain or selgnicragc. a. II l. called. into
ly nothing in the section 10 prevent
It's coinage into any description of silver
coins now authorized under any existing law
| suppose this section was also intended. In
money faster than the seigntoragv bullion
could actually 10 coined. 10 permit the issue OF
silver certit, aie> IN advance OF such coinage.
hut its language would seem 70 permit the is
suan0c % such certificates to double the
amount Of the -elgniora-e as stated. Onc-haf
OF which woaid not represent ounce ~ sill
tftart IA e.
ton ia the congress developed an earnest and
positive diff renee OF opinion 10 its object
ana me auing In any cvent ! am clear thar
the present psrplexities and cfnparrassments
~ the secretary OF the treasury ought not % he
augmented hy IeyOlvlul upon him the cSecu-
tinn ~ a law 80 uncertain anu confused tenor
| am not however willing 10 rest ms ohJec
ton TO this section solely on these. IN my
Judgment sound finance does not commend "A
further infusion Of silver into our currency at
this time nnaccompanel by further adequate
provision for the maintenance in our treasury
Of q safe gold reserve
Doubts also arisr to the meaning and con
structton OF the second section OF the hill IL
the silver dollars therein directed TO be coined
are. a. the section provides. % be held IN
the treasury for ihs redemption 81
speaking. certificates caa not 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 ~ re-
deeming treasury notes. on demand. which
would ordinarily mean that they were set
apart for the purpose OF substituting Them Tor
these treasury notes. They are not. therefore.
held in such "A way as TO furnish a basis Cor
certiti Gates aceor ting to any provision OF ex-
listing law IL even silver certificates can be
properly issued upon these dollars. there Is
nothing 10 the section 10 indicate the char
acteriStics AMI functions .. these certit ates
II they were 10 be OF the same charac ter
as silver certificates in circulation under ex-
listing laws they would al least tie receivable
only for customs taxes and all public dues
and under the Language OF this section i IS. 10
say the least extremely doubtful whether the
certificates Il oontemp.atcs would hc lawfully
receive even for such purposes. Whatever
else may le said of the uncertainties OF ex.
preston In this bill they certainly ought rot
TO be found in legislation affecting subjects 80
important and farrcachins a. our finances and
currency
In stating OF. er nnd more important reasons
for my disapproval " this section shall. how
ever. assume that under its provisions the
treasury notes issued In payment for silver
bullion viii continue u he redeemed as here
tofore in silver or gold AZ the option % the
holders. ard that II when they are offered for
redemption. or reach the treasury IN any other
manner. there arr in the treasury coined sill
yer dollars equal IN nominal value
70 such treasury notes. then. and
in that case the notes VIII be
destroyed and silver certificates to an amount
ie cot sttuted. 1 am convinced that this
scheme l. ill-a1vised and dangerous, AZ an
ultimate result OF lis operation. treasury notes.
which are legal tender for all detts puDlic and
private nnu which are redeenablc Ia gold ~
silver at he option OF the holder, will he re
| placed ny silver crrtiii Gates which. whatever
may Be their character and declaration. viii
have none or these qualities Ia an
tlcipatiOA ~ this result. aud rs an i'm
mediate effect the treasury notes viii
naturally appreciate ia value and iesiratility
The fact ihat gold can he reals-ed upon them,
ana the further fast THAI their destruction has
cen deer ed when they reach the treasury
must lend TO their withdrawal from general
circulation to be Immediately presented for
rede.a ption or TO he boarded for presentation
az q more convenient season. The sequal 81
foin operations Will he a large addition 70 ths
silver currency ~ our cireMAtlon and
| cores DouIlng reduction OF gold In The
! treasury The argument; mas been mad.
| that these things viii not occur at once be
| cause !. long time must clapse before the coin
| age OF anything nut he Seigniorage can be en-
| tered upon. II the physical effects OF the ex
| ecutio % the second section 81 this bill are
not to re realised Until in the Tar future. thi.
may furnish strong reason why IL should mo-
| be passed 30 much ia advance. but the post
| ponemrnt Of its actual operation can not pre-
| vent the fear anu loss ~ confidence and merry
/ Gus precautlon which would immcdafely follow
| rs passage and trinE about ~. worst cOn-e
| quen e., 1 regard this section o. the bill a.
| emDodylnE a plan ~ which the government
| will he Obliged 10 pay out ~ scanty score b
| gold FOR no other purpo-s than 10 forte IN un
natural addition 81 silver money IN the hands
of our people. Tins j. am exact reversal ~ th'
/ policy which safe finance dictates IL vs. are 4
\ preserve parity between gold and silver anS
| maintain sensible him tallism-
We have now outstanding more than S33-.
| cGlp1 III silver certificates issued under exist
| ing laws They are serving the purpose o
| money usefully and without question Du
| gOli reserve. amounting 70 only little mor'
! than siOD0Osp l. directly CHARGED with tn
| redemption OF s3;5OJDs 90 OF United state
notes. When ~ l. proposed 10 initiate our sill
| yer currency Il t. time for -trengthenin.
our gold reserve instead ~ depicting IL cal
| not conceive OF "A longer step toward silyc'
| monomctailiSm than we take whcn W. spend
our gold 70 buy silver certificate, for circula
! ton and especially Ia siew % The pracfica
difirultes surrounding the repicnishmcnt 0
on. gold.
This leads me 10 earnestly present The dc
STABILITY o. granting to the sccrctar.
81 the treasury tct'er power thai
now exists 70 issue bonds 10 pro
icct our gold reserve WHOM for AM
reason il shnuli Ne necessary. our currency d
in such confessed condition and orr nnanrla
arair- are ap, 90 assume OF any time 80 critica
position. that IL seems 70 me s-ch a course .
dictated NJ or iinary prudence
lam not inscnsihle 10 the arguments IN favc
OF coinins the bullion seiRniorage now Ia tn
treasury aud 1 believe u could be done safely
and with advantage IL the secretary Cf tn
treasury HAD the power 10 issue bonds AZ a low
rate OF interest. under authority. in suuStitu
on OF that now existing. AMI better suited u
the protection ~ the treasury
! hope way will present itself m the nea
future fOr the adjustment ~ our monetary az
fairs Ia such q ,omprc hensivc and ronserva
tive manner aS viii ACCORD to silver H.
proper place IA our currency INT II
The mcautim. ! am extremely ~Olicitiofa
that whatever action we take On this Suulcc
may NC such a. 10 prevent loss and discourage
ment TO our people al home ana the dc~truc
tion ~ confidence ia our financial management
abroad GROWER CLEVELAND.
Executive Mansion. March " 1891
Carriage Iac.orv I,urped.
FLINT. Mich. March 30 The car
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