Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1894-03-31
The Seignlorage Bill.

The Bland bill, which provides for
the coinage of the scigniorage on the
silv r now in The treasury. and which
il ia every moment expected that the
President will veto. is not generally
understood. in order that the readers
of the Picayuuc may have a proper
idea of it, the chief features of the act
which has passed both branches of
Congress will he given.
Ii is necessary to premise that the
seiguiorage is the difference between
the market value Of silver and the
value which silver dollars have by yir.
tue of being coined. In order that y
silver dollar. which contains 81 IA
grains of silver. may he intriuslcallv
worth 100 cents, it would be necessary
that one ounce of silver. which con.
tains 4sO grains. should be worth in
the market l29 cents. But the Gov
eminent never paid so much as that
for any that il holds; but, on the con
lrsry, silver. which has for years been
declining in value. has got down 20
about s. cents an ounce. But when
the Government coins the silver dol
lar, by reason OF the stamp on it,
stands for 100 cents. The silver in the
treasury which is uncoincd was
bought at such prices asthat, il coined,
it would turn out some So, 000,0 900
more than it stands for at the pur.
chase price. This is the seignioragc.
The Bland bill provides that the
Secretary Of the Treasury shall imme.
diatcly catisc 20 be coined as fast ns
possible the silver bullion held in the
treasury purchased under the act of
July IA, 1890. to the amount of the
gain or scignioragc of such bullion, to
wit, the sum OF $j5I56,6Sl, and such
coin and silver certificates issued
thereon shall be used in the payment
O! public expenditures. aud the Sccrc.
tary of the Treasury may, at his dis.
erection, if the needs Of the treasury
demand it, issue silver certificates in
excess of such coinage, provided that
said excess shall not exceed the a.
mount of the seigniorage as herein
authorized to he coined,
1t Is further enacted that, after the
coinage provided tor above, the re.
mainder of the silver bullion purchas,
ed in pursuance oil said act OF July IA,
1890, shall he coined into legal tender
standard silver dollars as fast as posi-
BILE. and the coin shall be held IN the
treasury for the redemption of tho
treasury notes issued in the purchase
Of said bullion, and that as fast rs The
bullion shall be coined for the re
demption of said notes the notes shal
| not be reissued, but shall be Cancelled
aud destroyed in amounts equal tC
the coin held at any time in treasury
| derived from the coinage herein pro
vided for. aud silver certificates shnl
be issued Oh such coin in the manner
now provided by law, provided tina
this act shall not be CONSTRUCTED to Of
iect the legal tender character of til,
treasury notes that are recalled for re
dcmption as above.
The President has stated his objcc
ton 10 this law; hut after all. they ar,
not so very serious. A number o
years will be required in which to coli
all this silver, and that time the coun
try will be amply able to adjust itsel
to tho conditions that will DO produc
ed, No serious harm can come of il
The country is in q very bad state flu
ancially, and some change is neccssar!
The people want to Try silver, all,
they should have an opportunity to d
80 when no serious damage to Wit,
interests will ensue,-Pic.