The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-30

OF coin to he paid on such redemption
70 the discretion Of the Secretary Of the
treasury the exercise OF this discretion, II
opposed 10 the demands OF the holder. is
ehurey Inconsistent with the effective
ana beneficial maintenance OF the parity
between the two metals.
If both gold and silver are 10 serve us
as money and II they together are 10
supply 20 our people q safe and stable
currency the necessity OF preserving this
parity Is obvious. Such necessity has
been repeatedly conceded IN the platforms
OF both political parties and in our Fed
efal statutes. II is nowhere more en-
phatlcally recognized than In the recent
law which repealed the provision under
which the bullion now on hand was Dur-
chased. This law insists upon the "main-
tenance Of the parity In value OF the coin
OF the two metals and the equal power
OF every dollar az all times in the mar
kcts and In the payment Of debts"
The Secretary Of the Treasury has
therefore for the best OF reasons. not
only promptly complied with every de-
mand for the redemption Of these Treas
ury notes in gold. but the present situa-
tiOn, as well as the letter and spirit OF
the law. appear plainly 10 justify. If
they DO not enjoin upon him, continual
tion of such redemption.
The conditions / have end'avored to
present may be thus summarized:
First The Government has purchased
and now has on hand sufficient silver bull
lion to permit the coinage OF all the
silver dollars necessary 10 redeem, in
such dollars. the Treasury notes issued
for the purchase Of said silver bullion
and enough besides 20 coin. as gain or
seigni0rage. hfty-hve million one hun
died and ffty-six thousand six hundred
and eighty-one additional standard silver
dollars.
Second. There are outstanding and now
in circulation Treasury notes issued IN
payment of the bullion purchased amount
ing TO Si52.95i $50. These notes are legal
tender I'm payment Of ell debts. public
and private. except when otherwise eX-
prcssly stipulated: they are receivable Tor
customs. taxes ana an public dues: when
held by banking associations they may
be counted as part of their lawful re-
serves. and they are redeemed by the
Government in gold. at the option OF the
holders These advantageous attributes
were deliberately attached 90 these notes
az the time OF their issue, they are FUZZY
understood by our people 10 whom such
notes have been distributed as currency.
and have inspired confidence In their
safety and value and have undoubtedly
thus induced their continued and con-
tented use as money. instead Of anxiety
for their redemption.
statement Of His Objections.
Having referred TO some incidents which
] deem relevant 10 the subject II re-
mains for me 10 submit a specific state
mont of my objections 90 the bill now
under consideration.
This bin consists Of two sections, ex-
Guiding one which merely appropriaies a
sum sufficient 20 carry the act into effect.
The first section provides for the imme-
diate coinage Of the silver bullion In the
Treasury which represents the so-called
gain or scigniorage, or which would arise
from the coinage OF an the bullion on
hand. which gain or soigniorage this sec
tion declares 90 be l5j,l5G.68. 1t directs
that the money so coined or the certiii-
Gates issued thereon shall be used i'm the
payment of public expenditures, and pro-
vidcs that If the needs of the Treasury
demand 10. the Secretary Of the Treasury
may in his discretion. issue silver ceruii-
Gates In excess of such coinage, not eX-
ceodng the amount OF seieniorage in said
section authorized 20 be coined.
The second section directs that as soon
as possible aftc- the coinage os this seig-
niorage the remainder Of ;he bullion held
by the Government shall be coined into
legal tender standard silver dollars, and
that they shall be held i'm the Treasury
for the redemption OF The Treasury notes
issued in the purchase of said bullion.
10 provides that as fast as the bullion
shall be coined for the redemption OF
said notes. they shall not be rcissued but
shall be Cancelled and destroyed i'm
amounts equal to the coin held at any
.f.. lt
coinage provided for. and that silver GER
tinoates shall bee issued on such coin I'm
the manner now provided by law. 1t IS.
however. especially declared I'M said Sec
tion that The act shall not Doe construed
to change existing laws relating TO the
legal lender character or mode Of Tee
dempuon OF the Treasury notes issued
for the purchase Of the silver bullion TO be
coined.
Th,. Bin Unfortunately Constructed.
The entire bin is most unfortunately
Nearly every sentence pre-
9ents uncertainty and invites controversy
as TO its meaning and intent. The first
section is especially faulty In this respect.
and ID is extremely doubtful whether its
language viii permit the contamination
of its supposed purposes. / am led 90
believe that the promoters OF the bin
intended in this section TO provide for
the coinage of the bullion constituting
the gain. or seigniOrage. as IL Is called.
into standard silver dollars; and vet there
Is positively nothing in the section to
prevent its coinage into any description
OF silver coins now authorized under any
existing law / suppose this section was
also intended In case the needs of the
Treasury called for money faster than
the seienioraee bullion could actually be
coined to permit the issue OF silver GER
tihcates in advance of such coinage: but !
it's language would seem 90 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 de- |
bate upon this section I'm the Congress |
developed an earnest and positive differ |
cnce OF opinion as 20 its object and |
meaning. Ia any event. 1 am clear that |
the present perpleXities and embarrass- |
ments Of the Secretary OF the Treasury |
ought not 10 be augmented by deyolving |
lpon him the execution OF law 30 un- |
certain and confused
! am not willing however. 10 rest my |
10 this section solely on these |
grounds; In my judgment sound finance |
does not command a further infusion OF |
silver into our currency at this time un- |
d oil Inv l..