The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-04-05

| 10 make, WnSn COlneu, 90, l0O DOL
standard silver dollars. Considering
the present intrinsic relation between
gold and silver, the maintenance of
the parity between the two metals as
mentioned in this law can mean moth
| ing less than the maintenance of such
parity in the estimation and conf.
dence OF the people who use our money
in their daily transactions. Mani
testify the maintenance of this parity
is only to be accomplished so far
as it is affected by these treasury
notes and in the estimate of the hold
ers of the same by giving to sdch
holders on their redemption the coin,
whether it is gold or silver, which
they prefer. 1t follows that while in
| terms the law leaves the choice of coin
to he paid on such redemption to the
discretion of the secretary of the treas
ury, the exercise OF this discretion, if
opposed to the demands of the holder,
is entirely inconsistent with the eff
fecGive and beneficial maintenance of
the parity between the two metals.
Further, if gold and silver are to serve
only as money, and they together are
to supply our people a safe, stable cur
rency, the necessity of
PRESERVING THIS PARITY
is obvious. Such necessity has been
repeatedly conceded in the platforms
of both parties and in our federal
statutes. 1t is nowhere more emphati-
cally recognized than in the recent
law which repealed the provision
under which the bullion now on hand
was purchased. This law insists upon
the maintenance of the parity in
value of the coins of the two metals
and che equal power of every dollar
at all times in the markets and in the
payment of debts.n The secretary of
the treasury has heretofore for the
best of reasons not only complied with
every demand of the redemption Of
the treasury Lotes in gold, but the
present situation az we'll as to the let
ter and spirit of the law are plainly
to justify if they do not enjoin upon
him continuation of such redemp-
ton.
THE CONDITIONS.
1 have endeavored to present may be
thus summarized:
First-The government has pur-
chased and now has on hand suffi-
cient silver bullion to permit the
coinage of all the silver dollars neces-
sary to redeem in such dollars treas
ury notes issued for the purchase OF
said silver bullion and enough be.
sides to coin as gain or seigniorage
55, 156, 6S1 standard dollars.
Second-1here are outstanding and
in circulation treasury notes issue1 in
payment OF bullion purchases amount
ing to $l5S, 1879, 25S. These notes are
legal tender in payment of all debts,
public and private, except when 9th
erWise expressly stipulated. They
are receivable for customs, taxes and
all public dues, and when held Dy
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 to those notes al
the time of their issue; they are fully
undorstuUu by our people to whom
such notes have been distributed as
currency and have inspired conf
dence in their safety and value and
have undoubtedly thus induced their
continued and contented use as money
instead of anxiety Tor theil redemp.
ton.
| SPECIFIC OBJECTIONS.
Having referred to some incidents
which deem relevant to the subject
1t remains for me to submit specific
statement of my objectious to the bill
now under consideration. The bill
| OF nf tHrN III; m
enc which merely appropriates sum
sufficient to carry the act into ef-
feet. The first section provides
for the immediate coinage of the silver
in the treasury, which represents the
soNcalled gain or seigniOrage arising
from the coinage of all the bullion on
hand, which gain or seigniorage this
section declares to be $54, 156;681. 1t
directs that the money so coined, or
the certificates issued thereon, shall
be used in the payment of public ex-
penditures, and provides that if the
needs of the treasury demand it, the
secretary of the treasury may, in his
discretion, issue silver certificates in
exchange of such coinage, moi exceed
| ing the amount of seigniorage in said
section authorized to bs coined.
The second section directs that
as soon as possible after the
coinage of this seignorage the
remainder of the bullion held
by the government shall be
coined into legal tender standard sill
yer dollars, and they shall be held in
the treasury for the 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 reissued, but shall be cancelled
and destroyed in amounts equal to
the coin held at any time in the treas
ury derived from the coinage provided
for, and that silver certificates shall be
issued on such coin in the manner
not provided by law. 1t 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 re-
demption for the treasury notes Issued
for the purchase of silver bullion 20 be
coined. The entire bill is most unfOr-
tunately constructed. Nearly every
sentence presents uncertainty and in.
vites controversy as to its meaning.
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