Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-03-13
THE SElGNIORAGE BILL
The Measure Denounced Vigorously by
Senators Villas and Allison.
Mr.. WoIcott Calls the Bill n Buner-
Fiat Money and Anarchy,
Say Others.

Senator Villas concluded his speech on
the seigniorage bill yesterday afternoon.
He said that what seemed to commend the
bill most strongly TO those who advocated
it with such vigor was to him the best
proof of its peril. They are" said he,
'insistent on free coinage and the adop-
ton of the silver standard. 1t is the friends
of mono-metallism who are urging the
passage of this bill. The bill means the
striking down of the value Of debt by one
half, and il means to strike down the credit
of the United States. In few days l hope
to see the Senate perform an act of long
delayed justice to the people Of this coun-
try-a form of justice 1 have fought for
for years-the turning back from that
species of legislation which lays a burden
on the many for the few. But let me say
10 my friends, If there are any who enter
tain the impression that there is justice in
one measure which will rob the rich under
the form of law, which viii strike down
debts under the form of law-that that
justice is not the justice of democracy, hut
the democracy of anarchy. The cornmun-
ism of Paris in the bloody revolution may
have done some deeds of justice, but it
wrecked society and deluged humanity with
horror. Let US be just on both hands
honest with debts. honest with the FROM
Use of the government and above all hor est
with the faith and credit Of the govern
ment. which ought to be our dearest OBJ
ject.''
Mr.. AllisOn's Objections.
Senator Allison then began the speech
which he was not well enough to deliver
last Friday. He had made the motion to re-
consider the vote by which the bill passed
the third reading. because ne wanted to
correct serious defects in the first section
of the bill and also to strike out the entire
second section. He then analysed the BILL
section by section, calling attention to the
defects in each. AS to the Ilrst section he
agreed with those who neld that tn, bull
non IN the treasury was not available in
Its present form for any purpose except one
to be sold. But he had yet to hear any
one. either in the Senate or elsewhere
maintain that 1t was the purpose of Cen
gress to authorize the sale Of this bullion,
and without such authority such a sale
was impossible.
Therefore II was clear that at some time
II would be necessary to deal with it, He
was willing. and always had been, to deal
with II now, but he did not believe that
the way of dealing with 1t proposed In the
bill was wise In his opinion too, the hill
was unnecessary, for he believed the Sec
rotary or the Treasury was authorized by
the act OF 1880 to coin every dollar of that
bullion for the purpose of redeemiug the
treasury notes outstanding. That he had
seen fit to exercise that power was eyidenc e
that he did not consider this bill neces-
sary.
Mr.. Aldrich inquired whether he had the
right to coin it unless necessity demanded
It, without special legislation.
probably not" replied Mr.. Allison, but
he can coin a silver dollar tor every dollar
of the treasury notes.
Fiat Money.
IF the democratic party" continued Mr..
Allison. ''a-e willing to pass this bill author
izing the issue of $50. 900. 900 without a dol
lar back of them or dollar around them
they are willing to do that which they have
never done before-the issue OF fiat money"
He criticised the methods by which the
bill passed to its third reading and deliv-
cred strong argument against the adop-
ton of such methods in the Senate
AS to the second section, which provided
for S05,OOOOOO. Mr.. Allison said 1t would re-
suit in discrediting the good paper money
now in circulation.
What is the necessity, what is the haste,