Condon globe. (Condon, Gilliam Co., Or.) 189?-1919, 1894-04-06
MAINTAINED ONLY BY coNrIpENcs.


Considering the present intrinsic rela-
tion between gold and silver, the main
teDance OF a parity between the two
metals, as mentioned in this law, can
mean nothing less than a maintenance
OF such parity in the estimation and
confidence OF the people who use our
money in daily transactions. Manifest
ly maintenance Of this parity can only
be accomplished, so far as it is affected
by these treasury notes and In the esti-
nation Of the holders OF the same, by
giving such holders on their redemption
in coin either gold or silver, which they
prefer. II follows that while in terms
the law leaves the choice OF coin to be
paid on such redemption to the discre-
fion OF the Secretary OF the Treasury,
the exercise OF this discretion, II opposed
to the demands OF the holder, is entirely
inconsistent with the effective beneficial
maintenance of a parity between the
two metals. III both gold and silver are
TO serve us as money, and if they to-
gether are to supply TO our people a
safe, 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 federal statutes. It is now
here more emphatically recognized than
in the recent law which repealed the
provision under which the bullion now
on hand was purchased.
DOLLARS OF EQUAL VALUE.
This law insists on the maintenance of
parity in the value OF the coins of the
two metals and the equal power of every
dollar at all times in the markets and in
the payment of debts. The Secre-
tary OF the Treasury has therefore,
for the best OF reasons, not only COM
piled with the every demand for the
redemption OF these treasury notes in
gold. but the present situation, as well
as the letter and spirit Of the law, APP
pear plainly to justify, if they do not
enjoin upon him, the continuation OF
such redemption. The conditions have
endeavored to present may be thus sum-
married:
First--The government has purchased
and now has on hand sufficient silver
bullion to permit the coinage OF all the
silver dollars necessary to redeem in
such dollars the treasury notes issued
for the purchase OF said silver bullion,
and enough besides to coin, as gain or
seigniorage, So, ,l56, ,681 additional stand
ard silver dollars.
Second--There are outstanding and
now in circulation treasury notes issued
in payment OF the bullion purchased
amounting to $152, ,951 ,2S0. These notes
are legal tender in payment of all debts,
public and private, except when other
wise expressly stipulated; they are re-
ceivable for customs, taxes and all pub
lie dues; when held by banking associa-
tions they may be counted as part OF
their lawful reserve, and are redeemed
by the government in gold at the option
OF the holders.
ADVANTAGEOUS ATTRIBUTES.
These advantageous attributes were
deliberately attached to these notes at
the time they were issued; they are
fully understood by our people to whom
such notes have been distributed as cur
rency, and have inspired confidence in
their safety and value, and have un-
Edoubtedly thus induced their continued
and contented use as money, instead of
an anxiety for their redemption.
OBJECTIONS TO THE BILL.
E1&Nlug FctcFESu W EOLuC utCtOSutS
which deem relevant to the subject, it
remains for me to submit q specific
statement OF my objections to the bill
now under consideration. This bill con-
sists OF two sections, excluding the one
which merely appropriates a sum sufh-
cient to carry the act into effect.
The first section provides for the inn
mediate coinage of the silver bullion in
the treasury, which represents the So
called gain or seigniorage which would
arise from coming all the bcllion on
hand, which gain or seigniorage this
sections declares to be $50, l56, ,6S1. 1t
directs the money SO coined, or certifi-
Gates issued thereon, shall be used in
payment of public expenditures, and
provides that if the needs of the treas
ury demand it the Secretary of the
Treasury may, in his discretion, issue
silver certificates in excess of such coin
age, not exceeding the amount Of the