Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-02-10
SILVER COINAGE BILL
Mr.. Bland Speaks in Behalf of the
Coinage Of All Silver
BULLION IN THE TREASURY
He Has Never Agreed to the Coin
age of Simply the Seigniorage.
To Coin the Bullion in the
Treasury Called BY Mr.. Stew
art, of Pennsylvania, Embez-
ment-Harter's Plan to Fill the
Golfers.


WASHINGTON, D. c.. February g
A tangle growing out Of an error in the
important roll call by which the House
yesterday went into committee Of the
whole on the Bland bill opened the pro-
ceedings in the House this morning.
Mr.. Babcock, Wisconsin, explained that
be had not voted upon that roll call
and Mr.. Tracey and Mr. Reed attempted
to make the point that this broke
the quorum and the subsequent
proceedings OF yesterday were therefore
vitiated. 1t was discovered, however,
that Mr.. Marshall, OF Virginia, and Mr..
Shell, of South Carolina, were recorded
as not voting, and as their votes would
complete the quorum, no further objec-
tion to the approval OF the Journal was
made
After some routine business, on mo-
tlon Of Mr.. Bland the House went into
Committee of the Whole for the consd-
Grafton of the seignorage bill. Mr..
Bland explained in lew words that he
had never agreed, as stated in some of
the public prints, to striking out the
second section of this bill (Which pro-
vides for the coinage of all the bullion
in the treasury. Aside from the Ques-
tion OF raising revenue ne regarded the
second section as more important than
the first. ''lf we are TO deal with
THE BULLION IN THE TREASURY"
said he, "let us deal with it as whole.
We have already repealed the purchas-
ing clause Of the Sherman act. No
more bullion will come into the treas
ury. Why should we not coin what is
there? To coin only the seignorage
(s55, 900, 00O) would be taDtamount to de-
claring that the rest should remain
there as worthless. 1t should be dedi-
Gated TO monetary use. As far as am
concerned l never will consent to stop
half way"
What advantage" asked Mr.. Coombs,
(Dem., New York; would accrue from
the coinage Of this bullion, when no one
wants it?"
'The people want every dollar they
can GET" replied Mr.. Bland.
The difficulty is that there is not
enough money in circulation"
sis it the intention after this bill goes
into effect" inquired Mr.. Tracy,
(Dem., New York; Ito redeem the
silver certificates in gold?"
"Do you understand that silver GER
tificates are redeemable in gold?" asked
Mr.. Bland in return.
IL do"
"Well," replied Mr.. Bland, 1.-THE Sec
retary OF the Treasury has never so
held. The Secretary of the Treasury
has maintained that all that was neces-
sary to keep all classes of our currency
at par was to keep
THE GREENBACKs AT PAR.
They are gold obligations, and there
fore interconvertible, and while silver
certificates have not been redeemed In
gold, greenbacks have never been re-
fused for them. This keeps all our
currency at par. l am speaking now
from the standpoint of a gold mono
metsllist."
Proceeding he declared that it was
only necessary to keep enough gold In
the treasury to meet foreign exchanges.
Under the Sherman law he insisted
that every dollar of the treasury notes
outstanding was redeemable in silver.
And If l were Secretary Of the
Treasury l should so hold" he added,
emphatically. 81 would not use my
discretion in the interest of the gold
gamblers of this country. This bill,
however, he continued, ''doeS not go as
far as the Sherman bill Ia this respect.
Ii only provides that having been re-
deemed lin gold or otherwise), these
notes shall not be reissued but shall be
destroyed aud coin shall take their place.
In other words, the holders will NO
longer be abls to force their redemption
again and again in gold" Applause. !
Mr.. G. w. Stewart, OF Pennsylvania,
replied to Mr.. Bland. He agreed, he
said, with Mr.. Bland that II the first
section of the bill were to be passed the
second section should be. IF we are
prepared to agree to the
of a trust fupd in the first section, I"
said he, "we should not hesitate At the
irreRularity contained in the second
section" He contended that there
was no existing seigniorage; that it
was purely imaginary as yet. Seign-
forage, he said, was the profit arising
10 the government out Of the coinage Of
bullion. But the bullion, not having
been coined there was no eigniorARs.
To coin the alleged seigniorage would
be virtual embezIlemento Of $50, 900, 600
worth OF the bullion behind the treas
ury notes. His apprehension was that
this policy would involve the country in
financial ruin. BE referred to the dis
turbance in England and Russia over
silver. Europe" said be, sis walking
the floor. Let Us pursue the Fabian
policy of non action and we can make
terms for the use Of silver" ADplausel. ].
Mr.. McKeighan Pop, Nebraska),
made free silver argument, and was
followed by Mr.. Harter (Dem., Ohio.
Mr.. Harter said there were three means
Of
RELIEVING THE TREASURY,
anv OF which would suffice. The first
was to reduce salaries 25 per cent. In
Guiding members Of Congress.
The second method proposed by Mr..
Harter wes q duty on sugar, which
would produce S35. O00, 900, a further
incraasa of the whisky tar TO 81. 20 4