The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1894-04-07


by the government in gold at the option
of the holders. These adv antageous at
tributes 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 distrib-
uted as currency, and have inspired con-
hdence in their safety and value, and
have undoubtedly thus induced their
continued and contented use as money
instead of anxiety for their redemption.
Having referred to some incidents which
deem relevant to the subject, 1t re-
mains for me to submit specific state
ment of my objections to the bill now
under consideration.
This bill consists of two sections, ex-
GLIDING the one which merely appro-
PIRATES a sum sufficient to carry the act
into effect.
The first section provides for the i'm
mediate coinage of the silver bullion In
the treasury, which represents the So
called gain or seigniorage which would
arise from coming all the bullion on
hand, which gain or seigniorage this
section declares to be sos ,156,6s1. 1t
directs that the money so coined, or
certificates issued thereon, shall be used
in payment for public expenditures, and
provides that if the needs of the treas
ury demand 1t the secretary of the
treasury may, in his discretion, issue
silver certificates in excess of such
coinage, not exceeding the amount of
seigniorage in said section authorized
to be coined.
The second section directs as soon as
possible after the coinage of this seign-
forage the remainder of the bullion held
by the government shall be coined into
legal tender standard silver dollars and
that they shall be held in the treasury
for the redemption of treasury notes
issued in 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 treasury derived from the
coinage provided for, and that silver
certificates shall be issued on such coin
in the manner now provided by law.
1t is, however, especially declared in
said section that the act shall not be
construed TO change existing laws, re-
lating to the legal tender character or
mode of redemption Of the treasury
notes issued for the purchase of silver
bullion TO be coined. The entire bill is
most unfortunately constructed, nearly
every sentence presenting uncertainty
and inviting controversy as to its mean
ing and intent.
In this respect, and it is extremely
doubtful whether its language will per
init of a consummation of its supposed
purposes. am led to believe that The
promoters of the DILL intended in thi!
section to provide for the coinage o.
the bullion constituting gain or seign
forage as it is called into standard silvel
dollars, and yet there is positively moth
ing in the section to prevent its coinag'
into any description of silver coins nov
authorized under any existing law.
suppose this section is also intended
that in case the needs of the treasur,
called for money faster than the seign
forage bullion could actually be coined
to permit the issue of such certificate
to double the amount of seigniorage a
stated, one half of which would not REL
resent an ounce of silver in the treasury
DEBATE upon this section in congress
developed earnest and positive diffel
ences of opinion as TO it object an
meaning. In any event am clear ths
! the present perplexities and embarras
ments of the secretary of the treasuT
ought not to be augmented by devolvin
upon him the execution of a law so NJ
: certain and confused. am not willing
however, to rest my objection to tn
! section solely on these grounds. In m
: judgment sound finance does not cor
mend further infusion o. silver I'M
t our currency at this time unaccor
, panied by further adequate provisic
( for the maintenance in our treasury
: a safe gold reserve.
Doubts also arise as to the meanir
and construction of the second sectiC
: of the bill The silver dollars there
s ai.n...ls a.. L.. .ninna 90 a. 49, 49, 1.