The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-10

speakers being Bland. Stone of Tsnnsyl-
vania. McKeiehan. Harter and Kileore.
The debate will be INTERRUPTED tomorrow
at O'Clock by special order setting aside
the rest of the day for euiogies upon the
late Representative O'Neill, OF pennsyi-
ysnsa. II is expected that Q vote on the
bill will be reached by Tuesday at the
furthest. and Bland 10 confident il will
pass. This opinion is generally shared by
leaders on both sides. although probably
there will be some notifications of the
bill that will make Il more acceptable to
the Democrats now opposing IL.
The house vas in . fangle Immediately
after the opening. over ths Bland bill,
several members insisting that they had
been wrongly recorded. It looked at one
time as IL yesterdays proceedings In conf
mittes Of the whole might be v,tias.d. 1t
appeared that Baoeock was recorded an
voting on the roll call for going into com.
mittee OF the whole. when he did not vote.
which would have broken the quorum. bat
Marshall and Shell were not recorded as
voting. and declared that they voted,
which restored the quorum. and the Incl
dent was ended. The house then went
into committee Of the whole on Bland's
seisniorase bill. Bland explained IN .
few words that he had never agreed. a.
stated IN some of the public prints. to strik-
ing ont the second section Of this bill. " hich
provides for the coinage Of oil bullion in
the treasury. Aside from the question of
raising revenue. he regarded the second
section as Of more Importance than the
first. "If We are to deal with the bullion
in the treasury said he. s'let US deal With
Il as . uAeiss@lWs have already repealed
the purchasing clause Of the Sherman act
No more bullion will come into the treas.
ury; Why should We not coin what 10
there? To coin only the seigniorage. $ss.-
10000. would b tantamount to declaring
that the rest should remain there 40 worth
less. 1t should be dedicated 10 monetary
use. A far - I am concerned, never
will consent to stop hall way"
What advantage" J" asked coopsr, Dsm.,
of New York, would accrne from the
coinage Of this bullion when no one wants
it?n
THE people want every dollar they can
GET" replied Bland. ttThs difiiculty is
there Is not enough nponay in ciseulssion. "
rs it the intention, afser this bill goes
into effect" inquired Tracey. DEM, Of
New York, ito redeem silver certificates
in gold7'
DO you understand that silver certifi.
Gates are fedeemable in gold f' asked
BIahd in turn.
II do
"WeIl." replied Bland, "the secretary Of
the treasury never 80 held. The seeretary
OF the treasury has maintained that ali
that was necessary to keep all classes Of
our currency at par was 10 keep green
backs at par. They are gold obligations
aud therefore interconvertible, and while
silver certificates have not been redeemed
in gold. green backs have never been re-
fused for them. This keeps all our cur
rency at par | arm speaking now from
the standpoint Of a gold mono-mstaiiist.
He declared that il was only necessary to
keep enough gold in the treasury to meet
foreign exchange. Under the Sherman
law. he insisted, every dollar of treasury
notes outstanding is redeemable In silver.
And IL were secretary of the treasury
should so hold" he added empha,ically.
II would not use my discretion In the
interest Of the gold gamblers OF this conn
try. This bill, however. does not 20 a. far
as the Sherman bill in this respect. It
only provides, that. having teen redeemed.
be reissued. but be DESTROYED, and coin
shall take their place. In other words the
holders will no longer bs able to force
their redemption again and again In gold. >"
Applause.
c. w. Stone. Of Pennsylvania, at the
head Of the minority of the committee on
coinage, replied to Bland. He agreed. ne
said, with Bland that il the first section of
the bill were passed the second section
should be also. II We are prepared to
agree TO the practical emb u cement Of a
trust fund in the frs. section we should not
hesitate at the irregularity contained In
the second section. He eontended that
there vas no existing seigniorage; that it
was purely imaginary as yet. Seigniorage
was a profit arising To the government out
OF the coinage Of bullion, but. the bullion
not having been coined, there wa. no
seigniorage. There might be IN time. but
there was not now. One might as well
take out Of tank ten gallons of oil and
say this is paraffine and the other oil. or
chop Of fifty pounds of bullock and saw
this is leather and that - beef. because in
future processes so much paraffine or so
much leather could he separated from, the
tank OF oil or bullock. q. TO claim
that there was so much bullion and
50 much seigniorsge before the
bullion was coined. To at.empt
% coin this imaginary seignlorage
would be breaking faith with the holders
OF the treasury notes issued against all the
bullion. He declared that IL should be
held sacred for their redemption. There
were In the treasury 40 fse $50 ounces of
silver. on which had been issued tia3oSS.-
lSi treasury notes. IL cost The govern
ment sias, ,75s $50; its coinage value is
Sisi.sls a6l; its present marKet value Is
but $s7. i5S.072 To coin this alleged seign-
forage would be q virtual ern bexx!ement OF
$50 on. 600 worth OF bullion behind the
treasury notea His apprehension vas
that this policy would Involve the country
in financial ruin. stone contelded that
the coinage Of the seigniorage vas in es!-c.
watering notes 20 the extent Of SIS. .00o 600.
lie referred TO ;he disturbance in Engiand
and Prussia over silver aud said: Europe
Is waking the floor. Let us pursue the
FABIAN policy of non-action. and we can
make terms for the uss OF silver" lAp-
pssuse
MekeiEhan. Pop. of Nebraska made an
argument The gold basis and the high
tariff. he said, were discriminating asa.ns,
the Nsss IN the interest OF .he Fest. ''if
had the power said he. II would strip
down The tsria that protects the East and
force II snto competition win the West
The Esst forces as into eompe,ition"
A