Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-04-10
TUESDAY. APRIL III, loo
The New Seigniorage Bill.

We printed in the last issue OF 'h'
Dispatch n financial bill which may
for several reasons be characterized as
an important one.
First. this bin indicates that the tres'
dent Is open 10 conviction on the an
important questions involved IN inc u
nancial problem which now claims 'h'
attention not only OF our own govern
mont but of those 81 England. Ger
many, and other countries. we uoi
know how the President signi'ed MS
Willingness 70 compromise on 'he S"-
ver question: but Il does not seem pro-
liable that such a bill as the one nhhar
consideration would have been INTRO
ducod into Congress II there had not
boon some reason for expecting 1t to
receive his approval In his message
vetoing the original seienioragc Dill ne
clearly indicated desire on his part
IN consult the wishes Of Congress IN
the premises.
second the President Is known 70 be
DESTROYS Of providing some new method
Of protecting the credit OF our govern
mont or. what is the same thing
en- effect. some new method or
insuring the parity Of gold and SILVER
at 10 TO u. lie is in constant appre-
pension of a slump in silver, and
fears that consequently the two met
AIS will. TO use his own words, part
COMPANY" Therefore. it is possible
that ne has agreed 10 coin =, 4i6,2S
st.fn Toll lYl ~
condition that he be granted fun au-
tbority TO sell bonds and apply the pro-
ceeds 10 keeping silver and gold at
parity.
We do not yet know certainly whether
this projected compromise will be ac-
ceptable 10 either side in Congress or not.
Beyond a doubt. the President ought TO
be clothed with the power OF selling
bonds to keep up the credit OF the gov
eminent if that credit can in that manner
be maintained There must, however. be
some limit TO his ability thus 10 keep up
that credit, but we know not what that
limit is OF course 1t cannot be expected
that the government any more than a
person, viii be able year after year to
place new loans upon the favorable terms
which il can now obtain. And If there
should be a fall in government credit,
great would be that fall.
We suppose the proposition to sell small
bonds is intended to popularize the new
loans. We doubt that these bonds can
thus be floated. Small investors wish for
int and
large investors wish for large bonds.
Here let us protest against the use OF
the word "coin." as proposed In the bill.
1T is time for us TO say what We mean in
framing our financial measures. IL the
$50 bonds are 10 be payable in silver, let
us say so. If in gold, let us
say so. So as to the interest. If 1t is
to be paid quarterly in "coin." as the
new bill stipulates. then let us say
gold or silver coin" Why should this
point be left in doubt? For years we have
allowed language 10 be used in our Imam
cial bills 10 which bimetallists attach one
meaning and monometallists attach
another meaning.
The act Of July, 1875. referred to in the
Meyer bill, is the resumption act. UndeI
the operation of that act, which II Is no"
proposed to repeal, specie payments were
resumed in 1879 and have continued until
now. The reserve fund.-" which tht
President il so anxious to protect was
provided for in the same BILL 1t is II
order to protect this reserve fund thai
the President has consented to favor the
measure now under consideration. 1t 4:
only in the sense that he prefers the
Meyer bill TO worse one that he car
be said to have consented to make II
IAN Administration measure" However
the votes OF the Democrats on the ques'
ton OF passing the original selgniorags
bill over the veto would not seem to in
dicate that any financial bill could be
pushed through Congress because it was
an Administration measure.