New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-09

/ tpf
IN practice Mr. Lodge opposed the bin in an
effective short speech as did Mr.. Higgins. Mr..
Allison will speak against ii tomorrow
MIR. SHERMAN'S STRONG ARGUMENT.
HE SHOWS WHY BLANp's IDEA ABOUT "sEIGN-
IoRAGE' Is MISTAKEN AND WHY 1T WOULD
pE,ApANGERorsof 10 APAssIIHIsGBILL.
WASHINGTON March s-When the Vice-Presdent
laid before the Senate the unfinished busness-the
Bland Selgniorage Act-the pending question being
on Mr. Allisons motion reconsider the vote OF yes
t.r,l,v ordering the engrossment and third reading
OF the bilI-Mr. sherman Rcp. Ohio' expressed the
hope that the Senate would make no real oDJec'on
10 Mr. AlI!sons motion. to leave the blll open
10 amendment. lie proposed to show the inHpor-
lance OF having the bill amended lie suggeS'ed
that Senator'S on both sides should proceed in the
matter without taking advantage OF rapid declara-
ton on the part Of the presiding officer that the
bin had been read "A third time.
Mr. Harris dem. Tenn declared that he would
not consent any reconsideration unless a ma
jority Of the Senate ordered 1t on yea-ahd-hay
vote.
Mr. sherman then went on 10 argue against the
bill In his opinion Il was IA violation Of the public
faith. declared In the act Of 1890. which pledged
70 the redemption Of the Treasury notes the en-
tire silver bullion purchased by them. lie be
licvel. also. that IL was the beginning OF an I'M
limited issue Of paper mon"y TO meet current eN-
pendltnres And be believed that 1t would subst-
tute for the bimctallic standard OF gold ana silver
the monometallism 81 silver only.
slr sherman read the provisions Of the act OF 1880
ami argued that they entirely repugnant 10 the
provisions Of the pending bill The act OF 1922. he
said mean, clearly that the silver bullion purchased
under II should Ice coined into dollars. needed 70
redeem tn. Treasury notes There was he said.
In the Treasury In lNgt -J0biOD OF silver dollars.
and it had been felt by every that the coinage
OF The silver bIllon should not be- continued any
further Therefore, provision hal been inserted
In the law 80 lSq) that after year the coinage
- silver dollars should only forward at the
discretion ~ the Secretary ~ the Treasury and
only AZ needed FOR the redemption OF Treasury
notes.
SHOULD BE HELD FOR REDEMPTION.
That clearly showed. Mr. sherman said. that the
silver bullion IN the Treasury resulting from It's
purchls- under the act ~ 1890 was intended to re-
main ,her. AMI was not 10 be- coined except "a
absolutely necessary 10 redeem Treasury notes.
II happ.i IL. Mr. sherman continued that in the
two or three years which followed the LIST Of July.
sl the Secretary ~ the Treasury and his successor
had not coined H." silver bullion. Beth had con-
siri-l the act OF $500 direction that the silver
bullion should not be- disturbed In the Treasury.
but should remain there security for the re
dcrnption OF Treasury notes. and could only be
! coined as the Treasury notes were presented for
payment.
!. Mr.. sherman quoted from the act Of 1880 this
passage: And the gain or segniOraEe arising from
such coinage shall be accounted for and paid into
thu. Treasury" and said: This seignioragc did not
ars. until after this bullion was coined and. there
fore. this provision about the gain or s"Eniorage
dl not operate come into existence, according
To- the 4 ecison Of two Secretaries ~ the Treasury
/ one Democratic and the other Republican,"
After further remarks on this point Mr.. Sher-
man said:
This bI "a a plain and palpabe violation OF the
public iaith. as plain as II You should refuse to
chased for Treasury shall remain intact in
the Treasury. only to be used for the purpose OF
| us. strange to say provides for taking hfty-fve
millions Of the bullion thus pledged to the redemp-
| vaults Of the Treasury Department. where II Is
pledged as saGredy as morsaee upon lana or as
does IT propose to do with this hity.hve millions?
! Not to redeem Treasury notes. Not to maintain
the parity between Treasury notes and gold But
this nny-fye millions Is to be taken in plain viola
Obligations OF public faith. In plain violation Of IN.
contract between citizens OF the United states and
breach OF public faith which ought to stamp this
measure in the condemnation of every man who
has any regard for the Obligations OF contracts.
Mr. Manderson HRep NebD called the attention
Of Mr. sherman and OF the Senate to the fact that
under the Language OF the SegnIorage bill. not only
might nfy-fvc millions OF silver dollars be coined.
| but an additional hfty-hvc millions of Treasury
notes might be- issued.
Mr. Aldrich Gscp. II. - inquired. satirically.
whether that was not the intention OF the trainers
of the bill.
| Mr. Henderson could not imagine that that was
what desired by those who framed the bill;
but he thought there no question OF that being
the English Of II. . =,
1T cannot De Interpreted in any other way" said
II do not see how" MIR Henderson assented.
"and therefore | appeal to the Senator from Ten
nessee CMr. Harris, whether ms Ambiguity OF eH
| pression 10 treat II very mildly. should not ne
remeed before this bin passes the Senate tho
| bill. IL was impossible. he said 10 have more
! than 81 oOOD or s3.9oO0 OF silver coined monthly.
and there was now some 3Oo,"oOco of silver dollars
On hand And yet. without waiting until there
was a demand Tor that silver. for the prpose. OF
Gates on the faith OF the silver bullion to the
aG"t the 81 stoD Of the senator from Nebraska
| Mr. Manderson was Gear and unluestlonaDs. IT
was perfectly clear nat n the Grs @ GOO CV Was DE pe
mandcl by the needs Of the Treisury he said
| 10 redeem Treasury notes without, any sanction
Womid be- Wiling to borrow money any rate OF
interest rather than endanger the whole financial
| crease OF paper money without any backing
40 GAIN. But ACTUAL LOSS.
In the further course OF his argument. Mr. Sher-
man declared that there had not been dollar
| gained by the Government In the purchase OF silver
| bullion There never had been any FOUNDATION for
selgniorage The old word 'selSh'orase WAS one
which ought not to he engrafte on the laws OF the
intel states. 1t represented the power of lord
king to seize portion OF tnf pi'Ii m,OuSht 10
! n was word offensive every American mind.
But there could be seiGniorage IN ti,s case be-
The OF the silver bullion in the Ire2sMry
5o while It's coinage s1r ug Ms for SH
the bill provided The fact was, , n1" b mat the
Tressury Was ONLY icO 50 there had been
a loss on the transaction OF Al.0o@
Mr. Dolph-At the market rate To-Day ~
! MIR Sherman-At the market rate to-day-S9 cents
an ounce ,,., ,na Treasury nota. 49,.