Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-04-05

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 relating to the legal tender
character or mode of redemption OF the treas
ury notes issued for the purchase OF the silver
| The entire bill is most unfortunately con-
structed. Nearly every sentence presents un-
meaning and intent The fpst ssct io 70 Is es s
pecially faulty in this respect. and it is ex-
| tremely doubtful whether it's language viii
permit the contamination of it's supposed pur
poses. am led to believe that the promoters
| Of the bill intended in this section to provide
gain or seigniorage. as it is called, into
| standard dollars; and yet there is positive
its Coinage into any desepipioo of seer
coins now authorized under any existing law
1 suppose this section was also intended in
case the needs of the treasury called for
money faster than the segniorage bullion
could actually to coined. to permit the issue of
silver certificates In advance of such coinage:
| but its language would seem to permit the is
suance of such certificates to double the
| amount of the seigniorage as stated. one-half
| of which would not represent an ounce of sill
| yer in the treasury. The debate upon this
| ton in the congress developed an earnest and
| positive difference of opinion to it's object
| and meaning. In any event L am clear that
| the present perplexities and embarrassments
OF the secretary of the treasury ought not to be
augmented by devolving upon him the execu-
| ton OF law so uncertain and confused tenor.
| i u.
| ton to this section solely on these. In my
| judgment sound finance does not commend a
| this time unaccompanied by further adequate
provision for the maintenance in our treasury
| of u safe gold reserve.
Doubts also arise to the meaning and con-
| struction of the second section of the bill II
the silver dollars therein directed to be coined
are as the section provides, to be held in
| the treasury for the redemption of
| treasury notes. it is suggested that, strictly
speaking, certificates can not be issued on
i6ad hty
| law" because these dollars are money held in
| the treasury for the express purpose of re-
deeming treasury notes. on demand, which
would ordinarily mean that they were set
| apart for the purpose of substituting them for
held in such a way to furnish a basis for
certificates according to any provision OF ex-
properly issued upon these dollars, there is
nothing in the section to indicate the char
| acteristics and functions of these certif ates
If they were to be of the same character
as silver certificates in circulation under ex-
listing laws they would at least be receivable
only for customs, taxes and all public dues:
and under the language of this section it is to
say the least, extremely doubtful whether the
| certificates it contemplates would be lawfully
received even for such purposes. Whatever
else may be said of the uncertainties of ex-
preston in this BILL they certainly ought not
important and far-reaching as our finances and
currency
| for my disapproval Of this section shall, how
ever assume that under its provisions the
rgasury notes Issued IN payment for silver
tofore in silver or gold at the option of the
holders; ard that if when they are offered for
redemption. or reach the treasury in any other
| manner. there are in the treasury coined sill
yer dollars equal in nominal value
in that case. the moi notes will " be-
destroyed and silver certificates to amount
scheme is iil-advised and dangerous. AS an
ultimate result of it's operation. treasury notes.
which are legal tender for all debts public and
h el,, III
Silver. at the option of the holder. will be re-
placed by silver certificates which, whatever
have none of these qualities. In an
ticipation of this result and as an i'm
naturally appreciate in value and desirahility.
The fact that gold can be realized upon them,
and the further fact that their destruction has
been decreed when they reach the treasury,
must lend to their withdrawal from general
circulation to be Immediately presented for
redemption or to be boarded for presentation
at more convenient season. The sequal of
both operations will be large addition to the
slver nc,io up M dI9 ana
treasury. The argument has been made
that these things will not occur at once be-
cause long time must elapSe before the coin
age of anything but the seigniorage can be en-
tered upon. II the physical effects of the
not to be realized until in the far future. this
may furnish strong reason why it should not
be passed so much in advance; but the post
ponement of its actual operation can not pre-
vent the fear ana loss of confidence and nerv-
GUS precaution which would Immediately follow
it's passage and bring about its worst conse-
quences. 1 regard this section of the bill as
embodying plan by which the government
will be obliged to pay out its scanty score OF
gold for no other purpose than to force an I'M
natural addition of silver money In the hands
of our people This is an exact reversal of the
policy which safe finance dictates if we are to
preserve parity between gold and silver and
maintain sensible b-metallism.
We have now outstanding more than $685.
100000 in silver certificates issued under exist
Ing laws. They are serving the purpose of
mon Money aseau ana =, n,T tte or
than SlO00JOOOO is directly charged with the
redsmpt Wn. Of s46o0 Of United United States
yer currency it is time for strengthening
our gold reserve instead of depicting it. can
not conceive of a longer step toward silver
recommendation than We take Thea We spend
our gold to buy silver certificates for circula
ton, and especially in view of the practical
difficulties surrounding the replenishment of
This leads me to earnestly present the de-
OF the ss better power than
tect gold reserve, when for any
reason it should be necessary. Our currency is
in such confused condition. and our financial
affairs are apt to assume at any time so critical
position. that it seems to me such a course is
dictated by ordinary prudence
lam not 1nsenslble to the arguments in favor
of coming the bullion seigniorage now in the
treasury. aud believe it could be done safely
and with advantage, il the secretary OF the
treasury had the power to issue bonds at a low
rate of interest. under auth ority, in substitu-
ton of that now existing. and better suited to
the protection of the treasury.
/ hope way will present itself In the near
future for the adjustment of our monetary af-
fairs in such comprehensive and conserva-
tive manner will accord to silver its
proper place in our currency; but In
the meantime 1 am extremely solicftious
that whatever action take on this subject
may be such as to prevent loss and discourage
ment to our people at home and the deStruc-
tion of confidence in our financial management
abroad. GROVER CLEVELAND
Executive Mansion. March %, 1894.