Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1894-04-02

the coins of the two metals, and the
equal power of every dollar at al
times in the markets and in the pay
ment of debts" The Secretary of the
Treasury has therefore for the best OF
reasons, not only promptly complied
with every demand for the redemption
of these Treasury notes in gold, but
the present situation, as we'll as the
letter and spirit Of the law, appear
plainly to justify, if they do not en-
join upon him, continuation of such
redemption.
The conditions 1 have endeavored
| to present may be thus summerized:
| First-The Government has pur-
chased and now has on hand sufficient
silver bullion to permit the coinage of
all the silver dollars necessary to re-
deem, in such dollars, the Treasury
notes issued for the purchase of said
silver bullion and enough besides to
coin, as gain or seigniorage, fifty five
million standard silver dollars.
Second There are outstanding and
now in circulation Treasury notes is
sued in payment of the bullion pur
chased amounting to $152, ,951 ,28O,
and they are redeemed by the Govern
ment in gold at the option of the
holders. These advantageous attrio-
utes were deliberately attached to
these notes at the time Of their issue.
they are fully understood by our peo
pie to whom such notes have been
distributed as currency and have in
spired confidence in their safety and
value and have undoubtedly thus in
duced their continued and contented
use as money, instead of anxiety for
their redemption.
Here follows the Presidents specif-
ic reasons for objecting to the bill,
consisting largely in the loose word
ing, etc.
[ am not willing, however, to rest
my objection to this section solely on
these grounds. In my judgment sound
finance does not commend further
infusion of silver into our currency at /
this time, unaccompanied by further
adequate provisions for the mainte-
nance in our Treasury of a safe gold /
reserve.
Whatever else may be said of the
of expression in this
bill, they certainly ought not to be
found in legislation affecting subjects
SO important and far reaching as our
finanoac on6 ourYonox,
In stating other and more impor-
tant3 reasons for my disapproval of
this section, shall, howe yer, assume T
that under it's provisions the Treasury
notes issued in payment for silver
bullion will continue to be redeemed,
as heretofore, in silver or gold at the
option of the holders; and that if
when they are prese nted for redemp-
ton, or reach the treasury in any 9TH
pr manner, there are in the treasury
coined silver dollars equal in nominal
value to such treasury note, then, and
n that case, notes will be destroyed
md silver certificates to an equal
amount be substituted.
am convinced that this scheme is
II advised and dangerous. AS an ul-
innate result of it's operation treasu-
y notes, which are legal tender for all
lebts, public and private, and which
ire redeemable in gold or silver, at
he option of the holder, will be re-
placed by silver certificates, which. ;
whatever may be their character and
will have none Of these
qualities.
The sequel of the operation will be
J large addition to the silver currency s
our circulation and a correspond
ng reduction of gold in the treasury.
l regard the bill as embodying a
'lan by which the government will be
bliged to pay out it's scanty store of
'old for no other purpose than to
orce an unnatural addition of silver
money into the hands of our people.
hat is an exact reversal of the poll
y which safe finance dictates if we
re to preserve parity between gold g
nd silver and maintain sensible BIZ
netallism. {
We have now outstanding more than
hree hundred and thirty eight mil I
ons Of dollars in silver certificates T
ssued nnder existing laws. They are
erving the purpose of money useful
7 and without question. The gold
eserve, amounting to only a little
1ore than one hundred millions of
ollars, is directly charged with the
of three hundred and for q
Y six millions of United States notes. t.
[ hope way will present itself in :.
ne near future for the adjustment of