The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1894-03-30


| We're added TO the currency IA oircuia'
] ton among our people such notes We're
! bN the law made legal tender in payment
| OF AL debts, public ana private, except
4 when otherwise expressly stipulated and
! We're receivable Tor customs. taxes aud
| all pubic dues, and when so received
4 might be reissueu. They were also all
| ioMeu 10 be held by banhn6 associations
as u pari VI their lawful reserves. ON
/ the demand OF holders these treasury
| notes We're TO be redeemed IN gold or sill
Yer coin IN the discretion OF the secretary
| OF The treasury, but It was declared AS a
part Of this redemption provision THAI it
was the established policy OF the United
states 20 maintain the two metals on a
party with each other upon the present
| .esal ratio or such ratio as may be pro-
Nlued 10y law. The money coined from
SUCH bullion was 70 be standard silver
dollars, ana after directing the Immediate
ounces the law provided that as much
OF the remaining bullion should be here
IIter coined as might be necessary TO
ploNiue Tor The redemption Of the treasury
notes ISSUED On its purchase and that
any gain or seEnlOrage arising from such
VOth9se should be accounted Tor and paid
INTO the treasury.
This gain OF seigniorage evidently in
creates 80 much of the bullion owned by
the government as should remain after
using "A sufficient amount TO coin MS ninnX.
Stdhdani silver dollars as should equal
IN number the dollars represented hv the
treasury notes issued In payment Of the
INt'A e NhalAilN VI inc DNlllOu. THESE treas
ny hutes no. outstandsug and IN circu-
l3uon amount 90 Sl52, 9jl, go and ulthourh
there mas been thus Ear but compare
uNelN small amount OF this bullion coined,
yet the so-called gain o. sclSuioTaEe
rs above defined which would arise from
the coinage OF the entire mass has been
Easily ascert9ined TO be a quantity OF
nulion sufficient to make when coined
90 lo6,6Sl silver dollars
Considering the present intrinsic rea-
ton between gold and silver, INC main
IA, ftR-.,
metals ms mentioned IN this law can
moan nothinC less than the maintenance
OF such parity IN the business and con-
lidence OF people who use our money IN
their daily transactions. Manifestly the
maintenance OF this parity can only he
accomplished, so far as 1t Ia affected by
these treasury notes and in the estimate
OF the holders of the same. by giving
to such holders on their redemption the
coin. whether 1t is gold or silver, which
they prefer. 1t follows that while in
terms the law leaves the choice OF coin
to be uaid on such redemption to the
discretion OF the secretary OF the treas
urv. the exercise of this discretion, II
opposed TO the demands of the holder,
Is entirely inconsistent with the effect
I've and beneficial maintenance of the
parity between The two metals.
If either gold or silver are TO serve MS
as money II they together are to supply
to our people Il safe and stable currency
the necessity of preserving this parity
is obvious. Such necessity has been re-
peatedly conceded in the platforms of
both political parties and in our Federal
statutes. 1t ~ nowhere more emphatiCally
recognized than in the recent law which
repealed the provision under which the
bullion now on hand was Purchased This
parity In value OF the coins Of the two
metals and the equal power OF eveyy dol
lar at al Times in the markets andNn the
The secretary OF the treasury has
therefore. for the best of reasons, not
only complied with every demand for
f,f
in gold, but the present situation, as
well as the letter and spirit OF the law,
plainly Justify. IT, they do not entoin upon
him continuation of such redemption.
The conditions l have endeavored 10
present may be thus summarized.
I. The government mas purchased and
now has On hand sufficient silver bullion
to permit the cOinaBe Of all the silver dol
lars necessary 10 redeem tn such dollars
the treasury notes issuel for the purchase
OF SAID silver bullion ana enough besides
30 coin as gain or scgnioruge 10, t5G6St
additional silver dollars
.. There are outstanding and NOW IN cir
culatlon treasury notes issued in payment
for Tie bullion purchased. amounting to
Slb2.|l $50. These notes are legal tender
IN payment OF all dcbts public and pri-
yate, except when otherwise expressly
stipulated, they are receivable for Gus
toms, taxes and all public dues; when held
by banking associations they may be
and they are redeemed by the government
n gold al the option Of the holders,
4 lltFf s''AN ANA ANAo hlAIllAAtS were 40
llheratgly. Httached to these notes nj the
tune Of theT issue; uEcy are lIly under
stood by our people, 70 whom such notes
have been distributed as currency and
have inspired confidence in lheir safety
ana value and have undoubtedly thus IN
iucci their continued and Coutentel use
as money instead Of anxiety for their re-
demvtun.
Hiv.ng referred to some incidents which
] deem relevant TO the subject. it remains
for me TO submit specific statement OF
my obleetions to the ON now under con
siderati0n
The bin consists OF two sections. ex-
GLIDING one which merely appropr8tes a
sum sufficient 10 carry the act into effect
The first section provides for the imme-
date coinage OF the silver IN the treasury
WNcn represents the SPECIALIZED gain or |
3suorage which would arise from the |
coinage OF all the bullion on hand which |
gain or seiRniorage this section declares |
10 be Sj,l5GCSl. II directs INIT Inc money
50 coinel or certificates issued thereon /
shall be used IN the payment OF public eX- |
" the treasury demand it the secretary |
~ me treasury may, In his discretion |
issue certificates In excess az such coinagc |
Pct exceeding the amount OF seisnionags |
The second section directs that MS soon |
rs possible after the coinage Of this solgn- !
forage tho remainder OF The bullion held ]
Dy me government shall 30 coined into |
legal tender standard silver dollars and .
they shall be held in the treasury for tho |
redemption Of the treasury notes issued 4
'idcs that as fast as the bullion shall be
coined for the redemption Of said notes
hey shall not be reissued. but shall be
and destroyed In amounts equal
% the coin held at any time In the
rsasury derived from the coinage prOVid-
'd for. and that silver certificates shall
% issued on such coin IN the manner now
provided by law II rs, however. cspe-
'lally declared in suid section that the
lct shall not be construed TO change eX-
sting laws relating to the legal tender
character or mode Of redemption OF the
reasury notes issued for the purchase
u the silver bullion to be coined
The entire bill Is most unfortunately
constructed.
Nearly every sentence presents mcer-
ainty and invites controversy as 10 It's
meaning and intent.
The first section is especially faulty IN
his respect and II IS extremely doubtful
whether us language will permit the con-
ummatiun Of IT. supposed purposes
] am led 10 believe that the promoters OF
he bill intended IN tllia section TO provide
on the coinage OF the bullion constituting
he gain or seignioraRe, as n ~ called,
lto standard silver dollars. and yet there
positively nothing IN this section to
reVPnt It's coinage into any description !
Z silver coin now authorized under any
Nlstine laws. J suppose this section was
lso Intended. IN case the needs NJ the
reasury called for money faster than the
cignloragc bullion could actually be /
To ~ ...st |