The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-04-11

constructed. Nearly every sentence pre-
sents uncertainty and invites contro
veray as to it's meaning and intent.
The first section is especially faulty il
this respect, and it is extremely doubtful
whether it's language will permit thu
contamination Of its supposed purposes
I am led to believe that the promoter.
OF the bill intended, in this section. to
provide for the coinage Of the bullion con
shutting the gain or s%eigniorage. as it il
called, into standard silver dollars, anG
yet there ia positively nothing in the Sec.
ton to prevent it's coinage into any des
cription of silver coins now authorized
under any existing law. I suppose this
section was also intended In case the
needs OF the treasury called for money
faster than the seigniorage bullion could
actually be coined to permit the issue o,
silver certificates in advance Of such coin.
age, but It's language would seem to per.
NIT the issuance of such certificates to
double the amount OF the seigniorage aa
stated, one half OF which would not rep
resent an ounce of silver in the treasury.
The debate upon this section in con
gress developed earnest and positive
difference OF opinion as to it's object and
meaning. In any event I am clear that
Tho present perplexities and embarrass-
1nents OF the secretary OF the treasury
ought not to be augmented. by devolv1ng
upon him the execution of a law so uncer-
tain and confused. I am not willing.
however, to rest my objection to this sec-
ton solely on these grounds.
In my Judgment sound nanced does not
commend the further infusion of silver
into our currency ut this time, unaccom-
panied by further adequate provisions
for the maintenance in our treasury OF a
safe gold reserve.
Doubts also arise rs to the meaning
and construction OF the second section
OF the bill. IF 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. 1t Is
suggested that, strictly speaking, certif-
Gates cannot he issued on such coin @in
the mi now provided by law" be-
cause 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 substi-
tuting them for these treasury notes.
They are not, therefore, held in such
way as to furnish a basis for certificates
according to any provision OF existing
law. II, however, silver certificates can
properly be issued upon these dollars,
there is nothing in the section to indicate
the characteristics and functions OF these
certificates. II they were to be OF the
same character as silver certificates In
circulation under existing laws, they
would at best be receivable only for GUS
TOMS, taxes and all public dues; and
under the language OF this section it is to
say the least extremely doubtful whether
the certificates it c~onteinplates would be
lawfully received even for such purposes.
Whatever else may be said Of the uncer-
tainties OF expression in this bill, they
certainly ought not to be found in legis-
lation affecting subjects SO important
and far reaching as our finances and cur.
rency.
In stating other and more important
reasons formy disapproval ofthis section,
shall however assume that under &c
provisions the treasury notes issued ~
payment for silver bullion will continue
to be redeemed as heretofore in silver OF
gold at the option of the holders, n
that il, when they are presented for re-
demption or reach the treasury in any
other manner, there are in the treasury
coined silver dollars equal in nominal
value to such treasury notes, then, n
in that case, the notes Will be destroyed
and silver certificates to an equal
amount be substituted.
] am convinced that this scheme is Ill
advised and dangerous. AS the ultimate
result of it's operation, treasury notes,
which are legal tender for all debts, rub
lie and private, and which are redeema-
Bile in gold and silver at the option OF the
holder, will be replaced by silver certih-
Gates which, whatever may be their char
acter and description, will have none OF
these qualities.
In anticipation of the result.
and as an immediate effect,
treasury notes will naturally ap-
preciate in value and desira bility. The
fact that gold can be realized upon them
and the further fact that their destruc-
ton has been decreed when they reach
the treasury, must tend to their
withdrawal from general circulation, to
be Immediately presented for gold re-
demption or to be boarded for presenta-
ton at a more convenient season.
WOULD DECREASE THE GOLD RESERVE.
The sequel of both operations will be
a large addition to the silver currency IN
our circulation and a corresponding re-
duction of the gold in the treasury.
The argument has been made that