The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1894-02-17
Measure to Coin Seigniorage Silver
Gaining Ground.
DEBATE IN THE HOUSE
MIR. Bland Says He Would Not Use His
Discretion in the Interest of the
Gold Gamblers.

day there was a deadlock over the
seigniorage bill lasting over four hours,
but was finally broken by vote of 176
to A, the house upon the motion of Mr..
Bland, going into committee of the
whole for the consideration of the bill.
Eastern democrats and a great many
Of the republicans made determinen
opposition, but Bland was victorious.
Sixteen republicans and all the populists
voted with him while % democrats
joined with the republicans in refusing
to vote.
Today some of the members insisted
that they had been wrongly recorded
and the trouble was renewed.
1t looked at one time as If Yesterdays
proceedings in the committee of the
whole might be vitiated, as it appeared
that Babcock had been recorded as
voting on the roll call for going into
the committee of the whole, and did
not vote which would have broken the
quorum, but Marshall and Sheed were
not recorded as voting, and declared
they voted, which restored the quorum
and the incident ended.
The house then went into a committee
of the whole on BANDS seigniorage
bill Bland explained in a few words
that he never agreed as stated in some
of the public prints to the striking out
of the second section of the bill which
provides for the coinage of all bullion
in the treasury. Aside from the ques.
tion of raising revenue he regarded the
second section as more important than
the first.
IF we are to deal with bullion in the
treasury" he said, "let US deal with it
as a whole. We have already repealed
the purchasing clause of the Sherman
act No more bullion will coma into
the treasury, and why should we not
coin what is there? To coin only the
seigniorage 1855 900, O0Ol would be tant-
amount to declaring that the rest should
remain there as worthless, it should be
dedicated to monetary use. AS far as
am concerned will never consent to
stop half way"
What advantage" asked Coombs Of
New York, would accure from the
coinage of this bullion when no one
wants it?"
"The people want every dollar they
can get, replied Bland. 1.-The difficulty
is, there is not money enough in circu-
lation."
lis it the intention after the bill
goes into effect" inquired Tracey of
New York, ''to redeem silver certif-
Gates in gold2"
''Do you understand that silver GER
tifcates are redeemable in gold2"
asked Bland in turn.
81 do"
"Well," replied Bland, 'the secretary
of the treasury never held so. The
secretary has maintained that all that
was necessary to keep all of our cur.
rency at par was to keep greenbacks at
par. They are gold obligations and
therefore interconvertible, and while
silver certificates can not be redeemed
in gold, greenbacks have never been
refused for them. This keeps all our
currency at par. l am speaking now
from the standpoint of the monometal.
lists"
He declared that it was only neces
sary to keep enough gold in the treas
ury to meet foreign exchange. Under
the Sherman law he insisted that every
dollar in treasury notes outstanding
are redeemable Is silver, "and If
were secretary of the treasury should
so hold" he added emphatically. 81
would not use my discretion in the in
terest of the gold gamblers of this
country. This bill, however" he con
tinued, ''does not go so far in this re-
spect as the Sherman bill. 1t only pro
vides that notes having been redeemed
in gold or otherwise, shall not be re
issued but be destroyed, and the coin
shall take their place. In other words,
the holders will no longer be able tc
force their redemption again and again
in gold"
Mr. Bland is confident the bill will
pass.
Montana ROv Wins,