The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-17
THE BLAND BILL.

We have already commented on the
dsnger that turks in the bill that Mr..
Bland is now pressing on Congress 10
"coin the seigniorage' as It is termed. 1t
IS just as well that that bill should be
distinctly explained as the public at large
is not acquainted with its details. The
act Of July, 1890, commonly known as the
Sherman law, directed the Secretary Of
the Treasury to purchase every month
a,J00000 ounces of pure silver at the
Secretary had purchased at the time OF
the repeal of the law something near
100000 of ounces. We have not the
exact figures before us. There are 371h
grains OF pure silver in q legal tender
dollar, and there are $50 grains of it in
an ounce. 1t is obvious then that after
coming a dollar out of an ounce. the
government has left over 1854 grains
OF silver. This is called the seignioragc
The Sherman act provided that when
this silver was bought it should be paid
for by treasury notes, redeemable i'm
gold coin-that is the Administration so
construed 1t.
The bullion that was bought under
this act was stocked up in the Treasury
ms bullion. except that about So, OOO, 900
were coined from it. The present Bland
bill, as its author has proposed to amend
II, provides that the silver purchased
under the Sherman law shall be at once
coined to the amount of 500, 1885, Sl which
Is the amount of the seigniorage on the
whole purchase, counting 37ih grains TO
the dollar, and the Secretary may at
once begin TO issue certificates to that
amount against il. and pay current OBJ
legations Of the government with them
IL further directs him to 90 on and
coin all the rest of the silver that was
purchased under the Sherman law which
viii make some $i27. 100000 more. and
the dollars thus coined shall be held in
the Treasury as a fund with which IN
redeem the notes that were put out under
the Sherman law 10 pay for the silver
that was purchased under II. And as
fast as these Sherman notes get into the
Treasury. either I'm payment Of public
dues. or in any other way they shall
be held there and not reissued, 10 the ex-
tent that dollars may have been coined
under this latter provision, and, as there
are dollars thus coined, such notes, COM
Ing into the Treasury shall he cancelled
nj 81 nj Ill
man notes are thus cancelled. the Sec
Rotary shall issue ordinary silver ccrtf-
Gates against the silver dollar in the
Treasury. derived from this latter pro-
vision for coming the sieIooOoo.
Now II is obvious that IL this bill be-
comes law it will add about $4,000. 900
deprecated silver dollars to our curren-
cy. AS 10 $127 100000 of il. il is true
that Sherman notes are now outstanding.
but these are redeemable in gold. This
bin viii convert them. through its opera
tions. into other notes redeemable only
in silver dollars. our silver dollars. or
the silver certificates pure and simple out
standing against them, are now together
some S42o.V000p. This bin VIII make them
S1ooooo,0co In other words our currency
win be carrying a load Of 5000, 1000 900
which are In fact only about $500, 600 900.
We may be able to do this success
fully. but II Is a heavy strain for even
this government when added TO the S347,-
100000 OF greenbacks, which are nothing
IN fact but fiat money. and only 500. ooo.-
900 OF gold TO back all. Men with the
faintest knowledge OF the most elemen-
iery principles of finance ought to know
that they are discroditing our currency !
TO pass this bill, and make this great adj /
dition to the debased part OF our cur
rency. The. inevitable tendency Of such |
legislation is 10 arrest the tide OF re-
crpcraiion that Is commencing 10 flow
towards u.s.
And, II this bill becomes a law by what
votes will It be; Representative Tracey.
OF New York. has made thorough can