The people's journal. (Pickens, S.C.) 1891-1903, 1894-03-08

fast as the mints can coin tho bul
lion. 1t also provides that tho sill
vcr bullion purchased under the
law of July IT, 1890, bo coined in
to lcgaltcndcr standard silver dol
lars, and held for tho redemption
of tho legal tender coin Treasury
notes issued for tho purchase OF
tho said bullion, and that when
those notes arc redeemed they
shall be destroyed, and silvor cor
tificatos issued against deposits OF
silver coin.
Tho evident object in gprovidine
tor the Immediate issue Of the
55,00O,OO0 in silvcr certificates is
to roliovc tho Treasury by supply
ing it with that amnunt OF ready
cash for current expenses. That
object would not ho secured by
simply requiring the coinage of the
bullion, because the capacity of
the mints arc such that it would
take at least two years to coin that
$55 ,00O,0 unless gold coinage be
stopped. The object of tins foa-
turo Of the bill Is to furnish silver
certificates to circulate as money
while the bullion is being coined
and they will answer every pur-
pose and be Immediate available
and will bo an addition to tho gon-
eral stock OF currency in rxistcncC
which,, if the Government cxpcn-
diturcs exceed the receipts as thoy
have recently, Will soon be IN cir
culation among the people.
Tho object in providing for tn,
coinage Of the balance of the bull
lion purchased under the Sherman
law is to redeem the Sherman law
legal-tcndor notes with silver com
and by SO doing stop tho withdraw
al of gold from The Treasury.
The financial system of this
Government l. composed of the
laws enacted by th" Congress, and
tho rules and u&Anrs established
by the executive department in tn.
exercise of its legal prorogativo:
Tho laws upon this subj icct aro no
numerous. Tho important coin
, aSo laws are th"so embraced in th
acts Of 1893, 1887, 1873, 1878, 1896
and 1898. | will not go into dc
tail as all are now familiar will
them, The silver d' liar, will
some changes in the amount of al
10y, but always containing 371!
grains of pure silver, was tho uni
Of vauc and the standard legal
tender dollar from 1893 to the
timo silver WAS ucmonctizod il
1898.
The ratio was changed twice b,
changing the amount Of gold in ;
gold dollar, but silver was always
tho standard. Men have sough'
and sought in vain to find any roa
Sonablo excuse or laudablo pur
poso in the action taken in 1878
when silver was stricken down
None can DO found or shown
There had been no CONF p Il n
against silver by tho pooplo. Tho
ratio certainly did not ovorvaIu(
silvcr, because it was worth Il small,
premium over gold ut that time
Somo Of tho honorable gcntlcmon
who worc mcMherS of tho Congress
at that timo claim that the bill.
was passed without Il full and frct
consideration OF all its provisions
and that they did not know tha,
it did domonotizc silver; other,
say exactly the opposite; but i
aecms to DO a matter of small i'm
portancc whether it passed by thci
neglect of duty, lack of discrimi
nation, or desire to dcmonctiz
silvor; il did pass and the OWL wa
accomplished.
Tho dcmonct.Zation Of silver il
1893 was such an infringomcn
upon tho rights of the pcoplo an,
such bold and violent movo j,
direct opposition 60 the wishes Q
tho majority Of tho people, tina
tho public generally became thor
, oughly aroused ard indignant. |
was denounced HH z, crime and it
perpetrators as criminals. The