The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-04-04

can properly oS lssueu uPon 'Hs'~ WV
lars there is nothing in the section to
indicate the characteristics and func-
tions of these certificates. Ifthey were
to be Of the same character as the Sill
yer certificates in circulation under ex-
isting laws they would at best be re-
ceiyaoIe only for customs, taxes and
all public dues, and under the language
of this section it is, to say the least,
extremely doubtful whether the GER
tifcates it contemplates would be law
full even for such purposes.
The treasury notes now outstanding
and in circulation amount toSl52, ,95l,-
$50, and although there has been thus
far but comparatively small amount
of this bullion coined yet the so called
gain of seigniorage, as above defined,
which would arise from the coinage Of
the entire mass, has been easily ascer-
tanned to be quantity of bullion suf-
fcient to make when coined, tifty-five
millions, one hundred and fifty-six
thousand, six hundred aud eighty-one
standard silver dollars.
Whatever else may be said of the un-
certainties of expression in this bill,
they certainly ought not to be found
in legislation affecting subjects so i'm
portant end far-reachipgas our finances
and currency. In stating ether and
more important reasons for my disap-
proval OF this section I shall, however,
assume that under its provisions the
treasury notes is ued in payment for
silver bullion will continue to be re-
deemed as heretofore in silver or gold
at the option of the holders, and that
if when they are presented for redemp.
ton, or reach the treasury in any other
nanbGr, there are in the treasury
coined silver dollars equal in nominal
value to such treasury notes, then, and
in that case, the notes will be destroyed
and silver certificates to an equal
amount be substituted.
SUBSTITUTION OF CERTIFICATES FOR
LEGAL TENDERS.
lam convinced that this scheme is
ill-advised and dangerous. AS an ulti-
mate result Of its operation, treasury
notes which are legal tender for all
debts, public and private, and which
are redeemaLle in gold or silver, at the
option of the holder will be replaced
by silver certificates, which, whatever
may be their character and description,
will have none of these qualities. In
anticipation of this result, and as an
immediate effect, the treasury notes
will naturally appreciate in value and
desirability. The fact that god can be
realized upon them, and the further
fact that their destruction has been de-
creed when they reach the treasury,
must tend to their withdrawal from
general circulation to be Immediately
presented for gold redemption or to be
boarded for presentation at a more
convenient season. The sequel of both
operations will be large addition to
the silver currency in our circulation
and = corresponding reduction of gold
in the treasury.
COINAGE MAY BE SLOW, BUT DISTRCST
WILL BE IMMEDIATE.
The argument has been made that
these things will not occur at once be-
cause long time must elapse before
the coinage IF any ything but the seign-
orage can be entered upon. If the
physical effects of the execution of the
second section of this bill are not to be
realized until far in the future, this
may furnish strong reason why it
should not be passed so much in ad-
vance, but the postponement of its
actual operation cannot prevent the
fear and loss of confidence and nervous
precaution which would Immediately
follow its passage and bring about its
worst consequences. l regard this Sec
ton of be bill as embodying plan by
which the Government will be obliged
to pay out its scanty store of gold for
no other purpose than to force an un-
natural addition Of silver money into