The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-30

money hold in tho treasury for the
express purpose OF redreming treas
urY notes ON demand, which
would ordinarily moan that thoy
were set apart FOR tho purpose of aubsH-
tuting them for these treasury notes
They are not, therefore. held IN such II way
NV to Furnish u basis for certificates nc
cordluB to any proymlon ot existing law.
II, however, silver certificates eau prop.
orlN ho issued upon these dOllara thrrN, IN
nothing III tho section To indicate the
characteristics and functions OF these Ger
NhcAtts. II they were to bo of the same
character ~ the SILVER certificates IN circu.
Mtiuu under existing laws they would ut
best ho receivable oUly tor customs taxes
Rnd all public duos, and under the lau-
EuAEo OF hits section II H. TO say the least,
extremely doubtful whether tho certih-
Gates II contemplntnB would he lawfully
received even for such purposes.
AMBIGUITY NOT TuE ONLY FAuLE
Whatever olso may be- said Of tho uncor-
taIultles OF expression III this bill, they
certainly ought not 10 be found IN legisla-
uon affecting subjects So important and
tar reaching aS Our Iiuaucts and currency,
In stating other aud more important rsn
|
shall however assume that uudor lts pro.
visions the treasury notes issued in ray-
ment Tor silver bullion viii continue to be-
redeemed, rs heretofore, in silver or gold
at tho option OF the holders aud tnat H.
When they ara presented for redemption
OF reach the treasury IN any other manner.
there are III the treasury coined silver dol
lars equal In nominal value to such treas
Ury uvtos, thon aud IN that case the notes
Will be destroyed aud silver certificates to
an equal amount substituted.
/ Alu convinced that this scheme Is ILL
advised and dangerous. As au ultimate
result OF its operation treasury notes
which are legal tender tOr all debts, pub
lie and private, and which are relcemuble
IN gold and silver at the option OF the
holder will ba replaced by SILVER certih-
cate which, whatever may be their char
aeter ana description, will have none OF
these qualities. In anticipation Of this re-
suit, and as au Immediate effect. the
treasury notes will naturally appreciate IN
value and daslramNty The fact that gold
eau be- realized upon them, and the
further fact that their destruction has
been decreed when they reach the treas
ury, must tend to their withdrawal from
general circulation to be Immediately
presented for gold redemption or to be
n1arded Tor presentation at more con
yeulsut season.
The sequel Of both operations will be a
large addition to the silver coinage cur
reucy IN our circulation aud correspond
ing reduction OF gold in our treasury. The
argument has been made that these things
Will not occur at once because long time
must elapSe before the coinage OF anything
but the seiguiorage can be entered upon.
Il the physical effects OF the second sec
ton Of the bill are not TO be realized until
;ar IN the future, this may furnish a strong
reason why it should not be passed so much
IN advance, but the pOstpOnement of its
actual operations cannot prevent the fear
and loss Of confidence aud nervous pros
tratiOu which would Immediately follow
lis passage and bring about Its worst con
sequences.
regard this action Of the bill as EN-.
bodyiug plan by which the government
vii, b. obliged to pay out its $. arty store
Of gold for no other purpose than to force
an unnatural addition OF silver money into
the hands OF our people. This is an exact
reversal Of the policy which SAFE finance
dictates It We are to preserve purity be-
tween gold and silver and maintain seusi-
BILE blmstaliism.
OVERTANING THE GOLD RESERVE.
We have now outstanding more than
s33o, U0lOJO In silver certificates issued
under existing laws They are serving the
purpose OF money usefully and without
question. Oar gold reserve, amounting 10
only a little more than 800, OOJ. coo, is di.
raCtly charged with the redemption of
345. 01O 900 OF United States notes. When
1t IA proposed 10 initiate our silver currency
IL Is a time tlr strengthening our gold re-
serve instead Of depicting IT,
! cannot conceive Of longer step 10.
ward silver mOnOmetalliem than we take
when we spend our gold to buy silver Ger.
tihcates for circulation, especially in view
Of the practical difficulties surrounding the
rep.enIshment Of our gold.
This leads me 10 earnestly present the de-
STABILITY Of granting 30 tho secretary of
the treasury a better power than exists
20 Issue bonds to protect our gold reserve
when for any reason in should be neces.
sary. Our currency is In such n confused
condition and our financial affairs are ant
30 assume at any time 80 critical a posi.
tiou that 10 seems 10 me such a course is
dictated by ordinary prudence,
AN ISSUE or BONDS SUGGESTED.
am not ngou7ible to the arguments in
favor Of coming tho bullion scign forage
now in the treasury md believe 1t could
be- done safely and with advantage II the
secretary of tho treasury had the power
10 issue bonds at a low rnte of interest
under authority IN substitution Of that
now existing and better suited to tho pro
lection Of tho trensury
hope way will present tsolf in the
nsar future for tho adjustment Of our
monetary affairs In such comprehensive
and conservative manner aa wIil riford 10
silver it's proper place in our currency, but
in tuo meantime AIN extremely sUlCitioua
that whatever action we take ON this sub.
lect may be such M TO prevent logs aud
encouragement 10 our people Rt homo and
the destruction Of confidence in our I'm
ancinl management abroad
GROVER CLEVELAND.