Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1894-04-05
scription of silver coins now author.

lied under any existing law. l
suppose this section was also intend
ed, in case the needs of the treasury
called for money faster than the
seigniorage bullion could actually be
coined, to permit the issue of silver
certificates in advance of such coin
age; but its language would seem to
permit the issuance of such certifi.
Gates to double the amount of seign-
forage as stated, one half of which
would not represent an ounce of
silver in the treasury. The debate
upon this section i'll Congress devel.
oped an earnest and positive differ
ence of opinion as to its object and
meaning. In any event | am clear
that the present perplexities and
embarrassments of the Secretary of
the Treasury ought not to be aug
mented by devolving upon him the
execution of law so uncertain and
confused.
MORE SILVER NOT WANTED.
l am not willing, however, to
rest my objection to this section
solely on these grounds. In my
judgment sound finance does not
commend a further Infusion of silver
into our currency at this time un'
accompanied by further adequate
provisions for the maintenance in
our treasury Of safe gold reserve.
Doubts also arise as to the mean
ing and construction of the second
section of the bill. Ifthe silver dol.
lars therein directed to be coined
are, as the section provides, to be
held in the Treasury for the redemp.
ton of Treasury notes it is suggest
ed that strictly speaking certificates
cannot be issued on such coin sin
the manner now provided by law, d
because these dollars are money
held in the Treasury for the express
purpose of redeeming Treasury
notes on demand, which would
ordinarily mean that they were sci
apart for the purpose of substituting
them for these Treasury notes. They
are not, therefore, held in such q
way as to furnish a basis for certifi
Gates according to any provision oi
existing law. If, however, silver
certificates can properly be issued
upon these dollars, there is nothing
in the section to indicate the char.
acteristics and functions of the GER.
tificates. If they were to be of the
same character as silver certificates
in circulation under existing laws,
they would at best be receivable
only for customs, taxes and all pub
lie dues; and under the language o.
this section it is, to say the least
extremely doubtful whether the
certificates it contemplated would be
lawfully received even for such pur
poses.
| UNCERTAINTIES OF EXPRESSION.
! Whatever else may be said of The
uncertainties of expression in thi:
bill, they certainly ought not to b'
found in legislation affecting sub
ljects so important and far-reachins
as our finances and currency. Ii
stating other and more importan
reasons for my disapproval of thi
section, | shall, however, assume
that under its provisions the Treas
ury notes issued in payment TO
} silver bullion will continue to b.
!. redeemed, as heretofore, in silver o
! gold at the option of the holder
and that if when they are presented
for redemption, or reach the Treas
ury in any other manner, there ar
in the Treasury coined silver dol
lars equal in nominal value to sucl
Treasury notes, then and in tina
case, the notes will be destroyed ant
silver certificates to an equal amour
substituted. | am convinced tina
this scheme is ill-advised and dan
gerous. AS an ultimate result c
,, its operation Treasury notes whie'
are legal tender for all debts, publ
and private, and which are redeem
able IN gold or silver, at the optic
; of the holder, will be replaced b
. silver certificates which, whateve
may be their character and inscril
ton, will have none of these quail
ties. In anticipation OF this resu
.. and as an immediate effect, th
Treasury notes will naturally appre
ciate in value and desirability. Th
fact that gold can be realized upo
them, and the further fact that the
destruction has been decreed whe
; they reach the Treasury, must ten
to their withdrawal from gener
circulation, to be Immediately pr
sented for gold redemption or /
, boarded for presentation at a mo
convenient season. The sequel
! | both operations will be large add
. ton to the silver currency in o,
circulation and a corresponding 7
duction OF the gold in the Treasur,
The argument has been made th
these things will not occur at on
because long time must elapse b