The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1894-02-17
The Pending silver Bill.

Inc OeO6t0 IN tho HOUSE on the
so-called seigniorage coinage bill
has served to awaken the country
to the fact that the silver question
is still I very live issue. If the
gold monometallists, with Presi-
dent Cleveland as their leader and
champion, have thought that the
repeal of the silver purchase act
was to be the end of the agitation,
even during this session Of Con-
gress, they have now discovered
that they were egregiously mis-
taken. Unless we misunderstand
the indications from Washington, 1t
will be found when the vote is taken
on the pending bill that the silver
cause has become stronger in every
way. Many members who voted
for the repeal bill under the press
ure of the Administration and of q
fictitious public opinion, worked
up by the gold-bug press, are now
anxious to set themselves right be-
fore their constituents, from whom,
it may be presumed, they have since
heard, And there is prevailing
belief at Washington that when this
bill is out of the way a free-coinage
act may be brought forward and
passed. Cleveland would, of course.
veto it, and he may veto the seign-
forage bill, as they term it. But
silver has had it's way in Congress
in times past, Notwithstanding Ex-
ecutive opposition.
The measure now under discus
ton and which will probably pass
the House this week provides, az
we understand it, for the coinage Of
all of the silver bullion now in tho
treasury, amounting to something
over 40, 600, 900 ounces. But the
bill also provides for the immediate
utilization, by the issue of silver
certificates or notes, of what is called
the seigniorage silver, amounting
to SIS, 100000 The term is incor.
rect. as Stone of Pennsylvania, who
is opposing the bill, insisted, and
yet it sufficiently describes what is
and there is no other phrase
hat would not be equally objec.
!ionable.
Seigniorage, as a mint term,
means the difference between the
cost of mass of bullion and the
ACE value of the pieces coined from
t. What they mean in this con-
aection is the difference between
he cost of the silver bullion pur-
chased under the Sherman act and
he coinage value of the same.
The cost of the bullion is already
represented by outstanding certifi-
:ates issued under the purchase act,
md the aggregate of these and the
seigniorage notes will sim
,ly be the coinage value of the
bullion. But there will be this diff
erence between the two issues i
The silver purchase certificates are
:edeemable in gold, whereas it is
proposed to give the seigniorage
notes the same character as the
outstanding silver notes; that is to
say, they will N terms be made re-
leemable in standard dollars.
We remarked above that the
Bland seigniorage bill would prob
ably pass the House this week. It
might be we'll to qualify the pre-
diction by saying that the bill will
pass unless the democrats again
to Administration oppo-
,ition. We add this remark because
t is already apparent that Mr.. Car
isle is throwing his influence
against the measure. Some time
lgo, it seems, he gave certain secret
testimony before the House Judici-
Try Committee, probably when that
committee was investigating the
question Of his authority to issue
ponds. The committee has now
made public :he report of his exam
nation. Of course this was not
lone without his consent, and it
ooks as if he had induced the pub
ication for the purpose of affecting
he action of the House on the
Bland bill. At any rate he takes
ground against the utilization of
he seigniorage silver by the issue
If seignioragc notes. His opposi-
ion is based upon the statement
hat there would be no silver coin
n the treasury to redeem the notes
when presented that the standard
dollars now in the treasury are
represented by outstanding silver
certificates to within five. or six
Millions, and that it might become
necessary to redeem the new notes
n gold.
These objections seem to be far
etched. There are nearly 1887 ,OOO,-
700 of silver certificates outstanding
.edeemable only in standard dol
ars. Since no one insists upon
heir redemption in coin Why
should Mr.. Carlisle fear that the
new notes would be treated different
". If the minis were worked to
heir full capacity nearly $50, Co.,
100 could be turned out in year.
While the law may authorize the
issuance of the seigniorage notes
At once they would not all be paid